An inconvenient cost: The effects of climate change on municipal bonds 2020, Journal of Financial Economics 135 (2), 468-482

Summary: Counties more likely to be affected by climate change pay significantly more in underwriting fees and initial yields to issue long-term municipal bonds compared to counties that are unlikely to be affected by climate change.

Political Beliefs affect Compliance with Government Mandates (with Tian Qiu) 2021, Journal of Economic Behavior and Organization 185, 688-701

Summary: Residents in Republican counties are less likely to socially distance after a state stay-at-home order has been implemented relative to those in Democratic counties. Democrats comply less when a mandate is issued by a Republican Governor.

Unmasking Partisanship: Polarization Undermines Public Response to Collective Risk (with Maria Milosh, Konstantin Sonin, David Van Dijcke, and Austin Wright), Journal of Public Economics, forthcoming

Summary: Partisanship is the single most important predictor of local face mask use.

The Value of Differing Points of View: Evidence from Financial Analysts' Geographic Diversity (with Will Gerken)

• • Revise & Resubmit at the Review of Financial Studies

Summary: Sell side analysts incorporate geographically dispersed information about firms into forecasts. Limited analyst geographic diversity adversely affects consensus forecasts and firm liquidity. The market recognizes the value of geographic diversity.

On the capital market consequences of alternative data: Evidence from outer space (with Zsolt Katona, Panos Patatoukas, and Jean Zeng)

• • Revise & Resubmit at Management Science

Summary: Satellite imagery is informative of future stock prices. This creates opportunities for sophisticated investors, who can afford the costs of acquiring and processing satellite imagery data, to formulate profitable trading strategies at the expense of individual investors, who tend to be on the other side of the trade. The increased asymmetric information harms liquidity.

Firm Statements, Consumer Political Beliefs, and the Limits of Stakeholder Capitalism

• Solicited by the Journal of Financial and Quantitative Analysis

Summary: Walmart's decision to ban open carry in stores and encourage Congress to strengthen gun control laws led to store visit decreases in highly Republican counties and increases in highly Democratic counties, highlighting the challenges of stakeholder capitalism amidst an increasingly polarized political landscape.