Research Interests

Investments and Asset Management (Private Equity, Mutual Funds, Hedge Funds), Financial Markets, Investor Behavior

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Publications

1. Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders
with Itzhak Ben-David and Justin Birru 

• Journal of Financial Economics, Volume 132 (2019).  (SSRN Link) (JFE Link)
• Media coverage: Alpha Architect

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Working Papers

​​1. Decreasing Returns or Reversion to the Mean? The Case of Private Equity Fund Growth

• (Download Paper)
• Finalist Research Award (top 5 papers), European Investment Forum 2019
• Media coverage: Tuck Forum on Private Equity and Venture Capital, European Investment Forum, Institutional Investor, Coller Capital: Private Equity Findings ​​

​​2. What do Mutual Fund Investors Really Care About? 
with Itzhak Ben-David, Jiacui Li, and Yang Song

• (Download Paper)
• R&R
• ​Media coverage: Yahoo! Finance, ETF.com, Columbia Law School’s Blue Sky Blog, CXO Advisory Gruop, CityWire, Alpha Architect

​​3. Unsmoothing Returns of Illiquid Funds 
with Spencer Couts and Andrei Goncalves​

• (Download Paper)
• ​Media coverage: Canadian Investment Review

​​4. The Performance of Hedge Fund Performance Fees 
with Itzhak Ben-David and Justin Birru​​

• (Download Paper)
• ​Media coverage: Wall Street Journal, Financial Times, National Review, Institutional Investor, Promarket, The Evidence-Based Investor, Wealth Professional, Market Watch, Naked Capitalism, Opalesque

​​5. Non-Fundamental Demand and Style Returns
with Itzhak Ben-David, Jiacui Li, and Yang Song

• (Download Paper)​

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Work in Progress

​​1. Where Do Leveraged Buyout Fund Returns Come From?
with Berk Sensoy

​​2. How Smart Are Smart Investors?
with Kevin Mullally

​​3. Mutual Fund Benchmark Changes
with Kevin Mullally

​​4. Correlated Demand, Positive Feedback Trading, and Asset Pricing Factors
with Itzhak Ben-David, Jiacui Li, and Yang Song