Research

   WORKING PAPERS

"Unauthorized Immigration and Local Government Finances" 

January 2025

with Jess Cornaggia and Kimberly Cornaggia

Media Coverage: Noahpinion

 "Security Analysis and the Collection of Hard and Soft Information" 

with Azi Ben-Rephael, Bruce Carlin, and Zhi Da

January 2025

Media Coverage: Economist, Financial Times

"Hazy Outlook:  Wildfire Smoke Exposure and Analysts" 

with Jing Kong (January 2024)

"Government Spending and Local Demographics: Evidence from Moody's Municipal Ratings Recalibration" 

with Jess Cornaggia, Matthew Gustafson and Zihan Ye

   PUBLICATIONS

16. "Uncovering the Hidden Effort Problem"
with  Azi Ben-Rephael, Bruce Carlin, and Zhi Da
Journal of Finance, 2023, forthcoming.

• Internet Appendix

15. "Block Diversity and Governance"
with Miriam Schwartz-Ziv and James Weston
Review of Corporate Finance Studies, 2024, forthcoming

14. "Political Polarization in Financial News"
with  Eitan Goldman and Nandini Gupta
Journal of Financial Economics, 2024, 155: 103816.

• Editor's Choice

13. "Rating Agency Fees: Pay to Play in Public Finance?"
with Jess Cornaggia and Kimberly Cornaggia
Review of Financial Studies, 2022, forthcoming.

12. "Public and Private Information: Firm Disclosure, SEC Letters, and the JOBS Act"
with Sumit Agarwal and Sudip Gupta
Quarterly Journal of Finance, 2022, 12 (3).

• Best Paper Award

• Lead Article

11. "Who Pays Attention to SEC Form 8-K?"
with Azi Ben-Rephael, Zhi Da and Peter Easton
The Accounting Review, 2022, 97 (5): 59-88.

10. "Information Consumption and Asset Pricing"
with Azi Ben-Rephael, Bruce Carlin, and Zhi Da
The Journal of Finance, 2022, 76 (1): 357-394.

• Data Appendix

• Best paper award at 2018 CICF Conference

9. "Where the Heart Is: Information Production and the Home Bias"
with Jess Cornaggia and Kimberly Cornaggia
Management Science, 2019, 66 (12): 5532-5557. 

8. "Credit Ratings and the Cost of Municipal Financing"
with Jess Cornaggia and Kimberly Cornaggia
Review of Financial Studies, 2018, 31 (6): 2038-2079.

• Internet Appendix

• Download Moody's Recalibration Data - Data Read Me

7. "Are Some Clients More Equal than Others? An Analysis of Asset Management Companies’ Execution Costs"
with Azi Ben-Rephael
Review of Finance, 2018, 22 (5): 1705-1736.

6. "It Depends on Where You Search: Institutional Investor Attention and Under-reaction to News"
with Azi Ben-Rephael and Zhi Da
Review of Financial Studies, 2017, 30 (9): 3009-3047.

• Internet Appendix

• Data Appendix

5. "Key Human Capital"
with Scott Yonker
Journal of Financial and Quantitative Analysis, 2017, 52(1): 175-214.

• Download Key Human Capital Data - Data Read Me

4. "Does Common Analyst Coverage Explain Excess Comovement?"
Journal of Financial and Quantitative Analysis, 2016, 51(4): 1993-1229.

3. "How Quickly do Equity Prices Converge to Intrinsic Value?"
with Dennis Capozza
Journal of Investment Management, 2010, 8(4): 1-13.

2. "Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts"
with Dennis Capozza
Real Estate Economics, 2007 35(4): 541-567.

1. "Appraisal, Agency, and Atypicality: Evidence from Manufactured Homes"
with Dennis Capozza and Thomas Thomson
Real Estate Economics, 2005, 33(3): 509-537.

PERMANENT WORKING PAPERS 

"Indirect Costs of the JOBS Act: Disclosures, Information Asymmetry and Post-IPO Liquidity" (with Sudip Gupta)

"Investment Based Valuation and Managerial Expectations"