Research

Publications

Why Do Hedge Funds Avoid Disclosure? Evidence from Confidential 13F Filings, (with George Aragon and Michael Hertzel), Journal of Financial and Quantitative Analysis, 2013, 48 (5), 1499-1518 (AFA 2011)

The Impact of Portfolio Disclosure on Hedge Fund Performance, Journal of Financial Economics, 2017, 126 (1), 36-53 (WFA 2012).

Does Improved Disclosure Lead to Higher Executive Compensation? Evidence from the Convergence to IFRS and the Dual-Class Share System in China,  (with Jun Lu), Journal of Corporate Finance, 2018, 48, 244-260. 

Who Benefits in a Crisis? Evidence from Hedge Fund Stock and Option Holdings, (with George Aragon and Spencer Martin), Journal of Financial Economics, 2019, 131 (2): 345-361.  

Liquidity Transformation and Financial Fragility: Evidence from Funds of Hedge Funds, (with Vikas Agarwal and George Aragon), Journal of Financial and Quantitative Analysis, 2019, 54 (6), 2355-2381. 

Style Investing, Mutual Fund Flows, and Return Comovement, the Journal of Portfolio Management, 2025, 51 (4) 196 - 209 (AFA 2011)

Working Papers

Volatility Timing Using ETF Options: Evidence from Hedge Funds, (with George Aragon and Shuaiyu Chen), AFA 2025

Income Taxes and Managerial Incentives: Evidence from Hedge Funds, (with Vikas Agarwal, Gary Chen, and Bin Wang), AFA 2021

Short-Selling Hedge Funds, (with Jialin Qian and Baozhong Yang), SFA 2024, EFA 2025, FMA 2025

Mutual Fund ESG Window Dressing, (with Hui Chen, Terrence Shi, Leile Zhou), CICF 2025, NFA 2025, SFA 2025, FMA 2025

The Value of Stock Analysis,  (with Shuting Li, Yusen Xia, and Baozhong Yang)

The Impact of AI Talent on Hedge Fund Performance, (with Xuxi Guo and Baozhong Yang), FMA 2021, SFA 2021

Don’t Confuse Brains with a Bull Market: Attribution Bias, Overconfidence, and Trading Behavior of Individual Investors, (with Na Wang), EFA 2010