Publications
Scale or Yield? A Present-Value Identity (Review of Financial Studies, 2023)
Joint work with Thummim Cho, Lukas Kremens, and Christopher Polk
We decompose firm-level cash-flow news into investment ("scale") vs. profitability ("yield") components and present empirical findings that discipline production-based asset pricing theories.
Best Paper Award, Melbourne-FIRN Asset Pricing Meeting 2021
Working Papers
Acquiring Human Capital: Do Non-Competes Help?Â
I show that non-compete agreements help acquiring firms retain key employees after mergers but can also reduce their productivity.
NFA 2025
Joint work with Andrea Eisfeldt, Antonio Falato, and Mindy Xiaolan
We present inequality in equity pay across firms and the drivers of firm-level differences in equity pay policies.
SED 2023, WFA 2024, AFA 2025
Work in Progress
Licensing and Knowledge Spillovers over the Lifecycle
Joint work with Mark Rempel
We examine how knowledge spillovers shape firms' R&D policies throughout their lifecycle.
Draft Available Upon Request