Research Interests
Corporate Finance and Governance
Corporate & Municipal Bankruptcy
Contract Theory
Law and Economics
Applications of Deep Learning in Finance
Publications
The Political Economy of Municipal Bankruptcy (with Stefano Rossi), Economics Letters, Volume 239, June 2024, 111735
Financial Reform and Public Good Provision: Municipal Bankruptcy Law and the Financing of Hospitals (with Stefano Rossi)
Management Science, 2024, 70 (4):2209-2235 .
Family Feud: Succession Tournaments and Risk-Taking in Family Firms (with Jongsub Lee and Hojong Shin)
Asia-Pacific Journal of Financial Studies, 2023, 52(3):324-353 .
Fiscal Policy, Consumption Risk, and Stock Returns: Evidence from US States. 2018 (with Zhi Da and Mitch Warachka).
Journal of Financial and Quantitative Analysis, Vol. 53(1):109-136.
Industrial Electricity Usage and Stock Returns, 2017 (with Zhi Da and Dayong Huang)
Journal of Financial and Quantitative Analysis, Vol. 52(1): 37-69. William F. Sharpe Award for Scholarship in Financial Research: best paper in the Journal.
Household Production and Asset Prices, (with Zhi Da and Wei Yang).
Management Science, 2016, Vol. 62, 387-409.
Lottery Tax Windfalls, State-Level Fiscal Policy, and Consumption, (with Zhi Da and Mitch Warachka).
Economics Letters, 2015, Vol. 129, 9–12.
Risk Management and Firm Value: Evidence from Weather Derivatives, (with Francisco Pérez-González).
Journal of Finance, 2013, Vol. 68, No. 5, 2143–2176.
Brattle Group Prize (2013) for the best corporate finance paper published in the Journal of Finance.
Are Mutual Funds Sitting Ducks?. (with Sophie Shive).
Journal of Financial Economics, 2013, Vol. 107:203–227.
Negative Hedging: Performance Sensitive Debt and CEOs’ Equity Incentives, (with Alexei Tchistyi and David Yermack).
Journal of Financial and Quantitative Analysis, 2011, Vol. 46, No. 3, pp.657-686.
The Choice of Corporate Liquidity and Corporate Governance
Review of Financial Studies, 2009, Vol. 22, No. 4, pp.1447–1475.
RFS Young Researcher Prize (2008)
Matching Bankruptcy Laws to Legal Environments, (with Kenneth Ayotte).
Journal of Law Economics and Organization, 2009, Vol. 25, No. 1, pp.2–30 (Lead Article).
New Working Papers
AI as Decision-Maker: Ethics and Risk Preferences of LLMs (with Shumiao Ouyang, Xingjian Zheng) https://ssrn.com/abstract=4851711
Learning Production Process Heterogeneity: Implications of Machine Learning for Corporate M&A Decisions (with Jongsub Lee) https://ssrn.com/abstract=4306942.
Focus or Spread? Attention Allocation under High-Dimensional Uncertainty
When LLMs Whisper: Information Leakage and Collusion in Financial Markets
Lender Forbearance Before a Repo Run (with Jun Kyung Auh and Mattia Landoni) https://ssrn.com/abstract=2972738
Algorithms and Fairness in Lending Markets: When Do Humans and Machines Disagree? (with Tong-yob Nam) https://ssrn.com/abstract=4261484.
Insurance Companies and the Propagation of Liquidity Shocks to the Real Economy (with Yubo Liu and Stefano Rossi).