Brooke Wang 王佳瑋

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.

[4] When Violence Strikes: The Effects of Mass Shootings on Local Economies and Migration

with Feng Jiang

This paper examines the economic consequences of mass shootings for local communities. Using a stacked difference-in-differences design, we find that mass shootings lead to a deterioration in local economic activity. Affected counties experience declines in entrepreneurship and in the number of medium-sized and large business establishments. We also find that local bank deposits decline, small-business lending falls, and borrowing costs rise. We identify household out-migration as an important channel. Following a mass shooting, households are more likely to leave affected counties, especially for destinations outside the state. The migration is stronger when shootings are more severe, receive greater public attention, and occur in politically liberal counties.

[3] AI Exposure, Job Insecurity, and Household Financial Risk-taking

with Feng Jiang and Yiming Qian

We examine how generative artificial intelligence (GenAI) affects household financial decisions through labor market insecurity by exploiting the release of ChatGPT in November 2022 as an exogenous technological shock. We find that workers in more AI-exposed occupations experience greater job insecurity, while households in more exposed areas respond by reducing equity investments, lowering debt, and decreasing mortgage borrowing. Overall, our findings suggest that AI-driven labor market uncertainty induces more conservative household financial behavior.

[2] 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

[1] 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.

Conference Presentations and Seminars

2026:

Fordham University†, MFA, Society of Labor Economicsts Annual Conference (SOLE), World Bank Institutions and Prosperity Conference: Supporting Firms and Workers (Postponed), EasternFA, CES (Emory University), SEA Presidential Session (Scheduled), FMA (Scheduled), FMA Emerging Scholar Initiative (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*, SFA†

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 2023-present

Ad-hoc Referee:

Financial Management 2025

Journal of Banking and Finance 2026, 2025

The Financial Review 2026 (x2), 2025

Journal of Empirical Finance 2026, 2024

Journal of Behavioral and Experimental Finance 2025

Quarterly Journal of Finance 2024

Small Business Economics 2024, 2021

Review of International Business and Finance 2026, 2024, 2023

Review of Industrial Organization 2022

International Review of Finance 2026, 2022, 2021

Borsa Istanbul Review 2026

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 2026, 2025, 2024, 2023

SEA 2026

EFA (Eastern) 2026, 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

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