Skip to the content.

I work in the Finance Department, University of Minnesota where I am a Professor of Finance and Piper Jaffray Endowed Faculty Fellow. I have also been a Visiting Professor at the Shanghai Advanced Institute of Finance for a number of years.



My papers on SSRN

My google scholar page

My LinkedIn

Virtual Corporate Finance Seminars

In early 2020 due to Covid-19, some of us were concerned about the potential impact on academic seminars and conferences in corporate finance. As a result Gordon Phillips (Dartmouth), Max Maksimovic (Maryland) and I, created a virtual weekly seminar series for corporate finance. It started May 2020, and we generally run during the teaching terms - except during the recruiting months.

We are very happy that Michael Weisbach (OSU) has joined us as an organizer as of mid-2022. Currently seminars are scheduled through the end of 2022, see:

Midwest Finance Association

I was the President of the MFA in 2017-2018 and I still have a soft spot for the organization, see

My MFA Presidential address from San Antonio 2018 was about the impact of Machine Learning on finance. This is a topic of particular interest to me since Is All That Talk Just Noise? The Information Content of Internet Stock Message Boards, 2004 Journal of Finance (with Werner Antweiler).

Recent papers

The Effect of Taxation on Corporate Financing and Investment (with Hong Chen) 2022, Review of Corporate Finance Studies, 11, 47 - 87, Editorial Paper Spolight by Uday Rajan

Financing Corporate Growth (with Ali Sanati) 2021, Review of Financial Studies, 34, 4926 - 4998, Presentation slides

The Trade-off Theory of Corporate Capital Structure (with Hengjie Ai and Ali Sanati) 2021, Oxford Research Encyclopedia of Economics and Finance

The Pecking Order Theory of Capital Structure (with Vidhan Goyal and Tao Shen) 2020, Oxford Research Encyclopedia of Economics and Finance

Working papers

Empirical Corporate Capital Structure, October 2022 with Vidhan Goyal. This is a first draft of a chapter for the Handbook of Corporate Finance.

Equilibrium Defaultable Corporate Debt and Investment, February 2022 with Hong Chen

Debt Financing Investment in the Long Run, 2021 (with Hong Chen), Presentation slides

Predicting Firm Profits: From Fama-MacBeth to Gradient Boosting with Keer Yang

Work in progress

Behavioral Machine Learning? with Keer Yang

Federal Funds and Corporate Investment: The Equity Financing Channel. With Mehdi Beyhaghi, Ping McLemore and Ali Sanati.

How Important are Corporate Debt Financing Constraints? with Ali Sanati

Discussions at conferences

2021 NFA, discussion of Mai, Economic Narratives and Market Outcomes: A Semi-supervised Topic Modeling Approach

2021 WFA, discussion of Jung, Kadyrzhanova and Subramanian, Capital Structure under Imperfect Product Market Competition

2020 Minnesota Corporate Finance Conference, discussion of Coven, Gupta and Yao, Urban Flight Seeded the Covid-19 Pandemic Across the US

2020 NFA, discussion of Halling, Yu and Zechner, The Dynamics of Corporate Debt Structure

Teaching materials

Masters Level (MSF and MBA)

Machine Learning for Finance, MSF 2021, 2022

Finance in the Macroeconomy, MSF 2021, 2022

World Economy, MBA 2021, 2022

PhD Level

Empirical Corporate Finance, PhD 2020, 2022.

PhD Class Handout. As you read a paper: the usual questions