Risk Factors That Matter: Textual Analysis of Risk Disclosures for the Cross-Section of Returns

Working Papers

What are the fundamental risks in the economy? Which risks are systematic? Which risks are priced? Are the risks summarized well by existing models? I use machine learning to identify the risks that firms face based on their annual reports. Read More

Data Analytics Supports Decentralized Innovation

Published Research

Data-analytics technology can accelerate the innovation process by enabling existing knowledge to be identified, accessed, combined, and deployed to address new problem domains.Read More

In the Shadow of the Valley: Private Equity Firms’ Increased Prominence in High-Tech Acquisitions

Funded Research Proposal

Why and how do private equity (PE) firms engage in technology acquisitions, and how do they create and capture value in these transactions? Observational data shows initial evidence that not only are PE firms engaging in an increasing number of technology buyouts, they are also seemingly behaving in distinct ways from both corporate acquirers, as well as PE firms in industries other than high-tech.Read More

What is the Importance of Pivoting for Firm Growth?

Funded Research Proposal

Does pivoting matter? How does it affect investment in innovation and firm performance? My goal is to analyze the relevance of pivoting for the development of a small firm into a mature one and to provide a better understanding of what constitutes a small firm.Read More

Artificial Intelligence and Drug Innovation

Funded Research Proposal

Artificial Intelligence (AI) is playing an increasingly important role in the global economy and has transformed many business practices. As AI has advanced beyond the conventionally narrow domains, it is starting to exhibit characteristics of “general purpose technologies (GPT)” that are expected to change the nature of more business innovations and reduce their associated financial costs and time.Read More

Being Innovative Pays Off, But When?

Funded Research Proposal

The research objective is to determine how quickly product innovation translates into higher stock market valuations. The novelty in the research approach is using online consumer reviews on websites including Amazon, eBay; combined with stock market data.Read More

Privacy and Innovation: The Short-run Effects of GDPR on Consumer Engagement

Funded Research Proposal

In today’s connected world, individuals are no longer mere consumers of goods, information and services, but public producers of often valuable data. In fact, personal data is becoming such a core input that The Economist called it “the world’s most valuable resource” ahead of oil.Read More

Adoption of Predictive Analytics: Impact of Model Interpretability

Funded Research Proposal

One of the most important trends in business in recent years has been the growth of Big Data and predictive analytics. The trend started with traditional analytics and the emergence of decision support systems. With advances in machine learning (ML), systems can now take in large amounts of data, learn how human decision-makers have made decisions in the past, and make decisions autonomously (achieving human-level or superhuman performance in many activities). Read More

The Impact of Adopting an AI-Enabled Distribution Channel

Funded Research Proposal

The advance in intelligent technology is changing the way that people search for and purchase products. There is an emerging trend in which consumers are shopping through artificial intelligence (AI) enabled devices such as Amazon’s Alexa and Google Assistant, for a variety of products.Read More

Financing Experimentation

Funded Research Proposal

This project aims to study the strategy of entrepreneurs to finance their experimentation given the presence of adverse selection in capital markets. It quantifies the effect of information frictions on firm value by structurally estimating a dynamic model that features volatile market valuation, strategic experimentation, and dynamic adverse selection.Read More

Impact Investing and Information Disclosure as Tools of Environmental Governance

Funded Research Proposal

Climate change remains a grand challenge of our time. Numerous actors relevant to business—both public and private—have worked to reduce or otherwise mitigate greenhouse gas emissions, and to focus management attention on the issue of climate change.Read More

Strategies for Dynamic Experimentation

Funded Research Proposal

In this project, we seek to update the statistical paradigm for conducting A/B tests in the 21st century. In particular, we plan to develop a statistical framework that takes the guesswork out of deciding when to stop an experiment and to calibrate a firm’s decision thresholds based on their own historical data.Read More

FDA Regulation and Innovation in the Pharmaceutical Industry

Funded Research Proposal

Standard economic theory recognizes a trade-off inherent in intellectual property protection between increased incentives for firms to innovate due to potential monopoly rights and the deadweight loss from those rights.Read More

Failed Disruption: A Cross-National Analysis of Books and Wines

Funded Research Proposal

Over the last two decades many categories of services have shifted from the traditional to the digital format, including music, news, job postings, and dating, among many others. Meanwhile, the sale of products has shifted significantly from physical to online channels, including clothing, toys, cosmetics, and even food.Read More

Algorithmic Management and Financial Well-Being in the On-Demand Economy

Funded Research Proposal

Uber. Upwork. TaskRabbit. The world of work is transforming and my research agenda attempts to identify and explain 1) how work is changing and 2) how these changes affect workers, especially those who are marginalized or vulnerable.Read More

Economics of Private Equity

Funded Research Proposal

In this paper, I plan to study how financing frictions affect the ability of firms to implement innovations. I am mainly going to focus on the step, when a company has already discovered an innovation opportunity, but does not have resources to finance it, and so needs to get external financing.Read More