Forthcoming Publications

David C. Brown, "Off Target: On the Underperformance of Target-Date Funds" forthcoming (with S. Davies)

David C. Brown and Scott Cederburg, "Dominated ETFs" Critical Finance Review, forthcoming (with M. Towner)

Scott Cederburg and Richard Sias, "The safe withdrawal rate: Evidence from a broad sample of developed markets," Journal of Pension Economics and Finance, forthcoming (with A. Anarkulova and M. S. O'Doherty)

Kathleen Kahle, “Agency Cost of Free Cash Flow, Capital Allocation, and Payouts,” Journal of Financial Economics, forthcoming (with Harry DeAngelo and Doug Skinner)

Kathleen Kahle, “Reconciling the Evidence on Board Diversity Mandates,” Journal of Corporate Finance, forthcoming (with Dan Greene, JiHoon Hwang, and Vince Intintoli)

Sandy Klasa, “Regional clusters and product market outcomes during turbulent times,” Journal of Financial and Quantitative Analysis, forthcoming (with Hernan Ortiz-Molina and Matthew Serfling)

Jason Sandvik, "CEO Pay Ratio Disclosures and Changes in Employee Pay Satisfaction”, Management Science, forthcoming, (with Mary Ellen Carter, Lisa LaViers, and Da Xu)

Jason Sandvik, "Should Human Capital Development Programs be Mandatory or Voluntary? Evidence from a Field Experiment on Mentorship," forthcoming, Management Science (with R. Saouma, N. Seegert, and C. Stanton)

2025 Publications

Richard Sias, “Assessment of the Link between Like Purpose and Health" Journal of Public Health, Vol 47, Issue 1, 2025, 74-81 (with Harry Turtle)

Andrea Rossi, "Moving the Goalposts? Mutual Fund Benchmark Changes and Relative Performance Manipulation," Review of Financial Studies, 2025, 38 (4), 1067-1119 (with Kevin Mullally)

2024 Publications

Alice Bonaime "Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry," Journal of Finance, 79, 2024, 2195-2236 (with Ye (Emma) Wang)

Alice Bonaime and Kathy Kahle, "Employee Compensation Still Impacts Payout Policy?" Critical Finance Review, 13, 3-4, 2024 (with D. Moore and A. Nemani)

Alice Bonaime and Kathy Kahle, "Share Repurchases" Handbook of Corporate Finance, 2024 

Alice Bonaime, "Voluntary Disclosures Regarding Open Market Repurchase Programs" 2024, Contemporary Accounting Research 41, 1151–1185 (with Leonce Bargeron, William Docimo, Mei Feng, and Shawn Thomas)

Chris Lamoureux, An Empirical Assessment of Characteristics and Optimal Portfolios," Review of Asset Pricing Studies, 2024, Vol. 14, 450-480 (with Huacheng Zhang)

Jason Sandvik, "CEO Activism and Firm Value," Management Science. 2024, 70(10), 6519-6549 (with Anya Mkrtchyan and Vivi Zhu). 

Jason Sandvik, "CEO Pay Ratio Voluntary Disclosures and Stakeholder Reactions,” Review of Accounting Studies. 29, no. 1, 2024: 109-150. (with Lisa LaViers and Da Xu).

Jason Sandvik, "Employee Responses to CEO Activism," Journal of Accounting and Economics, 2024 (with A. Mkrtchyan and D. Xu)

Andrea Rossi, "Discontinued Positive Feedback Trading and the Decline of Return Predictability", Journal of Financial and Quantitative Analysis, 2024, 59 (7), 3062-3100 (with Itzhak Ben-David, Jiacui Li, and Yang Song)

Andrea Rossi, "Unsmoothing Returns or Illiquid Funds", Review of Financial Studies, 2024, 37 (7), 2110-2155 (with Spencer Couts and Andrei Goncalves)

2023 Publications

Scott Cederburg, "On the economic significance of stock return predictability," Review of Finance, Vol. 27, Issue 2, 2023, 619-657 (with Travis L. Johnson and Michael S. O'Doherty)

