Research

Research interests: Corporate Finance, Investments, Corporate Investments in Intangibles, Entrepreneurial finance (Venture Capital, Private Equity, etc.), Corporate Innovations, Corporate Social Responsibility (CSR), ESG, Corporate Culture

Major Publications

“R&D Tax Credits, Technology Spillovers, and Firms’ Product Convergence” (with Seong K. Byun and Han Xia), 2023. Journal of Corporate Finance 80, 1–14.

“Technological Fit and the Market for Managerial Talent” (with Fred Bereskin and Seong K. Byun), 2023. Journal of Financial and Quantitative Analysis 58 (2), 837–874.

Featured in the Columbia Law School (CLS) Blue Sky Blog on Corporations and the Capital Markets

“Incremental vs. Breakthrough Innovation: The Role of Technology Spillovers”
(with Seong K. Byun and Han Xia), 2021. Management Science 67 (3),1779–1802.

Best Paper Award, Entrepreneurial Finance and Innovation Conference, 2015

“The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility” (with Fred Bereskin, Seong K. Byun, and Micah S. Officer), 2018.
Journal of Financial and Quantitative Analysis 53 (5), 1995–2039.

Selected as the top 10 ‘most read’ article at the Journal of Financial and Quantitative Analysis
Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation
Featured in the Transaction Advisors

“Local Corporate Social Responsibility, Media Coverage, and Shareholder Value“
(with Seong K. Byun), 2018. Journal of Banking and Finance 87, 68–86.

Best Paper Award, Southern Finance Association (SFA), 2013

“Absorptive Capacity, Technology Spillovers, and the Cross-Section of Stock Returns” (sole author), 2017. Journal of Banking and Finance 85, 146–164.

Minor Publications

“ESG complementarity in emerging market: Evidence from China” (with Seong K. Byun, Sulei Han, and Jing Xu), 2025. Finance Research Letters 73, 106618.

“CEO Restricted Stock, Incentives, and Corporate Innovations” (with Yi Boli), 2024. Asia-Pacific Journal of Financial Studies 53 (4), 504–525.

“Predicting Stock Market Returns with Average Correlation and Average Variance: Decomposition Approach” (sole author), 2024. Finance Research Letters 63, 105343.

Working Papers

“Do Earnings-Per-Share (EPS) Impede Long-term Performance? A Perspective from EPS Complementarity” (with Seong K. Byun and Sulei Han)

Presented at Virginia Commonwealth University (2021), KAIST (2022)

“Rent-Seeking CSR and Firm Value: Causal Evidence from China’s Anti-Corruption Campaign” (with Qiyun Li and Heungju Park)

Presented at Joint Conference with the Allied Korea Finance Associations (2024)

“Strategic Information Disclosure: The Case of Pending Patents”
(with David T. Angenendt and Bernhard Ganglmair)

Presented at Midwest Economic Theory Conference (2017), Boston Univ. (2017), Searle Center Conference on Innovation Economics (Northwestern Univ., 2015), European Economic Association (2015), IIOC (2015), Tel Aviv Univ., Haifa Univ., Bar-Ilan Univ., E.CA Economics (2014), by co-author

“Strategic Employee Compensation Disclosure”

Presented at The University of Texas at Dallas, 2015

“The Relationship between Institutional Ownership and Corporate Innovation: A Meta-Analysis” (with Sergio Canavati, Tang Wang, and Dirk Libaers)

Presented at Annual Meeting of the Academy of Management (2020)