Publications

Competing for Dark Trades with Paul J. Irvine
Journal of Banking & Finance, forthcoming (2025). Runner-up, Best Paper Award, EFA 2024.
Using recent European restrictions, we show that curbing activity at the most prominent dark pool cuts annual dark trading in affected stocks by more than 50%. Because investors rarely substitute across pools, dark trading behaves less like a connected market and more like a set of independent silos.

Fast Tracks to Boardrooms: Director Supply and Board Appointments with Audinga Baltrunaite
Journal of Corporate Finance (2024), Vol. 88. Media: VoxEU.
Using Italy's high-speed rail expansion as a shock to the cost of serving on boards, we find that a larger supply of non-local directors improves firm–director matching, with high-quality firms upgrading their boards at the expense of lower-quality ones.

Short Selling Equity ETFs and its Effect on Stock Market Liquidity with Valeri Sokolovski
Journal of Financial and Quantitative Analysis (2022), Vol. 57(3). Media: Oxford Business Law Blog.
Using the 2008 short-sale ban, we find short sales of the largest equity ETF (the S&P 500 Spider) rose as investors used it to sidestep the ban, and the ban's damage to stock liquidity was ~30% smaller for the Spider's constituents.

Non-Standard Errors with Albert Menkveld et al. (member of collaboration)
Journal of Finance (2024), Vol. 79(3).

Management Science Reproducibility Collaboration with Miloš Fišar et al. (member of collaboration)
Management Science (2024), Vol. 70(3).

Shorter publications

Fast ETFs, Slow Bonds: Price Adjustment Under Monetary Tightening with J. Mateo Terrada
Finance Research Letters, forthcoming.

Green Gains: REITs' Environmental Performance and Sustainability-Linked Loan Rates with Tanja Artiga Gonzalez, Laura Capera Romero and Xin Yuan
Finance Research Letters (2025), Vol. 71(1).

The Greater the Volume, the Greater the Analyst
Finance Research Letters (2023), Vol. 51. Media: Oxford Business Law Blog.
Using hand-collected Swedish tax records (1997–2007), I show analysts' pay rises with the trading turnover their recommendations generate roughly 1% of a broker's commission revenues.

Common Ownership and Firm Dividend Policies with Alberta Di Giuli and Naciye Sekerci
Finance Research Letters (2021), Vol. 40.

Working papers

Corporate Bond ETFs & Volatility with Caitlin D. Dannhauser
Higher ETF ownership lowers corporate-bond return volatility, especially for less liquid, smaller bonds, as ETF secondary-market trading acts as a liquidity buffer, while primary-market creation/redemption activity raises it.

Warehousing Corporate Bonds via ETFs with Caitlin D. Dannhauser
Bonds under greater selling pressure are more likely to enter ETF creation baskets, letting dealers offload inventory risk and making ETFs a "warehouse" that adds market-making capacity and lowers idiosyncratic volatility.

Shifts in Trading from Stocks to ETFs with Christopher Rigsby
Using the SEC's Tick Size Pilot as a natural experiment, we find ETF volume rises 44% for exposed funds, with stable trading costs, which is evidence that ETFs act as liquidity substitutes during market stress.

Short Sales Announcements and Asset Holdings with Natalie Kessler