Working Papers
Burnout to Buildout: Coal Exit and the Geography of Transition Costs
Job Market Paper
- Does exiting polluting assets necessarily deliver a green transition? I trace firm-level generation portfolios after a coal exit shock
- Fossil substitution vs. green transition: mandates and incentives expand renewable investment, but can carry geographic costs
- Counterfactuals from a firm decision model: aligning policy with resource geography reduces these costs without increasing emissions
Presentations: Durham (2026), CICF (2026), Exeter Sustainable Finance Conference (2026), SFIC Annual Conference (2026 Birmingham)
Paper (Sep 2026) Slides (Feb 2026)
Banking on Forest
Revise and resubmit, Journal of Money, Credit and Banking
- Credit markets distinguish between physical forest shocks and regulation-driven transition risk
- Fire-induced loss is priced throughout; human-induced loss only after EUDR, especially for EU operators
- Loan access supports green transition through responsible sourcing, reforestation, and plant divestiture
Presentations: Durham (2025), CICF (2025), GRASFI PhD Workshop (2025 Edinburgh), FMA (2025), FMA Europe (2025), Conference on Contemporary Issues in Banking (2025 St Andrews), Cardiff-Leeds Sustainable Finance Conference (2026 Leeds), etc.
Paper (Jan 2026) Slides (Dec 2025)
Trading Under Scrutiny: Social Media Attention and Congressional Trading
- Comprehensive dataset of congressional trades constructed through structured scraping, OCR, LLMs, and manual collection
- Individual-targeted Twitter discussions reduce trading volume and returns, especially for influential politicians and before elections
- Findings suggest social media acts as a disciplining force that complements the STOCK Act of 2012
Presentations: CICF (2026)
Publications
Political Network and Muted Insider Trading
Journal of Corporate Finance, 2026
- Chairman–politician network built from biographical data, capturing the strength, rank, and duration of ties
- Political networks as informal governance in China: connected firms engage in less insider trading
- Stronger effects in non-SOEs and around M&A and major policy events, when private information is especially valuable
Presentations: Midwest FA (2023), FMA Europe (2023), FMA (2024), etc.
DOI: 10.1016/j.jcorpfin.2026.103007