ACADEMIC PUBLICATIONS

“When Low Beats High: Riding the Sales Seasonality Premium”
with Yamil Kaba and Alexander Núñez, Journal of Financial Economics, forthcoming.

“Are US Industries Becoming More Concentrated?”
with Yelena Larkin and Roni Michaely, Review of Finance, 23 (2019), 697–743.
- Editor’s Choice Lead Article
- Abstracted in the Harvard Law School Forum on Corporate Governance and Financial Regulation, September 2015.

“Concentrating on Q and Cash Flow”
with John Hund and James Weston, Journal of Financial Intermediation, 33 (2018), 1-15. ◊ Lead Article

“The Effects of Short-Selling Threats on Incentive Contracts: Evidence from an Experiment”
with David De Angelis and Sebastien Michenaud, Review of Financial Studies, 30 (2017), 1627-1659.
- Abstracted in the Harvard Law School Forum on Corporate Governance and Financial Regulation, June 2013.
- Runner-up for the Best Paper Award at the 2014 EFA Meetings

“Product Market Competition and Internal Governance: Evidence from the Sarbanes Oxley Act”
with Vidhi Chhaochharia, Yaniv Grinstein and Roni Michaely, Management Science, 63 (2017) 1405-1424.

“The Real Effects of Short-Selling Constraints”
with Sebastien Michenaud and James Weston, Review of Financial Studies, 28 (2015), 1737-1767.
- Abstracted in The CFA Digest, March 2016.

“Comovement and Investment Banking Networks”
with Shane Underwood and James Weston, Journal of Financial Economics, 113 (2014), 73-89.

“Real Options, Volatility, and Stock Returns”
with Evgeny Lyandres and Alexei Zhdanov, Journal of Finance, 67 (2012), 1499-1537.

“Corporate Financing Decisions, Managerial Market Timing, and Real Investment”
with Alex Butler, Jess Cornaggia, and James Weston, Journal of Financial Economics, 101 (2011), 666-683.
- Winner of the Best Paper Award in Corporate Finance at the 2009 FMA meetings.

“Has the Propensity to Pay Out Declined?”
with Brad Paye, Shane Underwood, and James Weston, Journal of Financial and Quantitative Analysis, 46 (2011), 1-24.
- Lead Article

“What Drove the Increase in Idiosyncratic Volatility during the Internet Boom?”
with Jason Fink, Kristin Fink, and James Weston, Journal of Financial and Quantitative Analysis, 45 (2010), 1253-1278.

“Can Managers Successfully Time the Maturity Structure of Their Debt Issues?”
with Alex Butler and James Weston, Journal of Finance, 61 (2006), 1731-1758.
- Nominated for the 2006 Brattle Prize.

“The Impact of Capital Structure on Advertising Competition: An Empirical Study”
with George Kanatas and Piyush Kumar, Journal of Business, 79 (2006), 3101-3124.

“Can Managers Forecast Aggregate Market Returns?”
with Alex Butler and James Weston, Journal of Finance, 60 (2005) 963-986.
- Nominated for the 2005 Smith Breeden Prize.

“Stock Market Liquidity and the Cost of Issuing Equity”
with Alex Butler and James Weston, Journal of Financial and Quantitative Analysis, 40 (2005), 331-348.

“Dividend Changes Do Not Signal Changes in Future Profitability”
with Shlomo Benartzi, Roni Michaely and Richard Thaler, Journal of Business , 78 (2005), 1659- 1682.

“Advertising, Breadth of Ownership, and Liquidity”
with George Kanatas and James Weston, Review of Financial Studies, 17 (2004), 439-461.

“The Information Content of Share Repurchase Programs”
with Roni Michaely, Journal of Finance, 59 (2004), 651-680.

“Dividends, Share Repurchases, and the Substitution Hypothesis”
with Roni Michaely,Journal of Finance, 57 (2002), 1649-1684.
- Abstracted in The CFA Digest, February 2003, 10-12.
- Abstracted in Investor Relations Quarterly, Volume 5, 2002, 20-37.

“Are Dividend Changes a Sign of Firm Maturity?”
with Roni Michaely and Bhaskaran Swaminathan, Journal of Business, 75 (2002), 387-424.
- Lead Article
- Abstracted in The CFA Digest, February 2003, 33-34.
- Abstracted in Economic Intuition, Spring 2002, 19-20.

“Closed-End Fund Discounts with Informed Ownership Differential”
with Albert Wang, Journal of Financial Intermediation, 10 (2001), 171-205.

“Capital Adequacy, Bank Mergers, and the Medium of Payment”
with Roni Michaely and Itzhak Swary, Journal of Business Finance and Accounting, 24 (1997), 97-124.

OTHER PUBLICATIONS

Comments on “The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can We Learn from the 2003 Dividend Tax Cut?”
in Alan Auerbach, James R. Hines, and Joel Slemrod, eds. Taxing Corporate Income in the 21st Century, Cambridge University Press.

“What Do We Know About Stock Repurchases?”
with Dave Ikenberry, Journal of Applied Corporate Finance, 13 (2000), 31-51.
- Reprinted in The Revolution in Corporate Finance, edited by J.M. Stern and D.H. Chew, Jr. (Fourth Edition).
- Abstracted in The CFA Digest, February 2001, 61-62

WORKING PAPERS

“Dividend Policy and Product Market Competition”
with Yelena Larkin and Roni Michaely, R&R at the Journal of Financial and Quantitative Analysis

“Short Interest and Investment”
with Yelena Larkin and Alexei Zhdanov

“The Worst of Both Worlds: M&As are Anti-Competitive and Inefficient”
with Alex Butler and Gabriele Lattanzio.

“Who Generates Innovation?”
with Yelena Larkin and Roni Michaely.

RESEARCH PROJECTS IN PROGRESS

“The Long-Run Persistence of Debt Maturity”
with Yamil Kaba, Alexander Nuñez, and James Weston

“Share Repurchases and Asset Prices”
with James Weston

“Firms’ Life Cycle and Tobin’s Q”
with James Weston and John Hund

“Competition and Stakeholder Satisfaction”
with Yelena Larkin and Roni Michaely