Working Papers
[1] Heads I Win, Tails It’s Chance: Mutual Fund Performance Self-attribution
Mutual fund managers exhibit a significant self-attribution bias. Funds displaying stronger self-attribution bias tend to engage in excessive trading in the subsequent reporting period, which negatively impacts their performance.
Presented: Junior Academics Research Seminars (JARS) in Finance 2024
Featured: Morningstar, VettaFi.
[2] Visual Information in the Age of AI: Evidence from Corporate Executive Presentations (with Sean Cao, Yichen Cheng, Yusen Xia, and Baozhong Yang)
Forward-looking visual information about corporate operations from executive presentations is associated with short-term returns and long-term operating performance. Such information is utilized by AI-equipped institutional investors but not by other investors, suggesting a potential AI divide in the era of machines.
Presented: MFA 2025 (scheduled), Purdue Fintech Conference 2024, NBER SI 2024-Big Data and High-Performance Computing for Financial Economics, FARS 2024, HARC 2024, ECGI 2024, The 2023 Research Conference on Capital Market Research in the Era of AI, CICF 2023, 2023 Hong Kong Conference for Fintech, AI, and Big Data in Business, AAAI 2023
Awarded: 2023 PanAgora Asset Management Richard Crowell Prize (third place)
Featured: CLS.
[3] The Politicization of Social Responsibility (with Todd A. Gormley and Manish Jha)
(Revise & Resubmit)
State-level politics appear to impact institutional investors’ voting decisions. Support for SRI proposals is lower in the same state when it is led by Republicans instead of Democrats.
Presented: AFA 2025, CEPR Political Economy of Finance Conference 2024, NBER SI 2024-Corporate Finance, Clemson ESG and Policy Research Conference 2024.
Featured: NBER, Promarket, Harvard CorpGov, VoxEU.