Advertising Exposure and Investor Attention: Estimates from Super Bowl Commercials [Online Appendix] with Gabriel Buchbinder, University of Oregon, Financial Planning Review, March 2021, 4(1), e1099

Location Choice, Portfolio Choice [Online Appendix] with Harrison Hong, Columbia University, and Jiangmin Xu, Peking University, Journal of Financial Economics, October 2020, 138 (1): 74-94

Working Papers

From Ashes to Action: The Effect of Wildfires on the Growth of Local Corporate Environmental Sustainability in Areas where Governments are Eco-friendly But Lack Commitment (June 2024) with Gabriel Buchbinder, University of Oregon, Yugang Ding, Guangdong University of Foreign Studies, and Nan Li, University of Toronto

Conferences: 69th EWGCFM Meeting, EFS 2024, ASFAAG American Chapter Conference 2024, 2021 CEA (Europe/UK) Annual Conference, 2nd CEFGroup Climate Finance Symposium, The Fourth Conference on CSR, the Economy and Financial Markets, GRASFI 2021, EEA 2021, AERE@MEA 2021, JEEM-Edinburgh-Shanghai Climate and Development Conference 2020, ACBPP ACSEE2020

When Mayors Pledge to Be Heroes for Zero: The Effect of Local Governments’ Environmental Programs on Their Cost of Debt (May 2024) with Xuanyu Bai, University of Oregon, Wensong Zhong, University of Oregon, and Z. Jay Wang, University of Oregon

Draft available upon request

Conferences: 8th Shanghai-Edinburgh-London-Cape Town Green Finance and Accounting Conference

Sustainability, Talent and Profits (December 2020) with Briana Chang, University of Wisconsin-Madison, Harrison Hong, Columbia University, and Nan Li, University of Toronto

Conferences: AFA 2021

The Impact of COVID-19 on Firms' Market Values: Estimates from Geographical Networks (September 2020) with Wensong Zhong, University of Oregon

Draft available upon request

Advertising Exposure and Portfolio Choice: Estimates Based on Sports Sponsorships (August 2019)

Conferences: 2019 AFA, 2019 Academic Research Colloquium for Financial Planning and Related Disciplines, 2018 EARIE

Estimates of the Costs and Benefits of Information in Stock Markets (January 2018) with Harrison Hong, Columbia University and Jiangmin Xu, Peking University

Draft available upon request. Previously circulated under the title "Buy Side, Sell Side"

Abstract: A significant fraction of information in stock markets is produced by sell-side analysts working at banks, whose research is bought by institutional investors. We estimate the costs and benefits of this information by modeling the effect of analyst coverage on fund manager portfolios.  We quantify two distinct channels: coverage drawing managerial attention to stocks versus improving the precision of managerial signals.  We can then calculate the marginal benefit of information as the elasticity of aggregate institutional demand with respect to one additional analyst. Assuming convex cost functions for coverage, we can then measure the marginal cost of producing information for each stock.