Balint Horvath, "Regulatory Arbitrage and Loan Location Decisions by Multinational Banks" Journal of International Economics, 2023, Vol. 145, Article 103840. (with Asli Demirgüç-Kunt and Harry Huizinga) 

Balint Horvath, "Which firms benefit from corporate QE during the COVID-19 crisis? The case of the ECB Pandemic Emergency Purchase Program", Journal of International Money and Finance, 2023, Vol. 135, Article 102855 (with Asli Demirgüç-Kunt and Harry Huizinga) 

Jason Sandvik, "Clawback Provisions and Firm Risk," Review of Corporate Finance Studies (Editor's Choice). 2023, 12(2), 191-239. (with Ilona Babenko, Ben Bennett, John Bizjak, and Jeffrey Coles).

Jason Sandvik, "Creativity Contests: An Experimental Investigation of Eliciting Employee Creativity", Journal of Accounting Research. 2023, 61(1), 47-94. (with Jasmijn Bol and Lisa LaViers). 

Richard Sias, “Experts vs. Non-Experts in Online Crowdfunding Markets,” MIS Quarterly, Vol. 47, Num 1, 2023, 97-126 (with Mingfeng Lin and Zaiyan Wei)

Richard Sias, “The Fault in our Stars: Molecular Genetics and Technology Adoption,” MIS Quarterly, Vol. 47, Num 2, 2023, 483-510 (with Sue Brown)

Richard Sias, “The Negativity Bias and Perceived Expected Return Distributions: Evidence from a Pandemic,” The Journal of Financial Economics, Vol. 147, Num 1, 2023, 97-126 (with Laura Starks and Harry Turtle)

Richard Sias, “Words Matter: The Role of The Role of Readability, Tone, and Deception Cues in Online Credit Markets,” Journal of Financial and Quantitative Analysis, Vol. 58, Num 1, 2013, 1-28 (with Qing Gao and Mingfeng Lin)

2022 Publications

Scott Cederburg, "Is 'not trading' informative? Evidence from corporate insiders' portfolios," Financial Analysts Journal, Vol. 78, Issue 1, 2022, 79-100 (with L. DeVault and K. Wang)

Scott Cederburg, "Stocks for the long run?  Evidence from a broad sample of developed markets," Journal of Financial Economics, Vol. 143, Issue 1, 2022 409-433 (with A. Anarkulova and M. S. O'Doherty)

Sandy Klasa, “Anticompetitive effects of horizontal acquisitions: the impact of within-industry product similarity,” Journal of Financial Economics, Vol. 144, No. 2, 2022, 645-669 (with Maryam Fathollahi and Jarrad Harford)

Richard Sias, "Active Technological Similarity and Mutual Fund Performance," Journal of Financial and Quantitative Analysis, Vol. 56, Num 5, 2022 (with Ping Mclemore, Zafer Yuksel, and Chi Wan)

Andrea Rossi, "Ratings-Driven Demand and Systematic Price Fluctuations" Review of Financial Studies, 2022, 35(6), 2790-2838 (with Itzhak Ben-David, Jiacui Li and Yang Song)

Andrea Rossi, "What do Mutual Fund Investors Really Care About?" Review of Financial Studies, 2022, 35(4), 1723-1744  (with Itzhak Ben-David, Jiacui Li and Yang Song)

2021 Publications

David C. Brown, "ETF Arbitrage, Non-Fundamental Demand, and Return Predictability," Review of Finance, 2021 (with S. Davies and M. Ringgenberg)

Kathleen Kahle, “Why Are Corporate Payouts So High in the 2000s?” Journal of Financial Economics, Vol. 142, 1359-1380 (with Rene Stulz)

Sandy Klasa, “Informed Trading Reactions to New Private Information: Evidence from Nonpublic Merger Negotiations,” Management Science, Vol 67, no. 4, 2021, 2630-2656 (with Shane Heitzman)

Sandy Klasa, “What determines the composition of a firm’s total cash reserves?,”  Journal of Corporate Finance, Vol 68, 2021, Article 101924 (with Laura Cardella and Douglas Fairhurst)

