About

I teach asset pricing theory to PhD students in the Jones School and the Department of Economics, data-driven finance to students in the Masters of Data Science program in the Department of Computer Science, and generative AI for finance to MBA students in the Jones School. Before joining Rice, I served on the faculties of Northwestern University, Indiana University, Washington University in St. Louis, and Texas A&M University. I served as Senior Associate Dean at the Olin School at Washington University in St. Louis. I am currently an associate editor of the Journal of Finance, and I’m a former editor of the Review of Financial Studies, a former editor of Finance & Stochastics, and a former associate editor of various other academic journals in economics and finance. I’ve written two textbooks and numerous articles in the leading finance and economics journals.

Research topics

• Financial economics
• Econometrics
• Economics
• Monetary economics
• Engineering
• Mathematics
• Microeconomics

Selected publications

• Discretionary Announcement Timing and Stock Returns 

  SSRN Electronic Journal · 2024-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• American Disclosure Options

  SSRN Electronic Journal · 2023-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• American Disclosure Options

  SSRN Electronic Journal · 2023-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• American Disclosure Options

  National Bureau of Economic Research · 2023-12-01

  reportOpen access1st authorCorresponding

  We study strategic disclosure timing by correlated firms in the presence of risk-averse investors.Firms delay disclosures in the hope that positively correlated firms will announce especially good news and lift their own price.Risk premia rise before disclosures, drop when disclosures occur, and then rise again.Conditional risk premia can be much larger than unconditional risk premia.Disclosures are always good news, but disclosures that are only moderately good news induce clustering of disclosures by other positively correlated firms.We present evidence of strategic behavior in earnings announcement timing as predicted by the model.

  PublisherDOI

• Monitoring and Pay for Long-Run Performance

  SSRN Electronic Journal · 2023-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Mediation and strategic delay in bargaining and markets

  Journal of Economic Dynamics and Control · 2022-04-27

  article1st authorCorresponding
  PublisherDOI

• Validity, tightness, and forecasting power of risk premium bounds

  Journal of Financial Economics · 2022 · 42 citations

  1st authorCorresponding
  • Econometrics
  • Economics
  • Financial economics
  PublisherDOI

• Multistage Financing: Milestone Bonuses or Deferred Compensation

  SSRN Electronic Journal · 2022-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Cryptocurrency Venues: Segmentation, Fees, and Tax Policies

  SSRN Electronic Journal · 2022-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• The Asset Pricing Implications of Plausible Deniability

  National Bureau of Economic Research · 2021-01-01

  reportOpen access1st authorCorresponding

  We derive the effect of plausible deniability on asset risk premia in a dynamic setting with correlated firm values, systematic risk, and risk-averse investors. Firms optimally exercise American disclosure options, which are more valuable due to the possibility that other correlated firms may disclose high values, lifting investors' perceptions of the values of nondisclosing firms. Risk premia rise (and average prices fall) prior to disclosures, because investors make inferences about aggregate risks from failures to disclose, resulting in higher state prices for bad states.

  PublisherOA PDFDOI

Frequent coauthors

• Alexander Ljungqvist

  Stockholm School of Economics

  116 shared

• Tao Li

  City University of Hong Kong

  109 shared

• Pierre Collin‐Dufresne

  104 shared

• Vyacheslav Fos

  104 shared

• Kevin Crotty

  Jones College

  23 shared

• Seyed Mohammad Kazempour

  15 shared

• Alberto Teguia

  Jones College

  14 shared

• Ali Kakhbod

  10 shared

Education

• Ph.D.

  Northwestern University

• M.S.

  Indiana University

• B.S.

  Washington University in St. Louis

• M.D.

  Texas A&M University