I am a Ph.D. Candidate in Accounting at Haas School of Business, UC Berkeley. I expect to receive a PhD degree by May 2020.
Curriculum Vitae (link)
My research interest broadly lies in the area of Capital Markets Research, and I am particularly interested in how asymmetrical information among market participants—especially with regards to non-traditional financial information—impacts capital markets, and the role of information intermediaries in leveling the playing ground.
In my job market paper, I study a novel question of whether managers obtain and exploit private information about who are buying and selling their firms’ stocks. To do so, I examine insider trading prior to activist investors’ disclosure of Schedule 13Ds. Schedule 13Ds are required when investors have acquired more than 5% of a firm’s shares, and cause a approximately 6% price jump upon disclosure. I document that insider purchases (sales) are abnormally high (low) in the days and prior to the disclosure of Schedule 13Ds, leading to significant profits through insider tradings. And interestingly, the pre-disclosure insider trading is predictive of the firms’ future stock and operating performance.
PhD Candidate, Accounting
Haas School of Business, UC Berkeley