Research

Working Papers

Capital Financing Constraints, Size-Dependent Distortions, and Aggregate Productivity (with Long Qian, February 2024)
revision requested at the AEJ: Macroeconomics

Firm Idiosyncratic Risk and Productivity Investment: Macroeconomic Implications (September 2025)
resubmitted to  the Journal of Monetary Economics

Progressive taxation and sorting of managers across firms (July 2022) slides 

Work in progress

Uncertainty and Firm Dynamics (draft coming soon) slides

The Impact of Moral Hazard and Budget Balancing on Sorting in Partnerships, slides

Publications

Financial Constraints and Economic Development: the Role of Firm Productivity Investment (December 2022),
slides, BDS data, replication codes
Review of Economic Dynamics (2023) doi link 

Sorting Expertise, with Ayca Kaya
Journal of Economic Theory (2022), Vol. 204, doi link   W.P. Carey column 

The Role of Individual Financial Contributions in the Formation of Entrepreneurial Teams
European Economic Review (2019), Vol. 113, Pages 173-193

Moral Hazard and Sorting in the Market for Partnerships, with Ayca Kaya
Economic Theory (2015), Vol. 60, Pages 73–121

Partnerships versus Corporations: Moral Hazard, Sorting and Ownership Structure, with Ayca Kaya
American Economic Review (2014), Vol. 104 (1), Pages 291-307

Preferences for Risk in Dynamic Models with Adjustment Cost
Review of Economic Dynamics, 2014, Vol. 17, Pages 86-106

Incentives and the Structure of Teams, with April Franco and Matthew Mitchell
Journal of Economic Theory, 2011, Vol. 146, Pages 2307-2332

Risk Taking by Entrepreneurs, with Hugo Hopenhayn, online appendix
American Economic Review,  2009, Vol.  99 (5), Pages 1808-30 

Shelved working papers

Serial Entrepreneurship and the Impact of Credit Constraints on Economic Development (2014), slides

Between-Firm Redistribution of Profit in Competitive Industries: Why Labor Market Policies May Not Work