Professor of Finance, W. P. Carey School of Business, Arizona State University
Welcome! My research studies how professional investors, including hedge funds, mutual funds, and endowments create value, manage risk, and respond to investor demand. My recent work examines generative AI, ESG/climate concerns, investor attention, and machine learning applications in asset management.
Publications are listed in my CV
Will AI Replace or Enhance Human Intelligence in Asset Management?
with Vikram Nanda and Sanghyun (Hugh) Kim
Mutual funds that adopt more AI outperform, especially when AI complements experienced managers’ judgment rather than replacing it.
Volatility Timing Using ETF Options: Evidence from Hedge Funds
with Shuaiyu Chen and Zhen Shi
Hedge funds’ ETF option positions predict future volatility across asset markets, and funds using ETF straddles earn better risk-adjusted returns.
Investor Attention and Mutual Fund Performance
with Jonathan Keen, Yuri Tserlukevich, and Michael Wymbs
Mutual funds that draw more investor attention attract excess inflows from optimistic investors that inflate their size and lower their future returns.
Are Hedge Funds Exploiting Climate Concerns?
with Juha Joenvaara, Yuxiang Jiang, and Cristian Ioan Tiu
Hedge funds most exposed to green stocks outperform by about 5% a year, which reflects skill at profiting from climate concerns rather than a green preference.
Hedge Fund Liquidity Management: Insights for Fund Performance and Financial Stability
with Tolga Ergun and Giulio Girardi
Hedge funds with thinner liquidity buffers outperform in normal times but sell harder in crises, pushing down the prices of the stocks they hold.
Exploration or Exploitation? Hedge Funds in Venture Capital
with Laura Lindsey and Emma Li
Hedge funds bring their stock-picking skill to venture capital, and venture experience in turn boosts their public market returns.