Research
Main Publications
Habit Formation, Incomplete Markets, and the Significance of Regional Risk for Expected Returns; REVIEW OF FINANCIAL STUDIES, 2008, 21(5): 2139 – 2172
Estimating Panel Models with Internal and External Habit Formation; JOURNAL OF BUSINESS AND ECONOMIC STATISTICS, 2010, 28(1): 145-158
Do Older Investors Make Better Investment Decisions? with Alok Kumar; REVIEW OF ECONOMICS AND STATISTICS, 2011, 93(1): 244-265; featured in THE NEW YORK TIMES on December 4, 2005, THE WALL STREET JOURNAL, February 13, 2010, and THE WALL STREET JOURNAL, December 4, 2010
Do Behavioral Biases Adversely Affect The Macro-Economy? with Alok Kumar; REVIEW OF FINANCIAL STUDIES, 2011, 24(5): 1513–1559
Do Portfolio Distortions Reflect Superior Information or Psychological Biases?, with Alok Kumar; JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2013, 48(1): 1-45
State-Level Business Cycles and Local Return Predictability, with Alok Kumar; JOURNAL OF FINANCE, 2013, 68(3): 1037-1096; featured in the NEW YORK TIMES (June 15, 2008) and MINNEAPOLIS STAR TRIBUNE (June 22, 2008)
Income Hedging and Portfolio Decisions, with Yosef Bonaparte, and Alok Kumar; JOURNAL OF FINANCIAL ECONOMICS, 2014, 113(2): 300-324
Local Business Cycles and Local Liquidity, with Gennaro Bernile, Alok Kumar, and Qin Wang; JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2015, 50(5): 987-1010
The Human Capital that Matters: Expected Returns and High-Income Households, with Sean Campbell, Stefanos Delikouras and Danling Jiang; REVIEW OF FINANCIAL STUDIES, 2016, 29(9): 2523-2563
Stature, Obesity, and Portfolio Choice, with Jawad Addoum and Alok Kumar; MANAGEMENT SCIENCE, 2017, 63(10), 3393-3413
Mood, Firm Behavior, and Aggregate Economic Outcomes, with Vidhi Chhaochharia, Dasol Kim, and Alok Kumar; JOURNAL OF FINANCIAL ECONOMICS, 2019, 132(2): 427–450
Status Preferences, Consumption-Income Sensitivity and Portfolio Choice, with Jawad Addoum and Stefanos Delikouras; REVIEW OF ASSET PRICING STUDIES, 2019, 9(1): 91–136
Income Risk, Dynamic Style Investing, and Return Predictability, with Jawad Addoum, Stefanos Delikouras and Alok Kumar; JOURNAL OF FINANCE, 2019, 74(4): 2055-2106
Big Fish in a Small Pond: The Economic Effects of Locally-Dominant Firms, with Sima Jannati and Alok Kumar; JOURNAL OF ECONOMIC BEHAVIOR AND ORGANIZATION, 2020, 180: 219-240
Industry Clusters and the Geography of Portfolio Choice, with Jawad M. Addoum, Stefanos Delikouras and Da Ke; FORTHCOMING, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
Financial Decisions of Minorities Post-2008, with Yosef Bonaparte and Sarah Khalaf; FORTHCOMING, JOURNAL OF BANKING AND FINANCE
Discrimination and Economic Expectations, with Yosef Bonaparte, William Bazley and Alok Kumar; FORTHCOMING at MANAGEMENT SCIENCE
Inflation, Monetary Policy, and Portfolio Decisions of U.S. Households, with Yosef Bonaparte, Alok Kumar, and Melina Vosse; FORTHCOMING at MANAGEMENT SCIENCE
Stock Market Ownership Transitions, with Yosef Bonaparte, Alok Kumar, Alexander Michaelides, and Yuxin Zhang; FORTHCOMING at MANAGEMENT SCIENCE
Working Papers
Asset Pricing with and without Garbage: Evaluating the Cross-sectional Performance of Alternative Consumption Measures, with Stefanos Delikouras
Grit, Loss Aversion, and Investor Behavior, with William Bazley and Sima Jannati
Discrimination and Preference Primitives, with William Bazley and Carina Cuculiza
Other Publications
Prozac for Depressed States? Effect of Mood on Local Recessions, with Vidhi Chhaochharia and Alok Kumar; featured in the THE WALL STREET JOURNAL (May 24, 2011), United Press International (May 31, 2011); REVIEW OF FINANCIAL ECONOMICS, 2020, 38(2): 245-274
Investor Sophistication and Asset Prices, with Jeremy Page and Alok Kumar; REVIEW OF FINANCIAL ECONOMICS, 2020, 38(4): 557-579
Financial Self-awareness: Who Knows What They Don't Know? , with Yosef Bonaparte and William Bazley; FINANCE RESEARCH LETTERS, 2021, 38(8):101445
Blockchain Characteristics and the Cross-Section of Cryptocurrency Returns, with Siddharth Bhambhwani and Stefanos Delikouras, JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS AND MONEY, 2023, 86 (July): 101788
Geography of Firms and Propagation of Local Economic Shocks, with Gennaro Bernile, Stefanos Delikouras, and Alok Kumar; REVIEW OF FINANCIAL ECONOMICS, 2023, 41: 437–464
Other Working Papers
Can the Past Hinder Investor Learning?, with William Bazley and Gregory R. Samanez-Larkin
Consuming, Saving, and Spending most of Income, with Stefanos Delikouras
Book Chapters
Cognitive Abilities and Financial Decisions, with Alok Kumar; In H. Kent Baker and John Nofsinger (eds.) BEHAVIORAL FINANCE, Hoboken, NJ: John Wiley & Sons, Inc., 2010