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Research Main
Interests: Behavioral Finance, Empirical Asset
Pricing, Corporate Finance, Computational Economics. Publications Forthcoming 1.
Social
Learning and Analyst Behavior (with Ville Rantala and Rosy Xu). Journal of Financial Economics,
Forthcoming. 2.
Searching
for Gambles: Investor Attention, Gambling Sentiment, and Stock Market
Outcomes (with Yao Chen and Chendi Zhang). Journal of Financial and Quantitative
Analysis, Forthcoming. 3.
Terrorist
Attacks, Analyst Sentiment, and Earnings Forecasts (with Constantinos
Antoniou, Carina Cuculiza, and Anastasios Maligkris). Management
Science, Forthcoming. 4.
Local
Bankruptcy and Geographic Contagion in Loan Characteristics (with Jawad Addoum, Nhan Le, and Alexandra Niessen-Ruenzi). Review
of Finance, Forthcoming. 2020 5. Predicting Hedge Fund
Performance When Fund Returns Are Skewed (with Andrea Heuson
and Mark Hutchinson). Financial
Management, 49 (4), 877-896. 6.
Big
Fish in a Small Pond: Locally-Dominant Firms and the
Business Cycle (with Sima Jannati
and George Korniotis). Journal of Economic Behavior and Organization, 180, 219-240. 7.
Investor
Sophistication and Asset Prices (with George Korniotis
and Jeremy Page). Review of Financial
Economics, 38 (4), 557-579. 8.
Heterogeneous
Beliefs and Return Volatility Around Seasoned Equity Offerings (SEOs) (with
Ann Marie Hibbert, Qiang Kang, and Suchi Mishra). Journal
of Financial Economics, 137 (2), 571-589. 9.
Prozac
for Depressed States? Effect of Mood on Local Economic Recessions (with Vidhi
Chhaochharia and George Korniotis).
Review of Financial Economics, 38
(2), 245-274. 2019 10. Under-reaction to Political
Information and Price Momentum (with Jawad Addoum,
Stefanos Delikouras, and Da Ke).
Financial Management, 48 (3),
773-804. Second best paper award. 11. An Analyst by Any Other
Surname: Surname Favorability and Market Reaction to Analyst Forecasts (with
Jay Jung, Sonya Lim, and Choong-Yuel Yoo). Journal of
Accounting and Economics, 67 (2-3), 306-335. 12. Income Hedging, Dynamic Style
Preferences, and Return Predictability (with Jawad Addoum,
Stefanos Delikouras, and George Korniotis).
Journal of Finance, 74 (4),
2055-2106. 13. Mood, Firm Behavior, and
Aggregate Economic Outcomes (with Vidhi Chhaochharia,
Dasol Kim, and George Korniotis).
