Working Papers
Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance
(with Luis Lopez, Nitzan Tzur-Ilan, and Sean Wilkoff)
Drifting smoke plumes from U.S. wildfires significantly increase in-state and out-of-state healthcare borrowing costs and reduce hospital investment activity due to an increase in unprofitable emergency room visits from patients with limited insurance coverage.
Disclosure Complexity, Regulatory Burden, and the Cost of Capital
(with Michael Farrell, Marcus Painter, and Guangli Zhang)
Municipal bond official statements are increasingly long and complex due to increased regulatory burden imposed on underwriters, and this translates to higher borrowing costs, especially in local markets dominated by complexity-averse retail investors.
Competition for Retail Order Flow and Market Quality
(with Edwin Hu)
In modern U.S. equity markets, one market-maker trades almost 25% of volume on public exchanges and another 40% on the wholesale market. We show that concentration in the wholesale market is associated with worse market quality, and we use wholesaler outages in early 2021 and the SEC Tick Size Pilot, which restricted wholesaling in some stocks, to establish a causal channel.
Political Uncertainty and Public Financing Costs: Evidence from U.S. Gubernatorial Elections and Municipal Bond Markets (Internet Appendix)
(with Pengjie Gao and Yaxuan Qi)
Political risk is priced in the municipal bond market, as evidenced by the higher municipal borrowing costs in the months leading up to U.S. gubernatorial elections.
Inactive Working Papers
Retail Clientele and Dividend Policy
(with Ramabhadran Thirumalai)
The Impact of High-Frequency Trading on Stock Market Liquidity Measures
(with Soohun Kim)