Research
Research Papers
"The Coherence Side of Rationality" with P. Giustinelli. (REVISED April 2024)
"The VAT Trap: How Consumption Tax Hikes Make Firms Pay Out More and Invest Less" with M. Jacob and R. Michaely (NEW)
"Credit Market Driven Acquisitions" with H. Gulen and C. Jens.
"Insurance Companies and the Propagation of Liquidity Shocks to the Real Economy" with Y. Liu and H. Yun. (REVISED July 2023)
Published and Forthcoming Journal Articles
"Credit Cycles, Expectations, and Corporate Investment" with H. Gulen, M. Ion, and C. Jens, (REVISED February 2024), Review of Financial Studies, accepted for publication
"The Role of Lockups in Stock Mergers" with Z. Chen and Y. Liu. (REVISED February 2024), Management Science, accepted for publication
"The Political Economy of Municipal Bankruptcy" with H. Yun, Economics Letters 239, 2024.
"Financial Reform and Public Good Provision: Municipal Bankruptcy Law and the Financing of Hospitals" with H. Yun, Management Science 70(4), 2209-2235, 2024. Online Appendix.
"Rational Quantitative Trading in Efficient Markets" with K. Tinn, Journal of Economic Theory 191, 2021.
"Signaling Safety" with R. Michaely and M. Weber, Journal of Financial Economics 139(2), 405-427, 2021.
"Should Shareholders Have a Say in Acquisitions?" with M. Becht and A. Polo, Journal of Applied Corporate Finance 33(1), 48-57, 2021.
"Does Mandatory Shareholder Voting Prevent Bad Acquisitions? The Case of the United Kingdom" with M. Becht and A. Polo, Journal of Applied Corporate Finance 31(1), 42-61, 2019.
"Banks, Government Bonds, and Default: What do the Data Say?" with N. Gennaioli and A. Martin, Journal of Monetary Economics 98, 98-113, 2018.
"Does Mandatory Shareholder Voting Prevent Bad Acquisitions?" with M. Becht and A. Polo, Review of Financial Studies 29(11), 3035-3067, 2016.
"Good Monitoring, Bad Monitoring," with Y. Grinstein, Review of Finance 20(5), 1719-1768, 2016.
"Sovereign Default, Domestic Banks, and Financial Institutions," with N. Gennaioli and A. Martin, Journal of Finance 69(2), 819-866, 2014.
"Contractual Resolutions of Financial Distress," with N. Gennaioli, Review of Financial Studies 26(3), 602-634, 2013.
"Judicial Discretion in Corporate Bankruptcy," with N. Gennaioli, Review of Financial Studies 23(11), 4078-4114, 2010.
"Ownership: Evolution and Regulation," with J. Franks and C. Mayer, Review of Financial Studies 22(10), 4009-4056, 2009.
"Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund," with M. Becht, J. Franks and C. Mayer, Review of Financial Studies 22(8), 3093-3129, 2009. Reprinted in Bratton, W.W., and J.A. McCahery (eds.), 2015, Institutional Investor Activism: Hedge Funds and Private Equity, Economics and Regulation, Oxford University Press, Oxford, UK.
"Cross-Country Determinants of Mergers and Acquisitions," with P. Volpin, Journal of Financial Economics 74(2), 277-304, 2004. Reprinted in Claessens, S., and L. Laeven (eds.), 2006, A Reader in International Corporate Finance, The World Bank, Washington, DC. Reprinted in Eckbo, B.E. (ed.), 2010, Corporate Takeovers: Modern Empirical Developments, Elsevier.
Book Chapters
"Spending Less Time with the Family: The Decline of Family Ownership in the UK," with J. Franks and C. Mayer, p.581-607 in Morck, R. K., (ed.) "A History of Corporate Governance around the World: Family Business Groups to Professional Managers," NBER and University of Chicago Press, Spring 2005.
"The Governance Motive in Cross-Border Mergers and Acquisitions," with P. Volpin, in Gregoriou, G., and L. Renneboog (eds.), 2007, "International Mergers and Acquisitions Activity since 1990: Quantitative Analysis and Recent Research," Elsevier.
"Institutions, Financial Integration and Complementarity," with N. Gennaioli and A. Martin, in Kolb, R. W. (ed.), 2011, "Sovereign Debt: From Safety to Default," John Wiley and Sons.
Permanent Working Papers
"Technological Innovations and Capital Structure".