working papers

Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry (with Emma Wang)

• Presented at the American Finance Association, University of Arizona, the University of Bristol, the University of Exeter, the University of Manchester, and Virginia Tech
• Center for Management in Healthcare Grant Recipient

Voluntary Disclosures Regarding Open Market Repurchase Programs (with Leonce Bargeron, William Docimo, Mei Feng, and Shawn Thomas)

•  Presented at the American Finance Association, the American Accounting Association, Fordham University, Southern Methodist University, the University of Kentucky, and the University of Pittsburgh  

How Does Capital Structure Impact Product Prices? Evidence from the Airline Industry (with Jin Xu)

• Presented at Middle Tennessee State University, Peking University HSBC Business School (PHBS), Rotterdam School of Management of Erasmus University Corporate Finance Day Conference, the University of Arizona, the University of Wisconsin-Milwaukee, and Virginia Tech.

Employee Compensation Still Impacts Payout (with Kathy Kahle, David Moore, and Alok Nemani), forthcoming, Critical Finance Review.

Why Do Firms Disagree with Short Sellers? Managerial Myopia versus Private Information (with Leonce Bargeron),  2020, Journal of Financial and Quantitative Analysis 55, 2431–2465 (Lead Article).

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

• Rule 10b5-1 repurchase and accelerated share repurchase (ASR) announcements from 2001 to 2014 are available below. We ask simple that you cite our study when referring to this dataset. 

Does Policy Uncertainty Affect Mergers and Acquisitions? (with Huseyin Gulen and Mihai Ion), 2018, Journal of Financial Economics 129, 531-558.

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

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

• Paul Woolley Conference Runner-up Best Paper Prize.

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

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

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

Insider Trading and Share Repurchases: Do Insiders and Firms Trade in the Same Direction? (with  Michael D. Ryngaert), 2013, Journal of Corporate Finance 22, 35-53.

Repurchases, Reputation and Returns, 2012, Journal of Financial and Quantitative Analysis 47, 469-491.