Working papers:
[1] Competition and New Product Introductions: Evidence from the Pharmaceutical Industry
with Sudipto Dasgupta and Fangyuan Ma
Abstract. We study how cannibalization concerns shape firms’ product launch decisions. In the pharmaceutical industry, the threat of generic competitor entering a branded product’s market reduces cannibalization concerns for pipeline launches, while having limited impact on the standalone value of pipeline product. We find that such competitive threats accelerate pipeline launches, which in turn decrease sales of the threatened product in a period before the competitor's actual market entry. Our findings underscore how competitive pressure accelerates the commercialization of new products by reducing cannibalization costs, fostering creative destruction and strengthening the link between innovation and growth. [SSRN Link]
Revise and Resubmit at the Management Science
Presentations: Financial Management Association Annual Meeting (FMA 2025)*; Southern Finance Association (SFA 2025)*; China International Conference in Finance (CICF 2025)*; AsianFA Annual Conference (2025)*; Asia-Pacific Corporate Finance Online Workshop (ACFOW 2024)*; Greater Bay Area Finance Workshop (2024)*; PHBS-CUHKSZ Economics and Finance Workshop (2024)*; Seminar at Shanghai Advanced Institute of Finance (SAIF) 2025; Seminar at University of Manchester* (2025); Seminar at Renmin University of China (2024); Seminar at University of Liverpool (2024).
(An asterisk indicates my presentations)
Best Paper Award from Greater Bay Area Finance Workshop (2024)
Social Science Research Network (SSRN) top ten download list for ERN.
[2] Social Media Reactions to Product Announcements and Competitive Response
with Sudipto Dasgupta and Ph.D. Student Yuan Meng
Abstract. We examine whether firms’ product market strategies are associated with discussions of competitors’ product announcements in a popular social media platform. We document that product announcements trigger product-related discussions, and shape product-market dynamics. Firms make greater adjustments to their product offerings in the following year when competitors’ new products attract stronger social media attention, especially if accompanied by favorable sentiment. Furthermore, high attention encourages product differentiation—especially when sentiment is also high—but high sentiment alone leads to convergence. These effects persist after controlling for alternative information channels and are more evident for market-oriented industries. We argue that social media provides real-time, crowdsourced signals of market size and product appeal. To interpret these patterns, we develop a simple model in which sentiment affects demand through two channels, and attention shifts the weight between them, generating possibly different incentives for differentiation versus convergence. [SSRN Link]
Presentations: CUHK brownbag seminar (2025)* ; Sydney Banking and Financial Stability Conference (SBFC 2025)*; 6th Annual RCF-ECGI Conference 2025; Seminar at Central University of Finance and Economics (2025)*; Asia-Pacific Corporate Finance Online Workshop (ACFOW 2026)*
[3] Do Shared Analysts Shape Competitive Behavior? Evidence from Product Announcements
with Sudipto Dasgupta and Fangyuan Ma
Abstract: We examine how security analysts influence competitive product-market interactions. Using product announcement data, we show that firms are more likely to announce new products in response to rivals’ announcements, a responsiveness that intensifies when firms share the same analysts. We rule out common economic or technological shocks as drivers of this result. Crucially, we find that favorable opinions on a rival’s launch trigger a strategic response only when they come from analysts who also cover the focal firm. This indicates that shared coverage acts as a specific channel of influence, where analysts leverage their relationship with the focal firm to amplify competitive pressure. Leveraging earnings call transcripts, we further document that common analysts facilitate information spillovers and exert pressure on managers through targeted, product-focused questions. Our findings highlight a key feedback effect from financial intermediaries to firms’ strategic product-market decisions. [SSRN Link]
Presentations: 7th Analyst Research Conference*; Financial Management Association Annual Meeting (FMA 2025)*; Southern Finance Association (SFA 2025)*; Asia-Pacific Corporate Finance Online Workshop (ACFOW 2025)*; AsianFA Annual Conference (2024)*
Semi-Finalist for the Best Paper Award of FMA Annual Meeting (2025)
Social Science Research Network (SSRN) top ten download list for ERN and CGN.
Working in progress:
[4] Contract Violation and Product Market Competition, with Sudipto Dasgupta, and Ph.D. Student, Yuan Meng
In this project, we examine how firms adjust their product markets strategies in response to the financial frictions of same-industry competitors, providing micro-economic evidence on the competitive dynamics.