Research

Working Papers:

• Globally Consistent Creditor Protection, Reallocation, and Productivity Revise & Resubmit, Journal of Finance

2019 Cubist Systematic Strategies Research Paper Award 

 Law and Regulations     Productivity, Innovation, and Entrepreneurship     Real Asset Market 

Selected Conferences: AEA 2020, WFA 2019, SFS Cavalcade North America 2019

Summary: Resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. 

• The Real Effects of Legal and Trading Frictions in Collateralization

 Law and Regulations     Productivity, Innovation, and Entrepreneurship     Real Asset Market 

Selected Conferences: EFA 2022, AFA 2022, NFA 2021, SFS Cavalcade North America 2021

Summary: Legal and trading frictions in collateralization collectively affect investment and production decisions.

• Financing the Global Shift to Electric Mobility, with Jan Bena and Huan Tang

 Productivity, Innovation, and Entrepreneurship     Real Asset Market    Household Finance 

Selected Conferences: WashU Olin Finance Conference

Summary: Electric vehicles face a higher financing cost due to the technological risk associated with them. 

• The Supply and Demand for Data Privacy: Evidence from Mobile Apps, with Xinchen Ma and Huan Tang, Reject and Resubmit, Journal of Political Economy  

Best Paper Award at the 2022 Annual Conference in Digital Economics 

 Law and Regulations     Digital Economy     Corporate Governance 

Selected Conferences: EFA 2023, SFS Cavalcade North America 2023, Colorado Finance Summit, Platform and Data Workshop at Bank of Canada, Toulouse-Yale Regulating the Digital Economy workshop

Summary: Using web-scrapped privacy “nutrition” labels, we document several stylized facts regarding the supply of privacy. We further investigate how consumers and investors react to the standardized disclosure of data privacy practices.

• Consumer Surveillance and Financial Fraud, with Michaela Pagel and Huan Tang

 Law and Regulations     Digital Economy     Household Finance 

Selected Conferences: NBER SI (Household Finance), FutFinInfo 2023, George Tech-Atlanta Fed Household Finance Conference

Summary: Limiting the tracking and sharing of personal information reduces financial fraud. 

• Conflicting Fiduciary Duties and Fire Sales of VC-backed Start-ups, with Yingxiang Li and Casimiro A. Nigro

Best Paper Award at HEC-McGill Winter Finance Workshop

2023 John L. Weinberg/IRRCi Research Paper Award (winner)

 Law and Regulations     Productivity, Innovation, and Entrepreneurship     Corporate Governance 

Read more here: Havard Law School Forum, Forbes 

Selected Conferences: EFA 2023, Weinberg/ECGI Annual Corporate Governance Symposium, AFA 2023, UNC Private Equity Research Symposium, LBS Private Capital Symposium, HEC-McGill Winter Finance Workshop, Southern California PE Conference

Summary: A common-favoring corporate law environment disciplines VCs' behavior in exit decisions. 

• Does Mandating Women on Corporate Boards Backfire?, with Jingjing Li and Kai Li 

 Law and Regulations     Corporate Governance     Labor and Finance  

Selected Conferences: NFA 2023, SFS Cavalcade North America 2023

Summary: Aggressive board gender quotas can trigger backlash among firms, worsening female labor market outcomes. 

• Did Western CEO Incentives Contribute to China's Technological Rise? with Jean-Marie Meier

 Productivity, Innovation, and Entrepreneurship     Corporate Governance 

Selected Conferences: CEPR European Summer Symposium in Financial Markets, FMA Napa/Sonoma Conference, NBER (Chinese Economy), RCFS Winter Conference 2023, FOM 2022, AFA 2022

Summary: Firms managed by CEOs with high-powered incentive contracts form more partnerships with China and transfer more technology to China. 

• Cross-Border Institutions and the Globalization of Innovation, with Jean-Marie Meier and Ting Xu,  Revise & Resubmit, Journal of Financial and Quantitative Analysis

 Law and Regulations     Productivity, Innovation, and Entrepreneurship  

Selected Conferences: SFS Cavalcade North America 2021, NFA 2020, EFA 2020, FIRS 2020 (canceled)

Summary: Strong cross-border legal institutions is a key driver of the globalization of innovation.

• The Political Economy of Decentralization: Evidence from Bank Bailouts, with Rainer Haselmann, Thomas Kick and Vikrant Vig

CICF Best Paper Award

  Law and Regulations     Productivity, Innovation, and Entrepreneurship     Political Economy  

Summary: The organizational design (decentralized vs. centralized) of bailout institutions affects the outcome of bank bailout decisions.