Google Scholar Profile

Published and Accepted Papers

1.Recent Advances in Research on Hedge Fund Activism:  Value Creation and Identification (with Alon Brav and Hyunseob Kim), Annual Review of Financial Economics, vol. 7, December 2015.

2.The Long-Term Effects of Hedge Fund Activism (with Lucian Bebchuk and Alon Brav), Columbia Law Review, June 2015.

3. “Securitization and Loan Performance: A Contrast of Ex Ante and Ex Post Relations in the Mortgage Market,” with Ashlyn Nelson and Edward Vytlacil, Review of Financial Studies, 2014, vol. 27(2), 454-483.

4.         Liar’s Loan? – Effects of Origination channel and Information Falsification on Mortgage Loan Delinquency (with Ashlyn Nelson and Edward Vytlacil), Review of Economics and Statistics, 2014. Vol 96(1), 1-18. Lead article.

5.        Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy, (with Lucian Bebchuk, Alon Brav, and Robert Jackson), Journal of Corporate Law, 2013, vol. 39.

6.         Delinquency Model Predictive Power among Low-Documentation loans, (with Ashlyn Nelson and Edward Vytlacil), Economic Letters, 2013, vol. 120, 171-173.

7.         Inferring Reporting Biases in Hedge Fund Databases from Hedge Fund Equity Holdings (with Vikas Agarwal and Vyacheslav Fos), Management Science, 2013, vol. 59(6), 1271-1289.

8.         Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide [Internet Appendix] (with Vikas Agarwal, Yuehua Tang, and Baozhong Yang), Journal of Finance, 2013, vol 68(2), 739-783.

9.         “The Real Effects of Financial Markets: The Impact of Prices on Takeovers,” with Alex Edmans and Itay Goldstein, Journal of Finance, 2012, vol. 67(3), 933-972. Appendix

10.     “Hedge Funds and Chapter 11,” with Kai Li, and Wei Wang, Journal of Finance, 2012, vol. 67(3), 513-560.

11.     “When Creditors are Shareholders: Effects of Simultaneous Holding of Debt and Equity by Noncommercial-Banking Institutions,” with Kai Li, and Pei Shao, Review of Financial Studies, 2010, vol. 23(10), 3595-3637.

12.     “Hedge Fund Activism: A Review,” with Alon Brav and Hyunseob Kim, Foundations and Trends in Finance, 2010, vol. 4(3), 1-66.

13.     “Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows,” with Qi Chen and Itay Goldstein, Journal of Financial Economics, 2010, vol. 97, 239-262.

14.     “Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds” with Michael Bradley, Alon Brav, and Itay Goldstein, Journal of Financial Economics, 2010, vol. 95 (1), 1-19. Lead article.

15.     “Returns to Hedge Fund Activism,” with Alon Brav, Frank Partnoy, and Randall Thomas, Financial Analyst Journal, 2008, vol 64, 45-61.

16.     “Directors’ Ownership in the U.S. Mutual Fund Industry,” with Qi Chen and Itay Goldstein, Journal of Finance, 2008, vol 63(5), 2629-2677.

17.     “Hedge Fund Activism, Corporate Governance, and Firm Performance,” with Alon Brav, Frank Partnoy, and Randall Thomas, Journal of Finance, 2008, vol. 63 (4), 1729-1775, finalist for the Brattle Award, and ranked among the “Top 10 most-cited articles from Journal of Finance” by Scientific Direct in 2009.

18.     “Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates,” with Gur Huberman and Sheena Iyengar, Journal of Financial Services Research, 2007, vol. 31(1), 1-32. Lead article.

19.     “Price Informativeness and Investment Sensitivity to Stock Prices,” with Qi Chen and Itay Goldstein, Review of Financial Studies, 2007, vol. 20 (3), 619-650.

20.     “Offering vs. Choices in 401(k) Plans: Equity Exposure and Number of Funds,” with Gur Huberman, Journal of Finance, 2006, vol. XLI(2), 763-801, winner of the Smith-Breeden Distinguished Paper Prize.

21.     “Analysts’ Weighting of Private and Public Information,” with Qi Chen, Review of Financial Studies, 2006, vol. 19(1), 319-355.

22.     “A Nonparametric Approach to Measuring and Testing Curvature,” with Jason Abrevaya, Journal of Business and Economic Statistics, 2005, vol. 23(1), 1-19. Lead article.

23.     “Investor Learning about Analyst Predictive Ability,” with Qi Chen and Jennifer Francis, Journal of Accounting and Economics, 2005, vol. 39(1), 3-24. Lead article.

24.     “Positive Hurdle Rates without Asymmetric Information,” with Qi Chen, Financial Research Letters, March 2004, 1(2), 106-112.

25.     “A Nonparametric Test of Market TimingJournal of Empirical Finance, 2003, vol. 10(4), pp 399 – 425. Lead article.

Working Papers:

1.       Feedback Effects and the Limits of Arbitrage (with Alex Edmans and Itay Goldstein)

2.       The Real Effects of Hedge Fund Activism (with Alon Brav and Hyunseob Kim).

3.       Reputation Concerns of Independent Directors:  Evidence from Individual Director Voting (with Hualin Wan and Shan Zhao)

4.       Out-of-the-Money CEOs:  Private Control Premium and Option Exercise by CEOs (with Vyacheslav Fos)

5.       How Quickly Do Markets Learn?  Private Information Dissemination in a Natural Experiment (with Robert J. Jackson, Jr. and Joshua Mitts)

6.       Influencing Control:  Jawboning in Risk Arbitrage (with Tao Li and Danqing Mei)

7.       Mutual Fund Holdings of Credit Default Swaps:  Liquidity Management and Risk Taking (with Zhongyan Zhu)

8.       Shareholder Power and Corporate Innovation:  Evidence from Hedge Fund Activism (with Alon Brav, Song Ma, and Xuan Tian)