Publications A Nonparametric Test of Market Timing, Journal of Empirical Finance, 2003, 10(4), 399-425. Positive Hurdle Rates without Asymmetric Information (with Qi Chen), Financial Research Letters, 2004, 1(2), 106-112. Investor Learning about Analysts Ability (with Qi Chen and Jennifer Francis), Journal of Accounting and Economics, 2005, 39(1), 3-24. A Nonparametric Approach to Measuring and Testing Curvature (with Jason Abrevaya), Journal of Business and Economic Statistics, 2005, 23(1), 1-19. [Data used in the paper] Offering vs. Choice by 401(k) Plan Participants:  Equity Exposure and Number of Funds (with Gur Huberman), Journal of Finance, 2006, vol. XLI(2), 763-801. Analysts' Weighting of Private and Public Information (with Qi Chen), Review of Financial Studies, 2006, vol. 19(1), 319-355. Price Informativeness and Investment Sensitivity to Stock Prices (with Qi Chen and Itay Goldstein), Review of Financial Studies, 2007, vol. 20(3), 619-650. Defined Contribution Pension Plans: Determinants of Participation and Contributions Rates (with Gur Huberman and Sheena Iyenga), Journal of Financial Services Research, 2007, vol. 31(1), 1-32. Hedge Fund Activism, Corporate Governance, and Firm Performance (with Alon Brav, Frank Partnoy, and Randall Thomas), Journal of Finance, 2008, vol. 63. Director Ownership in the US Mutual Fund Industry (with Qi Chen and Itay Goldstein), Journal of Finance, forthcoming. The Returns to Hedge Fund Activism (with Alon Brav, Frank Partnoy, and Randall Thomas), Financial Analyst Journal, forthcoming. Working Papers Takeover Activity and Target Valuations: Evidence of Feedback in Financial Markets (with Alex Edmans and Itay Goldstein) (Preliminary) When Shareholders Are Creditors:  Effects of the Simultaneous Holding of Equity and Debt by Institutional Investors (with Kai Li, and Pei Shao) Payoff Complementarities and Financial Fragility:  Evidence from Mutual Fund Outflows (with Qi Chen and Itay Goldstein) Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds (with Michael Bradley, Alon Brav, and Itay Goldstein) Career Concerns and the Optimal Pay-for-Performance Sensitivity (with Qi Chen)