Climate Policy Uncertainty and Corporate Environmental Lobbying Competition

With Hyun-Soo Choi, Hugh Hoikwang Kim, and Paul Youngwook Kim
Journal of Corporate Finance, forthcoming

A game-theoretic model and U.S. firm-level evidence examine how climate policy uncertainty shapes environmental lobbying. Greater uncertainty intensifies lobbying by both carbon-intensive and clean-energy firms, especially in more competitive industries.

SSRN / Abstract · Media: Duke FinReg Blog

Risk Choice and Voluntary Disclosure

With Suil Pae
The Accounting Review 101(1), 1-26 (2026)

The model examines how firms’ investments to reduce cash-flow risk interact with later voluntary disclosure. Greater investor risk aversion encourages risk reduction, while more likely or better-quality private information weakens it.

SSRN / Abstract · Journal article

Voluntary Disclosure with Evolving News

With Cyrus Aghamolla
Journal of Financial Economics 140(1), 21-53 (2021)

This paper studies disclosure when managers’ information and firm value evolve over time. Managers may disclose news even when it lowers today’s stock price because doing so increases the value of withholding information in the future.

SSRN / Abstract · Journal article

The Joint Cross Section of Stocks and Options

With Andrew Ang, Turan Bali, and Nusret Cakici
Journal of Finance 69(5), 2279-2337 (2014)

Changes in call and put implied volatility predict subsequent stock returns in opposite directions, while stock returns also predict changes in option-implied volatility. These patterns are consistent with informed trading across stock and option markets.

SSRN / Abstract · Journal article

Mandatory vs. voluntary ESG disclosure, efficiency, and real effects

With Cyrus Aghamolla
Revise and resubmit, Management Science

The model compares mandatory and voluntary ESG disclosure through firms’ investment choices. A mandate can induce overinvestment in sustainable technology, making voluntary disclosure more efficient from shareholders’ perspective.

SSRN / Abstract · Media: Columbia Blue Sky Blog

Semifinalist for Best Paper Award, FMA 2023

Missing the target? Retirement expectations and target date funds

With Kunal Sachdeva
Working paper

This paper studies households’ retirement expectations and the economic consequences of forecast errors. Individuals systematically underestimate how long they will remain in the labor force, with meaningful consequences for retirement wealth and welfare.

SSRN / Abstract

How Often Should You Take Tactical Asset Allocation Decisions?

With Andrew Ang and Pierre Collin-Dufresne
Working paper

This paper studies how frequently investors should adjust tactical allocations between stocks and bonds when returns are predictable. The analysis points to roughly quarterly decisions and finds that exploiting predictable stock returns generates approximately twice the value of timing bond returns.

SSRN / Abstract