My research focuses on the role of institutional investors (i.e., money managers such as mutual funds, hedge funds, etc.) in corporate governance, sustainable finance, shareholder activism, and financial markets.
In the past, I have also worked on coordination problems with a specific focus on financial crises and contagion.
1. Does One Soros Make a Difference? A Theory of Currency Crises with Large and Small Traders, with Giancarlo Corsetti, Stephen Morris, and Hyun Song Shin, The Review of Economic Studies, 71, pp. 87-114, January 2004.
2. Financial Contagion through Capital Connections: A Model of the Origin and Spread of Bank Panics, Journal of the European Economic Association, 2, pp. 1049-1084, December 2004.
3. Financial Equilibrium with Career Concerns, with Andrea Prat, Theoretical Economics, 1(1), pp. 67-93, March 2006.
4. Coordination and Delay in Global Games, Journal of Economic Theory, 134, 195-225, May 2007.
5. Incentives in funds management: a literature overview with S. Bhattacharya, A. Guembel, and A. Prat, in The Handbook of Financial Intermediation and Banking, (edited by A. Boot and A. Thakor), Elsevier, 2008.
6. Information aggregation in financial markets with career concerns, with Andrea Prat, Journal of Economic Theory, 143, 83-113, December 2008. [pdf file]
7. Managers as Administrators: Reputation and Incentives, >with Yianis Sarafidis, Journal of Economic Behavior and Organization, 70, 155-163, May 2009. [pdf file]
8. Institutional Trade Persistence and Long-Term Equity Returns, with Andrea Prat and Michela Verardo, Journal of Finance, 66, 635-663, April 2011.
9. The Price Impact of Institutional Herding, with Andrea Prat and Michela Verardo, The Review of Financial Studies, 24, 892-925, March 2011.
10. Regionality Revisited: An Examination of the Direction of Spread of Currency Crises, with Roberto Leon-Gonzalez and Anja Shortland, The Journal of International Money and Finance 30, 831-838, September 2011.
11. Dynamic Coordination with Individual Learning, with Jakub Steiner and Colin Stewart, Games and Economic Behavior 74, 83-101, January 2012.
12. The Wall Street Walk when Blockholders Compete for Flows, with Giorgia Piacentino, Journal of Finance 70, 2853-2896, December 2015.
13. Ties that Bind: How Business Connections Influence Mutual Fund Activism, with Dragana Cvijanovic and Kostas Zachariadis, Journal of Finance 71, 2933-2966, December 2016.
14. Competition for Flow and Short-Termism in Activism, with Mike Burkart, Review of Corporate Finance Studies 10, 44-81.
15. Institutional Investors and Corporate Governance,with Slava Fos and Zach Sautner. Foundations and Trends in Finance, 12:4, September 2021.
16. Wolf Pack Activism, with Alon Brav and Richmond Mathews, Forthcoming in Management Science.
17. The Wall Street Stampede: Exit as Governance with Interacting Blockholders, with Dragana Cvijanovic and Kostas Zachariadis, Forthcoming in Journal of Financial Economics.
Are Socially Responsible Funds Viable?, with Dirk Jenter, Rich Mathews, and Paul Voss.
Delegated Blocks, with Rich Mathews.
Bond Funds and Credit Risk, with Jaewon Choi and Jimmy Oh.
Delegation Chains, with Ernst Maug.
Delegated Activism and Disclosure, with Kostas Zachariadis.
Social Learning with Payoff Complementarities.
An Intersection Property of Sylow 2-subgroups in nonsolvable groups, Mathematical Proceedings of the Cambridge Philosophical Society, 1997:122, pp. 261-8, with Arnold Feldman. (An extension of my undergraduate mathematics honors thesis.)
A Model of a Kuiper Belt Small Grain Population and Resulting Far-Infrared Emission, The Astrophysical Journal, 1995:450, pp. L35-L38, with Dana Backman and Robert Stencel.
Rotation Periods of Open Cluster Stars III, Publications of the Astronomical Society of the Pacific, 1995:107, pp. 211-8, with C. Prosser, M. Shetrone, D. Backman, B. Laaksonen, S. Baker, L. Marschall, B. Whitney, K. Kuijken, and J. Stauffer.
New Rotation Periods in the Pleiades: Interpreting Activity Indicators. The Astrophysical Journal, 1998:493, pp. 914-25, with A. Krishnamurthi, D. Terndrup, M. Pinsonneault, K. Sellgren, J. Stauffer, R. Schild, D. Backman, K. Beisser, D. Dahari, J. Hagelgans, M. Seeds, R. Anand, B. Laaksonen, L. Marschall, and T. Ramseyer.
The Emerging Local Markets Term Structure Report, J.P Morgan and Co. Inc., Emerging Markets Research Client Publications, New York, September 2, 1997, with Karim Abdel-Motaal.
My author pages on Google Scholar, Web of Science, and Scopus.
2nd Sir Oliver Hart Conference. Theme: Shareholder Preferences and Shareholder Democracy, LSE, November, 2024.
35th Annual Congress of the European Economic Association, Area Coordinator for Finance, Online, August 2020. Co-organized with Daniel Paravisini.
Second Annual Finance Theory Group European Summer Conference, London School of Economics, London, June 2017. Co-organized with Ulf Axelson, Peter Kondor, Igor Makarov, Martin Oehmke, and Hongda Zhong.
Institutional Investors and Corporate Governance, Swedish House of Finance, Stockholm, June 2017. Co-organized with Mike Burkart.
The 2nd Cambridge Corporate Finance Theory Symposium, Cambridge Endowment for Research in Finance, Cambridge, 18-19 September 2015.Co-organized with Bart Lambrecht.
Workshop on Global Games, 18th Stony Brook Game Theory Festival, Stony Brook, NY, 19-20 July 2007.Co-organized with Stephen Morris and Alessandro Pavan
New Directions in Asset Pricing and Risk Management, Financial Markets Group, London School of Economics, London, 15-16 June, 2006. Co-organized with Jon Danielsson. My part of this conference was called Agency Conflicts, Liquidity, and Asset Prices.
Session on Delegated Portfolio Management at the 2004 Annual Meeting of the Society for Economic Design, Palma de Mallorca, 29 June - 3 July 2004.