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

Working Papers

Using unsupervised machine learning, I introduce interpretable and economically relevant risk factors that characterize the cross-section of returns better than the leading factor models, furthermore, I do not use any information from the past returns to select the risk factors. Read More

Grow Faster by Changing Your Innovation Narrative

Published Research

Managers have no shortage of advice on how to achieve organic sales growth through innovation. Prescriptions range from emulating the best practices of innovative companies like Amazon, Starbucks, and 3M to adopting popular concepts such as design thinking, lean startup principles, innovation boot camps, and co-creation with customers. Read More

Forecasting Vehicle Innovations Using Crowdsourced Tournaments

Funded Research Proposal

The 2018-2019 Vehicle Innovations Challenge will track developments in technology, automaker strategies, the competitive landscape and the regulatory environment to inform forecasters about these new issues while involving them in a global crowd-sourced effort to anticipate the trajectory of an industry in upheaval.Read More

Borrow, Buy, and Invest: Complementarity and Substitutability of External Corporate Development Modes

Funded Research Proposal

I aim to contribute to corporate strategy and technology and innovation management literatures by refining the way we think about how firms’ externally accessible resources and capabilities influence those firms’ heterogeneous boundary choices and their resulting outcomes. Read More

Bias-aware AI for Human Capital Management: An Innovative Approach for Algorithmic Job Screening

Funded Research Proposal

A well-known maxim in management is that “your people are your greatest asset”. Recruitment strategies in particular have been linked to firms’ innovative capacity, emphasizing the importance of maintaining competitive advantages in HR as a key goal of effective innovation management. Read More

Commercializing Science: Evidence from Simultaneous Discoveries

Funded Research Proposal

This research project studies two related questions: (1) what shapes the decision to commercialize scientific discoveries, and (2) how does the commercialization strategy of high-technology startups relate to performance outcomes?Read More

Network Externalities and Firm Innovation

Funded Research Proposal

We propose a novel theory of network externalities to explore the causal relationship between a firm’s position in an alliance network and its innovation outcomes. We posit that the network position a focal firm occupies can be unexpectedly and suddenly reshaped by the acquisitions of other firms. Read More

The Corporate Parenting Effect, Revisited

Funded Research Proposal

This project considers whether and how corporate headquarters either add value to or destroy value for the subsidiaries operating under their oversight. This question is a foundational one in the field of strategic management and has been debated for several decades. However, researchers have been limited from fully answering it. Read More

Needless Distraction or Font of Knowledge: Understanding the Relationship between Divestitures and Innovation

Funded Research Proposal

Few studies have examined the impact of divestitures on the innovation performance of firms. In particular, little attention has been paid into how the divestiture of firms’ non-core businesses could influence the innovation outcomes of their core businesses. Read More

Experimentation in Early-Stage Ventures: Evidence from the U.S. Software Industry

Funded Research Proposal

By allowing ventures to obtain market feedback during the product development process, experimentation confers a learning advantage. However, we know little about its costs. In particular, experimenting with an early-stage idea requires some degree of disclosure, leading to imitation risk. Read More

Is FDI Good News for Local Entrepreneurs? Evidence from China

Funded Research Proposal

In opening their markets, governments in developing countries hope to receive foreign direct investment. In addition to direct wage and employment benefits, they also hope that foreign investment can facilitate the growth of local businesses. Read More

Information Provision in the Housing Market

Funded Research Proposal

Improvements in information technology in recent decades has changed our lives and upended industries. One of its major impacts is to make previously inaccessible information accessible, reduce information asymmetries and improve market efficiencies.Read More

Why Do Firms Offer Dicey Perks? The Case of Unlimited Vacation

Funded Research Proposal

The use of employee perks is becoming increasingly important to organizational competitiveness. Consequently, innovating along the human resource dimension has become a strategy imperative for many firms. Typically, firms introduce perks that are complementary to work. However, another set of perks that makes it easier for people to leave the workplace has gain more popularity over time. Read More

How Data Analytics can Improve Innovation Quality post IPO

Funded Research Proposal

This proposal explores how the new generation of information technologies (IT) including AI, automation and data analytics, affect how firms innovate. In particular, we focus on the effect of innovation after a firm went through an IPO. Read More

How IT Innovation Affects Job Design

Funded Research Proposal

The proposed study analyzes a data set of over eighty million online job listings from the years 2010 to 2016 (about 1 to 2 million each month). The data include job titles, locations (MSA), industry (NAICS), employer names — and most importantly for this analysis — detail on the specific skills required for a job. Read More

How the People at the Interface Shape Interfirm Partnerships: Evidence from Simultaneous CVC Investments

Funded Research Proposal

Research examining whether corporate venture capital investments create value, either for startups or established firms, has largely adopted a binary characterization of these relationships, i.e. ‘CVC’ vs ‘no CVC.’ From the startup perspective this entails comparing on average the outcomes of startups that receive CVC investment vs ones that don’t. Read More

Homophily and Consolidation in Intra-Firm Collaboration Networks and their Impact on Innovation Output

Funded Research Proposal

Research in management science has long posited that network structures, specifically the patterns of informal interactions among people, affect information flows and knowledge recombination. Yet, how do different network topologies affect the production of new knowledge and ideas? Read More

Loopholes of Creative Obstruction: The Strategic Gaming of Patent Claims and Families

Funded Research Proposal

This will be a mixed-methods study exploring, for the first time, ways in which firms exploit technicalities in the U.S. patent system with regard to number of claims and continuations. While at first blush this may sound like a technical paper targeting a patent policy audience, it actually will tell us a lot about the revealed strategic positions of hundreds of innovative firms and institutions. Read More