Ph.D., Finance, The University of Texas at Dallas
MS, The University of Texas at Dallas
MBA, American University of Beirut
B.A. in Economics, with Distinction, American University of Beirut
Operational Shorting and ETF Liquidity Provision, with Richard Evans, Michael Pagano, and John Sedunov. Revise-and-Resubmit at the Journal of Financial Economics. Featured in the Nasdaq #TradeTalks series on ETF Short Selling in the VSB co-hosted ETF conference with Nasdaq, Synapse 2018. Presented at the FINRA/Columbia University Market Structure Conference on Disruptive and Manipulative Activities, the European Finance Association 45th annual meeting, the Wharton School’s Jacobs Levy Equity Management Center for Quantitative Research 2018 Conference “10th Anniversary of the Financial Crisis,” and the VSB-Nasdaq 2018 Synapse Conference on ETFs.
Phantom of the Opera: ETF Shorting and Shareholder Voting with Richard Evans, Oguzhan Karakas, and Michael Young. Winner of the 4 Nations Cup in May 2019, and the best paper award of the European Financial Management Association in June 2019. Presented at American Finance Association 2020 Annual Meeting. Featured in the Harvard Law School Forum on Corporate Governance, June 2021.
Do ETFs Increase the Commonality in Liquidity of Underlying Stocks? with Vikas Agarwal, Paul Hanouna, and Christof Stahel. Featured in the podcast Do Exchange Traded Funds (ETFs) Increase Volatility and Liquidity Risk? Villanova School of Business podcast series, 2018. Presented at the 28th Annual Conference on Financial Economics and Accounting, INQUIRE Annual Conference, Fourth Annual Global Quantitative Strategy Conference, CQA Trading Seminar, Northern Finance Association Annual Conference, the Third Smart Beta Summit, and the SEC’s Fifth Annual Conference on Financial Market Regulation.
Do Hedge Funds Really Avoid High Idiosyncratic Stocks? with Itzhak Ben-David and Denys Glushkov.
Do ETFs Increase Volatility? Journal of Finance (2018), with Itzhak Ben-David and Francesco Franzoni, lead article. Presented at the Wharton School's Jacobs Levy 2014 Annual Conference, the American Finance Association 2013 meetings, Investment Company Institute 2013 conference, and NYSE Euronext-Paris Annual Hedge Fund 2012 Conference. NBER Working Paper No. 20071. Featured in the NBER Digest, September 2014.
Corporate Governance and Firm Survival, The Financial Review (2018), with Sinan Goktan and Robert Kieschnick. Winner of the Financial Review Editors' Choice Best Paper Award - 2018.
Firm Age, Corporate Governance, and Capital Structure Choices, Journal of Corporate Finance (2018), with Robert Kieschnick. Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation, December 2017. Listed among the most downloaded articles from Journal of Corporate Finance in September 2018.
Exchange Traded Funds (ETFs), The Annual Review of Financial Economics (2017), with Itzhak Ben-David and Francesco Franzoni. NBER Working Paper No. 22829. Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation, Nov. 2016.
Governance Mechanisms and Effective Activism: Evidence from Shareholder Proposals on Poison Pills, Journal of Empirical Finance (2017), with Mireia Gine and John Sedunov.
Capital Structure and Mergers: Retrospective Evidence from a Natural Experiment, Journal of Industry, Competition and Trade (2017), forthcoming, with Sumit Majumdar and Ulku Yaylacicegi.
Motivating Innovation in Newly Public Firms, Journal of Financial Economics (2014), with Nina Baranchuk and Robert Kieschnick. Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation, February 2014.
Do Hedge Funds Manipulate Stock Prices? Journal of Finance (2013), with Itzhak Ben-David, Francesco Franzoni, and Augustin Landier.
Working Capital Management and Shareholder Wealth, Review of Finance (2013), with Robert Kieschnick and Mark LaPlante.
Hedge Fund Stock Trading in the Financial Crisis of 2007-2009, Review of Financial Studies (2012), with Itzhak Ben-David and Francesco Franzoni, lead article.
Mutual Fund Performance when Parent Firms Simultaneously Manage Hedge Funds, Journal of Financial Intermediation (2010), with Gjergji Cici and Scott Gibson.
Do Incumbents' Mergers Influence Entrepreneurial Entry? An Evaluation, Entrepreneurship Theory and Practice(2014), with Sumit Majumdar and Ulku Yaylacicegi.
Mergers and Telecommunications Infrastructure Deployment: A Retrospective Analysis, Competition and Regulation in Network Industries (2014), with Sumit Majumdar and Ulku Yaylacicegi.
Merger Waves and Firm Growth, Annals of Public and Cooperative Economics (2013), with Sumit Majumdar and Ulku Yaylacicegi.
Mergers and synergy: Lessons from contemporary telecommunications history, Telecommunications Policy(2012), with Sumit Majumdar and Ulku Yaylacicegi.
Mergers, Jobs and Wages in the United States Telecommunications Industry, Human Relations (2010), with Sumit Majumdar and Ulku Yaylacicegi.
Is the Efficiency Doctrine Valid? An Evaluation of US Local Exchange Telecommunications Company Mergers, Digital Policy, Regulation and Governance - info (2010), with Sumit Majumdar and Ulku Yaylacicegi.
Honors and Awards:
The McDonough Family Faculty Research Award, Villanova School of Business, May 2019.
The Financial Review Editors’ Choice Best Paper Award for 2018, April 2019.
Villanova University’s Scholarly Achievement Award, Villanova University, March 2019.
VSB Teaching Innovation Grant, Villanova School of Business, May 2017.
Best Paper Award, 2017 Research Excellence Awards, Center for Global Leadership, Villanova University, February 2017.
