PUBLICATIONS

The Accounting Review 90(5), September 2015

I hypothesize that financial statement information, by providing information about economic events correlated with future volatility, are informative in the prediction of future volatility and are not fully incorporated in either past volatility or the market's expectation of future volatility.

Review of Accounting Studies 22(3), September 2017

Co-authored with Doron Israeli and Charles M.C. Lee

We find that increased ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities.

Journal of Law, Economics, and Organization, 34(3), August 2018

Co-authored with Zachary Peskowitz

We investigate the causal effect of gubernatorial partisanship on municipal bond issues in the United States using a regression discontinuity design and find that the election of Democratic governors results in higher levels of debt issuance, with an annual per capita increase of approximately $73 to $147 in states that lack debt referenda requirements

Management Science, forthcoming

Co-authored with Doron Israeli and Ron Kaniel

Consistent with Merton's (1987) investor recognition hypothesis, we find that shocks to trading volume play an important role in enhancing corporate investment activity.

Review of Accounting Studies, forthcoming

Co-authored with Doron Israeli and Ron Kasznik

Using a daily news pressure index that is largely unpredictable and thus unrelated to managerial strategic disclosure timing decisions, we find that retail but not institutional investors are particularly susceptible to unexpected distractions but that this reduced attention does not impact overall price efficiency.

Management Science, forthcoming

Co-authored with Dane M. Christensen, Hengda Jin, and Laura A. Wellman

We find that greater political hedging, measured as the degree to which firms' political connections are balanced across Republican and Democratic candidates, is associated with reduced firm risk, particularly during periods of higher policy uncertainty.