|
Research Main
Interests: Behavioral Finance, Empirical Asset
Pricing, Corporate Finance, Computational Economics. Publications 2022 1.
Do
Hedge Fund Managers Understand Politics? Political Sensitivity and Investment
Skill (with Honghui Chen, Yan Lu, and Ajai Singh). Journal of Banking and Finance, 135, # 106371. 2.
Dividend
Sentiment, Catering Incentives, and Return Predictability (with Zicheng Li
and Chendi Zhang). Journal of
Corporate Finance, 72, # 102128. 3.
Social
Learning and Analyst Behavior (with Ville Rantala and Rosy Xu). Journal of Financial Economics, 143
(1), 434-461. 2021 4.
Searching
for Gambles: Investor Attention, Gambling Sentiment, and Stock Market
Outcomes (with Yao Chen and Chendi Zhang). Journal of Financial and Quantitative Analysis, 56 (6),
2010-2038. 5.
Terrorist
Attacks, Analyst Sentiment, and Earnings Forecasts (with Constantinos
Antoniou, Carina Cuculiza, and Anastasios Maligkris). Management Science, 67 (4), 2579-2608. 2020 6.
Local
Bankruptcy and Geographic Contagion in Loan Characteristics (with Jawad
Addoum, Nhan Le, and Alexandra Niessen-Ruenzi). Review of Finance, 24 (5), 997-1037. 7.
Predicting
Hedge Fund Performance When Fund Returns Are Skewed (with Andrea Heuson and
Mark Hutchinson). Financial
Management, 49 (4), 877-896. 8.
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. 9.
Investor
Sophistication and Asset Prices (with George Korniotis and Jeremy Page). Review of Financial Economics, 38
(4), 557-579. 10. 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. 11. 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 12. 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. 13. 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. 14. Income Hedging, Dynamic Style
Preferences, and Return Predictability (with Jawad Addoum, Stefanos Delikouras, and George
Korniotis). Journal of Finance, 74
(4), 2055-2106. 15. Mood, Firm Behavior, and
Aggregate Economic Outcomes (with Vidhi Chhaochharia, Dasol
Kim, and George Korniotis). Journal of
Financial Economics, 132 (2), 427-450. 16. The Changing Landscape of
Behavioral Finance (non-refereed review paper), Review of Financial Economics (Special Issue on Behavioral
Finance), 37 (1), 3-5. 17. 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 18. Stature, Obesity, and
Portfolio Choice (with Jawad Addoum and George Korniotis). Management Science, 63 (10),
3393-3413. 19. Network Analysis of Search
Dynamics: {The Case of Stock Habitats (with Ashish
Agarwal, Prabhudev Konana, and Alvin Leung). Management Science, 63 (8), 2667-2687. 20. Political Climate, Optimism,
and Investment Decisions (with Yosef Bonaparte and Jeremy Page). Journal of Financial Markets, 34,
69-94. 21. 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 22. Political Sentiment and
Predictable Returns (with Jawad Addoum). Review
of Financial Studies, 29 (12), 3471-3518. 23. Political Contributions and
Analyst Behavior (with Danling Jiang and Kelvin Law). Review of Accounting Studies, 21 (1), 37-88. 24. Analysts, Macroeconomic News,
and the Benefit of In-House Economists (with Artur Hugon and An-Ping Lin). Accounting Review, 91 (2), 513-534. 25. Gambling and Comovement (with Jeremy Page and Oliver Spalt). Journal of
Financial and Quantitative Analysis, 51 (1), 85-111. 2015 26. Local Business Cycles and
Local Liquidity (with Gennaro Bernile,
George Korniotis, and Qin Wang). Journal
of Financial and Quantitative Analysis, 50 (5), 987-1010. 27. Political Values, Culture, and
Corporate Litigation (with Irena Hutton and Danling Jiang). Management Science, 61 (12),
2905-2925. 28. 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. 29. Home Away From Home: Economic
Relevance and Local Investors (with Gennaro Bernile and Johan Sulaeman). Review of Financial Studies, 28 (7),
2009-2049. 30. 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 31. Corporate Policies of
Republican Managers (with Irena Hutton and Danling Jiang). Journal of Financial and Quantitative
Analysis, 49 (5-6), 1279-1310. 32. Deviations From
Norms and Informed Trading (with Jeremy Page). Journal of Financial and Quantitative Analysis, 49 (4),
