Research

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

• AI Masquerade: Hiding Employee Expansion in the AI Era

  • Solo authored

  • The stock market penalizes hiring signals in the AI era: In response, firms that are actively hiring either (a) hide hiring disclosures, or (b) when they do disclose, simultaneously signal AI adoption as a substitute for workers. 

  • Chicago Booth Fama-Miller, UCLA, NTU

• Valuation and Creative Selection in Hiring

  • • With Thummim Cho and Gregor Schubert

    • We document a mechanism we term creative selection: aggressive hiring by overvalued firms improves workforce quality by allowing firms to subsequently retain the best-matched employees.

    • BSE Summer Forum 2026 - Financial Shocks, Channels, and Macro Outcomes (Scheduled)

• Forecasting in a Polarized World: The Role of Political Disagreement in Analyst Forecasts and Information Production

  • With Ran Duchin

  • We show that analysts who are politically misaligned with the CEO issue lower and less accurate forecasts, and this partisan bias distorts firm investment decisions.

  • 2026 UW Summer Finance Conference (Scheduled), ABFER 2026 (Scheduled), Korea University

• Acquiring Human Capital: Do Non-Competes Help?

  • Solo authored

  • I show that non-compete agreements help acquiring firms retain key employees after mergers but can also reduce their productivity.

  • NFA 2025, Nanyang Technological University, Imperial College, National University of Singapore, Singapore Management University, HKUST, UCLA

• Equity Pay Beyond the C-suite

  • 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.

  • AFA 2025, WFA 2024, SED 2023, UCLA, UT Austin, University of Washington

Work in Progress

• • Knowledge Spillovers over the Lifecycle

    • With Mark Rempel

    • We examine how knowledge spillovers shape firms' R&D policies throughout their lifecycle.