Best Paper Award, 2016, India Finance Association Conference, Emerald – IFC 2016 Best Paper, Indian Institute of Management, Ahmedabad, India, December 2016.
The ETF Research Academy Grant, 2016, Paris-Dauphine House of Finance and Lyxor Asset Management, Paris, France, June 2016.
Best Paper Award, 2016 Research Excellence Awards, Center for Global Leadership, Villanova University, February 2016.
Best Paper Award, 20th Annual Multinational Finance Society Conference, Izmir, Turkey, July 2013.
Outstanding Ph.D. Student Teacher of the Year, The University of Texas at Dallas, School of Management, 2004.
ETFs; Hedge Funds; Institutional Investors; Investments; Corporate Finance; Corporate Governance
FIN 2323 - Equity Markets and Valuation
MSF 8645 - Quant Finance
MSA 8310 - Advanced Business Applications: Analytics in Fintech & Financial Textual Analysis
VSB 2121 - Special Topics in Finance: Undergraduate Finance Research Seminar
In the News Media:
Simon Constable, "In a Down Market, ETFs Could Make Things Even Worse," The Wall Street Journal, March 3, 2019
Fixed Income Market Structure Advisory Committee - ETFs and Bond Funds Subcommittee , U.S. Securities and Exchange Commission, September 17, 2018. Preliminary SEC Recommendations are available here
Bob Eccles, "Concentration in the Asset Management Industry: Implications for Corporate Engagement," Forbes, April 17, 2019
Joseph DiStefano, “Will ETFs, their prices dependent on hedge fund billions, stay aligned in the next market panic?” The Inquirer/Philly.com, November 28, 2018
Ideas for Leaders, “Wrong Incentives Push CEO to Focus on the Short-term,” July 31, 2018
Robert Pozen and Theresa Hamacher, "Has the death knell of active management been rung too soon?" Financial Times, February 1, 2015
Jay Fitzgerald, "Do ETFs Increase Stock Volatility? ETF ownership of stocks leads to higher volatility and turnover," NBER Digest, National Bureau of Economic Research, September Issue, September 14, 2014
PBS Newshour, "Why is Wall Street becoming more bipolar?" September 12, 2014
Mike Dolan, "A volatile love affair with exchange funds and indexes," Reuters, April 30, 2014
Izabella Kaminska, "When ETFs make things more volatile," Financial Times, April 28, 2014
Larry Swedroe, “Side-by-side arrangements: An unequal alliance,” CBS MoneyWatch, June 4, 2013
Knowledge@Wharton, “Optimizing Working Capital: How to Deploy Liquidity and Create Value,” GE Capital, Americas, Capital Perspectives, May 2013
BizEd, “Some Hedge Funds Fudge the Numbers,” BizEd, May 2013
GE Capital and Knowledge@Wharton, “Improving Working Capital Management to Free Up Cash,” GE Capital, Americas, January 2013
Jason Zweig and Tom McGinty, “Fund Managers Lift Results With Timely Trading Sprees,” The Wall Street Journal, December 6, 2012
Rick Adamczak, “Study reveals some hedge funds inflate stock prices to impress investors,” Daily Reporter, December 11, 2012
Daniel Akst, “Do Hedge Funds Manipulate Stock Prices?” The Wall Street Journal, December 10, 2012
Caitlyn Grudzinski, “ETF Arbitrage May Be Driving Market Volatility,” TheStreet.com, August 2, 2012
Jason Zweig, “The Intelligent Investor: Now That's Performance Art,” The Wall Street Journal, December 24, 2011
Insider Monkey, “Do hedge funds manipulate stock prices?” Insider Monkey, June 2011
AllAboutAlpha.com, “Hedge funds and “stock manipulation”: Perpetrators, accomplices or just in the wrong place at the wrong time (again)?” AllAboutAlpha.com, March 2, 2011
Hannah Glover, “Conflicts in Side-by-Side Management: Mutual Funds Suffer When Managers Also Run Hedge Funds,” Money Management Executive, March 2007
Jack Willoughby, “The Perils of Favoritism,” Barron’s, March 19, 2007
Lawrence Strauss, “New Study on Old Controversy,” Barron’s, February 19, 2007
Michael Shari, “Side-by-Side Surprise,” Institutional Investor, February 7, 2007
John Wasik, “Dual Fund Management Can Pose Conflict,” Bloomberg, November 27, 2006
Alan Lavine, “Sub-Advisors Are in the House,” Financial Advisor, November 2006
Eric Baum, “Side-by-side funds manage around conflict,” Absolute Return Magazine, October 31, 2006
Michael Bauch, “Side-By-Side Management May Favor Hedge Over Mutual Funds,” Investopedia, September 18, 2006
Christopher Small, "Motivating Innovation in Newly Public Firms, Harvard Law School Forum on Corporate Governance and Financial Regulation," Wednesday February 12, 2014
Aaron Dolgoff and Tiago Duarte-Silva, "Fund Performance Indicators The SEC May Be Watching," Law360, Charles River Associates, May 02, 2014
Matt Palmquist, "Pushing CEOs to Be Bold after the IPO, Strategy and Business," PwC Strategy& Inc, September 9, 2014
Jackie Noblett, “Fresh evidence links ETFs to stock volatility,” Ignites magazine, and Financial Times, May 7, 2014
Kristina Zucchi, “How ETF Arbitrage Works,” Investopedia, March 26, 2015
Eleanor Laise, “Is Your Fund Manager Two-Timing You?” The Wall Street Journal, November 1, 2006
Mark Hulbert, “Which Fund Does an Advisor Love More,” The New York Times, July 9, 2006