Journal of Financial Economics,
132 (2), 427-450. 14. The Changing Landscape of
Behavioral Finance (non-refereed review paper), Review of Financial Economics (Special Issue on Behavioral
Finance), 37 (1), 3-5. 15. Has Local Informational
Advantage Disappeared? (with Gennaro Bernile, Johan
Sulaeman, and Qin Wang). Review of Financial Economics (Special Issue on Behavioral
Finance), 37 (1), 38-60. Second best
paper award. 2017 16. Stature, Obesity, and Portfolio
Choice (with Jawad Addoum and George Korniotis). Management
Science, 63 (10), 3393-3413. 17. Network Analysis of Search
Dynamics: {The Case of Stock Habitats (with Ashish Agarwal, Prabhudev Konana, and Alvin
Leung). Management Science, 63
(8), 2667-2687. 18. Political Climate, Optimism,
and Investment Decisions (with Yosef Bonaparte and Jeremy Page). Journal of Financial Markets, 34,
69-94. 19. Co-Search Attention and Stock
Return Predictability in Supply-Chains (with Ashish Agarwal, Prabhudev Konana, and Alvin
Leung). Information Systems Research,
28 (2), 265-288. 2016 20. Political Sentiment and
Predictable Returns (with Jawad Addoum). Review of Financial Studies, 29 (12),
3471-3518. 21. Political Contributions and
Analyst Behavior (with Danling Jiang and Kelvin
Law). Review of Accounting Studies,
21 (1), 37-88. 22. Analysts, Macroeconomic News,
and the Benefit of In-House Economists (with Artur Hugon
and An-Ping Lin). Accounting Review, 91
(2), 513-534. 23. Gambling and Comovement (with Jeremy Page and Oliver Spalt). Journal of
Financial and Quantitative Analysis, 51 (1), 85-111. 2015 24. Local Business Cycles and
Local Liquidity (with Gennaro Bernile, George Korniotis, and Qin Wang). Journal of Financial and Quantitative Analysis, 50 (5), 987-1010. 25. Political Values, Culture, and
Corporate Litigation (with Irena Hutton and Danling
Jiang). Management Science, 61
(12), 2905-2925. 26. What is in a Name? Mutual Fund
Flows When Managers Have Foreign Sounding Names (with Alexandra Niessen-Ruenzi and Oliver Spalt).
Review of Financial Studies, 28
(8), 2281-2321. 27. Home Away From
Home: Economic Relevance and Local Investors (with Gennaro Bernile and Johan Sulaeman). Review of Financial Studies, 28 (7),
2009-2049. 28. Weather-Induced Mood,
Institutional Investors, and Stock Returns (with William N. Goetzmann, Dasol Kim, and Qin
Wang). Review of Financial Studies,
28 (1), 73-111. 2014 29. Corporate Policies of
Republican Managers (with Irena Hutton and Danling
Jiang). Journal of Financial and
Quantitative Analysis, 49 (5-6), 1279-1310. 30. Deviations From
Norms and Informed Trading (with Jeremy Page). Journal of Financial and Quantitative Analysis, 49 (4),
1005-1037. 31. Income Hedging and Portfolio
Decisions (with Yosef Bonaparte and George Korniotis).
Journal of Financial Economics, 113
(2), 300-324. 2013 32. Information Acquisition and
Confirmation Bias in Virtual Communities: Evidence from Stock Message Boards
(with Bin Gu, Prabhudev Konana,
JaeHong Park, and Raj Raghunathan). Information Systems Research, 24 (4),
1050-1067. 33. State-Level Business Cycles
and Local Return Predictability (with George Korniotis).
Journal of Finance, 68 (3),
1037-1096. 34. Investor Sentiment and Return Comovements: Evidence from Stock Splits and Headquarters
Changes (with Jeremy Page and Oliver Spalt). Review of Finance, 17 (3), 921-953. 35. Speculative Retail Trading and
Asset Prices (with Bing Han). Journal
of Financial and Quantitative Analysis, 48 (2), 377-404. 36. Political Activism,
Information Costs, and Stock Market Participation (with Yosef Bonaparte). Journal of Financial Economics, 107
(3), 760-786. 37. Do Portfolio Distortions
Reflect Superior Information or Psychological Biases? (with George Korniotis). Journal
of Financial and Quantitative Analysis, 48 (1), 1-45. Lead Article. 2012 38. Local Investors and Corporate
Governance (with Vidhi Chhaochharia and Alexandra Niessen-Ruenzi). Journal
of Accounting and Economics, 54 (1), 42-67, 2012. 2011 39. Religious Beliefs, Gambling
Attitudes, and Financial Market Outcomes (with Jeremy Page and Oliver Spalt). Journal of
Financial Economics, 102 (3), 671-708, 2011. 40.
