The Review of Financial Studies, 25, 3259-3304, 2012, (with Ji-Woong Chung, Berk Sensoy, and Michael Weisbach)
Wharton-WRDS Best Paper Award WFA 2011
Outstanding Paper Award - 6th International Conference on Asia-Pacific Financial Markets
Featured in Finance and Accounting Memos, Issue 2, 2014
Journal of Corporate Finance, 18 (2), 2012, (with Martin Boyer)
Best Paper Bank of Canada Award, NFA 2010
Journal of Financial Intermediation, 23 (4), 504-540, 2014, (with Martin Boyer)
The Review of Financial Studies, forthcoming (with Isil Erel, Chenhan Tan and Michael Weisbach)
with Ben Bennett, Isil Erel and Jesse Wang
Conference presentations: ECWFC at the WFA, the Pacific Northwest Finance Conference, 2020 AFA annual meeting, 2020 EFA annual meeting, 2021 SFS Cavalcade (scheduled)
We explore how lowering labor market frictions for female workers affects corporate performance. Using the staggered adoption of state-level Paid Family Leave acts, we provide causal evidence on the value created by relieving frictions to accessing female talent, for private and public firms. Reduced turnover and an increase in female leadership are potential mechanisms that contribute to performance gains. Across specifications, our estimates indicate that treated establishments’ productivity increases by about 5% relative to neighbor control establishments. The treatment effect is larger when workers are in less religious counties and in those with more women of childbearing age.
Revise and Resubmit at the Journal of Financial and Quantitative Analysis (JFQA)
This study investigates the importance of corporate boards by exploiting the predictions from a learning model in which capital markets process information and learn about the quality of incoming directors. The estimates suggest that upon the arrival of a new director, uncertainty about governance quality accounts for 9.5% of return volatility. The learning framework is useful to evaluate the importance of governance attributes and the kinds of directors that are more influential in which circumstances. For instance, women on boards are especially important at times when monitoring is necessary.
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