Papers

Working Papers

“Do Personal Ethics Influence Corporate Ethics?” with Samuel A. Kruger and Gonzalo Maturana. Working paper
“Is the Chinese Anti-Corruption Campaign Effective?” with Clark Liu and Tao Shu. Working paper
“Do Labor Markets Discipline? Evidence from RMBS Bankers” with Samuel A. Kruger and Gonzalo Maturana. Working paper
Appendix A, B
Appendix C

Published or Forthcoming Articles

“Manipulation in the VIX?” with Amin Shams. Forthcoming in Review of Financial Studies. Working paper
Disclosure
“Debt Correlations in the Wake of the Financial Crisis: What are Appropriate Default Correlation for
Structured Products?”
with Jordan Nickerson. Forthcoming in Journal of Financial Economics.
Working paper
Online appendix
“Did Dubious Mortgage Origination Practices Distort House Prices?” with Gonzalo Maturana, 2016, Review of Financial Studies 29(7), 1671-1708. Working paper
Online appendix
“Who Facilitated Misreporting in Securitized Loans?” with Gonzalo Maturana, 2016, Review of Financial Studies 29(2), 384-419. Editor’s choice. Winner of Ohio State Alumni Conference Best Paper Award sponsored by BlackRock. Published version
Working paper
Online appendix
“How Important are Foreign Ownership Linkages for International Stock Returns?” with Sohnke Bartram, Tae-Hoon Lim, and David Ng, 2015, Review of Financial Studies 28(11), 3036-3072. Working paper
“Complex Securities and Underwriter Reputation: Do Reputable Underwriters Produce Better Securities?” with Richard Lowery and Alessio Saretto, 2014, Review of Financial Studies 27(10), 2872-2925. Winner of the BlackRock Prize at the 26th Australasian Finance and Banking. Published version
Working paper
Harvard Law Blog
“Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings,” with Jordan Nickerson and Dragon Yongjun Tang, 2013, Review of Financial Studies 26(9), 2270-2310. Published version
Working paper
Online appendix
“Did Subjectivity Play a Role in CDO Credit Ratings?” with Dragon Tang, August 2012, The Journal of Finance, Vol. 67, No. 4: 1293-1328. Published version
Online appendix
“Examining the Dark Side of Financial Markets: Do Institutions Trade on Information from Investment Bank Connections?” with Tao Shu and Selim Topaloglu, 2012, Review of Financial Studies, Vol. 25, No. 7:2155-2188. Published version
Working paper
“How Important is the Financial Media in Global Markets?” with Nicholas H. Hirschey and Patrick J. Kelly, 2011, Review of Financial Studies 24(12), 3941-3992. Published version
Online appendix
Data
“Did Credit Rating Agencies Use Biased Assumptions?” with Dragon Tang, May 2011, American Economic Review, Vol. 101, No. 3: Pages 125-130. Published version
Online appendix
“Who Drove and Burst the Tech Bubble?” with Jeffrey Harris, Tao Shu, and Selim Topaloglu, August 2011, The Journal of Finance 66(4), 1251-1290. Published version
Online appendix
“Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets,” with Patrick J. Kelly and Federico Nardari, 2010, Review of Financial Studies 23(8), 3225-3277. Published version
Online appendix
“How Smart are the Smart Guys? A Unique View from Hedge Fund Stock Holdings,” with Jin Xu, 2009, The Review of Financial Studies 22(7), 2531-2570. Published version
Online appendix
“Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries,” with Federico Nardari and René M. Stulz, 2007, The Review of Financial Studies 20, 905-951. Published version
Working paper
“Why are IPO Investors Net Buyers through Lead Underwriters?” with Jeffrey Harris and Selim Topaloglu, 2007, Journal of Financial Economics 85, 518-551. Published version
Working paper
“Measuring the Economic Importance of Exchange Rate Exposure,” with Craig Doidge and Rohan Williamson, 2006, Journal of Empirical Finance 13, 550-576. Working paper
“The Informational Content of Option Volume Prior to Takeovers,” with Charles Cao and Zhiwu Chen, 2005, Journal of Business 78, 1073-1109. Working paper
“Global Momentum Strategies: A Portfolio Perspective,” with Susan Ji and Spencer Martin, 2005, Journal of Portfolio Management (Winter), 23-39. Published version
Working paper
“Daily Cross-border Equity Flows: Pushed or Pulled?” with Federico Nardari and René M. Stulz, 2004, The Review of Economics and Statistics 86 (August), 642-657. Published version
Working paper
“The Dynamics of Institutional and Individual Trading,” with Jeffrey Harris and Selim Topaloglu, 2003, Journal of Finance 58 (December), 2285-2320. Published version
Working paper
“Momentum Investing and Business Cycle Risk: Evidence from Pole to Pole,” with Susan Ji and Spencer Martin, 2003, Journal of Finance 58 (December), 2515-1547. Published version
Working paper
“Does Book-to-Market Equity Proxy for Distress Risk?” with Mike Lemmon, 2002, Journal of Finance 57, 2317-2336. Published version
Working paper
“Are the Fama and French Factors Global or Country-Specific?” 2002, Review of Financial Studies 15, 783-803. Published version
Working paper
“International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis,” with René M. Stulz, 2001, Review of Financial Studies 14, 215-241. Published version
Working paper
“Another Look at the Role of the Industrial Structure of Markets for International Diversification Strategies,” with G. Andrew Karolyi, 1998, Journal of Financial Economics 50, 351-373. Published version
Working paper