My broad research interests are in financial accounting, with a focus on the role of corporate disclosures in shaping resource allocation in the product market and the capital market.
With a strong background in economics, I seek to conduct theory-based empirical research and contribute to bridging the gap between archival and analytical research in accounting.
“Corporate R&D Investments Following Competitors’ Voluntary Disclosures: Evidence from the Drug Development Process” (Job Market Paper), Journal of Accounting Research 62 (2024): 335–373
This paper examines the role of peer firm disclosures in shaping corporate research and development (R&D) investments. Drawing on models of two-stage R&D races, I hypothesize that a firm could be either deterred or encouraged by peer disclosure of interim R&D success, depending on peer firms’ R&D strength in the race. 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. Cross-sectional analyses show that focal firm strength and disclosure relevance moderate the effects of peer firm disclosure. Overall, 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 (Fudan), Sang Wu (Columbia)
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.
“Fictional Experiments in Patent Disclosures”, with Jihwon Park (Baruch) and Lu Tong (SWUFE).
Preparing for journal submission
Presented at UConn, Baruch College, Bretton Woods Accounting and Finance Ski Conference, Wolfe Research Annual Investment Conference, Hawaii Accounting Research Conference, EAA Annual Congress
We examine the externalities of fictional experiments in patent applications on peer inventors' follow-on innovation.
“Management Forecast Policy and Liquidity Provision by Individual Investors”, with Mei Feng (Pitt), Guojin Gong (UConn), and Yuan Xie (Fordham)
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”
Recipient of PSC-CUNY research grant (2024-2025)
We test theories of strategic information sharing in oligopoly using voluntary disclosures from the automobile industry.