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] [Online Appendix]

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

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

  • “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] [Online Appendix]

  • "ETF Arbitrage, Non-Fundamental Demand, and Return Predictability" (with David C. Brown and Matthew Ringgenberg). Review of Finance. 21: 937-972, 2021. [Link] [Online Appendix] Editor's Choice as Lead Article

  • "Speculation Sentiment" [Link] accepted at the Journal of Financial and Quantitative Analysis

Working Papers

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

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

    • Revise-and-Resubmit at the Journal of Finance

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

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

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

  • “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).