Brooke's Research

Google Scholar | SSRN

Publications

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

 Journal of Corporate Finance, 2024, 84, 102522. 

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

Journal of Corporate Finance, 2023, 82, 102428. 

[3] 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

[4] 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. 

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

R&R at the JFQA

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. 

[6] 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. 

[7] 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 findings highlight that political partisanship imposes frictions in interstate job-to-job flows, hindering the efficient allocation of human capital across geographic boundaries. 

[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 

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

2025: 

FMA*, University of Iowa*, MFA, Miami University, Nanjing University*, Fudan University*, University of Toledo, Midwest Econometrics Group Conference UIUC*, Boca Finance and Real Estate Conference (scheduled)

2024:  

SUNY Buffalo, MFA', EasternFA (x2), FMA, SFA, California State University Fresno, FIU ASFAAG, SEA-Korean AEA conference*, 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:  

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 Industrial Organization (2022), Review of International Business and Finance (2024, 2023), International Review of Finance (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 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