working papers

The Evolution of Employee Compensation, Dilution, and Payout Policy (with Kathleen Kahle, David Moore, and Alok Nemani)

  • Presented at Clemson University, the Eastern Finance Association (2018), the Eramus University Rotterdam Executive Compensation Conference (2018), the Financial Management Association (2018), Louisiana State University, Miami University, the Midwest Finance Association (2018), and the University of Arizona


Do Mergers Save Lives? (with Emma Wang)

  • Presented at the University of Arizona, the University of Bristol, and the University of Exeter.

Publications

Why Do Firms Disagree with Short Sellers? Managerial Myopia versus Private Information (with Leonce Bargeron), forthcoming, Journal of Financial and Quantitative Analysis.


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

  • Rule 10b5-1 repurchase and ASR data are available here. 


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.