Research interests: Security Analysts and Financial Information; Investor Behavior and Asset Pricing; Household Finance and Financial Technology.
How analysts produce information, influence prices, and help investors assess firms
How attention, beliefs, and information processing shape stock returns
How investment gains and everyday frictions influence household financial decisions
Kewei Hou, Roger K. Loh, Lin Peng, Wei Xiong
Management Science, Forthcoming. Manuscript: August 11, 2026.
Using a broad set of attention measures, the paper finds stronger price momentum but weaker earnings momentum among stocks attracting more attention.
Hyun-Soo Choi, Roger K. Loh
Management Science 70(10), 6597–6621 (2024).
Small obstacles to using physical banking locations can encourage customers to adopt digital banking and change how they pay and save.
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Dong Hong, Roger K. Loh, Mitch Warachka
Journal of Financial and Quantitative Analysis 57(4), 1486–1528 (2022).
The paper examines selling decisions in real estate and finds that larger gains make investors more willing to sell, with property owners accepting lower prices to realize those gains. This behavior is consistent with “realization utility”—the satisfaction investors feel from turning a paper gain into a realized profit.
Roger K. Loh, René M. Stulz
Journal of Finance 73(3), 959–1013 (2018).
Analyst research moves stock prices more in bad times, when uncertainty is high and investors have greater difficulty valuing firms.
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Kewei Hou, Roger K. Loh
Journal of Financial Economics 121(1), 167–194 (2016).
The paper develops a statistical decomposition method to compare explanations for why stocks with greater firm-specific volatility earn lower subsequent returns, finding that investors’ preference for lottery-like stocks is among the most promising explanations.
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Roger K. Loh, Mitch Warachka
Management Science 58(7), 1305–1321 (2012).
Investors are slow to respond when earnings surprises continue a streak, but subsequent price drift is negligible when the streak ends.
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Roger K. Loh, René M. Stulz
Review of Financial Studies 24(2), 593–627 (2011).
Only about one in eight analyst recommendation changes visibly move stock prices, with influence concentrated among particular analysts and circumstances.
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Roger K. Loh
Financial Management 39(3), 1223–1252 (2010).
Stocks receiving less investor attention respond more slowly to analyst recommendations and show larger subsequent price drift.
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Roger K. Loh, G. Mujtaba Mian
Journal of Financial Economics 80(2), 455–483 (2006).
Analysts who forecast earnings more accurately also issue more profitable stock recommendations.
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Roger K. Loh, G. Mujtaba Mian
Journal of Business Finance & Accounting 30(5–6), 749–770 (2003).
Analysts’ earnings forecasts show systematic inefficiencies during the Asian financial crisis that are not evident before the crisis.
Haoyuan Li, Roger K. Loh
Working paper. Linked version: June 28, 2021.
The paper proposes an information-cycle explanation for the tendency of stock returns to repeat themselves in the same calendar month.