“One child, one teacher, one book, and one pen can change the world” 

Selected Working Papers: 

• On the Usefulness of Guidance Reports [Link], with William Mayew and Xiaoxi Wu 

• TL;DR: New Granular Data (about disclosure). IBES Guidance contains only 15% of all guidance we observe.

• Tags: Information Production, Disclosure, Capital Markets, 

• https://www.guidance-reports.com/

• Social Media Toxicity and Capital Markets  [Link], with Elizabeth Blankespoor and Kirti Sinha  

• TL;DR: Using AI, we are the first paper to study hate speech on capital markets.

• Tags: Information Production, Disclosure, Machine Learning, Capital Markets.

• Judge Financial Holdings and Case Outcomes: Evidence from Judge Financial Disclosures [Link], with Tuhin Harit, Sunil Parupati, and Gil Sadka.

• • • • • • TL;DR: Is Justice blind? Judge's Financial Holdings Predict Case Outcomes. 

          • Tags: Puzzle, Disclosure, Capital Markets, Regulation.

Selected Work in Progress: 

• The Effects of Impairment Reversal Options on Information Production and Investment Efficiency, with Danilo Monte-Mor and Felipe Storch

• • • • • • TL;DR: [Theory]: Allowing for Impairment Reversals increase long-term investment efficiency .

          • Tags: Information Production, Disclosure, Regulation.

• Blockchain Induced Supply-Chain Transparency and Firm Performance: The Role of Capacity Utilization [Link], with Shin Woo Lee, Daniel Rabetti, and Gil Sadka.

• • • • • • TL;DR: Blockchain transparency can hurt firms' profitability.

          • Tags: Information Production, Transparency, Capital Markets,

• Employee Non-Disclosure Agreement and Corporate News, with Cameron Holstead and June Huang

• • • • • • TL;DR: Employees influence firms' information environment.

          • Tags: Information Production, Disclosure, Media, Regulation.

Publications & Accepted Papers:

• Beyond Words: The Challenge of Measuring Financial Text Across Borders, with Federico Siano

  • Forthcoming in the Journal of International Business Studies. [FT50, UTD24]

    1. 1. • TL;DR: Common US-based NLP approaches falter across international markets. 

          • Tags: Disclosure, Machine Learning, Culture, Capital Markets.

• The Impact of SEC Reporting Changes on Information Acquisition and Market Dynamics for Foreign Firms, with Yongtae Kim and Edward Sul. 

  • Conditionally Accepted in the Contemporary Accounting Research. [FT50]

    1. 1. • TL;DR: Disclosure regulation shifts investors' attention across international markets.

          • Tags: Disclosure, Capital Markets, Regulation.

• How Does Going Public Affect Employees? Evidence from Glassdoor Reviews, with Meng Li 

• • Forthcoming in Management Science. [FT50, UTD24]

    • • • TL;DR: Employees are less satisfied after an IPO [Regulatory Burden is one reason behind this result].

        • Tags: Puzzle, Financial Reporting, Disclosure, Regulation.

• MiFID II Unbundling and Sell-Side Analyst Research [Link], with Mark Lang and Edward Sul 

• • • Published in the  Journal of Accounting and Economics (2024) [FT50, UTD24]

      • • • TL;DR: Transparent research pricing and unbundling (MIFID II) has severe unintended consequences for the sell-side industry (MiFID II led to a brain drain). 

          • Tags: Information Production, Regulation, Transparency.

• Regulating Data: Evidence from Corporate America [Link], with Fabio Motoki.

• • • Published in the  Journal of Business Finance and Accounting (2024)

      • • • TL;DR: Data transparency regulations have significant costs, but they help protect at least 34 million records from being leaked every year.

          • Tags: Regulation, Transparency, Capital Markets.

• The influence of short selling on negative press coverage of firms [Link], with Robert Bushman

• • • Published in Management Science (2023) [FT50, UTD24]

      • • • TL;DR: Short sellers shape the content in the business press.

          • Tags: Information Production,  Disclosure, Media.

• Mandatory Disclosure and Learning from External Market Participants: Evidence from the JOBS Act [Link]

• • • Published in the Journal of Accounting and Economics (2023) [FT50, UTD24]

      • • • TL;DR: Reduced mandatory disclosure can increase price efficiency. 

          • Tags: Disclosure, Information Production,  IPOs, Puzzle.