Embedded Files
Publications
The Impact of a Principles-based Approach to Director Gender Diversity, July 2026, (with Laura Field, Hamed Mahmudi and Aazam Virani), forthcoming at Journal of Financial and Quantitative Analysis. Internet Appendix
Coverage: Harvard Law School Forum on Corporate Governance
The Value Implications of Mandatory Clawback Provisions, (with Hamed Mahmudi and Aazam Virani), Journal of Law and Economics, 2025, 68(3) 627-670.
Coverage: The Wall Street Journal ; SEC Final Clawback Rule ; SEC DERA Memo
Director Networks and Firm Value, (with Jeff Black, Hamed Mahmudi and Scott Linn), Journal of Corporate Finance, 2024, 85, 102-545.
Coverage: The FinReg Blog, Duke Financial Economics Center
Foreign Competition and CEO Risk-Incentive Compensation, (with Felix Zhiyu Feng, Hamed Mahmudi, and Heqing Zhu), Journal of Corporate Finance, 2022, 76, 102-241. Internet Appendix
Does Independent Advice to The Board Affect CEO Compensation?, (with Hamed Mahmudi), 2021, Journal of Financial and Quantitative Analysis, 56(2) 693-744.
Performance Peer Groups in CEO Compensation Contracts, (with Hamed Mahmudi and Ashley Newton), 2020, Financial Management, 49(4) 997-1027.
Coverage: Fortune ; Observer
Diversification and Cash Dynamics (with Tiantian Gu), 2017, Journal of Financial Economics 3, 580-601.
The Causal Effect of Option Pay on Corporate Risk Management (with Hamed Mahmudi, Chitru Fernando and Jesus Salas), 2016, Journal of Financial Economics 120, 623-643.
The Real Effects of Market Liquidity: Causal Evidence from Delisting (with Toni Whited and Candace Jens), 2013, Finance Research Letters 9, 183-193.
Threshold Events and Identification: A Study of Cash Shortfalls (with Toni Whited), 2012, Journal of Finance 25, 1286-1329.
Which Firms Follow the Market? An Analysis of Corporate Investment Decisions (with Toni Whited), 2010, Review of Financial Studies 23, 1941-1980.
Working Papers
Ideological Shifts in the Supreme Court and Firm Value: Evidence from Ruh Bader Ginsburg's Death, August 2026, (with Hamed Mahmudi, Aazam Virani and Song Zhang), Revise and Resubmit at Review of Finance . Internet Appendix
Coverage: Oxford Business Law Blog
Does Corporate Political Spending Advance Shareholder Interests? Evidence from Clawback Regulation, June 2025, (with Hamed Mahmudi and Aazam Virani), Revise and Resubmit at Journal of Financial and Quantitative Analysis. Internet Appendix
Growth-promoting Bonuses and Mergers and Acquisitions , June 2025, (with Hamed, Mahmudi, Mathias Kronlund and Aazam Virani).
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