Behavioral
Biases of Mutual Fund Investors (with Warren Bailey and David Ng). Journal of Financial Economics, 102
(1), 1-27, 2011. Lead Article. 41. Do Behavioral Biases Adversely
Affect the Macro-Economy? (with George Korniotis), Review of Financial Studies, 24 (5),
1513-1559, 2011. 42. Do Older Investors Make Better
Investment Decisions? (with George Korniotis), Review of Economics and Statistics,
93 (1), 244-265, 2011. 2010 43. Self-Selection and the
Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, 48 (2), 393-435, 2010. 44. Idiosyncratic Volatility
Puzzle: Time Trend or Speculative Episodes? (with Alon Brav,
Michael Brandt, and John Graham), Review
of Financial Studies, 23 (2), 863-899, 2010. 2009 45. Hard-To-Value Stocks,
Behavioral Biases, and Informed Trading, Journal
of Financial and Quantitative Analysis, 44 (6), 1375-1401, 2009. 46. Dynamic Style Preferences of
Individual Investors and Stock Returns, Journal
of Financial and Quantitative Analysis, 44 (3), 607-640, 2009. 47. Who Gambles in the Stock
Market? Journal of Finance, 64
(4), 1889-1933, 2009. Top 25 cited
articles in the Journal of Finance in the past 8 years (as of January 2018). 2008 48.
Equity
Portfolio Diversification (with William Goetzmann),
Review of Finance, 12 (3),
433-463, 2008. Lead Article. Most cited
Review of Finance paper of all time (as of January 2018). 49. How do Decision Frames
Influence the Stock Investment Choices of Individual Investors? (with Sonya
Lim), Management Science, 54 (6),
1052-1064, 2008. 50. Foreign Investments of U.S.
Individual Investors: {Causes and Consequences (with Warren Bailey and David
T. Ng), Management Science, 54
(3), 443-459, 2008. 2007 51. Do the Diversification Choices
of Individual Investors Influence Stock Returns? Journal of Financial Markets, 10 (4), 362-390, 2007. 2006 52. Retail Investor Sentiment and
Return Comovements (with Charles Lee), Journal of Finance, 61 (5),
2451-2486, 2006. 53. Do Dividend Clienteles Exist?
Evidence on Dividend Preferences of Retail Investors (with John Graham), Journal of Finance, 61 (3),
1305-1336, 2006. Pre-2006 54. Variations on the Theme of
Scarf's Counter-Example (with Martin Shubik), Computational
Economics, 24 (1), 1-19, 2004. Lead
Article. 55. A Computational Analysis of
Core Convergence in a Multiple Equilibria Economy (with Martin Shubik), Games and
Economic Behavior, 42, 253-266, 2003. 56. The Dow Theory: William Peter
Hamilton's Track Record Re-Considered (with Stephen Brown and William Goetzmann), Journal
of Finance, 53 (4), 1311-1333, 1998. Book Chapter 57. Cognitive Abilities and
Financial Decisions (with George Korniotis), Behavioral Finance (edited by H. Kent
Baker and John Nofsinger), Chapter 30, 559-576,
John Wiley and Sons, 2010. Working Papers Revise and
Resubmit 58. Do Hedge Fund Managers
Understand Politics? Political Sensitivity and Investment Skill (with Honghui Chen, Yan Lu, and Ajai
Singh). Second round at Journal of
Banking and Finance. 59. Dividend Sentiment, Catering
Incentives, and Return Predictability (with Zicheng
Li and Chendi Zhang). Second round at Journal of Corporate Finance. 60. Skewness Preference and Market
Anomalies (with Mehrshad Motahari and Richard Taffler). Second round at Management Science. Papers Under
Initial Submission 61. Firm-Level ESG News and Active
Fund Management (with Linquan Chen, Yao Chen, and Woon Sau Leung). December 2020. 62. Daily Winners and Losers (with
Stefan Ruenzi and Michael Ungeheuer).
