Papers
Working Papers
Published or Forthcoming Articles
| “Do Municipal Bond Dealers Give their Customers ‘Fair and Reasonable’ Pricing?” with Nicholas Hirschey and Samuel Kruger, The Journal of Finance. | Published Version Working Paper |
| “Did FinTech Lenders Facilitate PPP Fraud?” with Samuel Kruger and Prateek Mahajan, The Journal of Finance. | Published Version Working paper |
| “Is COVID Revealing a CMBS Virus?” with Alex Priest, forthcoming in The Journal of Finance. | Working paper Online appendix |
| “Are CLO Collateral and Tranche Ratings Disconnected?” with Jordan Nickerson, November 2022, The Review of Financial Studies, Vol. 35 (11). | Published Version Working paper |
| “Is the Chinese Anti-Corruption Campaign Authentic? Evidence from Corporate Investigations” with Clark Liu and Tao Shu, October 2022, Management Science, Vol. 68 (10), 7248-7273. | Published Version Working paper |
| “Ten Years of Evidence: Was Fraud a Force in the Financial Crisis?” December 2021, Journal of Economic Literature, Vol. 59, No. 4: 1293-1321. | Published Version Working paper Online appendix |
| “What Drove the 2003-2006 House Price Boom and Subsequent Collapse? Disentangling Competing Explanations” with Samuel A. Kruger and Gonzalo Maturana, 2021, Journal of Financial Economics 141(3), 1007-1035. | Published version Working paper Online appendix |
| “Is Bitcoin Really Un-Tethered?” with Amin Shams, August 2020, The Journal of Finance, Vol. 75, No. 4: 1913-1964.
A major finding of our paper is that Tether was not fully backed at certain times. Tether vigorously denied and characterized our findings as “flawed” and asserted that “all Tether tokens are fully backed by reserves” in their response to our paper in November 2019. However, as of October 2021, this finding has now been validated by the NYAG office and the CFTC. In particular, the CFTC finds “that from at least June 1, 2016 to February 25, 2019, Tether misrepresented to customers and the market that Tether maintained sufficient U.S. dollar reserves to back every USDT in circulation…[and that] In fact Tether reserves were not ‘fully-backed’ the majority of the time.” | Published Version Working paper Media |
| “Personal Infidelity and Professional Conduct in 4 Settings” with Samuel A. Kruger and Gonzalo Maturana, 2019, Proceedings of the National Academy of Sciences (PNAS) 116(33), 16268-16273. | Published version Online appendix Media |
| “Do Labor Markets Discipline? Evidence from RMBS Bankers” with Samuel A. Kruger and Gonzalo Maturana, 2019, Journal of Financial Economics 133(3), 726-750. | Published version Working paper Appendix A, B, C |
| “Manipulation in the VIX?” with Amin Shams, 2018, Review of Financial Studies 31(4), 1377-1417. Bloomberg Op-ed on post-publication developments. | Published version Online appendix Disclosures Media |
| “Debt Correlations in the Wake of the Financial Crisis: What are Appropriate Default Correlation for Structured Products?” with Jordan Nickerson, 2017, Journal of Financial Economics 125, 454-474. | Published version Online appendix |
| “Did Dubious Mortgage Origination Practices Distort House Prices?” with Gonzalo Maturana, 2016, Review of Financial Studies 29(7), 1671-1708. | Published version Working paper Online appendix |
| “Who Facilitated Misreporting in Securitized Loans?” with Gonzalo Maturana, 2016, Review of Financial Studies 29(2), 384-419. Editor’s choice. Winner of Best Paper Prize for the Review of Financial Studies. Winner of Ohio State Alumni Conference Best Paper Award sponsored by BlackRock. | Published version Online appendix |
| “How Important are Foreign Ownership Linkages for International Stock Returns?” with Sohnke Bartram, Tae-Hoon Lim, and David Ng, 2015, Review of Financial Studies 28(11), 3036-3072. | Published version Working paper |
