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Finance and Industrial Organization
With U. Acikalin, T. Caskurlu, and G. Hoberg, “Intellectual Property Protection Lost and Competition: An Examination Using Machine Learning ,” 2022
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? ," forthcoming, Journal of Financial and Quantitative Analysis , 2022
With G. Hoberg , "Scope, Scale and Concentration: The 21st Century Firm ," 2021
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 ," Forthcoming: Journal of Finance, 2018
"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