Published & Accepted Papers
Are Patents with Female Inventors Under-Cited? Evidence from Text Estimation
Yael Hochberg, Ali Kakhbod, Peiyao Li, Kunal Sachdeva
Journal of Financial Economics 183 (2026): 104307 · NBER Working Paper No. 31592
We document systematic undercitation of women inventors in the patent system. Using causal text estimation, we find that male equivalents of female-invented patents receive 12% more citations and are 16% more likely to become top-decile patents.
Cite
@article{hochberg2026patents,
title={Are patents with female inventors under-cited? Evidence from text estimation},
author={Hochberg, Yael and Kakhbod, Ali and Li, Peiyao and Sachdeva, Kunal},
journal={Journal of Financial Economics},
volume={183},
pages={104307},
year={2026},
doi={10.1016/j.jfineco.2026.104307}
}
The Real Effects of Environmental Activist Investing
S. Lakshmi Naaraayanan, Kunal Sachdeva, Varun Sharma
Review of Financial Studies, forthcoming (published online August 2026)
We examine how environmental activist investors drive firms to reduce their toxic releases, greenhouse-gas emissions, and cancer-causing pollution.
Cite
@article{naaraayanan2026real,
title={The Real Effects of Environmental Activist Investing},
author={Naaraayanan, S. Lakshmi and Sachdeva, Kunal and Sharma, Varun},
journal={Review of Financial Studies},
year={2026},
doi={10.1093/rfs/hhag073},
note={Advance article, hhag073}
}
Widespread Revisions of Self-Reported Emissions by Major US Corporations
Lauren Cohen, Ethan Rouen, Kunal Sachdeva
Nature Climate Change 16 (2026): 33–36
Examining 900 emissions disclosures from 276 of the largest U.S. corporations, we find that 60% of these disclosures are eventually restated.
Cite
@article{cohen2026emissions,
title={Widespread revisions of self-reported emissions by major {US} corporations},
author={Cohen, Lauren and Rouen, Ethan and Sachdeva, Kunal},
journal={Nature Climate Change},
volume={16},
number={1},
pages={33--36},
year={2026},
doi={10.1038/s41558-025-02494-9}
}
Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?
Kunal Sachdeva, André F. Silva, Pablo Slutzky, Billy Xu
Journal of Financial Economics 172 (2025): 104133
We examine Operation Choke Point, a regulatory initiative targeting bank relationships with certain industries. Affected firms fully compensate for lost credit access through non-targeted banks.
Cite
@article{sachdeva2025defunding,
title={Defunding controversial industries: Can targeted credit rationing choke firms?},
author={Sachdeva, Kunal and Silva, Andr{\'e} F. and Slutzky, Pablo and Xu, Billy},
journal={Journal of Financial Economics},
volume={172},
pages={104133},
year={2025},
doi={10.1016/j.jfineco.2025.104133}
}
Skin or Skim? Inside Investment and Hedge Fund Performance
Arpit Gupta, Kunal Sachdeva
Management Science 71.4 (2024): 3357-3383
Funds with greater inside investment outperform on a factor-adjusted basis.
Cite
@article{gupta2024skin,
title={Skin or Skim? Inside Investment and Hedge Fund Performance},
author={Gupta, Arpit and Sachdeva, Kunal},
journal={Management Science},
volume={71},
number={4},
pages={3357--3383},
year={2024},
doi={10.1287/mnsc.2024.4984}
}
Working Papers
Opening the Brown Box: Production Responses to Environmental Regulation
Rebecca De Simone, S. Lakshmi Naaraayanan, Kunal Sachdeva
Working paper, 2026
Firms reduce pollution through strategic production choices: sourcing electricity externally and shifting toward higher-margin products.
Cite
@techreport{desimone2026brown,
title={Opening the Brown Box: Production Responses to Environmental Regulation},
author={De Simone, Rebecca and Naaraayanan, S. Lakshmi and Sachdeva, Kunal},
year={2026},
type={SSRN Working Paper},
institution={Social Science Research Network},
number={4707581},
doi={10.2139/ssrn.4707581}
}
Sustainability Meets Substance: Evaluating ESG Reports in the Context of 10-Ks and Firm Performance
Ethan Rouen, Kunal Sachdeva, Aaron Yoon
Working paper, 2026
ESG reports contain financially material information unique from 10-K filings.
Cite
@techreport{rouen2026sustainability,
title={Sustainability Meets Substance: Evaluating {ESG} Reports in the Context of {10-K}s and Firm Performance},
author={Rouen, Ethan and Sachdeva, Kunal and Yoon, Aaron},
year={2026},
type={SSRN Working Paper},
institution={Social Science Research Network},
number={4227934},
doi={10.2139/ssrn.4227934}
}
Missing the Target? Retirement Expectations and Target-Date Funds
Byeong-Je An, Kunal Sachdeva
Working paper, 2024
Survey evidence reveals that respondents underestimate their labor force participation by 4.8 years on average.
Cite
@techreport{an2024missing,
title={Missing the Target? Retirement Expectations and Target-Date Funds},
author={An, Byeong-Je and Sachdeva, Kunal},
year={2024},
type={SSRN Working Paper},
institution={Social Science Research Network},
number={4763984},
doi={10.2139/ssrn.4763984}
}
Conflicting Objectives of ESG Funds: Evidence from Proxy Voting
Tao Li, S. Lakshmi Naaraayanan, Kunal Sachdeva
Working paper, 2023
ESG funds are more likely to vote against environmental and social proposals when the outcome is uncertain.
Cite
@techreport{li2023conflicting,
title={Conflicting Objectives of {ESG} Funds: Evidence from Proxy Voting},
author={Li, Tao and Naaraayanan, S. Lakshmi and Sachdeva, Kunal},
year={2023},
type={SSRN Working Paper},
institution={Social Science Research Network},
number={3760753},
doi={10.2139/ssrn.3760753}
}
Agency Meets Stability: The Effect of Corporate Governance and Capital Requirements on Bank Lending
Joshua Bosshardt, Ali Kakhbod, Kunal Sachdeva
Working paper, 2023
Capital requirements have divergent effects on bank lending depending on the level of shareholder protection in bank management.
Cite
@techreport{bosshardt2023agency,
title={Agency Meets Stability: The Effect of Corporate Governance and Capital Requirements on Bank Lending},
author={Bosshardt, Joshua and Kakhbod, Ali and Sachdeva, Kunal},
year={2023},
type={SSRN Working Paper},
institution={Social Science Research Network},
number={4342126},
doi={10.2139/ssrn.4342126}
}
Can Health State-Contingent Assets Enable Greater Survival Rates?
Kunal Sachdeva
Working paper, 2020
Using the life settlement market as a natural experiment, I find that access to wealth in poor health states increases survival rates.
Cite
@techreport{sachdeva2020health,
title={Can Health State-Contingent Assets Enable Greater Survival Rates?},
author={Sachdeva, Kunal},
year={2020},
type={SSRN Working Paper},
institution={Social Science Research Network},
number={3620564},
doi={10.2139/ssrn.3620564}
}