"Strategic Disclosure and Stock Returns: Theory and Evidence from U.S. Cross-listing," (with Shingo Goto and Yan Xu), Review of Financial Studies, forthcoming. Technical Appendix

• 2007 FMA Best Paper Award in Financial Institutions

"Time-Varying Liquidity Risk and the Cross Section of Stock Returns" (with Akiko Watanabe) Review of Financial Studies, forthcoming.

• First place, 2006 Turnaround Management Association Paper Competition

"Price Volatility and Investor Behavior in an Overlapping-Generations Model with Information Asymmetry," Journal of Finance, February 2008, 63(1), 229-272. Technical Appendix

Working Papers

[1] " A Model of Stochastic Liquidity," 2008. Technical Appendix.

[2] "Equity Issuance and Expected Returns: Theory and New Evidence," 2007 (with Matthew Spiegel).

[3] "Investor Expectations, Business Conditions, and the Pricing of Beta-Instability Risk," 2007 (with William N. Goetzmann and Akiko Watanabe).

[4] " Price Impact Costs and the Limit of Arbitrage," 2005, Yale ICF Working Paper No. 00-66 (with Zhiwu Chen and Werner Stanzl). Statistics available on SSRN .

[5] "Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows," 2005, NBER #9470, Yale ICF Working Paper No. 02-09 (with Stephen J. Brown, William N. Goetzmann, Takato Hiraki, and Noriyoshi Shiraishi). Statistics available on SSRN .

[6]  “Liquidity and Conditional Heteroskedasticity in Stock Returns,” 2005 (with Akiko Watanabe).

[7]  “Value Risk in International Equity Markets,” 2005, with Akiko Watanabe.