Research
I study how information enters financial markets and affects decisions. My work examines information transmission in markets and the use of information by investors and firms, with applications to market design, artificial intelligence, and investment under uncertainty.
Job Market Paper
Does the Tail Wag the Dog? Tail Risks and Corporate Investment
Sole-authored · Revise and resubmit, International Review of Financial Analysis
Using about 53 million monthly oil-well observations, I find that skewness and kurtosis affect drilling, shut-in, and closure decisions beyond volatility.
Publications and Accepted Papers
Electronic Trading and Price Discovery in Commodity Futures: A Tale of Two Markets
With Kateryna Holland, Scott C. Linn, and Chitru S. Fernando
Journal of Banking & Finance, 2026, 107811. In press; available online August 31, 2026.
We compare the transition to electronic trading in WTI and Brent futures. Trading volume increased in both markets, but their contributions to price discovery moved in opposite directions, highlighting the importance of how a market transition is implemented.
The Relation Between Petroleum Product Prices and Crude Oil Prices
With Louis H. Ederington, Chitru S. Fernando, Thomas K. Lee, and Scott C. Linn
Energy Economics, 2021, 94, 105079
We study how information moves between crude-oil and petroleum-product markets. The influence of crude-oil prices on gasoline and heating-oil prices operates primarily through oil-specific demand shocks rather than oil-supply shocks.
Working Papers
When Tone Loses Its Bite: Financial News Sentiment in the AI Era
Sole-authored · Revise and resubmit, Journal of Economics and Business
I document a shift toward more AI-like financial news and a weaker relation between news sentiment and oil returns as ChatGPT use increases.
The Accuracy of Natural Gas Storage Forecasts and Analyst Anti-herding and Herding Behavior
With Louis H. Ederington and Scott C. Linn
Revise and resubmit, Journal of Commodity Markets
We find persistent differences in forecasters' herding and anti-herding behavior. Greater anti-herding is associated with lower average forecast accuracy.