Research

Published and Accepted Papers

1. 1. Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?, Journal of Human Resources, Forthcoming, with Efraim Benmelech and Nittai Bergman; NBER WP 24307.
      • Coverage by NBER Digest (May 2018), Wall Street Journal, New York Times, Bloomberg, Bloomberg#2, ProMarket, Economic Policy Institute
   2. How Does Labor Market Size Affect Firm Capital Structure? Evidence from Large Plant Openings, Journal of Financial Economics 138, 2020, 277-294.
      • Awarded SAC Capital PhD Candidate Award for Outstanding Research, WFA
      • Online appendix
   3. CEO-Board Dynamics, Journal of Financial Economics 137, 2020, 612-636, with John Graham and Mark Leary; NBER WP 26004.
      • Online appendix
      • Coverage by Harvard Law School Forum on Corporate Governance and Financial Regulation
   4. The Asset Redeployability Channel: How Uncertainty Affects Corporate Investment, Review of Financial Studies 30, 2017, 245-280, with Howard Kung.
      • Awarded Best Paper in Corporate Finance Award, SFS Finance Cavalcade
      • Dataset of Asset Redeployability index
      • Online appendix
   5. Recent Advances in Research on Hedge Fund Activism: Value Creation and Identification, Annual Review of Financial Economics 7, 2015, 579-595, with Alon Brav and Wei Jiang.
   6. The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes, Review of Financial Studies 28, 2015, 2723-2769, with Alon Brav and Wei Jiang; NBER WP 17517.
      • Michael J. Brennan Best Paper Award, Review of Financial Studies
      • Lead article and editor’s choice
      • Coverage by Harvard Business Review, Bloomberg
   7. The Effects of the Length of the Tax-Loss Carryback Period on Tax Receipts and Corporate Marginal Tax Rates, National Tax Journal 62, 2009, 413-427, with John Graham; NBER WP 15177.
   8. Hedge Fund Activism: A Review, Foundations and Trends in Finance, 4:3, 2009, 185-246, with Alon Brav and Wei Jiang.

• Working Papers

  • Delayed Creative Destruction: How Uncertainty Shapes Corporate Assets, with Murillo Campello and Gaurav Kankanhalli, 2021; NBER WP 28971.
  • Employee Costs of Corporate Bankruptcy, with John Graham, Si Li, and Jiaping Qiu, 2021; NBER WP 25922.
    • Revised and Resubmitted (3rd round), Journal of Finance
    • Coverage by NBER Digest (August 2019)
    • FSA ULaval Best Paper Award on Corporate Finance, NFA
    • Best Paper Award in Corporate Finance, FMA Asia
  • Do Part-time Jobs Attract Less Productive Workers? Evidence from a Randomized Trial in Ethiopia, with Hyuncheol Bryant Kim, 2020.
    • AEA RCT registry
  • Executive Mobility in the United States, 1920 to 2011, with John Graham and Dawoon Kim, 2020.
  • Sticking Around Too Long? Dynamics of the Benefits of Dual-Class Voting, with Roni Michaely, 2019; ECGI WP.
    • Coverage by Columbia Law School’s Blog on Corporations and Capital Markets, Oxford Business Law Blog, CFA Institute Blog
  • Shareholder Power and the Decline of Labor, with Antonio Falato and Till von Wachter, 2021.
  • Simulating Corporate Marginal Income Tax Rates and Implications for Corporate Debt Policy, with John Graham, 2012.

  Works-in-Progress

  • Local Employment and Labor Productivity, with Efraim Benmelech and Nittai Bergman.

  Other Publications

  • Hedge Fund Activism, with Alon Brav and Wei Jiang, Chapter 7 in Research Handbook on Hedge Funds, Private Equity and Alternative Investments, Edited by Phoebus Athanassiou, 2012.