Research

10. Consequences for Culpable Auditors 

with Jagan Krishnan, Meng Li, and Hyun Park 

Forthcoming, Journal of Accounting Research  (SSRN)

• Cited in PCAOB Release #2024-008; Amendment to Rule 3502 “Responsibility Not to Knowingly or Recklessly Contribute to Violations”

Central Insight: Auditors that are prosecuted for professional misconduct face limited employment and personal consequences.

9. Limits to Political Capture: Evidence from Patenting, Disclosures, and Litigation 

with Christine Cuny and Wanli Zhao 

Forthcoming, Journal of Accounting Research (SSRN)

Central Insight: The design of a regulator can limit the extent to which the agency is susceptible to political influence.

8. Shadow Trading 

with David Reeb and Wanli Zhao 

The Accounting Review, 2021, 96, 367-404 (SSRN) (TAR)

• Winner, Best Paper in Corporate Finance Award – Financial Management Association Annual Meeting

• Selected for Western Finance Association Annual Meeting

• Cited by US Congressional Research Service (Report #LSB11119)

Central Insight: Individuals can circumvent U.S. insider trading restrictions by using private information to trade in economically-linked firms such as competitors and supply chain partners.

7. Politically Connected Governments 

with Christine Cuny and Jungbae Kim 

Journal of Accounting Research, 2020, 58, 915-952 (SSRN) (JAR)

• Selected for the University of Colorado Summer Accounting Research Conference

Central insight: A cost of powerful political representation in Congress is that it weakens local governments' incentives to manage public resources carefully.

6. Politician Careers and SEC Enforcement Against Financial Misconduct 

with Wanli Zhao 

Journal of Accounting and Economics, 2020, 69 (SSRN) (JAE) 

Central Insight: Politicians anticipate adverse reelection consequences of enforcement against local firms for financial misconduct and act to time and limit SEC enforcement against these firms.

5. The Politics of M&A Antitrust 

with Suraj Srinivasan and Wanli Zhao

Journal of Accounting Research, 2020, 58, 5-53 (SSRN) (JAR)

• Lead Article

• Finalist for Best Paper Award, Concurrences Antitrust Writing Awards

• Selected for the University of Chicago Stigler Center Conference on Political Economy

• Selected for Western Finance Association Annual Meeting

Central Insight: The political process adversely interferes with the ability of antitrust regulators to review mergers independently.

4. Machine + Man: A field experiment on the role of discretion in augmenting AI-based lending models 

with Anna Costello and Andrea Down

Journal of Accounting and Economics, 2020, 70, 2-3 (SSRN) (JAE)

• Selected for the Journal of Accounting and Economics Conference

• Selected for the London Business School Accounting symposium

Central Insight: Human insights complement AI-based lending models.

3. Anomalous Operating Performance during Economic Slowdowns 

with Rajiv Banker and Shunlan Fang

Journal of Management Accounting Research, 2020, 32, 57-83 (JMAR)

Central Insight: During economic slowdowns, higher operating performance reported by sales-down firms may be attributable to improvements in operational efficiency rather than earnings management.

2. Audit Office Reputation Shocks From Gains and Losses Of Major Industry Clients 

with Jere Francis and Wanli Zhao 

Contemporary Accounting Research, 2017, 34, 1922-1974 (SSRN) (CAR)

Central Insight: At professional services firms, the gains or loses of industry  leaders has a contagion effect on the gains or losses of other clients in the same industries.

Political Costs and Strategic Corporate Communication 

with Christine Cuny and Jungbae Kim 

Revising for fourth round, Journal of Accounting and Economics (SSRN)

Central Insight: Industries facing political scrutiny strategically direct advertising towards the electorates of the politicians who can impose costs. 

Politically Motivated Capital Expenditures: Evidence from Banking 

with Allison Nicoletti and Wanli Zhao

Under review (Paper here)

• Selected for the University of Colorado Summer Accounting Research Conference

Central Insight: Banks strategically use new branch openings as a means for corporate political influence.