I am a PhD Candidate in Finance at the University of Glasgow, Adam Smith Business School. I will be on the job market in 2026.
My research interests are in Asset Pricing, Capital Market Efficiency, and Sustainable Finance.
Working Papers
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Investor Sentiment, Institutional Ownership, and Informational Efficiency of Prices
Abstract
Investor sentiment influences both institutional decisions and stock market efficiency, challenging the conventional positive relation between institutional ownership (IO) and the informational efficiency of US stock prices. Using stock-level sentiment beta, we predict and confirm that while institutions generally enhance price efficiency, sentiment beta attenuates the IO-Efficiency relation, particularly in the latter half of the sample (1980Q1–2022Q2) and in pessimistic quarters with low investor sentiment. Our additional analysis shows that institutions underweight high-sentiment-beta stocks. Further decomposition reveals that only fundamental-driven IO enhances price efficiency, while sentiment-beta-driven IO has no significant effect. Our findings establish a direct link between sentiment beta, institutional ownership, and price efficiency, highlighting how sentiment moderates the IO-Efficiency relation and offering new insights into behavioral limits to arbitrage.Presentations: SFA Annual Meeting (Nov. 2025), FMA Europe Meeting (Jun. 2025), EFMA Annual Meeting (Jun. 2025)
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The Real Effect of Investor Disagreement
Abstract
This paper studies the impact of investor disagreement on the market feedback effect. We argue and show that disagreement contains useful private information for managerial learning, such that it is positively associated with investment-to-Q sensitivity. This impact is more pronounced when learning is more likely to occur, namely for R&D investment, for growth firms, and for firms that are less financially constrained. Our analysis based on a disagreement measure constructed from forecast revisions further substantiates this mechanism and helps mitigate reverse causality concerns. We also rule out the alternative explanation that disagreement merely reflects valuation uncertainty. Overall, the study provides evidence on the real effects of investor disagreement.Presentations: BAFA Annual Conference (Scheduled Apr. 2026), Adam Smith Business School PhD Brownbag Seminar (Oct. 2025)
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ESG Investing and Stock Price Informativeness
Abstract
This study examines the impact of environmental, social, and governance (ESG) investing on stock price informativeness (PI), using 53,188 U.S. stock-quarter observations from 1996 to 2020. Price informativeness, measured as the reduction in uncertainty about future earnings based on current prices, improves with higher ESG institutional ownership. The effect is more pronounced for firms with lower ESG performance and higher ESG disclosure quality. Mechanism analysis identifies two primary channels: improved information environments, indicated by increased analyst coverage and EDGAR search volume, and long-term ESG engagement, which promotes sustainable practices and reduces uncertainty. These findings contribute to the ongoing debate on ESG investing's market implications by providing evidence that ESG ownership enhances stock price informativeness, suggesting that ESG integration strengthens market efficiency and financial stability rather than distorting price signals.Presentations: SFA Annual Meeting (Nov. 2025), Adam Smith Business School PhD Brownbag Seminar (Nov. 2024)