Research

Working papers

When Policy Meets Preference: The Economic Impact of Employer Vaccine Mandate Bans, with Mike Cooper, Tim Liu, and Yihui Pan

Selected Presentations: Chinese University of Hong Kong, George Mason University, Georgetown University, Hong Kong University, Hong Kong University of Science and Technology, Northeastern University, Peking University (PHBS), University of New South Wales, University of Sydney, University of Technology Sydney, Virginia Tech, University of Utah, Wasatch Finance Conference 2023, FMA 2023, MFA 2024, CICF 2024, AFA 2025 ACES Political Economy Panel Session 

Abstract: We use the staggered introduction of state-level bans on employer COVID-19 vaccine mandates as an exogenous constraint on firms’ HR policies to study how preference alignment among employees, managers, and the policy environment affects firm value and labor outcomes. We find significantly more positive market reactions among firms with Republican-leaning workforces, especially in tight labor markets and firms with Democratic leadership. Following ban passage, affected establishments experience greater employment growth, particularly where workers are more Republican-leaning, and these improved labor outcomes translate into higher profitability. 

Mispricing Gender-Related Legal Reforms: Evidence from #MeToo Laws 

Selected Presentations: CUHK-Shenzhen, Kobe University, St. John Fisher University, SUNY Geneseo, University of Utah, FMA 2024 

Abstract: This paper studies how financial markets price gender-related legal reforms by examining the passage of #MeToo laws across U.S. states. Equity markets initially respond positively to these laws, but the reaction reverses within one trading year, resulting in a negative net effect on firm value. Affected firms subsequently experience declines in operating performance, employee productivity, and female hiring. These effects vary systematically with corporate gender culture, suggesting that investors initially overestimate the benefits of the reforms and later revise their expectations as firm-level costs materialize. 

Stock Splits are Not Dead: Implications of Reappearing Stock Splits, with Peter Chung and Yun Liu (Revise and Resubmit, Review of Corporate Finance )

Selected Presentations: University of Utah, FMA 2024, 32nd Annual Conference of the Multinational Finance Society 

Abstract: We document that stock splits have not disappeared but have reappeared in recent years. We argue that stock splits can serve as attention-generating corporate actions directed at both investors and customers. Stock splits are followed by improvements in liquidity and increases in firm sales, with important heterogeneity by firm size and institutional ownership. Retail trading also increases following splits, and announcement returns are significantly positive. The evidence suggests that the economic role of stock splits has evolved as retail participation, digital trading platforms, and attention-based mechanisms have become more important. 

When Does Implied Volatility Improve Volatility Forecasts? Regime and Horizon Evidence 

Selected Presentations: University of Edinburgh Research Seminar, 2026 

Abstract: This paper examines when and why option-implied volatility improves equity-market volatility forecasts beyond standard GARCH models. Using daily U.S. data from 2000–2025 and a rolling out-of-sample design, I find that implied volatility generally outperforms GARCH and retains significant incremental predictive content. The gains are concentrated in medium-horizon measures such as VIX and VIX3M and are strongest during periods of elevated market stress. The evidence suggests that this advantage arises primarily because backward-looking GARCH dynamics deteriorate under stress, rather than because implied volatility mechanically becomes more informative.