Research

Research Interests

Disclosure and Real Effects, Spill-over Effects of Advertising in Capital Markets, Financial Intermediaries, Common Ownership, ESG Disclosure, Insider Trading, Earnings Management, Regulation and Corporate Governance.

Peer-Reviewed Publications

"Riding Attention Spikes: How Analysts Respond to Advertising"

• • with Minjae Koo, Annika Wang and Liandong Zhang

  • Contemporary Accounting Research, 15 September 2025 | DOI: (http://doi.org/10.1111/1911-3846.13068)

  • Featured in JUFE News

  • Abstract: Product market advertising, while containing little new information, triggers spikes in investor attention. Using weekly advertising data, we find that sell-side analysts issue optimistic earnings forecasts in response to heavier advertising in the prior week. This effect is not driven by confounding earnings or product news. It is more pronounced for experienced analysts and analysts affiliated with brokerages that rely solely on trading revenues. The optimistic forecast bias intensifies the impact of advertising on investor trades of the underlying stock during the following week, especially on retail buying. Overall, analysts appear to issue optimistic forecasts to exploit retail investor attention spikes induced by advertising. 

"Do Firms Respond to Peer Disclosures? Evidence from Disclosures of Clinical Trial Results" 

• • with Vedran Capkun, Yun Lou and Clemens A. Otto

  • The Accounting Review 2023; 98 (3): 71–108. DOI: (https://doi.org/10.2308/TAR-2019-0137)

  • Featured in Knowledge@HEC and SoA Research Insights

  • Abstract: Using data on the registration of clinical trials and the disclosure of trial results, we examine how firms respond to peer disclosures. We find that firms are less likely to disclose their own trial results if the results of a larger number of closely related trials are disclosed by their peers. This relation is stronger if the firms face higher competition (as measured by the number of competing trials). It is weaker if the firms are further along in their research than the peers (as measured by the trials’ phase) and if the peers’ disclosures convey more negative news (as measured by the firms’ stock price reaction). We also find that firms are more likely to abandon ongoing trials if a larger number of peers disclose the results of closely related trials. Additional tests suggest that this real effects channel does not drive the impact on the firms’ disclosure decisions.

Non-Peer-Reviewed Publications

"Unlocking Private Equity Investing: A Primer"

• • with Steve Balaban, Chief Investment Officer of Mink Capital, Chief Learning Officer of Mink Learning, Associate Professor at the University of Waterloo, and a contributing author on PE for the CFA Program 

  • Asian Management Insights 2025; 12 (2), 16 July 2025: 52-60. The Singapore Management University’s (SMU) 25th anniversary commemorative issue. (https://cmp.smu.edu.sg/sites/cmp.smu.edu.sg/files/ami/9_AMI_Jul25_Primer.pdf) 

  • Abstract: 

    1. We provide a primer for investors and professionals exploring the possibility of tapping PE by tracing the evolution of this complex asset class from a niche investment strategy to a cornerstone of global finance.

    2. There are three stages of PE funding, specifically early-stage, expansion, and maturity stages. PE firms create value at each stage through strategic guidance, operational improvements, and financial restructuring of portfolio companies.

    3. We also look into PE fund structures, performance metrics, and the J-curve, noting that while PE can offer attractive long-term returns and portfolio diversification, achieving success requires a deep understanding of its complexities and careful due diligence before investing is carried out.

Working Papers

"Consequences of Disclosing Clinical Trial Results: Evidence from the Food and Drug Administration Amendments Act" 

• • with Thomas Bourveau and Vedran Capkun

  • SSRN Manuscript (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3533305)

  • Featured in Research@SMU May 2019 issue, Asian Scientist, Knowledge@HEC and The Conversation

“Advertising and Disclosure: Do Firms Time Advertising during Disclosure Periods?”

• • PhD Dissertation

  • Committee: François Brochet, Vedran Capkun (Chair), April Klein, Pepa Kraft, Reuven Lehavy and Hervé Stolowy

  • HEC Foundation Best Doctoral Thesis Award of the Year 2018