I am an Assistant Professor of Finance at Stockholm School of Economics. My research interests include corporate finance, innovation, and climate finance with a focus on structural estimation.
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Photo credits: Katrin Glückler
Publications
Friends with Drugs: The Role of Social Networks in the Opioid Epidemic (with Stefan Ruenzi), Journal of Public Economics, Vol. 262, 105739.
Abstract: The current opioid epidemic is the worst drug epidemic the U.S. has ever faced. We examine the role of social connections in its spatial spread. Having many friendship links to counties with high opioid exposure positively correlates with overdose death rates. To address identification concerns, we exploit two quasi-natural experiments that led users to substitute illicit opioids for prescription drugs. Having more friends exposed to counties affected by these shocks leads to more overdose deaths. We also provide suggestive evidence that spillovers are influenced by both supply- and demand-side conditions, affect different stages of addiction, and are attenuated in counties with more cohesive local friendship networks. At a general level, our results show how social connections contribute to the spread of non-infectious diseases.
Working Papers
Short-Termist Carbon Emissions, (my job market paper) Revise & Resubmit at the Journal of Financial Economics
Abstract: Carbon abatement investments are long-term in nature. Therefore, short-term profit pressuremay distort these investments. I find that firms that just meet analysts’ profit targets have about nine percentage points higher carbon emissions growth than firms that just miss. I estimate a quantitative model in which managers choose carbon emissions subject to short-term incentives. Removing these incentives lowers carbon emissions by 2.31% and profits by 0.61% per year on average. In aggregate, short-termist emissions are comparable to total U.S. aviation emissions. Comparing forgone profits with the social cost of carbon suggests that short-termism is welfare-reducing.
Best PhD Job Market Paper Award at EUROFIDAI-ESSEC Paris December 2025 Finance Meeting
Patent Grant Bundles (with Larissa Ginzinger, Markus Huggenberger, and Stefan Ruenzi), draft available upon request
Abstract: Stock market-based measures of innovation have been widely adopted in recent years in studies published in leading economics, finance, and management journals. In this paper, we examine the most popular patent valuation measure developed by Kogan et al. (2017). We start by documenting that 80% of all patents are granted together with other patents to the same firm on the same day (patent bundling). We show that the correlation between estimated patent values and forward citations is affected by bundle size effects but is largely insensitive to stock market returns around patent issue dates. Similarly, the positive correlation between the estimated value of innovation and future firm growth is not driven by return information but to a large extent driven by book-to-market effects. We develop a generalized theoretical framework that incorporates patent bundling and demonstrate that stock returns can only be informative about the economic value of patents when the number of granted patents deviates from market expectations. Empirically, this seems to be the case for a relatively small subset of large surprise patent grants.
Work in Progress
Investor Diversification, Firm Value, and Welfare
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