Losing is Optional
Review of Finance — Forthcoming
Research
Publications
Featured Research
Selected Work
AI Advisors and the Competence-Judgment Tradeoff in Information Disclosure
Read Paper →Losing is Optional
Read Paper →Box Jumping: Portfolio Recompositions to Achieve Higher Morningstar Ratings
Read Paper →The Fiscal Frontier: Projecting AI’s Long-term Impact on the US Fiscal Outlook
Read Paper →AI Advisors and the Competence-Judgment Tradeoff in Information Disclosure
Read Paper →Losing is Optional
Read Paper →Box Jumping: Portfolio Recompositions to Achieve Higher Morningstar Ratings
Read Paper →The Fiscal Frontier: Projecting AI’s Long-term Impact on the US Fiscal Outlook
Read Paper →Behavioral and Financial Economics
Investor Corporate Visits and Predictable Returns
Journal of Financial and Quantitative Analysis — 60(6), Sep 2025, pp. 2615–2648
The Fiscal Frontier: Projecting AI's Long-term Impact on the US Fiscal Outlook
Brookings Institution — Feb 2025
Flight to Earnings: The Role of Earnings in Periods of Capital Scarcity
Management Science — 69(8), Aug 2023, pp. 4363–4971
Core Earnings: New Data and Evidence
Journal of Financial Economics — 142(3), Dec 2021, pp. 1068–1091
Calendar Rotations
Journal of Financial Economics — 140(3), Jun 2021, pp. 865–893
Evaluating Firm-Level Expected Return Proxies
Review of Financial Studies — 34(4), Apr 2021, pp. 1907–1951
Expectations Management and Stock Returns
Review of Financial Studies — 33(10), Oct 2020, pp. 4580–4626
A Simple Multimarket Measure of Information Asymmetry
Management Science — 64(3), Mar 2018, pp. 1055–1080
Time Will Tell: Information in the Timing of Scheduled Earnings News
Journal of Financial and Quantitative Analysis — 53(6), Dec 2018, pp. 2431–2464
News-Driven Return Reversals: Liquidity Provision Ahead of Earnings Announcements
Journal of Financial Economics — 114(1), Oct 2014, pp. 20–35
A New Approach to Predicting Analyst Forecast Errors: Do Investors Overweight Analyst Forecasts?
Journal of Financial Economics — 108(3), Jun 2013, pp. 615–640
Identifying Expectation Errors in Value/Glamour Strategies: A Fundamental Analysis Approach
Review of Financial Studies — 25(9), 2012, pp. 2841–2875
The Option to Stock Volume Ratio and Future Returns
Journal of Financial Economics — 106(2), Nov 2012, pp. 262–286
Measurement, Regulation, and Disclosure
Financial Reporting and Consumer Behavior
Accounting Review — 100(1), 2025, pp. 407–435
Conflicts of Interest in Subscriber-Paid Credit Ratings
Journal of Accounting and Economics — 70(2), May 2022
Measuring Risk Information
Journal of Accounting Research — 60(2), May 2022
Switching from Voluntary and Mandatory Disclosure: Do Managers View them as Substitutes?
Journal of Accounting and Economics — 68(1), Aug 2019
Asymmetric Trading Costs Prior to Earnings Announcements: Implications for Price Discovery
Journal of Accounting Research — 56(1), Mar 2018, pp. 217–263
Non-Diversifiable Volatility Risk and Risk Premiums at Earnings Announcements
Accounting Review — 89(5), Sep 2014, pp. 1579–1607
Boardroom Centrality and Firm Performance
Journal of Accounting and Economics — 55(2–3), Apr–May 2013, pp. 225–250
Analyst Initiations of Coverage and Stock Return Synchronicity
Accounting Review — 87(5), Sep 2012, pp. 1527–1553
Labor Economics
Inside the Black Box of Doctoral Education
Educational Evaluation and Policy Analysis — 29(2), Jun 2007, pp. 134–150
Surveys and Monographs
Teaching and Learning Economics with AI: A Guide
The Ultimate Guide to Teaching Economics (Norton Press) — 2025
Analysts' Forecasts and Asset Pricing: A Survey
Annual Review of Financial Economics — 89(5), Sep 2016, pp. 1597–1607
Alphanomics: The Informational Underpinning of Market Efficiency
Foundations and Trends in Accounting — Vol. 9, 2015, pp. 59–258