Published Papers

• “Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from
Venture and Non-Venture-Backed Companies,” with Paul Gompers, Journal of Finance 52, no.5,
December 1997.
– Awarded the Smith Breeden Distinguished Paper in 1998 for the best paper published in the
Journal of Finance .
– Reprint in Venture Capital, ed. Mike Wright, Harry J. Sapienza and Lowell W. Busenitz.
– Reprint in Empirical corporate finance Volume 1, ed. Michael J. Brennan, Edward Elgar Pub-
lishing.

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• “Is the Abnormal Return Following Equity Issuances Anomalous?,” with Chris Geczy and Paul
Gompers, Journal of Financial Economics 56, 2000.

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• “Inference in Long-Horizon Event Studies: A Bayesian Approach with Application to Initial Public
Offerings,” Journal of Finance 55, no.5, 2000.

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• “Competing Theories of Financial Anomalies,” with J.B. Heaton, Review of Financial Studies 15
no. 2, 2002.
– Awarded the Barclays Global Investors (BGI) Michael Brennan Award in 2003 for the best
paper published in the Review of Financial Studies.
– Reprint in The Psychology of World Equity Markets - ed. by Werner De Bondt. Edward Elgar
Publishing Ltd.

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• “The Role of Lock-ups in Initial Public Offerings,” with Paul Gompers, Review of Financial Studies
16 no.1, 2003. (Lead Article).

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• “Asset Pricing with Heterogeneous Consumers: Empirical Evidence,” with George Constantinides
and Chris Geczy, Journal of Political Economy 110 no. 4, 2002.
– Reprint in Financial Markets and the Real Economy - ed. John H. Cochrane. Edward Elgar
Publishing Ltd.

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• “An Empirical Analysis of Analysts’ Target Prices: Short Term Informativeness and Long Term
Dynamics,” with Roby Lehavy, Journal of Finance 58 no. 5, 2003.
 – Nominated for the 2003 Smith-Breeden Prize.

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• “Market Indeterminacy,” with J.B. Heaton, The Journal of Corporation Law 28(4), 2003.

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• “The Rational-Behavioral Debate in Financial Economics,” with J.B. Heaton and Alexander Rosen-
berg, Journal of Economic Methodology 11(4) 2004. (Lead Article).
– Reprint in the ICFAI Journal of Behavioral Finance 1 (3) 2004.

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• “Payout policy in the 21st century,” with John R. Graham, Campbell R. Harvey, and Roni Michaely,
Journal of Financial Economics 77(3), September 2005. (Lead article).
– Jensen Prize for the best corporate finance paper published in the Journal of Financial Eco-
nomics.
– The data used in the payout survey can be downloaded here.

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• “Using Expectations to Test Asset Pricing Models,” with Reuven Lehavy and Roni Michaely, Fi-
nancial Management 34(3), Autumn 2005.
– “The long-term expectations used in this paper can be downloaded here.

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• “Managerial Response to the May 2003 Dividend Tax Cut,” with John Graham, Campbell Harvey,
and Roni Michaely, Financial Management, 37(4) Winter 2008. (Lead Article)

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• “The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Sur-
vey Evidence,” with John Graham, Campbell Harvey, and Roni Michaely, National Tax Journal,
September 2008.

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• “Hedge Fund Activism, Corporate Governance, and Firm Performance,” with Wei Jiang, Frank
Partnoy, and Randall Thomas, Journal of Finance 63(4), August 2008.
– Finalist for the 2008 Brattle Award.
– Reprint in Foundations of Corporate Law, 2nd edition, by Roberta Romano, August 2010.

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• “Evidence on the Tradeoff between Risk and Return for IPO and SEO Firms,” with Roni Michaely,
Michael Roberts, and Rebecca Zarutskie, Financial Management 38(2), 2009. (Lead Article).

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• “Returns to Hedge Fund Activism,” with Wei Jiang, Frank Partnoy, and Randall Thomas, Financial
Analysts Journal 64(6), November/December 2008.

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• “The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?,” with Michael W.
Brandt, John R. Graham, and Alok Kumar, Review of Financial Studies 23(2), 2010.

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• “Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds,” with Michael

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• “The Limits of the Limits of Arbitrage,” with J.B. Heaton and Si Li, Review of Finance 14, 2010.
– Runner-up for the 2010 Deutsche Bank Best Paper Prize at the Review of Finance.

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• “Hedge Fund Activism: A Review,” with Wei Jiang and Hyunseob Kim, Foundations and Trends
in Finance 4(3), 2010.

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• “Empty Voting and the Efficiency of Corporate Governance,” with Richmond D. Mathews, Journal
of Financial Economics 99(2), 2011.

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• “Hedge Fund Activism,” with Wei Jiang and Hyunseob Kim, Chapter 7 in Research Handbook on
Hedge Funds, Private Equity and Alternative Investments, Edited by Phoebus Athanassiou, 2012.

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• “Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy, with Lucian Bebchuk,
Robert Jackson and Wei Jiang, Journal of Corporation Law, 39, Fall 2013.

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 • “The Long-Term Effects of Hedge Fund Activism,” with Lucian Bebchuk and Wei Jiang, Columbia
Law Review,115(5), June 2015. (Lead Article)

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• “Recent Advances in Research on Hedge Fund Activism: Value Creation and Identification,” with
Wei Jiang and Hyunseob Kim. Annual Review of Financial Economics, Volume 7, 2015.

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• “The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes,”
with Wei Jiang and Hyunseob Kim. Review of Financial Studies, 28(10), 2015. (Lead Article)

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• “Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias,” with J.B.
Heaton. Washington University Law Review, 93(2), 2015.

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• “How Does Hedge Fund Activism Reshape Corporate Innovation?,” with Wei Jiang, Song Ma, and
Xuan Tian, Journal of Financial Economics 130(2), 2018.

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• “Anti-Activist Legislation: The Curious Case of the Brokaw Act,” with J.B. Heaton and Jonathan
Zandberg, forthcoming Journal of Business, Entrepreneurship and the Law.

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• “Dancing with Activists,” with Lucian Bebchuk, Wei Jiang, and Thomas Keusch, forthcoming Jour-
nal of Financial Economics.

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Working Papers

• “Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting,” with
Matthew Cain and Jonathon Zytnick.

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• “Picking Friends before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests”
with Wei Jiang, Tao Li, and James Pinnington.

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 • “Wolf Pack Activism,” with Amil Dasgupta and Richmond Mathews.

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• “The Choice of Listing on and Delisting from a Stock Exchange,” 2006, with Omer Brav and Wei
Jiang.

• “Did ERISA’s prudent man rule change the pricing of dividend omitting firms?,” 1998, with J.B.
Heaton.

• “Explaining the Underperformance of Initial Public Offerings: A Cumulative Prospect Theory Ap-
proach?,” 1996, with J.B. Heaton.

Non-Academic Articles

• “The real questions about market efficiency,” with J.B. Heaton, Financial Times, August 27th 2003.