Brooke's Research

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Publications

[1] Investment Function with q in the Presence of Unobserved Shocks    with Kyoo il Kim and Suyong Song

Journal of Financial and Quantitative Analysis (Accepted)

We study the classical relationship between a firm’s investment and Tobin’s q, for which unobserved persistent shocks such as productivity are other important factors of the firm’s investment decision. 

[2] Boardroom Networks and Corporate Investment  with  Suyong Song  [SSRN Working Paper Version] 

 Journal of Corporate Finance, 2024, 84, 102522. 

[3] Natural Disasters and Firm Leasing: A Collateral Channel   (Sole-author)   [SSRN Working Paper Version] 

Journal of Corporate Finance, 2023, 82, 102428. 

[4] Negative Returns on Addition to S&P 500 Index and Positive Returns on Deletion? New Evidence on Attractiveness of S&P 500 vs. S&P 400 Indexes with Anand M. Vijh

Financial Management, 2022, 51, 1127-1164. 

Working Papers

[5] Waiting or Acting: The Effects of Environmental Regulatory Uncertainty on Green Innovation    (Sole-author)   

R&R at Management Science

This paper explores how environmental regulatory uncertainty affects firms' environmental performance. Instead of adopting a "wait-and-see" approach, firms proactively engage in green innovation and R&D activities. The results are consistent with the growth options view of green innovation in polluting firms. 

[6] Partisan Borders: Political Ideology and Frictions in Interstate Job-to-Job Flows  (Sole-author)   

I study how political partisanship imposes interstate job-to-job flow frictions in the United States. I find that interstate job flows decline significantly among politically misaligned states. Sub-period analysis reveals that partisan barriers to mobility were modest in 2001–2011 but have intensified dramatically since 2012, consistent with deepening polarization. These partisan-induced mobility frictions generate a feedback loop where partisanship reduces interstate job moves, leading to deeper sorting. That, in turn, further intensifies polarization and discourages interstate job mobility. This mechanism links ideology-driven labor mobility frictions to the long-run partisan landscape of the country. 

[7] AI Exposure and Household Financial Fragility  with Feng Jiang and Yiming Qian

We construct a new county-level AI exposure measure and show that households in high AI exposure counties experience lower bank deposit growth, reduced equity investment growth in high AI-exposed industries, borrow less, and higher student loan and credit card delinquencies. High AI exposure counties also show weaker employment growth, lower wages, and reduced GDP growth. The results underscore household financial fragility following the generative AI adoption. 

[8] Asymmetric Information and Asset Sales versus Mergers and Acquisitions    with Anand Vijh 

We propose average absolute value of cumulative abnormal returns around earnings announcements (ACARE) as a measure of asymmetric information about a firm’s value. 

Media coverage: Columbia Law School Blue Sky Blog 

[9] Reliable Decision Support with LLMs: A Framework for Evaluating Consistency in Binary Text Classification Applications     with Fadel Megahed, Tessa Chen, Allison Farmer, Gabe Lee, Inez M Zwetsloot 

R&R

We develop a framework adapts psychometric principles to evaluate LLM consistency in binary classification and provide statistical guidance for optimal sample sizes ensures reliable LLM annotation assessment. 

[10] To Innovate or Not To Innovate When Times Are Bad    with Petra Sinagl 

How are managerial incentives to innovate affected by financial crises? We study the role of managerial long-term compensation in inducing innovative output. We document that awarding managers with options during crises substantially increases their incentives to invest in risky projects and produce innovation. 

[11] Disaster Risk, Politicians, Firms, and Capital Exuding: A New Role of Stock Market Participation   with Art Durnev 

We propose a new function of stock market – to align voters’ preferences to politicians’ policies. 

Conference Presentations and Seminars

2026: 

MFA (scheduled), World Bank Institutions and Prosperity Conference: Supporting Firms and Workers (scheduled), EasternFA (scheduled), CES (Emory University 2026 scheduled)

2025: 

MFA, The Friends of Women in Finance 4th Symposium in Greater New York (FWFS-GNY), Miami University, University of Toledo, FMA*, University of Iowa*, Nanjing University*, Fudan University*, Midwest Econometrics Group Conference UIUC*

2024:  

SUNY Buffalo, MFA', EasternFA (x2), FMA, SFA, California State University Fresno, FIU ASFAAG, SEA*, FMA Asia-Pacific*

2023:  

AEA Poster Session, MFA', SFA, FMA, UMASS-Boston CSR Conference, University of Texas at Rio Grande Valley, 6th Erasmus Corporate Governance Conference*, Silicone Prairie Conference*, Federal Reserve Bank of Richmond*

2022:  

FIRS Ph.D. session (accepted), EFA (Eastern), FMA Doctoral Consortium, FMA, SFA, The Fifth Conference on CSR, the Economy, and Financial Markets DePaul University, Nova SBE Finance Ph.D. Countdown, FMCG, FMCG Ph.D. Symposium, Gupta Governance Institute 15th Corporate Governance Conference New Ideas Session*, Silicon Prairie Finance Conference, AsianFA (x2), JFA-PBFJ (Japan), FMA European Doctoral Consortium, Iowa State University, University of Iowa (x2), Florida State University*, Academy of Finance (x2)

2021: 

FMA (x3), FMA New Ideas Session, The 28th Finance Forum, Boca Corporate Governance Conference*,  University of Iowa*, KAEA*, KEA (Korea)*, International Association for Applied Econometrics (IAAE-ASSA)*, Network Science and Economics Conference by NSF*, CEA (Europe/UK) x2

2020: 

University of Iowa (x2)

(*presented by coauthors, ' discussion only)

 Editorial and Scholarly Services

External Reviewer:  

Hong Kong Research Grants Council  2025 (x6), 2024 (x3), 2023 (x2)

Ad hoc referee:  

Financial Management 2025

Journal of Banking and Finance 2025

The Financial Review 2025

Journal of Behavioral and Experimental Finance 2025

Journal of Empirical Finance 2024

Quarterly Journal of Finance 2024

Small Business Economics 2024, 2021

Review of International Business and Finance 2024, 2023

Review of Industrial Organization 2022

International Review of Finance 2026, 2022, 2021

Journal of Finance Issues 2023, 2022

Program committee: 

EFA (Eastern) 2024, 2023

FMA 2023, 2022

SFA 2023, 2022

FMA European 2022

FMA Middle East 2022

FMA Asia/Pacific 2022

Professional services:

Session Chair: 

FMA 2023

EFA (Eastern) 2024 2022

SFA 2022

FMA 2021 

Discussant: 

MFA 2025, 2024, 2023

EFA (Eastern) 2024, 2022

SFA 2025, 2024, 2023, 2022

FMA 2024, 2023, 2021 2020

UMass-Boston CSR conference 2023

FMCG 2022

AsianFA 2022

JFA-PBFJ (Japan) 2022

Academy of Finance 2022

CEA (Europe/UK) 2021