Published and forthcoming papers
Why is Intermediating Houses so Difficult? Evidence from iBuyers.
Journal of Political Economy, Accepted
with Greg Buchak, Tomasz Piskorski, and Amit Seru
Arbitration with Uninformed Consumers
with Mark Egan and Amit Seru
Review of Economic Studies, Accepted
Monetary Tightening, Commercial Real Estate Distress, and US Bank Fragility
Journal of Political Economy Macroeconomics, Accepted
with Sumit Agarwal, John Grigsby, Ali Hortacsu, Amit Seru, and Vincent Yao
Econometrica, (2024), v.92(4), pp. 1195-1231
with Erica Jiang, Tomasz Piskorski, and Amit Seru
Journal of Financial Economics, (2024), v.159
Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy
with Greg Buchak, Tomasz Piskorski, and Amit Seru
Journal of Political Economy, (2024), v.132(2), pp. 337-721
with Greg Buchak, Amit Seru, and Tomasz Piskorski
NBER Macroeconomics Annual, (2024), v.38, pp.239-287
The Problem of Good Conduct among Financial Advisers
with Mark Egan and Amit Seru
Journal of Economic Perspectives, (2024), v.38(4), pp. 193–210
When Harry Fired Sally: The Double Standard in Punishing Misconduct
with Mark Egan and Amit Seru
Journal of Political Economy, (2022) , v. 130(5), pp. 1184 – 1248
Download: Financial Adviser Data
NBER Research Summary "The Labor Market for Financial Misconduct"
NBER Household Finance Working Group Report
Shadow Bank Distress and Household Debt Relief: Evidence from the CARES Act
with Susan Cherry, Erica Jiang,Tomasz Piskorski, and Amit Seru
AEA Papers and Proceedings, (2022), v.112, pp.509-515
Government and Private Household Debt Relief during COVID-19
with Susan Cherry, Erica Jiang,Tomasz Piskorski, and Amit Seru
Brookings Papers on Economic Activity: Fall 2021, pp. 141-199
The Market for Financial Adviser Misconduct
with Mark Egan and Amit Seru
Journal of Political Economy, (2019), v.127(1), pp. 233–295
Download: Financial Adviser Data
NBER Research Summary "The Labor Market for Financial Misconduct"
NBER Household Finance Working Group Report
Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks
with Greg Buchak, Tomasz Piskorski, and Amit Seru
Journal of Financial Economics, (2018), v.130(3), pp.453-483 (Lead Article)
Jensen Prize (Second Prize)
Download: Lender Classification Data
Financial Market Frictions and Diversification
with Amit Seru and Rui Silva
Journal of Financial Economics, (2018), v.127(1), pp. 21-50
with Joao Granja and Amit Seru
Journal of Finance, (2017), v.72(4), pp.1723-1784
Deposit Competition and Financial Fragility: Evidence from the US Banking Sector
with Mark Egan and Ali Hortacsu
American Economic Review, (2017), 107(1), pp. 169-216
Advertising Expensive Mortgages
with Umit Gurun and Amit Seru
Journal of Finance, (2016), v.71(5), pp. 2371-2416
NBER Household Finance Working group Report
Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?
with Zhiguo He
Management Science, (2016), v.62(2), pp. 303-325
with Amit Seru
Review of Financial Studies, (2014), v.27(4), pp. 1143-1189.
Renegotiation Design: Evidence from NFL roster bonuses
Journal of Law and Economics, (2014), v. 57, pp. 387-430
Estimating the Benefits of Contractual Completeness
Review of Financial Studies, (2013), v.26(11), pp. 2798-2844.
Indirect Costs of Financial Distress in Durable Goods Industries The Case of Auto Manufacturers
with Ali Hortaçsu, Chad Syverson and Sriram Venkataraman
Review of Financial Studies, (2013), v.26(5), pp. 1248-1290.
Is an Automaker’s Road to Bankruptcy Paved with Customers’ Beliefs?
on-line appendix
with Ali Hortaçsu, Chaehee Shin, Chad Syverson and Sriram Venkataraman
American Economic Review, Papers and Proceedings, v.101(3), May 2011, pp. 93-97.
Heterogeneity and Peer Effects in Mutual Fund Proxy Voting
with Michael Ostrovsky
Journal of Financial Economics, v.98(1), October 2010, pp. 90-112.
Cross-Ownership, Returns and Voting in Mergers
with Michael Ostrovsky
Journal of Financial Economics, v.89(3), September 2008, pp. 391-403.
Working Papers
Nar Settlement, House Prices, and Consumer Welfare
with Greg Buchak, Tomasz Piskorski, and Amit Seru
Last Version: August 2024
Book Value Risk Management of Banks: Limited Hedging, HTM Accounting, and Rising Interest Rates
with Joao Granja, Erica Jiang, Tomasz Piskorski, and Amit Seru
Last version: October 2024
Which Banks are (Over) Levered? Insights from Shadow Banks and Uninsured Leverage
with Erica Jiang, Tomasz Piskorski, and Amit Seru
Last version: January 2025