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.

Abstract: We investigate how traditional banks react to a shock in high-skilled labor mobility that induces more labor turnover, raises the bargaining power of skilled labor, and translates into higher costs for the banks. Using the natural experiment of the U.S. state courts’ staggered rejections of the Inevitable Disclosure Doctrine (IDD), we document that the rejections of IDD increase labor mobility and wages of skilled workers, which translates to a higher operating cost and lower operating efficiency for traditional banks. This induces banks to increase the loan rates and selectively loan offering without impacting their riskiness. The impact of employee labor mobility on loan rates is more prominent among the banks whose clients have fewer outside options, banks with stronger bargaining power, and banks with a higher likelihood of employee turnover. Neither banks nor 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. This has 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 labor-saving innovation. Larger minimum wage increases in a state are associated with a more positive change in automation patent applications by firms headquartered in that state. These findings are stronger in industries that hire more low-wage workers and have more automatable tasks. The results are also stronger in states with a higher binding wage percentile. The increase in automation patents following minimum wage hikes contributes to poorer employment outcomes for unskilled workers employed in routine tasks.

• DeGroote Research Excellence Award 2025

• 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