1005-1037. 33. Income Hedging and Portfolio
Decisions (with Yosef Bonaparte and George Korniotis). Journal of Financial Economics, 113 (2), 300-324. 2013 34. 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. 35. State-Level Business Cycles
and Local Return Predictability (with George Korniotis). Journal of Finance, 68 (3), 1037-1096. 36. 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. 37. Speculative Retail Trading and
Asset Prices (with Bing Han). Journal
of Financial and Quantitative Analysis, 48 (2), 377-404. 38. Political Activism,
Information Costs, and Stock Market Participation (with Yosef Bonaparte). Journal of Financial Economics, 107
(3), 760-786. 39. 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 40. Local Investors and Corporate
Governance (with Vidhi Chhaochharia and Alexandra Niessen-Ruenzi). Journal of Accounting and Economics,
54 (1), 42-67, 2012. 2011 41. Religious Beliefs, Gambling
Attitudes, and Financial Market Outcomes (with Jeremy Page and Oliver Spalt). Journal of
Financial Economics, 102 (3), 671-708, 2011. 42.
Behavioral
Biases of Mutual Fund Investors (with Warren Bailey and David Ng). Journal of Financial Economics, 102
(1), 1-27, 2011. Lead Article. 43. Do Behavioral Biases Adversely
Affect the Macro-Economy? (with George Korniotis), Review of Financial Studies, 24 (5),
1513-1559, 2011. 44. Do Older Investors Make Better
Investment Decisions? (with George Korniotis), Review of Economics and Statistics,
93 (1), 244-265, 2011. 2010 45. Self-Selection and the
Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, 48 (2), 393-435, 2010. 46. 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 47. Hard-To-Value Stocks,
Behavioral Biases, and Informed Trading, Journal
of Financial and Quantitative Analysis, 44 (6), 1375-1401, 2009. 48. Dynamic Style Preferences of
Individual Investors and Stock Returns, Journal
of Financial and Quantitative Analysis, 44 (3), 607-640, 2009. 49. 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 50.
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). 51. How do Decision Frames
Influence the Stock Investment Choices of Individual Investors? (with Sonya Lim), Management
Science, 54 (6), 1052-1064, 2008. 52. 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 53. Do the Diversification Choices
of Individual Investors Influence Stock Returns? Journal of Financial Markets, 10 (4), 362-390, 2007. 2006 54. Retail Investor Sentiment and
Return Comovements (with Charles Lee), Journal of Finance, 61 (5),
2451-2486, 2006. 55. Do Dividend Clienteles Exist? Evidence
on Dividend Preferences of Retail Investors (with John Graham), Journal of Finance, 61 (3),
1305-1336, 2006. Pre-2006 56. Variations on the Theme of
Scarf's Counter-Example (with Martin Shubik), Computational Economics, 24 (1),
1-19, 2004. Lead Article. 57. A Computational Analysis of
Core Convergence in a Multiple Equilibria Economy (with Martin Shubik), Games and
Economic Behavior, 42, 253-266, 2003. 58. 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. 59. FEVA (Feature Vector
Analysis): Explicitly Looking for Structure and Forecastability
in Time Series Data (with Victor E. McGee), Economic and Financial Computing, Winter
1996. Book Chapter 60. 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 61. Skewness Preference and Market
Anomalies (with Mehrshad Motahari and Richard Taffler).
Third round at Management Science. 62.
Discrimination
and Economic Expectations (with William Bazley, Yosef Bonaparte, and George
Korniotis). Second round at Management
Science. 63. Heuristic Fund Allocation
Decisions (with Tobias Muhlhofer and Ravi Sastry). Second round at Financial Management. Reject and
Resubmit 64. In-Group Bias in Financial
Markets (with Sima Jannati, Alexandra Niessen-Ruenzi, and Justin Wolfers). May 2022. 65. Income Risk and Stock Market
Entry/Exit Decisions (with Yosef Bonaparte and George Korniotis). July 2021. Papers Under
Initial Submission 66. Firm-Level ESG Information and
Active Fund Management (with Linquan Chen, Yao Chen, and Woon Sau Leung).
