"The Anatomy of a Broken Hedge: Evidence from Four Decades of Market News", Job Market Paper
Presented at: Birkbeck Business School (2024), UK Women in Finance - Bayes Business School (2026), IFABS London(2026), Royal Economic Society (2026)
Abstarct
With four decades of Wall Street Journal articles, I identify the news on days when stocks and Treasuries fall together and separate news about interest rates from news about fiscal risk. My approach compares these broken hedge days with flight-to-quality days, when stocks fall just as sharply but Treasuries rally, and tests the reported news against data that journalists could not shape. I find that broken hedge days are days of news about interest rates, in every regime since 1984. Articles cite U.S. inflation and the Fed 15.5 percentage points more often on these days than on flight-to-quality days. In contrast, fiscal news does not distinguish the two kinds of day, and Treasury auctions and refunding announcements show no association with hedge failures. Most hedge failures occur on days without a scheduled announcement, which event studies do not examine. On these days, rate news still distinguishes broken hedge days, and Fed communication between meetings stands out as its source.
"The Media Coverage of Female Economists" , with Moqi Groen-Xu and Fabrizio Core
*Winner of the American Finance Association - Academic Female Finance Committee and the Journal of Financial Economics Proposal Grant 2023
Presented at: Nottingham Interdisciplinary Centre for Economic and Political Research 2026 (Nottingham), European Economic Association 2026 (Dublin)
"The Media Coverage of Finance Scholars: Gender Gaps and Market Reactions " , with Moqi Groen-Xu and Fabrizio Core
"Advertising and the Media Coverage of Universities" , with Moqi Groen-Xu and Fabrizio Core
"The Diffusion of Corporate Governance Innovations" , with Moqi Groen-Xu