1. “Labor Market Power and Financial Leverage: Evidence from Online Job Postings”, 2025, Journal of Financial and Quantitative Analysis, accepted for publication. (with John Bai, Northeastern University, M. Massa, INSEAD, and C. Wan, University of Massachusetts at Boston)

2. “Does Ownership Concentration Affect Corporate Bond Volatility? Evidence from Bond Mutual Funds”, 2024, Journal of Banking and Finance, forthcoming. (with Jing-Zhi Huang, Pennsylvania State University, and Y. Wang, University at Albany)

3. "Repurchases for Price Impact: Evidence from Fragile Stocks", 2024,  Journal of Financial and Quantitative Analysis, forthcoming. (with M. Massa, INSEAD, and D. Schumacher, McGill University)

• “The fear and the bright side of financial fragility”, Dec. 10, 2020, Harvard Law School Forum on Corporate Governance. 

4. "Labor-saving Innovations and Capital Structure", 2024, Journal of Corporate Finance, forthcoming. (with J. Qiu, McMaster University, and C. Wan, University of Massachusetts at Boston)

5. "Can Short Sellers Detect Internal Control Material Weaknesses? Evidence from Section 404 of the Sarbanes-Oxley Act", 2022, Journal of Accounting, Auditing, and Finance: 37(1), pp.3-38.  (with Z. Singer, HEC Montreal, and J. Zhang, University of Alabama Huntsville)

6. “How Are Institutions Informed? Proactive Trading, Information Flows, and Stock Selection Strategies”, 2021, Contemporary Accounting Research: 38, pages 1849-1887.

7. “Who is Afraid of BlackRock?”, 2021, Review of Financial Studies: 34(4), pages 1987–2044. (with M. Massa, INSEAD, and D. Schumacher, McGill University).

• “Two’s a crowd” , Oct. 10, 2015, The Economist.

8.  “Cross-Country Competitive Effects of Cross-Listings”, 2020, Review of Corporate Finance Studies: 9 (1), pages 116–164. (with S. Sarkissian, McGill University)

9. “The Product Market Impact of Minority Stake Acquisitions”, 2018, Management Science: 64(2), pages 825-844. (with A. Nain, University of Iowa)

Labor and corporate finance

1.   “When Talent Walks:  Skilled Labor Mobility and Bank Behavior”, (with R. Liu, McMaster University and M. Massa, INSEAD) SSRN

   • • “When Talent Walks:  Skilled Labor Mobility and Bank Behavior”, June 12, 2025, International Banker.

     • Semifinalist for the Best Paper Award in Financial Institutions and Markets at FMA 2025

Abstract: We investigate how traditional banks respond when their skilled employees gain the freedom to move. Using the staggered rejections of the Inevitable Disclosure Doctrine (IDD) by U.S. state courts as a natural experiment, we document that the rejections of IDD increase turnover and push up compensation of skilled bank employees, with attrition concentrated in relationship-oriented positions. This imposes a dual shock on banks: higher operating costs and a shorter horizon over which to collect deferred relationship rents from captive borrowers. Banks respond by raising loan rates, and the increase is more pronounced among banks whose clients have fewer outside options and among banks most dependent on relationship employees. Bank efficiency deteriorates while profitability remains flat after IDD rejections. Neither banks nor their customers do seem to enjoy the benefit of such mobility, and the rent of high skilled labor is appropriated by the employees through higher salaries. These findings carry important normative implications for the regulator. 

2. “The Minimum Wage and Labor-Saving Innovation”, (with A. Nain, University of Iowa)

   • "The minimum wage and automation", July 30, 2025, CATO INSTITUTE

Abstract: We show that an increase in the minimum wage leads to more in-house labor-saving innovation. Using 69 state-level minimum wage events in the United States between 1985 and 2024, we document that treated firms file significantly more automation patents than bordering control firms following an event. The effect is stronger in industries that hire more low-wage workers, in industries with more automatable tasks, and in states with a higher binding wage percentile. Treated firms also reduce the share of routine-task and unskilled workers in their workforce. Our findings document a demand-side channel through which minimum wage policy reshapes corporate innovation.

• DeGroote Research Excellence Award 2025

• SSHRC Insight Grant, Social Sciences and Humanities Research Council, Principal Investigator,  2026 – Present

• SSHRC Insight Grant, Social Sciences and Humanities Research Council, Principal Investigator,  2019 – 2025 

• SSHRC Insight Development Grant, Social Sciences and Humanities Research Council, Principal Investigator, 2019 – 2023