Working Papers ''Capital Structure and ESG Heterogeneity,'' with Y. Luo. ''Debt Dynamics and Default Probabilities,'' with S. Bartram, P. Feldhuetter and Y. Kitapbayev. ''Inflexibility and Leverage,'' with L. Gu and Y. Luo. Revise & Resubmit, Management Science. ''Investment-Based Trade-Off Theory,'' with A. Stahmer. ''Maturity Overhang: Evidence from M&A,'' with Z. Chen, J. Harford and Y. Luo. ''Corporate Investment and Financing Dynamics,'' with D. Sun. Forthcoming, Review of Corporate Finance Studies. ''Does Transparency Increase Takeover Vulnerability?'' with L. Gu. See also Harvard Law School Forum on Corporate Governance and Financial Regulation. ''Optimal Capital and Maturity Structure,'' with H. Leland.