Working Papers:
[Updated November 2020] A Theory of Socially Responsible Investment (with Marcus Opp)
A Theory of Multiperiod Debt Structure (with Chong Huang and Hongda Zhong), 2019, Review of Financial Studies 32(11), 4447-4500
Maturity Rationing and Collective Short-Termism (with Konstantin Milbradt), 2015, Journal of Financial Economics 118(3), 553-570
[working paper version] [published version] [slides]
Predatory Short Selling (with Markus K. Brunnermeier), 2014, Review of Finance 18(6), 2153-2195
Winner of 2013 Brattle Group Distinguished Paper Award
[working paper version] [published version] [slides]
Non-technical papers:[Updated November 2020] A Theory of Socially Responsible Investment (with Marcus Opp)
Winner of the EFA 2020 Best Paper Prize in Responsible Finance
The Tragedy of Complexity (with Adam Zawadowski)
Gradual Arbitrage
A Theory of Multiperiod Debt Structure (with Chong Huang and Hongda Zhong), 2019, Review of Financial Studies 32(11), 4447-4500
Bank Resolution and the Structure of Global Banks (with Patrick Bolton), 2019, Review of Financial Studies 32(6), 2384-2421
The Anatomy of the CDS Market (with Adam Zawadowski), 2017, Review of Financial Studies 30(1), 80-119
[working paper version] [published version] [internet appendix] [slides]
Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets (with Adam Zawadowski), 2015, Review of Financial Studies 28(12), 3303-3337
[working paper version] [published version] [internet appendix] [slides]
Should Derivatives Be Privileged in Bankruptcy? (with Patrick Bolton), 2015, Journal of Finance 70(6), 2353-2394
Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets (with Adam Zawadowski), 2015, Review of Financial Studies 28(12), 3303-3337
[working paper version] [published version] [internet appendix] [slides]
Should Derivatives Be Privileged in Bankruptcy? (with Patrick Bolton), 2015, Journal of Finance 70(6), 2353-2394
Maturity Rationing and Collective Short-Termism (with Konstantin Milbradt), 2015, Journal of Financial Economics 118(3), 553-570
[working paper version] [published version] [slides]
Predatory Short Selling (with Markus K. Brunnermeier), 2014, Review of Finance 18(6), 2153-2195
Winner of the 2015 Pagano-Zechner Award for the best non-investments paper published in the Review of Finance
Strategic Conduct in Credit Derivative Markets (with Patrick Bolton), 2013, International Journal of Industrial Organization 31(5), 652-658
[working paper version] [published version]
Bubbles, Financial Crises, and Systemic Risk (with Markus K. Brunnermeier), 2013, Handbook of the Economics of Finance Volume
2, 1221-1288
[working paper version] [published version]
Winner of 2013 Brattle Group Distinguished Paper Award
[working paper version] [published version] [slides]
Credit Default Swaps and the Empty Creditor Problem (with Patrick Bolton), 2011, Review of Financial Studies 24(8), 2617-2655
Winner of the Goldman Sachs International Prize for the Best Conference Paper at the 2010 EFA
Summarized in CFA Digest 42(1), February 2012
[working paper version] [published version] [slides]
Complexity in Financial Markets (with Markus K. Brunnermeier)