October 2022. 67. Seeing is Believing:
Tourism and Home Bias (with Constantinos Antoniou,
Carina Cuculiza and Lizhengbo Yang). September 2022. 68. Artificially Intelligent
Analyst Sentiment and Market Behavior (with Vidhi Chhaochharia, Ville
Rantala, and Alan Zhang). September 2022. 2023
Miami Behavioral Finance Conference, FIRS 2022. 69. Anxiety, Excitement, and Asset
Prices (with Mohammad Shehub Bin Hasan and Richard Taffler).
August 2022. Other Working
Papers 70. Climate Sensitivity,
Mispricing, and Predictable Returns (with Carina Cuculiza, Wei Xin, and
Chendi Zhang). October 2022. 71. Diversity, Information Choice,
and Aggregate Market Outcomes (with Vidhi Chhaochharia and Shiyi Zhang).
October 2022. 72. Star Firms, Equity Analysts,
and Lead-Lag Effects in Stock Returns (with Vidhi Chhaochharia, Mehrshad
Motahari, and Ville Rantala). October 2022. 73. Accounting for Financial
Distress (with Asad Kausar and Richard Taffler).
July 2022. 74. Twitter Information, Analyst
Behavior, and Market Efficiency (with Ann Marie Hibbert, Qiang Kang, and Suchi Mishra). February 2022. 75. It Takes Two to Tango: Spousal
Risk Preferences and CEO Risk-Taking Behavior (with Constantinos
Antoniou, Carina Cuculiza and Lizhengbo Yang). February 2022. 76. Climate Change, Analyst
Forecasts, and Market Behavior (with Carina Cuculiza, Wei Xin, and Chendi
Zhang). February 2021. 77. Only Gamble in Town: Stock
Market Gambling Around the World and Market Efficiency (with Huong Ngyuen and Talis Putnis). September 2020. 78. Minority Analysts, Diversity,
and Market Behavior (with Paul Borochin and Vidhi Chhaochharia). September
2020. 79. Hispanic Culture, Stock
Preferences, and Asset Prices (with Jawad Addoum, Carina Cuculiza, and Stuart
Webb). June 2020. 80. Daily Winners and Losers (with
Stefan Ruenzi and Michael Ungeheuer). December
2020. Work in Progress
and Inactive Papers 81. Dynamic ESG Preferences and
Asset Prices (with Yao Chen and Chendi Zhang). July 2020. 82. Geography of Firms and
Propagation of Local Economic Shocks (with Gennaro Bernile, Stefanos Delikouras, and George Korniotis). June 2020. 83. Social Risk and Portfolio
Choice (with William Bazley, Yosef Bonaparte, and George Korniotis). February
2020. 84. Geographic Diffusion of
Accounting Information, Analyst Behavior, and Return Predictability (with
Jawad Addoum and Kelvin Law). June 2020. 85. Terrorist Attacks, Managerial
Sentiment, and Corporate Policies (with Constantinos
Antoniou and Anastasios Maligkris). July 2018. 86. Bankruptcy Sells Stocks. But
Who's Buying (and Why)? (with Luis Coelho, Kose John, and Richard Taffler).
May 2017. 87. Lending to Sensation-Seeking
Households (with Khrystyna Bochkay, Indraneel
Chakraborty, and Roman Chychyla). April 2017. 88. Short Selling Before Initial
Public Offerings (with Linquan Chen and Chendi Zhang). March 2017. 89. Geography, Diversity, and
Accuracy of Crowdsourced Earnings Forecasts (with Biljana
Adebambo and Barbara Bliss). August 2016. 90. Contagious Negative Sentiment
and Corporate Policies: Evidence from Local Bankruptcy Filings (with Jawad
Addoum and Nhan Le). March 2016. Other Research Papers and
Publications 91. 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. 92. 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. 93. 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: 11/20/2022 |
|
|