Research

Job Market Paper

The Human Capital Behind Accounting Estimates: Evidence from CECL Adoption

I examine how an information-intensive accounting standard affects the employees responsible for producing accounting estimates and whether their working conditions matter for estimate quality. I find that CECL adoption strains risk-management employees responsible for implementing the standard. I also find that the informativeness of credit-loss estimates becomes substantially more sensitive to their working conditions under CECL.

Dissertation Committee: Kalin Kolev (Chair), Heedong Kim, Dexin Zhou, and Edgar Rodriguez-Vazquez

Paper    [Slides]

Working Papers

Economic Policy Uncertainty and Stakeholder Attention in CSR Disclosure

with Mingyuan Kong

We examine how firms adjust CSR disclosure when economic policy uncertainty increases. We find that firms increase disclosure transparency and reallocate attention toward employee-related topics as uncertainty rises, with employee-focused disclosure associated with more favorable subsequent employee perceptions when uncertainty is high.

Under review at The British Accounting Review

Presented at: FMA European Conference 2026; JAAF Symposium (International) 2026; European Financial Management Association Annual Meeting 2025; Financial Management & Accounting Research Conference 2025

Paper

Retail Trading Activity and Informativeness of O/S

with Youngmin Choi and Heedong Kim

We examine the role of retail investors in the informativeness of options trading. We find that the option-to-stock trading volume ratio (O/S) is substantially more predictive of future stock returns when retail trading activity is high, suggesting that retail investors contribute value-relevant information to price discovery.