Journal Publications

"Show Me the Receipts: B2B Payment Timeliness and Expected Returns" (with Paul Lieberman, Andy Naranjo and Mihail Velikov), Journal of Financial Economics, Accepted.

"Haste Makes Waste: Banking Organization Growth and Operational Risk" (with W. Scott Frame and Ping McLemore), Review of Corporate Finance Studies, Accepted.

"Unintended Real Effects of EDGAR: Evidence from Corporate Innovation" (with Michael Dambra and Leandro Sanz), The Accounting Review, (2024) 99 (6): 75-99.

"Operational Loss Recoveries and the Macroeconomic Environment: Evidence from the U.S. Banking Sector" (with W. Scott Frame, Nika Lazaryan and Ping McLemore), Journal of Banking and Finance, (2024) 165: 107220.

"Workforce Policies and Operational Risk: Evidence from U.S. Bank Holding Companies" (with Filippo Curti and Larry Fauver), Journal of Financial and Quantitative Analysis, (2023) 58 (7): 3085-3120.

"Cyber Risk Definition and Classification for Financial Risk Management" (with Filippo Curti, Jeffrey Gerlach, Sophia Kazinnik and Michael Lee), Journal of Operational Risk, (2023) 18 (2): 37-58.

"Are the Largest Banking Organizations Operationally More Risky?" (with Filippo Curti and W. Scott Frame), Journal of Money, Credit and Banking, (2022) 54 (5): 1223-1259.

"Global Banks and Systemic Risk: The Dark Side of Country Financial Connectedness," (with Ping McLemore and Leandro Sanz), Journal of International Money and Finance, (2022) 129: 102734.  

"Operational Risk Is More Systemic than You Think: Evidence from U.S. Bank Holding Companies" (with Allen Berger, Filippo Curti and John Sedunov), Journal of Banking & Finance, (2022) 143: 106619.

"Foreign Investment, Regulatory Arbitrage, and the Risk of U.S. Banking Organizations" (with W. Scott Frame and Leandro Sanz), Journal of Financial and Quantitative Analysis, (2020) 55 (3): 955-988.

"US Banking Sector Operational Losses and the Macroeconomic Environment" (with Azamat Abdymomunov and Filippo Curti), Journal of Money, Credit and Banking, (2020) 52 (1): 115-144.

"Price Pressure of Trading and Equity Prices in Hedge Fund Activism," Journal of Financial Research, (2020) 43 (1): 153-184.

"Corporate Internationalization, Subsidiary Locations, and the Cost of Equity Capital" (with Andy Naranjo), Journal of International Business Studies, (2019) 50 (9): 1544-1565.

"Property Rights Institutions, Foreign Investment, and the Valuation of Multinational Firms" (with Leming Lin, Leandro Sanz and Detelina Stoyanova), Journal of Financial Economics, (2019) 134 (1): 214-235.

"Operational Risk and Risk Management Quality: Evidence from U.S. Bank Holding Companies" (with Azamat Abdymomunov), Journal of Financial Services Research, (2019) 56 (1): 73-93.

"Fraud Recovery and the Quality of Country Governance" (with Filippo Curti), Journal of Banking & Finance, (2018) 87:446-461.

"Customer-Base Concentration and the Transmission of Idiosyncratic Volatility along the Vertical Chain" (with Andy Naranjo), Journal of Empirical  Finance, (2017) 40: 73-100.

"Predisclosure Accumulations by Activist Investors and Price Impact of Trading," Review of Finance, (2016) 20 (1): 231-263.

Other Publications

"Coming to Terms with Operational Risk" (with Gara Afonso and Filippo Curti), Federal Reserve Bank of New York Liberty Street Economics (January 7, 2019)

"Understanding Cyber Risk: Lessons from a Recent Fed Workshop" (with Gara Afonso, Filippo Curti and Ping McLemore), Federal Reserve Bank of New York Liberty Street Economics (May 17, 2019)