Research

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Working Papers

1. Product Complexity, Investor Experience, and Returns
with Alan de Genaro, José Liberti, Jason Sturgess · 2025
2. ETF Launch Decisions
with Xinrui Zheng · 2025
Revise & Resubmit, Journal of Banking & Finance
3. Securities Lending and Information Acquisition
with Stefan Greppmair, Stephan Jank, Jason Sturgess · 2024
Reject & Resubmit, Review of Finance
4. Shareholder-Creditor Conflicts and Limits to Arbitrage: Evidence From the Equity Lending Market
with Yongqiang Chu, Luca Lin, Jason Sturgess · 2024
Reject & Resubmit, Management Science
5. Power Tussle: Hedge Fund Activists and Short Sellers
with Tao Li, Daheng Yang · 2024
Revise & Resubmit, Journal of Financial and Quantitative Analysis
2018 INQUIRE Europe Research Award · 2022 SFS Cavalcade Asia-Pacific Best Paper in Corporate Finance
6. Satisfied Employees, Satisfied Investors: How Employee Well-being Impacts Mutual Fund Returns
with Elias Ohneberg · 2023
Presented at 2023 EFA (Amsterdam)

Published Articles

1. Price Informativeness and Corporate Investment: A Model of Costly Manipulation and Share Repurchases
with Murillo Campello, Rafael Matta
Management Science, Forthcoming (2025)
Presented at 2015 EFA (Vienna), 2016 AFA (San Francisco), FIRS 2017 (Hong Kong)
2. A Survey of Short Selling Regulations
with Amy Edwards, Adam Reed
Review of Asset Pricing Studies, 14(4), 613-639 (2024)
3. Short Sales Constraints and the Diversification Puzzle
with Adam Reed, Ed van Wesep
Management Science, 67(2), 661-1328 (2021)
Presented at FIRS 2017
4. The Big Short: Short Selling Activity and Predictability in House Prices
with Carles Vergara-Alert
Real Estate Economics, 48(4), 1030-1073 (2020)
Presented at 2013 AEA/AREUA meeting
5. Deleveraging Risk
with Scott Richardson, Kari Sigurdsson
Journal of Financial and Quantitative Analysis, 52(6), 2491-2522 (2017)
Best Paper, FMA Consortium · Inquire Europe Award · 2015 Crowell Third Prize · Presented at EFA 2013, AFA 2014
6. Ownership Structure, Limits to Arbitrage and Stock Returns: Evidence from Equity Lending Markets
with Melissa Porras Prado, Jason Sturgess
Review of Financial Studies, 29(12), 3211-3244 (2016)
Editor's Choice · Best Paper in Regulation, XVIII Foro de Finanzas · Presented at 2014 AFA
7. The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market
with Reena Aggarwal, Jason Sturgess
Journal of Finance, 70(5), 2309-2346 (2016)
Q Group Award · Presented at 2012 WFA, 2012 EFA, 2013 AFA
8. Price Efficiency and Short Selling
with Kari Sigurdsson
Review of Financial Studies, 24(3), 821-852 (2011)
Internet Appendix
9. Technical Analysis: Luck or Reality?
Revista Brasileira de Economia, 57(4) (2003)
MSc dissertation on how technical analysis fails when accounting for data snooping

Slides & Resources

Older Working Papers

Differences of Opinion, Information Asymmetry and the Timing of Trades
2006
How analysts' forecast dispersion and information asymmetry affect trading volume around earnings announcements.
Expected Returns and Liquidity Risk: Does Entrepreneurial Income Matter?
2005
Models the joint impact of liquidity risk and non-tradable income on stock returns.