Richard Sias, "Economic Policy Uncertainty and Self-Control: Evidence from Unhealthy Choices," Journal of Financial and Quantitative Analysis,  Vol 56, no. 4, 2021, 1446-1475 (with Ivalina Kalcheva and Ping McLemore)

2020 Publications

Alice Bonaime, "Payout Policy Tradeoffs and the Rise of 10b5-1 Preset Repurchase Plans," Management Science, 2020, Vol. 66, 2762-2786 (with Jarrad Harford and David Moore)

Alice Bonaime, "Why do Firms Disagree with Short Sellers? Managerial Myopia versus Private Information," Journal of Financial and Quantitative Analysis, 2020, Vol. 55, 2431-2465 (with L. Bargeron). [Lead Article]

David C. Brown, "Financing Efficiency of Securities-Based Crowdfunding," Review of Financial Studies, September 2020, Vol. 33 (9), 3975-4023 (with S. W. Davies)

Scott Cederburg, "On the performance of volatility-managed portfolios," Journal of Financial Economics, Vol. 138, Issue 1, 2020, 95-117 (with M. S. O'Doherty, F. Wang and X. Yan)

Kathleen Kahle, “Do board gender quotas affect firm value? Evidence from California Senate Bill No. 826,” Journal of Corporate Finance, Vol. 60, February 2020 (with Vince Intintoli and Dan Greene)

2019 Publications

Scott Cederburg, "Pricing intertemporal risk when investment opportunities are unobservable," Journal of Financial and Quantitative Analysis, Vol. 54, Issue 4, 2019, 1759-1789

Scott Cederburg, "Understanding the risk-return relation: The aggregate wealth proxy actually matters," Journal of Business and Economic Statistics, Vol. 37, Issue 4, 2019, 721-735 (with Michael S. O'Doherty)

Richard Sias, “Sentiment Metrics and Investor Demand,” Journal of Finance, Vol. 74, no. 2, 2019, pages 985-1024 (with Luke DeVault and Laura Starks)

Andrea Rossi, "Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders," Journal of Financial Economics, April 2019, Vol. 132, Issue 1, 49-75 (with Itzhak Ben and David Justin Birru) 

2018 Publications

Alice Bonaime, "Does Policy Uncertainty Affect Mergers and Acquisitions?" Journal of Financial Economics, September 2018, Vol. 129, Issue 3, 531-558 (with Huseyin Gulen and Mihai Ion)

Scott Cederburg, "Are stocks riskier over the long run? Taking cues from economic theory," Review of Financial Studies, February 2018, Vol. 31, Issue 2, 556-594 (with Doron Avramov and Katarina Lucivjanska)

Scott Cederburg, "Conditional benchmarks and predictors of mutual fund performance," Critical Finance Review, Vol. 7, Issue 2, 2018, 331-372 (with Michael S. O'Doherty, N. E. Savin and Ashish Tiwari)

Kathleen Kahle, "Director Connectedness: Monitoring Efficacy and Career Prospects,” Journal of Financial and Quantitative Analysis, February 2018, Vol. 53, no. 1, 65-108 (with Vincent Intintoli and Wanli Zhao)

Kathleen Kahle, "Eclipse of the Public Corporation or Eclipse of the Public Markets?" Journal of Applied Corporate Finance, 30, Winter 2018, no. 1, 1-9 (with Craig Doidge, G. Andrew Karolyi and René M. Stulz) 

Sandy Klasa, “The protection of trade secrets and capital structure decisions,” Journal of Financial Economics, Vol. 128, No. 2, 2018, 266-286 (with Hernan Ortiz-Molina, Matthew Serfling and Shweta Srinivasan)

Richard Sias, "Reconsidering Hedge Fund Contagion," Journal of Alternative Investments, Vol. 21, no. 1, 2018, 27-38 (with Harry Turtle and Bela Zykaj)

