Diagnostic expectations and the macroeconomy, with George Constantinides (U Chicago, NBER)
Chicago Booth Fama-Miller Research Paper No. 25-08; University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2026-65.
Investor overreaction explains macroeconomic fluctuations around the world.
Optimal COVID restrictions: Is policy making rational during uncertain times?, with Valerio Potì (UC Dublin)
Governments may not act as optimizing agents under high levels of uncertainty.
Risk, return, and sentiment in a virtual asset market, with Remco Zwinkels (VU Amsterdam, Tinbergen Institute)
A quasi-natural experiment shows that equity spreads reflect a large behavioral component.
Sentimental value, with Yuting Chen (Dublin City U), George Constantinides (University of Chicago, NBER), Pablo Pastor y Camarasa (Ghent U), and Valerio Potì (UC Dublin)
Managers communicate valuable information to which investors overreact.
Sentiment and environmental performance, with George Constantinides (U Chicago, NBER)
University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2026-66.
Consumer optimism reduces emissions through better resource utilization.