Published and Accepted Papers

In Refereed Journals:

  1. “The Real Effects of Financial Markets: The Impact of Prices on Takeovers,” with Alex Edmans and Itay Goldstein, Journal of Finance, forthcoming. Appendix

  2. “Hedge Funds and Chapter 11,” with Kai Li, and Wei Wang, Journal of Finance, forthcoming.

  3. “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.

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

  5. “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.

  6. “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.

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

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

  9. “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.

  10. “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.

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

  12. “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.

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

  14. “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.

  15. “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.

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

  17. “A Nonparametric Test of Market Timing,” Journal of Empirical Finance, 2003, vol. 10(4), pp 399 – 425. Lead article.

Other Publications:

  1. “Hedge Fund Activism,” with Alon Brav and Hyunseob Kim, chapter in Research Handbook on Hedge Funds, Private Equity and Alternative Investments, Edward Elgar Publishing Ltd, forthcoming.

  2. “How Much Choice Is Too Much?: Contributions to 401(k) Retirement Plans,” with Gur Huberman and Sheena Iyengar, chapter in Pension Design and Structure: New Lessons from Behavioral Finance, edited by Olivia Mitchell and Stephen Utkus, Oxford University Press, 2004, pp 83-96.

  3. “How Do Analysts Weight Private Information and Why?” with Qi Chen, in Corporate Governance: Implications for Financial Services Firms, Proceedings of the 39th Chicago Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, 2004, pp 336-353.

  4. “Commodity Futures Market in China,” with David Wall, The Futures and Derivatives Law Review, Volume 2 Issue 1, Cavendish Publishing Limited, London, January 1995, pp 13-42. Reprinted in Financing China Trade and Investment, ed. Kui-Wai Li, Praeger, Westport & London, 1997, pp183 – 214.

Working Papers:

“Liar’s loan?—Effects of Origination Channel and Information Falsification on Mortgage Delinquency,” with Ashlyn Nelson and Edward Vytlacil, revise & resubmit, Review of Economics and Statistics.

“Uncovering Hedge Fund Skills from the Portfolio Holdings They Hide,” with Vikas Agarwal, Yuehua Tang, and Baozhong Yang, revise & resubmit, Journal of Finance. Appendix

“Inferring Reporting-Related Biases in Hedge Fund Databases from Hedge Fund Equity Holdings,” with Vikas Agarwal and Vyacheslav Fos.

“Securitization and Loan Performance: A Contrast of Ex Ante and Ex Post Relations in the Mortgage Market,” with Ashlyn Nelson and Edward Vytlacil, revise & resubmit, Review of Financial Studies.