Research

Publications

• "Competition, Comparative Performance, and Market Transparency" (with Bruce I. Carlin and Andrew Iannaccone). American Economic Journal: Microeconomics. 4: 202-237, 2012. [Link]

• "Moral Hazard in Active Asset Management" (with David C. Brown) Journal of Financial Economics. 125: 311-325, 2017. [Link]

• "The Unintended Consequences of Divestment" (with Edward D. Van Wesep) Journal of Financial Economics. 128: 558-575, 2018. [Link]

• "Investing for Impact" (with Bhagwan Chowdhry and Brian Waters) Review of Financial Studies. 32: 864-904, 2019. [Link]

• “Financial Advice and Discretion Limits” Financial Planning Review 3: 1-34. 2020. [Link] 

• "Financing Efficiency of Securities-Based Crowdfunding" (with David C. Brown). Review of Financial Studies. 33: 3975-4023. 2020. [Link]

  • Included in the Finance Theory Insights inaugural issue, Issue 1, September 2021 [Link]

• "ETF Arbitrage, Non-Fundamental Demand, and Return Predictability" (with David C. Brown and Matthew Ringgenberg). Review of Finance. 21: 937-972, 2021. [Link] 

  • Editor's Choice as Lead Article and Runner-up for the 2022 Spängler/IQAM award for the best Investments Paper in the Review of Finance

• "Speculation Sentiment" Journal of Financial and Quantitative Analysis. 57: 2485-2515. 2022.   [Link]

  • [Speculation Sentiment Index]

• "Investor Demand for Leverage: Evidence from Equity Closed-End Funds" (with Robert Dam and S. Katie Moon). Review of Asset Pricing Studies. Forthcoming. [Link]

• "On the Magnification of Small Biases in Decision-making" (with Edward D. Van Wesep and Brian Waters). Journal of Finance. Forthcoming . [Link]

  • ASU Sonoran Winter Finance Conference 2020's Jacob Gold & Associates Best Paper Prize Winner

Working Papers

• "Off Target: On the Underperformance of Target-Date Funds" (with David C. Brown). [Link]

• "Index-Linked Trading and Stock Returns" [Link]

• "A Review: The Financial Impact for Socially Responsible Investors" [Link] [Slides]

• “Individual Traders and the Allocation of Scarce Attention” [Link]

• "The Implementation of State Sponsored Retirement Plans" (with Bruce I. Carlin). [Link]

Work in Progress

• "Index Investing, Value-Weighted ETF Flows, and Non-Linear Price Impact: Implications for the Firm" (with David C. Brown and Matthew Ringgenberg). Early Draft Available Upon Request

• "Home Bias in Equity Crowdfunding" (with David C. Brown and Mingfeng Lin).