My broad research interests are in financial accounting, with a focus on the role of corporate disclosures in the innovation setting, especially in the pharmaceutical industry.
“Corporate R&D Investments Following Competitors’ Voluntary Disclosures: Evidence from the Drug Development Process” (solo-authored), Journal of Accounting Research 62 (2024): 335–373
Using granular, project-level data on clinical trials in the drug development process, I find that a firm's R&D investments in a specific therapeutic area are deterred by disclosures of early-phase trial initiation from strong rivals in the same area but encouraged by disclosures from weak rivals. My evidence suggests that peer firms’ R&D disclosures can have both proprietary costs and deterrence benefits.
"Strategic Disclosure in R&D Races: Theory and Evidence", with Xiang Shao, and Sang Wu.
R&R, Journal of Accounting Research
Presented at Baruch College, Baruch-Fordham-Rutgers Accounting Symposium, EIASM workshop on accounting & economics, AES Inaugural Conference
We examine the determinants of firms' voluntary disclosure of intermediate success in R&D races both analytically and empirically.
“Disclosure Control as a Real Option: Contractual Governance in Clinical Trials”, with Olivia Y. Chen, and Sean Wang.
R&R, Journal of Accounting and Economics
Co-author Olivia Y. Chen is a 4th-year Accounting Ph.D. student at Baruch.
Presented at Baruch College, Rutgers University-Camden, Hawaii Accounting Research Conference, WashU's 2nd Annual Conference on the Economics and Finance of Healthcare and Medicine, University of South Florida, UT-Austin (Lone Star Accounting Conference), Binghamton University, Cornell University, Texas State University, CAAA Annual Conference, Peking University (Boya Accounting Forum), FMA Annual Meeting (scheduled), AEA Annual Meeting (scheduled)
We find that pharmaceutical firms use publication embargo clauses with independent investigators of clinical trials to selectively report statistically persuasive outcomes and apply positive "spin" to marginally insignificant trial results.
“Fictional Experiments in Patent Disclosures”, with Jihwon Park, and Lu Tong.
R&R, The Accounting Review
Co-author Lu Tong is a former Baruch Accounting Ph.D. student.
Presented at UConn, Baruch College, Shanghai Jiao Tong University, Bretton Woods Accounting and Finance Ski Conference, Wolfe Research Annual Investment Conference, Hawaii Accounting Research Conference, EAA Annual Congress, Yonsei University, KAIST
We examine the externalities of fictional experiments in patent applications on peer inventors' follow-on innovation.
“Unintended Consequences of Disclosure Mandates: Evidence from the Sunshine Act and Pharmaceutical Marketing”, with Edward J. Riedl, Fangbo Si, and Scarlett Song.
R&R, Journal of Accounting Research
Presented at Boston University, Haskayne and Fox Accounting Research Conference, Jinan University, Baruch College, University of Wisconsin-Madison, American University, University of North Texas, NYU Big Apple Accounting Conference
We find that the mandated public disclosures of industry-physician payments redirect pharmaceutical marketing efforts towards a controversial and less-regulated channel: direct-to-consumer advertising (i.e., TV ads for prescription drugs).
“Management Forecast Policy and Liquidity Provision by Individual Investors”, with Mei Feng, Guojin Gong, and Yuan Xie.
R&R, Contemporary Accounting Research
We examine whether firms' disclosure policy facilitates individual investors' liquidity provision.
“Voluntary Disclosure as a Commitment Device in Oligopoly Markets”
We test theories of strategic information sharing in oligopoly using voluntary disclosures from the automobile industry.