December 2020. 63. Income Risk, Ownership
Dynamics, and Portfolio Decisions (with Yosef Bonaparte and George Korniotis). December 2020. 64. Aggregating Artificially
Intelligent Earnings Forecasts (with Vidhi Chhaochharia,
Swathi Murali, and Ville Rantala). December 2020. 65. Heuristic Fund Allocation
Decisions (with Indraneel Chakraborty, Tobias Muhlhofer, and Ravi Sastry). November 2020. Other Working
Papers 66. Climate Sensitivity and
Analyst Behavior (with Carina Cuculiza, Wei Xin,
and Chendi Zhang). September 2020. 67. Only Gamble in Town: Stock
Market Gambling Around the World and Market Efficiency (with Huong Ngyuen and Talis Putnis). September 2020. 68. Minority Analysts, Diversity,
and Market Behavior (with Paul Borochin and Vidhi Chhaochharia). September 2020. 69. Dynamic ESG Preferences and
Asset Prices (with Yao Chen and Chendi Zhang). July
2020. 70. Hispanic Culture, Stock
Preferences, and Asset Prices (with Jawad Addoum,
Carina Cuculiza, and Stuart Webb). June 2020. 71. Geography of Firms and
Propagation of Local Economic Shocks (with Gennaro Bernile,
Stefanos Delikouras, and George Korniotis).
June 2020. 72. Social Risk and Portfolio
Choice (with William Bazley, Yosef Bonaparte, and
George Korniotis). February 2020. 73. Seeing is Believing: Tourism
and Home Bias (with Carina Cuculiza, Constantinos Antoniou and Lizhengbo
Yang). December 2019. Work in Progress
and Inactive Papers 74. In-Group Bias in Financial
Markets (with Sima Jannati,
Alexandra Niessen-Ruenzi, and Justin Wolfers).
November 2019. AFA 2017. 75. Climate Risk and Predictable
Returns (with Carina Cuculiza, Wei Xin, and Chendi Zhang). September 2019. 76. Geographic Diffusion of
Accounting Information, Analyst Behavior, and Return Predictability (with
Jawad Addoum and Kelvin Law). June 2020. 77. Terrorist Attacks, Managerial
Sentiment, and Corporate Policies (with Constantinos
Antoniou and Anastasios Maligkris). July 2018. 78. Why the Going-Concern Anomaly:
Gambling in the Market? (with Asad Kausar and Richard Taffler).
May 2017. 79. Bankruptcy Sells Stocks. But
Who's Buying (and Why)? (with Luis Coelho, Kose
John, and Richard Taffler). May 2017. 80. Lending to Sensation-Seeking
Households (with Khrystyna Bochkay, Indraneel Chakraborty, and Roman Chychyla).
April 2017. 81. Short Selling Before Initial
Public Offerings (with Linquan Chen and Chendi Zhang). March 2017. 82. Geography, Diversity, and
Accuracy of Crowdsourced Earnings Forecasts (with Biljana Adebambo
and Barbara Bliss). August 2016. 83. Contagious Negative Sentiment
and Corporate Policies: Evidence from Local Bankruptcy Filings (with Jawad Addoum and Nhan Le). March
2016. Other Research Papers and
Publications 84. Towards Understanding the
Predictability of Stock Markets From the Perspective
of Computational Complexity (with James Aspnes,
David Fischer, Michael Fischer, and Ming Kao), Proceedings of the 12th Annual ACM-SIAM Symposium on Discrete
Algorithms, January 2001. 85. An Algorithm for Syntactic
Pattern Recognition using the Extended Kalman Filter Formulation (with
Prateek Aggarwal), Proceedings of the
IEEE Conference on Man, Systems, and Cybernetics, October 1997. 86. FEVA (Feature Vector
Analysis): Explicitly Looking for Structure and Forecastability
in Time Series Data (with Victor E. McGee), Economic and Financial Computing, Winter 1996. 87. Intelligent Control of
Autonomous Dynamic Systems Using a Constrained Optimal Control Approach (with
Sunil K. Singh), Proceedings of the
IEEE Conference on Decision and Control, December 1993. Last Updated: 3/16/2021 |
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