Kevin Zhao

About Me

I am a researcher at the Office of Financial Research within the U.S. Department of the Treasury. My research interests include behavioral finance, asset pricing, asset management, household finance, and climate economics. 

Disclaimer: The contents of this website and any opinions expressed herein are my own and do necessarily reflect those of the Office of Financial Research or the U.S. Department of the Treasury.

Education

• Ph.D. in Financial Economics, Yale School of Management, 2021

• B.S. in Applied Mathematics, California Institute of Technology, 2015

Working Papers

• Foot Traffic Dynamics Following Natural Disasters (w/ Jue Ren & Thomas Ruchti)

• Who Bears Climate-Related Physical Risk? (w/ David Wylie, Natee Amornsiripanitch & John Heilbron)

  • See also: The Uneven Distribution of Climate Risks and Discounts (OFR Brief 24-01)

• Pre-Refunding Announcement Gains in U.S. Treasurys (w/ Chen Wang)

• Who Extrapolates? Evidence from Experience Effects

• Within-Style Investing: Evidence from Morningstar Categories

• Prospect Theory Risk Aversion and Returns

Publication

• Carhart (1997) Mutual Fund Performance Persistence Disappears Out of Sample (w/ James Choi)

  • Critical Finance Review, 2021

  • Featured in: New York Times, Bloomberg, Forbes, MarketWatch, Yale Insights, Reuters