What's new
[1] Waiting or Acting: The Effects of Environmental Regulatory Uncertainty on Green Innovation (Sole-author)
R&R at Management Science
This paper explores how environmental regulatory uncertainty affects firms' environmental performance. Instead of adopting a "wait-and-see" approach, firms proactively engage in green innovation and R&D activities. The results are consistent with the growth options view of green innovation in polluting firms.
[2] Investment Function with Q in the Presence of Unobserved Shocks with Kyoo il Kim and Suyong Song
Conditionally accepted at the JFQA
We study the classical relationship between a firm’s investment and Tobin’s q, for which unobserved persistent shocks such as productivity are other important factors of the firm’s investment decision.
[3] Partisan Borders: Political Ideology and Frictions in Interstate Job-to-Job Flows (Sole-author)
This study shows that political ideology misalignment reduces interstate job-to-job flows between two states and the effects are especially stronger in recent years. These partisan-induced mobility frictions generate a feedback loop where partisanship reduces interstate job moves, leading to deeper sorting. That, in turn, further intensifies polarization and discourages interstate job mobility. This mechanism links ideology-driven labor mobility frictions to the long-run partisan landscape of the country.
Presentations: MFA 2026 (scheduled), World Bank Institutions and Prosperity Conference: Supporting Firms and Workers (scheduled), Eastern FA 2026 (scheduled), The Friends of Women in Finance 4th Symposium in Greater New York 2025.
[4] AI Exposure and Household Financial Fragility with Feng Jiang and Yiming Qian
We construct a new county-level AI exposure measure and show that households in high AI exposure counties experience lower bank deposit growth, reduced equity investment growth in high AI-exposed industries, borrow less, and higher student loan and credit card delinquencies. High AI exposure counties also show weaker employment growth, lower wages, and reduced GDP growth. The results underscore household financial fragility following the generative AI adoption.
Presentations: The Friends of Women in Finance 4th Symposium in Greater New York 2025, Nanjing University 2025*, Fudan University 2025*, SUNY Buffalo 2024.
[5] Asymmetric Information and Asset Sales versus Mergers and Acquisitions with Anand Vijh
We propose average absolute value of cumulative abnormal returns around earnings announcements (ACARE) as a measure of asymmetric information about a firm’s value.
Presentations: University of Iowa 2025, Miami University 2025, University of Toledo 2025, FMA 2025
Media coverage: Columbia Law School Blue Sky Blog