| “Complex Securities and Underwriter Reputation: Do Reputable Underwriters Produce Better Securities?” with Richard Lowery and Alessio Saretto, 2014, Review of Financial Studies 27(10), 2872-2925. Winner of the BlackRock Prize at the 26th Australasian Finance and Banking. | Published version Online appendix Working paper HLB |
| “Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings,” with Jordan Nickerson and Dragon Yongjun Tang, 2013, Review of Financial Studies 26(9), 2270-2310. | Published version Working paper Online appendix |
| “Did Subjectivity Play a Role in CDO Credit Ratings?” with Dragon Tang, August 2012, The Journal of Finance, Vol. 67, No. 4: 1293-1328. | Published version Online appendix |
| “Examining the Dark Side of Financial Markets: Do Institutions Trade on Information from Investment Bank Connections?” with Tao Shu and Selim Topaloglu, 2012, Review of Financial Studies, Vol. 25, No. 7:2155-2188. | Published version Working paper |
| “How Important is the Financial Media in Global Markets?” with Nicholas H. Hirschey and Patrick J. Kelly, 2011, Review of Financial Studies 24(12), 3941-3992. | Published version Online appendix, Data |
| “Did Credit Rating Agencies Use Biased Assumptions?” with Dragon Tang, May 2011, American Economic Review, Vol. 101, No. 3: Pages 125-130. | Published version Online appendix |
| “Who Drove and Burst the Tech Bubble?” with Jeffrey Harris, Tao Shu, and Selim Topaloglu, August 2011, The Journal of Finance 66(4), 1251-1290. | Published version Online appendix |
| “Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets,” with Patrick J. Kelly and Federico Nardari, 2010, Review of Financial Studies 23(8), 3225-3277. | Published version Online appendix |
| “How Smart are the Smart Guys? A Unique View from Hedge Fund Stock Holdings” with Jin Xu, 2009, The Review of Financial Studies 22(7), 2531-2570. | Published version Online appendix |
| “Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries,” with Federico Nardari and René M. Stulz, 2007, The Review of Financial Studies 20, 905-951. | Published version Working paper |
| “Why are IPO Investors Net Buyers through Lead Underwriters?” with Jeffrey Harris and Selim Topaloglu, 2007, Journal of Financial Economics 85, 518-551. | Published version Working paper |
| “Measuring the Economic Importance of Exchange Rate Exposure,” with Craig Doidge and Rohan Williamson, 2006, Journal of Empirical Finance 13, 550-576. | Working paper |
| “The Informational Content of Option Volume Prior to Takeovers,” with Charles Cao and Zhiwu Chen, 2005, Journal of Business 78, 1073-1109. | Working paper |
| “Global Momentum Strategies: A Portfolio Perspective,” with Susan Ji and Spencer Martin, 2005, Journal of Portfolio Management (Winter), 23-39. | Published version Working paper |
| “Daily Cross-border Equity Flows: Pushed or Pulled?” with Federico Nardari and René M. Stulz, 2004, The Review of Economics and Statistics 86 (August), 642-657. | Published version Working paper |
| “The Dynamics of Institutional and Individual Trading,” with Jeffrey Harris and Selim Topaloglu, 2003, Journal of Finance 58 (December), 2285-2320. | Published version Working paper |
| “Momentum Investing and Business Cycle Risk: Evidence from Pole to Pole,” with Susan Ji and Spencer Martin, 2003, Journal of Finance 58 (December), 2515-1547. | Published version Working paper |
| “Does Book-to-Market Equity Proxy for Distress Risk?” with Mike Lemmon, 2002, Journal of Finance 57, 2317-2336. | Published version Working paper |
| “Are the Fama and French Factors Global or Country-Specific?” 2002, Review of Financial Studies 15, 783-803. | Published version Working paper |
| “International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis,” with René M. Stulz, 2001, Review of Financial Studies 14, 215-241. | Published version Working paper |
| “Another Look at the Role of the Industrial Structure of Markets for International Diversification Strategies,” with G. Andrew Karolyi, 1998, Journal of Financial Economics 50, 351-373. | Published version Working paper |