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Finance and Industrial Organization
With E. Giambona and A. Kumar, “Hedging, Contract Enforceability and Competition .” Forthcoming, Review of Financial Studies, 2025. With A. Zhdanov, “Venture Capital Investments, Merger Activity, and Competition Laws around the World ” (editor's choice article), The Review of Corporate Finance Studies , Volume 13, Issue 2, May 2024, Pages 303–334, https://doi.org/10.1093/rcfs/cfad025 with A. Zhdanov, A. (2024). "The Interplay Between M&A, Innovation, and VC Markets ." In: Cumming, D., Hammer, B. (eds.) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-...
With Y. Lu and J. Yang, “The Impact of Cloud Computing and AI on Industry Dynamics and Concentration ,” 2024 working paper.
With G. Hoberg, C. Knoblock, J. Pujara, Z. Qui and L. Rashid, "Using Representation Learning and Web Text to Identify Competitor Networks ," revise and resubmit, Management Science
With G. Hoberg , "Scope, Scale and Concentration: The 21st Century Firm ," conditionally accepted, Journal of Finance, 2023
Using Computational Linguistics to Identify Competitors and Competitive Interactions , NBER Reporter, No. 4, December 2022With L. Fresard, Product Markets, Competition and Corporate Finance: A Review and Directions for Future Research , forthcoming Handbook of Corporate Finance, editor: David Denis, Edward Elgar.
With U. Acikalin, T. Caskurlu, and G. Hoberg, “Intellectual Property Protection Lost and Competition: An Examination Using Large Language Models ,” 2022 [slides ]
With E. Giambona and A. Kumar, “Hedging, Contract Enforceability and Competition, ” 2022
With C. Hsu, X. Li, and Z. Ma, "Does Industry Competition Influence Analyst Coverage Decisions and Career Outcomes? ," Journal of Financial and Quantitative Analysis , March, 2023.
With S. Katie Moon, "Outsourcing Supply Contracts, Human Capital and Firm Capital Structure ," forthcoming, Management Science , 2021
With C. Hsu, X. Li, and Z. Ma, "Does Industry Competition Influence Analyst-level Coverage Decisions and Career Outcomes? ," 2020
With L. Fresard and G. Hoberg, "Innovation Activities and Integration through Vertical Acquisitions ,” [online appendix ], forthcoming, Review of Financial Studies , 2020; Oliver Williamson best paper award
With M. Li and Y. Lu, “CEOs and the Product Market: When are Powerful CEOs Beneficial? ” Lead article in Journal of Financial and Quantitative Analysis , Vol. 54, December 2019, pp. 2295-2326
With J. Bai and D. Carvalho, "The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity ," Journal of Finance, Vol 73:6,, 2018, pp. 2787-2836.
"Finance and Industrial Organization ," current issues that are explored in a PhD course taught by Gordon M. Phillips at USC, HEC Paris, Insead, Vienna, Australian Finance Research Network, and the Nordic Finance Network
With G. Hoberg, "Text-Based Industry Momentum ," Forthcoming: Journal of Financial and Quantitative Analysis, 2018, [online appendix ]; Sharpe best paper award
With L. Fresard and U. Hege, "Extending Industry Specialization through Cross-Border Acquisitions ," Forthcoming: Review of Financial Studies, 2017
With G. Hoberg, "Conglomerate Industry Choice and Product Language ," Forthcoming: Management Science, 2018
"The Need for Industrial Organizational Foundations in Corporate Finance and Asset Pricing ," Keynote Address to Southern California Finance Conference at Claremont McKenna, 2015; earlier to Brazilian and Nordic Finance Associations
With L. Fresard and U. Hege, "Extending Industry Specialization through Cross-Border Acquisitions ," Forthcoming: Review of Financial Studies, 2017, [online appendix ]
With G. Hoberg, "Conglomerate Industry Choice and Product Language ," Forthcoming: Management Science , 2017.
With L. Fresard and G. Hoberg, "Vertical Acquisitions, Integration and the Boundaries of the Firm ," working paper, 2017, [online appendix ]
With G. Hoberg, "Text-Based Network Industries and Endogenous Product Differentiation ," Journal of Political Economy , October 2016, NBER working paper 2010
With C. Hsu, X. Li and Z. Ma,"Does Product Market Competition Influence Analyst Coverage and Analyst Career Success? " working paper, 2015
With S. K. Moon, "Outsourcing through Purchase Contracts and Firm Capital Structure ," working paper, 2015
With M. Li and Y. Lu, "CEOs and the Product Market: When are Powerful CEOs Beneficial? " working paper, 2014.
With G. Hoberg and N.R. Prabhala, "Product Market Threats, Payouts, and Financial Flexibility ,"Journal of Finance , 2014, Vol. 69, (1), 293-332
With H. Ortiz-Molina, "Real Asset Illiquidty and the Cost of Capital ," Journal of Finance and Quantitative Analysis , 2014, Vol. 49, 1-32
With A. Zhdanov, "R&D and the Incentives from Merger and Acquisition Activity ," Review of Financial Studies , 2013, 26 (1) 34-7, [online appendix]
With G. Hoberg, "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis, " Review of Financial Studies , 2010, 23 3773-3811
With G. Hoberg, "Real and Financial Industry Booms and Busts ," Journal of Finance , 2010, 65(1) 45-86
With V. Maksimovic, "The Industry Life-Cycle, Acquisitions and Investment: Does Firm Organization Matter? " Journal of Finance , 2008, 63 673-707
With P. MacKay, "How Does Industry Affect Firm Financial Structure?"Review of Financial Studies , 2005, 18 (4): 1433-1466
With J. Allen, "Corporate Equity Ownership, Strategic Alliances and Product Market Relationships ," Journal of Finance , 2000, 55, 2791-2815
With V. Maksimovic, "Asset Efficiency and Reallocation Decisions of Bankrupt Firms ," Journal of Finance , 1998: 5, 1495-1532
With D. Kovenock, "Capital Structure and Product Market Behavior: An Examination of Plant Closing and Investment Decisions ," Review of Financial Studies, 1997, Volume 10:3
With D. Kovenock, "Capital Structure and Product Market Rivalry: How do We Reconcile the Theory and the Evidence ," American Economic Review , 1995, 85, 403-408
"Increased Debt and Industry Product Markets: An Empirical Analysis , Journal of Financial Economics , 1995, 37, 189-238