Embedded Files
Generative AI and Firm Values [abstract]
with Gregor Schubert, Miao Ben Zhang, and Bledi Taska
Journal of Finance, forthcoming
SSRN · NBER slides · AFA AI panel slides · AFA panel video (min. 23) · Data
Media: WSJ, Bloomberg, Barron's op-ed, Barron's, FT Alphaville, Marginal Revolution, VoxEU, Forbes
Generative AI and Finance [abstract]
with Gregor Schubert
Annual Review of Financial Economics 17 (2025): 363–393
SSRN · Harvard Law School Forum summary
Bonds versus Equities: Information for Investment [abstract]
with Huifeng Chang and Adrien d'Avernas
Journal of Finance 79(6) (2024): 3893–3941
SSRN · Anderson Review summary
Complex Asset Markets [abstract]
with Hanno Lustig and Lei Zhang
Journal of Finance 78(5) (2023): 2519–2562
SSRN · NBER video presentation · Executive summary · Video interview · Anderson Review summary
with Bernard Herskovic, Sriram Rajan, and Emil Siriwardane
Review of Financial Studies 36(2) (2023): 615–677
SSRN · Online appendix · Workshop video
The Economics of Intangible Capital [abstract]
with Nicolas Crouzet, Janice Eberly, and Dimitris Papanikolaou
Journal of Economic Perspectives 36(3) (2022): 29–52
SFS Cavalcade keynote slides · Keynote audio
Lead article
with Antonio Falato and Mindy Xiaolan
NBER Macroeconomics Annual 37 (2022): 1–61
SSRN · NBER Digest summary · Anderson Review summary
Discussion: Comment by Giovanni Violante, Comment by Eric Zwick, Editorial comment, General discussion
Media: Marginal Revolution, Bloomberg, Financial Post
with Edward T. Kim and Dimitris Papanikolaou
Critical Finance Review 11(2) (2022): 299–332
SSRN · Data (GitHub) · Future Proof video (min. 10)
Media: Barron's, Anderson Review, VoxEU
Total Returns to Single-Family Rentals [abstract]
Lead article · Edwin Mills Best Paper Award
with Andrew Demers
Real Estate Economics 50(1) (2022): 7–32
Media: CityLab, USA Today, Anderson Review
The Cross Section of MBS Returns [abstract]
Lead article
with Peter Diep and Scott Richardson
Journal of Finance 76(5) (2021): 2093–2151
Capital Reallocation [abstract]
with Yu Shi
Annual Review of Financial Economics 10 (2018): 361–386
SSRN · Online appendix · Capital reallocation data
Government Guarantees and the Valuation of American Banks [abstract]
with Andrew Atkeson, Adrien d'Avernas, and Pierre-Olivier Weill
NBER Macroeconomics Annual 33 (2018): 81–145
Measuring the Financial Soundness of U.S. Firms, 1926–2012 [abstract]
with Andrew Atkeson and Pierre-Olivier Weill
Research in Economics 71 (2017): 613–635
Aggregate External Financing and Savings Waves [abstract]
with Tyler Muir
Journal of Monetary Economics 84 (2016): 116–133
SSRN · Cost of external finance data · Online appendix
Entry and Exit in OTC Derivatives Markets [abstract]
with Andrew Atkeson and Pierre-Olivier Weill
Econometrica 83(6) (2015): 2231–2292
SSRN · Online appendix · VoxEU commentary · Companion paper: The Market for OTC Derivatives
The Value and Ownership of Intangible Capital [abstract]
with Dimitris Papanikolaou
American Economic Review: Papers & Proceedings 104(5) (2014): 189–194
Organization Capital and the Cross-Section of Expected Returns [abstract]
Amundi Smith Breeden First Prize
with Dimitris Papanikolaou
Journal of Finance 68(4) (2013): 1365–1406
SSRN · Supplementary appendix · UCLA Anderson summary
CEO Turnover in a Competitive Assignment Framework [abstract]
with Camelia Kuhnen
Journal of Financial Economics 109(2) (2013): 351–372
Leasing, Ability to Repossess, and Debt Capacity [abstract]
with Adriano Rampini
Review of Financial Studies 22(4) (2009): 1621–1657
Managerial Incentives, Capital Reallocation, and the Business Cycle [abstract]
Jensen Prize, Second Place
with Adriano Rampini
Journal of Financial Economics 87(1) (2008): 177–199
New or Used? Investment with Credit Constraints [abstract]
with Adriano Rampini
Journal of Monetary Economics 54(8) (2007): 2656–2681
Smoothing with Liquid and Illiquid Assets [abstract]
Journal of Monetary Economics 54(6) (2007): 1572–1586
Capital Reallocation and Liquidity [abstract]
Lead article
with Adriano Rampini
Journal of Monetary Economics 53(3) (2006): 369–399
SSRN · Capital reallocation data
Endogenous Liquidity in Asset Markets [abstract]
Lead article · Smith Breeden Distinguished Paper Award
Journal of Finance 59(1) (2004): 1–30
Reprinted in Liquidity and Crises, eds. Franklin Allen, Elena Carletti, Jan Pieter Krahnen, and Marcel Tyrell (Oxford University Press, 2011)
SSRN · Liquidity and Crises (book)
Comments and Reviews
Comment on “The Global Rise of Corporate Saving” by Peter Chen, Loukas Karabarbounis, and Brent Neiman [abstract]
Journal of Monetary Economics 89 (2017): 20–24
SSRN · SAS code · US corporate flows data
Book Review: Jonathan Haskel and Stian Westlake, Restarting the Future: How to Fix the Intangible Economy [abstract]
Business Economics 58(2) (2023): 125–127
Estimated Average Cost of External Finance: US Firms 1980-2010
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