Research

Working Papers

Carbon Burden
Joint with Lubos Pastor and Robert F. Stambaugh
Jun. 2026
Featured by Chicago Booth Review (video Jun. 2025, blog Apr. 2025), Bloomberg (May 2025), Harvard Law School Forum on Corporate Governance (Dec. 2024), Becker Friedman Institute (Nov. 2024), and Finance Centers at Wharton (Nov. 2024).

Green Tilts
Joint with Lubos Pastor and Robert F. Stambaugh
Journal of Financial Economics, 2025, 104173
Online Appendix
Winner of the 2023 Jacobs Levy Center Research Paper Prize for outstanding paper. Featured by Bloomberg (Dec. 2023), the Chicago Booth Review (Oct. 2023), NBER Digest (Sep. 2023), Fortune (Aug. 2023), Vox EU (Aug. 2023), Knowledge at Wharton (Aug. 2023), and the Becker Friedman Institute (Jun. 2023).

Sustainable Investing
Joint with Lubos Pastor and Robert F. Stambaugh
Annual Review of Financial Economics, 2025, 17: 321-341

Dissecting Bankruptcy Frictions
Joint with Winston Wei Dou, Wei Wang, and Wenyu Wang
Journal of Financial Economics, 2021, 142: 975-1000
Online Appendix
Editor's choice at the JFE, December 2021.

Sustainable Investing in Equilibrium
Joint with Lubos Pastor and Robert F. Stambaugh
Journal of Financial Economics, 2021, 142: 550-571
Presentation from SFS Cavalcade (25 minute video)
JFE's Fama-DFA Prize, first place, 2021. AQR Insight Award, distinguished paper, 2021. Featured in the Wharton Magazine (Spring/Summer 2021), Harvard Law School Forum on Corporate Governance (April 9, 2021), Chicago Booth Review (February 23, 2021), Knowledge@Wharton (November 9, 2020), and Advisor Perspectives (February 19, 2020).

Fund Tradeoffs
Joint with Lubos Pastor and Robert F. Stambaugh
Journal of Financial Economics, 2020, 138: 614-634
Download our data (zip file including documentation) | Internet Appendix
Winner of the QMA Award for Best Paper on Investment Management at the 2018 WFA. Winner of the Jacobs Levy Center Research Paper Prize for Best Paper, 2018. Co-winner of the Marshall Blume Prize in Financial Research, 2019. AQR Insight Award, Honorable Mention, 2019. Summaries in the Chicago Booth Review: May 2018, February 2018, December 2017.

Inefficiencies and Externalities from Opportunistic Acquirers
Joint with Di Li and Wenyu Wang
Journal of Financial Economics, 2018, 130: 265-290
Online Appendix
Short summary featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation (April 2016).

Scale and Skill in Active Management
Joint with Lubos Pastor and Robert F. Stambaugh
Journal of Financial Economics, 2015, 116: 23-45
Data Appendix | Online Appendix
Winner of the 2015 Fama/DFA Prize for best paper at the JFE (first place). Winner of the 2014 Best Paper Award, Rothschild Caesarea Center 11th Annual Academic Conference. Winner of the 2014 Marshall Blume Prize in Financial Research for the best Wharton working paper (honorable mention). Winner of the 2014 Jacobs Levy Center Research Paper Prize for Best Paper. A one-page summary, Capital Ideas, March 2014. Featured in the NBER Digest (June 2014), Wall Street Journal (February 22, 2014), Morningstar's Rekenthaler Report (a four-part series: Part 1, Part 2, Part 3, Part 4), CNN Money (March 2, 2014), Seeking Alpha (February 19, 2014), International Financing Review (February 26, 2014), and Parkiet (February 25, 2014; in Polish).

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Profitability
Joint with Lubos Pastor and Pietro Veronesi
The Review of Financial Studies, 2009, 22(8): 3005-3046
Winner of the NASDAQ Award for Best Paper on Capital Formation at the 2008 WFA.

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