• When Automation Meets Accountability: International Evidence from Robotics Adoption and ESG Incidents, with Sadok El Ghoul, Omrane Guedhami, and Siqi Wei. (Draft available upon request)

Presentations: FMA 2025 (scheduled), International Behavioural Finance Conference (scheduled).​

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• Using global industrial robotics data as a proxy for automation, and ESG incident measures as a proxy for ESG risk, we find that robotics stock and flow are positively associated with higher firm-level ESG risk, including the frequency of ESG incidents, the overall ESG risk index, and the severity, reach, and novelty of these incidents.

• The impact is more pronounced for environmental- and social-related incidents.

• Using internet fixed broadband subscriptions and population aging measures as instruments, we show that these results are causal.

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• Endogenous Preference and Green Bond Pricing, with Ming Li, Nancy Tran, and Matthew Wilson. (SSRN link).

Presentations: University of Richmond Research Symposium, Robins School Research Lunch, FMA 2024, CEMA 2025, EFMA 2025, CICF 2025, AAA 2025 Global Emerging Scholar Research Workshop.​

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• Using a macro model based on endogenous preference theory, our paper explores how climate change concern captured by news media influences green bond premiums.

• Empirical analysis of U.S. municipal bonds shows that green bonds are traded at 7 basis points lower than non-green bonds during the periods of increased climate change concerns.

• Investors' non-financial motives rather than their desire to hedge against climate risk are the primary mechanisms driving our results.

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• Do Corporate Insiders Take Advantage of Their Political Connections? Evidence from Insider Trading, with Haoyang Xiong (SSRN link).

Presentations: University of Oklahoma, AFFI Conference PhD Workshop 2021, EFMA 2021, SWFA 2022, EFA 2022, FMCG 2022, FMA 2022, University of Richmond Research Symposium, City University of Macau.​​

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• Purchases (sales) by politically connected corporate insiders are associated with lower (higher) abnormal returns compared with non-politically connected insiders, indicating that politically connected insiders in general are sophisticated and cautious about potential legal risk.

• Politically connected insiders are more likely to have longer trading horizons, and more likely to make routine trades.

• The STOCK Act passed in April 2012 effectively decreases (increases) the abnormal returns associated with insider purchases (sales) made by Congress members and staff in short horizons.

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• Unlocking Dormant Accounts: A Catalyst for Sustainable Development, with Romora Sitorus and Agustinus Prasetyantoko.

  • Policy Brief prepared for Think 20 (T20) South Africa.​

 

• Converting NPV and IRR Cash Flows into a Financial Calculator Using an Excel Template, with Tom Arnold and Cassandra Marshall.

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• Creating Private Equity Waterfall Functions in Excel, with Tom Arnold and Cassandra Marshall.

 

• Bond Pricing Mechanics Beyond Yield-to-Maturity Based Calculations, with Maura Alexander and Tom Arnold.