Papers
Working Papers
| “What is Forensic Finance?” with Samuel Kruger. | Working paper |
| “Did Pandemic Relief Fraud Inflate House Prices?” with Samuel Kruger and Prateek Mahajan. | Working paper |
| “Is Fraud Contagious? Social Connections and the Looting of COVID Relief Programs” with Samuel Kruger and Prateek Mahajan. | Working paper |
Published or Forthcoming Articles
| “Do Municipal Bond Dealers Give their Customers ‘Fair and Reasonable’ Pricing?” with Nicholas Hirschey and Samuel Kruger. Journal of Finance, 78(2), 887-934. | Published version Working paper |
| “Did FinTech Lenders Facilitate PPP Fraud?” with Samuel Kruger and Prateek Mahajan. (2023). Journal of Finance, 78(3), 1777-1827. | Published version Working paper Media |
| “Is COVID Revealing a Virus in CMBS 2.0?” with Alex Priest. (2023). Journal of Finance, 78(4), 2233-2276. | Published version Working paper |
| “Are CLO Collateral and Tranche Ratings Disconnected?” with Jordan Nickerson. (2022). Review of Financial Studies, 35(11), 2319-2360. | Published version Working paper |
| “Is the Chinese Anti-Corruption Campaign Authentic? Evidence from Corporate Investigations” with Clark Liu and Tao Shu. (2021). Management Science, 68(10), 7248-7273. | Published version Working paper |
| “Ten Years of Evidence: Was Fraud a Force in the Financial Crisis?” (2021). Journal of Economic Literature, 59(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. (2020). The Journal of Finance, 75(3), 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, 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(3), 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. Winner of Michael J. Brennan Best Paper Award for best paper in the Review of Financial Studies. Winner of the 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 Conference. | 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. (2012). Journal of Finance, 67(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, 25(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. (2011). American Economic Review, 101(3), 125-130. | Published version Online appendix |
| “Who Drove and Burst the Tech Bubble?” with Jeffrey Harris, Tao Shu, and Selim Topaloglu. (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 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). 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). Review of Financial Studies, 20(3), 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(2), 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(4-5), 550-576. | Working paper |
| “The Informational Content of Option Volume Prior to Takeovers” with Charles Cao and Zhiwu Chen. (2005). Journal of Business, 78(3), 1073-1109. | Working paper |
| “Global Momentum Strategies: A Portfolio Perspective” with Susan Ji and Spencer Martin (2005). Journal of Portfolio Management, 31(2), 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(3), 642-657. | Published version Working paper |
| “The Dynamics of Institutional and Individual Trading” with Jeffrey Harris and Selim Topaloglu. (2003). Journal of Finance, 58(6), 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(6), 2515-2547. | Published version Working paper |
| “Does Book-to-Market Equity Proxy for Distress Risk?” with Mike Lemmon. (2002). Journal of Finance, 57(5), 2317-2336. Reprinted in The International Library of Critical Writings in Economics; The Psychology of World Equity Markets, edited by Werner de Bondt. | Published version Working paper |
| “Are the Fama and French Factors Global or Country-Specific?” (2002). Review of Financial Studies, 15(3), 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(1), 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(3), 351-373. | Published version Working paper |