3.“The Long-Term Consequences of Short-Term Incentives” (with Alex Edmans and Allen Huang)
This paper shows that short-term stock price concerns induce CEOs to take value-reducing repurchases and M&A. When vesting equity (our proxy for price concerns) increases, stock returns are more positive in the short-term surrounding these events but more negative in the long-term. Co-winner of the 2017 ICPM Research Award; Co-winner of the 2017 IRRC Institute Research Award; Presented at the UNC/Duke Fall Camp, 2017; Stanford Theory and Inference in Capital Market Research Conference, 2017; Featured in CNBC; Harvard Law Forum; VoxEU
This paper shows that short-term stock price concerns induce CEOs to take value-reducing repurchases and M&A. When vesting equity (our proxy for price concerns) increases, stock returns are more positive in the short-term surrounding these events but more negative in the long-term. Co-winner of the 2017 ICPM Research Award; Co-winner of the 2017 IRRC Institute Research Award; Presented at the UNC/Duke Fall Camp, 2017; Stanford Theory and Inference in Capital Market Research Conference, 2017; Featured in CNBC; Harvard Law Forum; VoxEU
2.“Consistency As a Path to Comparability: Benefits and Costs” (with Michael Iselin and Gaoqing Zhang)
We model consistency-based financial statement comparability. In equilibrium, comparability increases the spillover informativeness across firms at the expense of their standalone informativeness. We show analytically and empirically that comparability's net information benefits decrease with firms' fundamental correlation and fundamental volatility. Presented at the Yale SOM Fall Accounting Research Conference, 2017; Inaugural Indiana Hoosier Accounting Research Conference, 2017; U Penn - Wharton Spring Accounting Conference, 2017; Minnesota Empirical Accounting Research Conference, 2017
We model consistency-based financial statement comparability. In equilibrium, comparability increases the spillover informativeness across firms at the expense of their standalone informativeness. We show analytically and empirically that comparability's net information benefits decrease with firms' fundamental correlation and fundamental volatility. Presented at the Yale SOM Fall Accounting Research Conference, 2017; Inaugural Indiana Hoosier Accounting Research Conference, 2017; U Penn - Wharton Spring Accounting Conference, 2017; Minnesota Empirical Accounting Research Conference, 2017
1.“Insurance Coverage Predicts Patient Outcomes in Patients Transferred between Hospitals” (with Michael Usher, Christine Fanning, Madeline Carol, Amay Parikh, Anne Joseph, and Dana Herrigel) .
We show that patients without insurance coverage are more likely to be transferred between hospitals, and these patients are at higher risk of adverse events and mortality than the privately insured. Further, hospital ownership structure and financial conditions play an important role in hospital admission and transfer patterns, particularly in the uninsured population.
We show that patients without insurance coverage are more likely to be transferred between hospitals, and these patients are at higher risk of adverse events and mortality than the privately insured. Further, hospital ownership structure and financial conditions play an important role in hospital admission and transfer patterns, particularly in the uninsured population.