The increased reliance on mutual funds as financial intermediaries has turned the flight to liquidity by individual investors into an aggregate reverse flight to liquidity in financial markets in COVID-19 crisis.
Journal of Finance, forthcoming
Winner of the XiYue Award for Best Paper at CICF 2019
How is monetary policy transmitted through the banking system? We quantify competing theories of monetary transmission by estimating a dynamic banking model.
Winner of the SummerHaven Investment Management Prize for Best Paper at the Wharton--Rodney L. White Center 2019 conference
Featured in March 2019 NBER Digest, "Retail Investors Reach for Income when Interest Rates Fall".
Investors flow into income-generating assets such as high-dividend stocks and high-yield bonds when rates are low. This reaching for income behavior constitutes a transmission channel of monetary policy.
The RFS Rising Scholar Award
Runner up of the RFS Best Paper Award
the WFA Cubist Award for Outstanding Ph.D. Research
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