Publications

"Strategic Disclosure and Stock Returns: Theory and Evidence from U.S. Cross-listing," (with Shingo Goto and Yan Xu), Review of Financial Studies, 2009, 22 (4), 1585-1620. Technical Appendix

• 2007 FMA Best Paper Award in Financial Institutions

"Time-Varying Liquidity Risk and the Cross Section of Stock Returns" (with Akiko Watanabe), Review of Financial Studies, 2008, 21 (6), 2449-2486.

• First place, 2006 Turnaround Management Association Paper Competition

"Price Volatility and Investor Behavior in an Overlapping-Generations Model with Information Asymmetry," Journal of Finance, February 2008, 63(1), 229-272. Technical Appendix

Working Papers

• "A Model of Stochastic Liquidity," invited for fourth-round review, Review of Financial Studies. Technical Appendix.

• "Product Market Competition and Equity Returns," 2011 (with Evgeny Lyandres).

• "The Investment Value of Management Earnings Forecasts," 2011 (with Takato Hiraki and Akiko Watanabe)

• "Procyclical Stocks Earn Higher Returns," 2010 (with William N. Goetzmann and Akiko Watanabe).

• "Dynamic Corporate Capital Stocks: Cross-sectional and Inter-temporal Stock Return Patterns," 2009 (with Jacob Sagi and Matthew Spiegel).

Working Papers for Reference

• "Price Impact Costs and the Limit of Arbitrage," 2005, Yale ICF Working Paper No. 00-66 (with Zhiwu Chen and Werner Stanzl).

• "Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows," 2005, NBER #9470, Yale ICF Working Paper No. 02-09 (with Stephen J. Brown, William N. Goetzmann, Takato Hiraki, and Noriyoshi Shiraishi).