Publications

Finance and the Supply of Housing Quality

Journal of Financial Economics, Forthcoming.

I show how bank capital requirements channel financing toward renovations that increase housing rents.


Mortgage Securitization and Shadow Bank Lending (with Pedro Gete)

Review of Financial Studies, 2021, 34(5):2236-2274.

We show how higher MBS prices lower shadow banks’ lending standards in the primary mortgage market.


Mortgage Supply and Housing Rents (with Pedro Gete)

Review of Financial Studies, 2018, 31(12):4884-4911.

We show how a contraction of mortgage credit supply after the Great Recession increases housing rents. 


Two Extensive Margins of Credit and Loan-to-Value Policies (with Pedro Gete)

Journal of Money, Credit, and Banking, 2016, 48(7):1397-1438.

We study optimal loan-to-value regulation in a partial equilibrium model with two extensive margins of credit.


Automated Financial Management: Diversification and Account Size Flexibility (with Celine Sun)

Journal of Investment Management, 2019, 17(2):1-13.

We use security-level data to document the value added of robo advisors for household diversification.


Working Papers


Does Automation Democratize Asset Management? (with Stanislav Sokolinski)

We show how robo advisors affect inequality by giving middle-class households access to professionally managed stock portfolios.


The Mortgage-Cash Premium Puzzle (with Rossen Valkanov)

We show that mortgaged homebuyers pay a puzzlingly large 11% premium relative to all-cash buyers.