2017 Publications

Alice Bonaime, "The Timing and Source of Long-run Returns Following Repurchases," Journal of Financial and Quantitative Analysis, 2017, Vol. 52, 491--517 (with Leonce Bargeron and Shawn Thomas)

David C. Brown and Scott Cederburg, "Tax uncertainty and retirement savings diversification," Journal of Financial Economics, December 2017, Vol. 126, Issue 3, 689-71 (with Michael S. O'Doherty)

David Brown, "Moral Hazard in Active Asset Management," Journal of Financial Economics, August 2017, Vol. 125, Issue 2, 311-325 (with Shaun William Davies)

Kathleen Kahle, “Is the U.S. public corporation in trouble?” Journal of Economic Perspectives, Summer 2017, Vol. 31 (3), 67-88 (with René M. Stulz)

Richard Sias, "Hedge Fund Return Dependence: Model Misspecification or Liquidity Spirals?" Journal of Financial and Quantitative Analysis, October 2017, Vol. 52, Issue 5, 2157-2181 (with Harry Turtle and Blerina Zykaj)

Richard Sias, "Hedge Fund Politics and Portfolios," Journal of Banking and Finance, February 2017, Vol. 75, 80-97 (with Luke DeVault) ​​

2016 Publications

Alice Bonaime, "The Cost of Financial Flexibility: Evidence from Share Repurchases," Journal of Corporate Finance, 2016, Vol. 38, 345-362 (with Kristine Hankins and Bradford Jordan)

Scott Cederburg, "Does it pay to bet against beta? On the conditional performance of the beta anomaly," Journal of Finance, 2016, Vol. 71, No. 2, 737-774 (with Michael S. O'Doherty)

Sandy Klasa, “Are ex-ante CEO severance pay contracts consistent with efficient contracting?,” Journal of Financial and Quantitative Analysis, 2016, Vol. 51, No. 3, 707-735 (with Brian Cadman and John Campbell)

2015 Publications

Alice Bonaime, "Mandatory Disclosure and Firm Behavior: Evidence from Share Repurchases", The Accounting Review, 2015, Vol. 90, 1333-1362

Scott Cederburg, "Asset-pricing anomalies at the firm level," Journal of Econometrics, 2015, Vol. 186, No. 1, 113-128 (with Michael S. O'Doherty)

Chris Lamoureux, "Costs of Capital and Public Issuance Choice'' Journal of Banking and Finance, 2015, Vol. 61, 27-45 (with Ali Nejadmalayeri) 

Chris Lamoureux, "Measuring Private Information in a Specialist Market,'' Journal of Empirical Finance, 2015, Vol. 30, 92-119 (with Qin Wang) 

Richard Sias, “Hedge Fund Crowds and Mispricing,” Management Science, 2015, Vol. 62(3), 764-784 (with Harry Turtle and Blerina Zykaj)

2014 Publications

Alice Bonaime, "Capital Structure, Equity Mispricing, and the Gains to Stock Repurchases", Journal of Corporate Finance, 2014, 26, 182-200 (with Ozde Oztekin and Richard Warr)

Alice Bonaime, "Financial Flexibility, Risk Management, and Payout Policy", Review of Financial Studies, 2014, 27, 1047--1101 (with Kristine Hankins and Jarrad Harford.)

Kathleen Kahle, “Declining propensity to pay?  A re-examination of the lifecycle theory,” Journal of Corporate Finance, August 2014, Vol.27, 345-366 (with Monica Banyi)

Kathleen Kahle, “The effect of demand for shares on the timing and underpricing of seasoned equity offerings,” Financial Management, Spring 2014, 43, no. 1,61-86. (with Vincent Intintoli and Shrikant Jategaonkar)

Sandy Klasa, “Industry concentration and corporate disclosure policy,” Journal of Accounting and Economics, 2014, Vol. 58, No. 2, 240-264 (with Ashiq Ali and Eric Yeung)

Sandy Klasa, “Refinancing risk and cash holdings,” Journal of Finance, 2014, Vol. 69, No. 3, 975-1012 (with Jarrad Harford and William Maxwell) [Lead Article – June Issue]