With R. Nanda,
Small Firm Financing: Sources, Frictions, and Policy Implications, forthcoming Handbook of the Economics of Corporate Finance: Private Equity and Entrepreneurial Finance, 2022, editors: Espen Eckbo, Gordon Phillips and Morten Sorensen, Elsevier. With 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 Machine Learning,” 2022 With C. Hsu, X. Li, and Z. Ma, "
Does Industry Competition Influence Analyst Coverage Decisions and Career Outcomes?," forthcoming, Journal of Financial and Quantitative Analysis, 2022 With K. Herkenhoff and E. Cohen-Cole, "
The Impact of Consumer Credit Access on Self-Employment and Entrepreneurship," forthcoming, Journal of Financial Economics, 2021 With S. Katie Moon, "
Outsourcing Supply Contracts, Human Capital and Firm Capital Structure," forthcoming, Management Science, 2021 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, December 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," Journal of Financial and Quantitative Analysis, December 2018, pp. 2355-2388 [ online appendix]; Sharpe best paper award With L. Fresard and U. Hege, "
Extending Industry Specialization through Cross-Border Acquisitions," Review of Financial Studies, 2017, 30 (5), 1539-1582 With G. Hoberg, "
Conglomerate Industry Choice and Product Language," Management Science, August 2018, pp. 3735-55 With Giorgo Sertsios, "
Financing and New Product Decisions of Private and Publicly Traded Firms," Review of Financial Studies, 2017, 30 (5), 1744-1789 With G. Hoberg, "
Text-Based Network Industries and Endogenous Product Differentiation," Journal of Political Economy, October 2016 With G. Hoberg and N.H. Prabhala, "
Product Market Threats, Payouts, and Financial Flexibility," Journal of Finance, 2014, Vol. 69, (1), 293-332 With H. Ortiz-Molina, "
Real Asset Illiquidity and the Cost of Capital," Journal of Financial and Quantitative Analysis, 2014, 1-32 (lead article) With V. Maksimovic and L. Yang, "
Private and Public Merger Waves," Best paper award Financial Management Association, Journal of Finance, 2013, Vol. 68, (5), 2177-2217 With G. Sertsios, "
How Do Firm Financial Conditions Affect Product Quality and Pricing?" Management Science, 2013, 59, Vol. 8, 1764-1782 With A. Zhdanov, "
R&D and the Incentives from Merger and Acquisition Activity," Review of Financial Studies, 2013, 26, Vol. 1, 34-78 With V. Maksimovic, "
Conglomerate Firms, Internal Capital Markets and the Theory of the Firm," Annual Review of Financial Economics, 2013, Vol. 5: 225-244 With A. Gomes, "
Why do Public Firms Issue Private and Public Securities?" Journal of Financial Intermediation, 2012, Vol. 21, 619-658 With V. Maksimovic and N.R.Prabhala, "
Post-Merger Restructuring and the Boundaries of the Firm," The Journal of Financial Economics, 2011, Vol. 102, 317-343 Reprinted as chapter 5 in "Mergers and Acquisitions", volume in The International Library of Critical Writings in Economics, ed. J. Harold Mulherin With G. Hoberg, "
Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," The Review of Financial Studies, 2010, Vol. 23, 3773-3811. Reprinted as chapter 6 in "Mergers and Acquisitions," volume in The International Library of Critical Writings in Economics, ed. J. Harold Mulherin With G. Hoberg, "
Real and Financial Industry Booms and Busts," Journal of Finance, February, 2010, Vol. 65, 45-86 With V. Maksimovic, "
Does Firm Organization Matter?" Journal of Finance. April, 2008, Vol. 63, 629-64 With P. MacKay, "
How Does Industry Affect Firm Financial Structure?" formally titled "Is There an Optimal Industry Capital Structure?" December, 2005, The Review of Financial Studies With V. Maksimovic, "
Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," The Journal of Finance, April, 2002, 57 721-767. Reprinted in "Corporate Restructuring" volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis With V. Maksimovic, "
The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Gains?" Journal of Finance December, 2001, Vol. 56, 2019-2065. Reprinted in "Corporate Restructuring" volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis Also reprinted in Mergers and Corporate Governance, ed: J. Harold Mulherin With J. Allen, "
Corporate Equity Ownership, Strategic Alliances and Product Market Relationships," Journal of Finance, December, 2000, Vol. 55, 2791-2815 With V. Maksimovic, "
Asset Efficiency and Reallocation Decisions of Bankrupt Firms," Journal of Finance, October, 1998, 53, 1495-1532. Reprinted in "Empirical Corporate Finance" volume in The International Library of Critical Writings in Financial Economics, ed. M. Brennan With D. Kovenock,
" Capital Structure and Product Market Behavior: An Examination of Plant Closing and Investment Decisions," Review of Financial Studies, 1997, Vol. 10, 767-803, to be reprinted in: The International Library of Critical Writings in Financial Economics, volume editor: Michael Brennen, series editor: Richard Roll. With D. Kovenock, "
Capital Structure and Product Market Rivalry: How Do We Reconcile Theory and Evidence?" American Economic Review, May 1995, Vol. 85, 403-408 "
Increased Debt and Industry Product Markets: An Empirical Analysis," Journal of Financial Economics, 1995, Vol. 37, 189-238 With R.Weiner, "Trading Performance in Forward Markets: Information vs. Normal Backwardation,"
The Economic Journal, 1994, Vol. 104, 76-95 With R. Weiner, "Options in Forward Contracts: Empirical Estimates from the Petroleum Market,"
The Review of Futures Markets, 1990, Vol. 9, 1-14 Book Chapters and Reviews
"Discussion of A Measure of Competition Based on 10-K Filings,"
Journal of Accounting Research, Vol. 51, 437-447, 2013 With V. Maksimovic, "Conglomerate Firms and Internal Capital Markets"
Handbook of Corporate Finance: Empirical Corporate Finance, ed. B. Espen Eckbo, Handbooks in Finance Series, Elsevier/North-Holland, April, 2007, 423-475