Research

Academic Publications

• Excess Capacity, Marginal q and Corporate Investment
  with David Ikenberry · Journal of Finance, 80 (2025), 1533–1592
  Link
• When Low Beats High: Riding the Sales Seasonality Premium
  with Yamil Kaba and Alexander Núñez · Journal of Financial Economics, 138 (2020), 572–591
  Link
• Are US Industries Becoming More Concentrated?
  with Yelena Larkin and Roni Michaely · Review of Finance, 23 (2019), 697–743
  Pagano–Zechner Award Editor's Choice Lead Article
  Abstracted in the Harvard Law School Forum on Corporate Governance and Financial Regulation, September 2015.
  Link
• Concentrating on Q and Cash Flow
  with John Hund and James Weston · Journal of Financial Intermediation, 33 (2018), 1–15
  Lead Article
  Link
• 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
  Runner-up, Best Paper, 2014 EFA
  Abstracted in the Harvard Law School Forum on Corporate Governance and Financial Regulation, June 2013.
  Link
• 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
  Link
• 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.
  Link
• Comovement and Investment Banking Networks
  with Shane Underwood and James Weston · Journal of Financial Economics, 113 (2014), 73–89
  Link
• Real Options, Volatility, and Stock Returns
  with Evgeny Lyandres and Alexei Zhdanov · Journal of Finance, 67 (2012), 1499–1537
  Link
• 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
  Best Paper, Corporate Finance, 2009 FMA
  Link
• 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
  Link
• 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
  Link
• 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.
  Link
• The Impact of Capital Structure on Advertising Competition: An Empirical Study
  with George Kanatas and Piyush Kumar · Journal of Business, 79 (2006), 3101–3124
  Link
• 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.
  Link
• 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
  Link
• Dividend Changes Do Not Signal Changes in Future Profitability
  with Shlomo Benartzi, Roni Michaely and Richard Thaler · Journal of Business, 78 (2005), 1659–1682
  Link
• Advertising, Breadth of Ownership, and Liquidity
  with George Kanatas and James Weston · Review of Financial Studies, 17 (2004), 439–461
  Link
• The Information Content of Share Repurchase Programs
  with Roni Michaely · Journal of Finance, 59 (2004), 651–680
  Link
• 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; and in Investor Relations Quarterly, Vol. 5, 2002, 20–37.
  Link
• 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; and in Economic Intuition, Spring 2002, 19–20.
  Link
• Closed-End Fund Discounts with Informed Ownership Differential
  with Albert Wang · Journal of Financial Intermediation, 10 (2001), 171–205
  Link
• 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
  Link

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
  Link
• 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 (J.M. Stern & D.H. Chew, Jr., eds., 4th ed.). Abstracted in The CFA Digest, February 2001, 61–62.
  Link

Working Papers

SSRN links to be added

• Strategically Becoming a Target: The Impact of Antitrust Policies on Firm Growth
  with Elizabeth Berger and David De Angelis · Revise & resubmit at Management Science
  SSRN
• The Post-Merger Operating Performance: Evidence from Synthetic Controls
  with Alex Butler and Anthony Zdrojewski
  SSRN
• Does Equity Issuance Really Finance Aggregate Corporate Growth?
  with David Ikenberry
• Measuring Stock Market Liquidity: The Role of Market Depth
  with Yamil Kaba and Alexander Núñez
• Short Interest and Investment
  with Alexei Boulatov, Yelena Larkin and Alexei Zhdanov

Research Projects in Progress

• The Sources of Firm Growth: Industry Expansion vs. Sales Reallocation
  with Dave Ikenberry and Robert Kurtzman
• Hiring Responses to Growth Opportunities: Evidence from Private and Public Firms
  with Irem Demirci and Yessenia Tellez
• Reassessing the Role of Mispricing in the Value Premium
  with Madhuja Chattopadhyay and Yamil Kaba
• The Persistence of Managerial Decisions
  with Yamil Kaba and Alexander Núñez
• Aggregate Market Timing: 20 Years Later
  with Asli Uyanik and James Weston
• Inflation Shocks and Markups
  with Asli Uyanik