I am a Ph.D. student in Economics at Goethe University Frankfurt. Since 2016, I have been a research assistant at the chair of Banking and Finance. I did my undergraduate studies in Petroleum Engineering at Sharif University of Technology (SUT), Iran.
My research is focused on the topics related to the information contents of earnings conference calls, corporate disclosures, and corporate governance.
Teaching has always been a top interest in my life, and I have taught as an assistant of Master course Mergers and Acquisitions at Goethe University Frankfurt, Master course on Game Theory and bachelor courses of Mathematics1 and Microecnonimics 1 & 2 at EBS University Wiesbaden. I have also been a teacher assistant of the Undergraduate course of computer programming python at SUT.
I’m interested in the world of machine learning, and NLP coding is my number one hobby. In addition to reading books, other hobbies are bouldering, hiking, and swimming.
Abstract:Initial Coin Offerings (ICOs) provide an opportunity to study the role of information frictions for financial markets in a setting with relatively little regulation. This paper analyzes the role of freelancing human experts (ICO analysts) as information intermediaries. ICO analyst assessments vary in quality and exhibit biases due to the reciprocal interactions of ICO analysts with ICO team members. Investors assign more weight to ratings by high-quality analysts, and they discount reciprocal ratings. Overall, the findings suggest that on this market, too, market discipline works to some extent and intermediaries can play an important role in mitigating information asymmetries.
Abstract: In this study, using a comprehensive dataset on (business) media coverage and textual analysis of the discussions in firms' quarterly earnings conference calls, we show that firms whose management fail to satisfy the demand for information, ceteris paribus, receive less media coverage. Poor information environment hurts the information-creation capacity of the media, while such an environment does not show a similar association with the media's information-dissemination role. Furthermore, this association is more prominent for the professional business media, compared to their non-professional counterparts such as blogs and alternative articles. Our results add nuance to the literature on media coverage bias by showing that the coverage of the firms is mainly driven by the supply-side factors, i.e. the factors affecting the suppliers of the coverage, rather than being demand-driven.
Abstract: It is relatively easy for us humans to detect when a question we asked has not been answered – we teach this skill to a computer. Using a supervised machine learning framework on a large training set of questions and answers, we identify 1,027 trigrams that signal non-answers. We show that this glossary has economic relevance by applying it to contemporaneous stock market reactions after earnings conference calls. Our findings suggest that obstructing the flow of information leads to significantly lower cumulative abnormal stock returns and higher implied volatility. Our metric is designed to be of general applicability for Q&A situations, and hence, is capable of identifying non-answers outside the contextual domain of financial earnings conference calls.
Abstract: Context specific language or jargon helps, by definition, to efficiently and precisely transfer information. However, due to its complex nature, jargon might also be a tool to obfuscate information. This paper studies whether jargon is used in verbal firm disclosures to obfuscate or to efficiently transfer information. We observe that, within the Q&A of earnings conference calls, managers use less jargon in responses to tougher questions, and in calls after a quarter of bad success. Moreover, markets interpret the lack of precise information as a bad signal: we find lower cumulative abnormal returns and a higher implied volatility following earnings calls where managers use less jargon. These results support the argument that an excessive use of non-factual language is perceived as blathering that retards the reduction of information asymmetries.
Abstract: This paper empirically analyzes the role of corporate culture in banking. We define culture based on the Competing Value Framework (Quinn and Rohrbaugh, 1983) and find that banks with a more pronounced competition-oriented culture have stronger bonus-focused compensation schemes. Banks with a strong focus on growth show higher stock returns and banks with a focus on stability show lower bankruptcy risk. These findings support various theories on bank culture (Thakor, 2012; Song and Thakor, 2019) and highlight the importance of corporate culture as a ‘softer’ aspects of governance to enhance banking stability.
Here you can find more details about my teaching assistances.
You can find the soloutions' notebook here.
You can find the soloutions' notebook here.
Please feel free to contact me to discuss possible bachelor/master thesis topics. You can find the guidelines for writing a thesis in our chair in this document.