Research

Job Market Paper:

[1] How Does Access to Information Impact Entrepreneurial Success? Evidence from Franchise Disclosure Documents. (Committee: Suraj Srinivasan, Charles Wang, and Joe Pacelli)

• Abstract: I examine how improved access to information affects entrepreneurial success. I exploit the staggered rollout of online platforms for Franchise Disclosure Documents (FDDs), which provide entrepreneurs with easy access to information on industry dynamics and business opportunities. Using a proprietary dataset of establishment-level small business records, I find that improved access to FDDs is associated with a 3.1 percentage point increase in business survival rates. Consistent with improved access to FDDs mitigating uncertainty in entrepreneurial decision-making, the findings are more pronounced when economic uncertainty is higher, when FDDs offer more detailed information, and when potential business opportunities are more diverse. However, the benefits of improved access to FDDs are substantially reduced for businesses facing increased competition and novice entrepreneurs lacking information integration skills. These findings help illustrate how improved access to information influences entrepreneurial decision-making and have implications for policymakers seeking to foster small business success.

• The codes for fast fuzzy matching of small business names used in this paper are available here

Publications:

[2] Production Complementarity and Information Transmission Across Industries. [Replication Package]

Journal of Financial Economics (2024) (with Charles M.C. Lee, Stephen Teng Sun, and Ran Zhang)

• The pairwise complementarity scores developed in this paper are available here

Other Working Papers:

[3] The Innovation Consequences of Judicial Efficiency. (with Jinhwan Kim and Rodrigo S. Verdi)

• Invited for presentation at the 2024 Journal of Accounting and Economics Conference

• Revising for resubmission to the Journal of Accounting and Economics

• Developed from the Second-Year Summer Paper

• Received John M. Olin Fellowship in Law and Economics (Harvard Law School)

[4] Communicating Corporate Culture in Labor Markets: Evidence from Job Postings. (with Allen H. Huang, Joseph Pacelli, and Yuan Zou)

• Revising for resubmission to Management Science

• Best Paper Award at the 2022 MIT Asia Conference in Accounting 

[5] Private Lending and Preferential Treatment in Earnings Conference Calls. (with Xinlei Li and Christopher D. Williams)

• Revising for resubmission to the Journal of Accounting and Economics