PUBLICATIONS
Zombie Stocks, Harvard Business Law Review, 14, (2024), 186-233 (with Joseph E. Engelberg, Frank Partnoy, Adam V. Reed, and Matthew C. Ringgenberg)
o Best Paper Award, Securities Law and Finance, American Law and Economics Conference 2023
When Losers Talk: Information Diffusion, Social Norms, and Conversations of Investors, Financial Management (Forthcoming)
o Presentations: 2021 FMA annual meeting, 2020 KAFA-KCMI Joint Symposium, the University of California San Diego, the University of North Dakota, Monash University, North Dakota State University, San Diego State University
WORKING PAPERS
Friends Buy, Foes Sell: Partisan Ingroup–Outgroup Bias in Investment Decisions (With Yongqiang Chu, Chih Ming Tan, and Ruiyao Zhu)
This study experimentally examines how ingroup and outgroup biases shape investment decisions at both the peer and firm level. At the peer level, investors tend to follow politically aligned counterparts, but when interacting with politically opposed peers, we find the opposite: a negative peer effect, where investors act against those peers’ recommendations. At the firm level, both ingroup favoritism and outgroup opposition intensify when company ideology is salient. These results suggest that peer ideology and recommendations may serve as indirect signals of company ideology, which more directly reflects the values investors associate with their holdings. Moreover, we find that partisan investment patterns persist even when firm fundamentals are presented, indicating that such behavior cannot be fully explained by rational, information-based updating and instead reflects non-financial, utility-based preferences.
o Presentations: 2025 FMA annual meeting
Mechanisms of Partisan Bias in Investment Decisions (With Peter Ammermann, Asli Salih, Hojong Shin, and Yong Hyuck Kim)
Evasive Shareholder Meetings and ESG Reputational Risk (With Daewoung Choi, Jieun Im, Yong Hyuck Kim, and Hojong Shin)
Understanding the Mechanism behind the Ownership Bias
WORK IN PROGRESS
Social Interaction and Reference Point Adaptation
Social Interaction and Disposition Effect
Large Shareholders of Rating Agencies and Predicting Rating Changes (With Xiang Gao)