Research

Publications: 

1.  "Stock-Based Compensation, Financial Analysts, and Equity Overvaluation" with Partha Mohanram and Brian White. 2020. Review of Accounting Studies 25: 1040-1077. A non-technical version can be found here at Columbia Law School Blue Sky Blog. 

2.  "Analysts' Stock Ownership and Stock Recommendations" with Jesse Chan, Steve Lin, and Yong Yu. 2018. Journal of Accounting and Economics 66(2-3): 476-498.

3.  "Market Reactions to the Closest Peer Firm’s Analyst Revisions" with Ole-Kristian Hope. 2018. Accounting and Business Research 48(4): 345-372. 

4.  "Blockholder Exit Threats in the Presence of Private Benefits of Control" With Ole-Kristian Hope and Han Wu. 2017. Review of Accounting Studies 22: 873-902.

5.  "Third-Party Consequences of Short-Selling Threats: The Case of Auditor Behavior" With Ole-Kristian Hope and Danqi Hu. 2017.  Journal of Accounting and Economics 63(2-3): 479-498. Here are Original Dataset and Stata Code to reproduce the key results in the published paper. Here is SAS/Stata Code using Newly Downloaded Dataset from scratch to replicate the main results in August 2019. To facilitate independent replication, here are the List of pilot and control stocks and the SAS Code to identify them. For other researchers' replication, please see The Differential Consequences of Regulation SHO by Inder Khurana, Raynolde Pereira, Kuntara Pukthuanthong, and Sujiao Zhao. 

Working papers: 

1.  "Cost of Information Dissemination: Short Squeezes After Short-Selling Attacks" with Lorien Stice-Lawrence, Yu Ting Forester Wong. (Preparing for the 4th-round submission at Journal of Accounting Research; included in JAR Conference 2024)

Cited by the SEC final rule "Short Position and Short Activity Reporting by Institutional Investment Managers."

Quoted by Bloomberg columnist Matt Levine: https://www.bloomberg.com/opinion/articles/2021-06-14/morgan-stanley-s-ted-pick-matched-wits-with-goldman-s-blankfein. 

To understand the institutional background of this paper, see how short seller Carson Block of Muddy Waters explains the business model of activist short-selling: https://www.zer0es.tv/interviews-and-analysis/examining-the-business-model-of-activist-short-selling/. 

2. “Exposure to Superstar Firms and Financial Distress” with Stephanie Cheng, Dushyant Vyas, and Regina Wittenberg-Moerman. (Preparing for the 4th-round review at Review of Accounting Studies)

3.  "Analysts' EPS-decreasing Exclusions and Target Price Forecasts" with Stephannie Larocque and Yong Yu. (Preparing for the 3rd-round submission at Management Science) 

4. "In Search of Shares: Inelastic Ownership, Short Covering, and Price Efficiency" with Sanjeev Bhojraj. (Preparing for the 2nd-round submission at Management Science) 

5. “Interest in the Short Interest: The Rise of Private Sector Data” with Yong Chen, Minjae Kim, and John McInnis. (Preparing for the 2nd-round submission at Contemporary Accounting Research) 

6.  “Independence and Auditor Behavior: Evidence from Short-selling Campaigns” with Dan Li, Shiva Rajgopal, and Suraj Srinivasan. (Preparing for the 2nd-round submission at Review of Accounting Studies) 

7. “Competing Narratives: Disclosure Battles between Short Sellers and Attacked Firms at Subsequent Earnings Announcements” with Alexandre Madelaine, Luc Paugam, and Hervé Stolowy. (Preparing for the 2nd-round submission of The Accounting Review)

8.  “Do Minorities Face a Higher Bar for Promotion on Wall Street? Evidence from Outcome-Based Tests of Associate Analysts” with Jesse Chan and Yong Yu. (Preparing for the 2nd-round submission at The Accounting Review)

9.  “Social Comparisons with Peers and Analyst Forecast Accuracy” with Jingxin Hu, Tao Li, and Blake Steenhoven. (Preparing for the 2nd-round submission at Accounting, Organizations and Society)

10.  “Verifiable Content in Social Media Stock-Analysis Articles: The Long and Short of It” with Lei Chen, Shuping Chen, and Tian Gao. (Preparing for the 2nd-round submission at Journal of Business, Finance and Accounting) 

11. "Pessimistic Target Prices by Short Sellers" with Alexandre Madelaine, Luc Paugam, and Hervé Stolowy.  Short seller Carson Block of Muddy Waters referred to me and this research in an interview (start from 22:48): https://www.zer0es.tv/interviews-and-analysis/breaking-down-the-barriers-of-short-long-bias/. 

12. "Identification of Analyst Coverage Initiations" with Jay Jung and Yong Yu.

13. “Why Has PEAD Declined Over Time: The Role of Earnings Persistence” with Laura Kettell and John McInnis.