Research
I like to think of myself as a bit of a finance aficionado. My curiosity knows no bounds, guiding me through a plethora of research endeavors across various disciplines, many of which take me down various rabbit holes. But to me, venturing into rabbit holes of research is like stumbling upon a treasure trove of fun surprises!
Selected working papers
Intangible Liabilities, with Arnt Verriest (KU Leuven), 2024 [Link], R&R (2nd round) at Management Science
Finance Gets Personal: Lasting Effects of Individuals' Crisis Experiences on Investment Choices, with H. Jiang (Michigan State), D. Zhang (OBS), and L. Zheng (UC Irvine) [Link]
Measuring Business Social Irresponsibility: The Case of Sin Stocks, with Patrick Schwarz (HEC Liege), 2024 [Link]
Featured in:
Alpha Architect, "Negative Screening and the Sin Premium"
From Personal Finance to Corporate Finance: How CEOs’ Personal Financial Risk Appetite AffectsThat of Their Firms , with E. Zajac (Kellogg Northwestern) and D. Zhang (OsloMet), 2023 [Link]
Main Publications (in finance, economics, strategy, management, and international business)
The Brand Premium, with Young Dae Kang, Review of Financial Studies, 2025 [Link]
Updated list of Best Brands (2000-2024)
Featured in:
Alpha Architect, "Brand Values and Long-term Stock Returns"
CEO Wealth and Cross-border Acquisitions by SMEs, with G. Benito, D. Zhang, F. Zilja, International Business Review, 2023 [Link]
Zero Leverage Puzzle: Do Labor Laws Matter?, with Arnt Verriest, European Financial Management, 2023 [Link][ungated version]
Employee Satisfaction and Long-Run Stock Returns, 1984-2020, with Y. Kang, Financial Analysts Journal, 2022 [Link][ungated version]
Updated list of Best Companies to Work for (1984-2024)
Featured in:
Financial Times, "Employee wellbeing: satisfaction guarantees better returns"
Institutional Investor, "Want to Pick the Best Stocks? Pick the Happiest Companies"
La Tribune, "Dans une entreprise, des employés satisfaits rendent aussi les investisseurs heureux
The Conversation, "Dans une entreprise, des employés satisfaits rendent aussi les investisseurs heureux
Advisor Perspectives, "The Best Companies to Work For are Also Good Investments"
Bankruptcy Reform, Credit Availability, and Financial Distress, Finance, 2022 [Link]
Winner of the Best Published Paper in 2022
Taking Changes? The Effect of CEO Risk Propensity on Firms' Risky Internationalization Decisions, with E.Zajac, F. Zilja, Journal of International Business Studies, 2022 [Link]
Sovereign to Corporate Risk Spillovers, with P. Augustin, J. Breckenfelder, J. Schnitzler, Journal of Money, Credit, and Banking, 2018 [Link]
Also published as ECB Working Paper No. 1878
Wages and Human Capital in Finance: International Evidence, 1970-2011, with E. Grant, A. Reshef, Review of Finance, 2018 [Link]
2018 Pagano-Zechner Best Paper Award Finalist (Best non-investment paper published in the Review of Finance)
Managerial Risk-taking and Internationalization, with F. Zilja, Academy of Management, 2017 [Link]
Finance and Employment: Evidence from US Banking Reforms, Journal of Banking & Finance, 2014 [Link]
Other Publications
An alternative to shareholder capitalism? A review of Alex Edmans’ “Grow the Pie: How Great Companies Deliver Both Purpose and Profit, Journal of International Financial Management & Accounting, 2023 [Link][ungated version]
Information Acquisition, Foreign Bank Entry, and Credit Allocation, Quarterly Review of Economics and Finance, 2014 [Link]
Bank Deregulation and Relative Wages in Finance, Applied Economics Letters, 2014 [Link]
Essays in Financial Economics, ISBN 978-91-7258-879-0, Stockholm School of Economics, 2013