Research

Publications

1. Are There Too Few Publicly Listed Firms in the US?

   with Craig Doidge, George Andrew Karolyi, and René M. Stulz, Financial Review, 2025, 60, 317–329.

   Abstract:

   Doidge, Karolyi, and Stulz (2017) show that from 1999 to 2012, the US develops a listing gap relative to other countries, meaning that it has abnormally few publicly listed firms. In this paper, we update their evidence to 2023 and find that the listing gap increases, but at a low rate. By 2023, the US has about half as many listed firms per capita as other developed countries. We discuss some of the important questions raised by the existence and increase of the listing gap to which we hope researchers will find answers.

   
   
   Coverage: Forbes; Harvard Law School Forum on Corporate Governance
   Congress.Gov: Congressional Research Service (CRS) Report (2025); Congressional Research Service (CRS) Report (2026)

Work in Progress

1. Artificial Intelligence, Opportunity, and Regulatory Uncertainty: Implications for Asset Pricing

   
   Presentations: 2026 AFA PhD Poster Session; 2025 OSU Fisher AI in Business Conference; 2025 SFA; 2025 Heterogeneous Agents in Asset Pricing; 2025 Finance Theory Group
   

2. Physical Climate Risk, Asset Prices, and Labor Productivity

Book Chapters

1. Liquidity Management with Index Futures Contracts for Active Managers

   with Shaojun Zhang, in Derivatives Applications in Asset Management: From Theory to Practice. Springer Nature, 2025.