Professor of Finance
Yale School of Management

Faculty Research Fellow (CF, PIE)
National Bureau of Economic Research


Curriculum Vitae
Google Scholar

Research Interests

Primary: Innovation, Entrepreneurial Finance, Corporate Finance, AI and Big Data
Secondary: Corporate Strategy, Law and Economics, Antitrust, Labor Economics, Education


[1] “Persuading Investors: A Video-Based Study” (with Allen Hu)
Journal of Finance, Forthcoming, 2023
[Online Appendix] [VOX]

[2] “Private Equity and Financial Stability: Evidence from Failed-Bank Resolution in the Crisis” (with Emily Johnston-Ross and Manju Puri)
Journal of Finance, Forthcoming, 2023
[Online Appendix] [NBER Digest]

[3] “Young Firms, Old Capital” (with Justin Murfin and Ryan Pratt)
Journal of Financial Economics, 2022
[Online Appendix]

[4] “Bankrupt Innovative Firms” (with Joy Tianjiao Tong and Wei Wang)
Management Science, 2022
[Online Appendix]

[5] “Killer Acquisitions” (with Colleen Cunningham and Florian Ederer)
Journal of Political Economy, 2021 (Lead Article)
[Online Appendix] [Microeconomic Insights] [Video Animation]

[6] “The Life Cycle of Corporate Venture Capital” (solo)
Review of Financial Studies, 2020
[Online Appendix]

[7] “How Does Hedge Fund Activism Reshape Corporate Innovation” (with Alon Brav, Wei Jiang, and Xuan Tian)
Journal of Financial Economics, 2018
[Online Appendix]

[8] “Firm Age, Investment Opportunities, and Job Creation” (with Manuel Adelino and David Robinson)
Journal of Finance, 2017
[Online Appendix] [Data Appendix] [VOX]

Under Revision

[9] “Technological Obsolescence” (solo)
Review of Financial Studies, Revise and Resubmit, 2023
[Online Appendix]

[10] “The Education-Innovation Gap” (with Barbara Biasi)
American Economic Review, Reject and Resubmit, 2023
[Online Appendix] [VOX]

[11] “Data Sales and Data Dilution” (with Ernest Liu and Laura Veldkamp)
Journal of Financial Economics, Revise and Resubmit, 2024
[Brookings Working Paper]

Working Papers

[12] “Innovation Networks and R&D Allocation” (with Ernest Liu)
Working Paper, 2024
[Online Appendix]

[13] “Steering Labor Mobility Through Innovation” (with Wenyu Wang and Yufeng Wu)
Working Paper, 2023

[14] “The Economic Value of Science” (with Xugan Chen and Ernest Liu)
Preliminary Working Paper, 2023

[15] “Payout Taxation and Corporate Investment: The Agency Channel” (solo)
Resting Paper, 2020


Public Goods