1) “Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets” with John M. Griffin and Federico Nardari, 2010, Review of Financial Studies, 23(8), 3225-3277. Internet appendixEarlier working paper version

2) “Sentiment and Stock Returns: the SAD anomaly revisited” with Felix Meschke, 2010,
Journal of Banking and Finance, 34(6), 1308-1326. View PDF of last working paper version
3) “How Important is the Financial Media in Global Markets?” with John M. Griffin and Nicholas H. Hirschey, 2011, Review of Financial Studies, 24(12), 3941-3992. Earlier working paper version.

4) “InformationEfficiency and Firm-Specific Return Variation,” 2014, Quarterly Journal of Finance 4 (4), 1450018. Earlier working paper version.

5) "Macroeconomic Expectations and the Size, Value and Momentum Factors," with Mikael C. Bergbrant, 2016, Financial Management 45(4), 809-844 (Lead Article). Earlier working paper version. Awarded “Best paper in the Winter 2016 issue of Financial Management”

6) “Rivals’ Competitive Activities, Capital Constraints, and Firm Growth” with Mikael Bergbrant and Delroy Hunter, 2018, Journal of Banking and Finance 97, 87-108.

Complete Working Papers 

“Fooling the Savvy Investor: Secrecy and Hedge Fund Performance” with Olga Kuzmina at the New Economic School and Sergiy Gorovyy at Ellington Management Group.
Status: Under Review.

Research in Progress 

1) "Entrenched Management, Stakeholders, and Capital Structure: Project Summary" with David Frankel of the Melbourne Business School at the University of Melbourne.
Abstract: We study the e§ects of combining managerial entrenchment (Harris and Raviv 1990) with liquidation-averse stakeholders (Titman 1984). When a firm's debt is below (above) its liquidation value, small debt increases have a high (low) marginal cost for the stakeholders: if they lead to insolvency, then the firm must be worth less (more) as a going concern than as the sum of its assets - so it will (not) be liquidated. Because of this declining marginal cost of debt, a firm's value is a nonconcave function of its debt level and thus has multiple local maxima. Consequently, small shocks can cause large jumps in a firm's optimal debt level even in the absence of issuance costs. The model also has many implications for a firm's optimal leverage, liquidation risk, and market value, as well as the welfare of its small stakeholders.

2) Research on new stock exchanges with Carole Comerton-Ford of the University of New South Wales
3) Research on forecast errors and asset pricing with Söhnke Bartram of the University of Warwick. 

Scopus Author ID: 35324800300
ResearcherID: E-8056-2017