Assistant Professor of Finance
- Fellow, SLU Research Institute
- Research Associate, Taylor Geospatial Institute
Saint Louis University
Richard A. Chaifetz School of Business
St. Louis, MO 63108
View my CV
The Value of Differing Points of View: Evidence from Financial Analysts' Geographic Diversity (with Will Gerken) 2022, Review of Financial Studies, 36 (2), 2023, 409-449
Lead article, Editor's Choice
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.
Presentations: University of Kentucky | University of Missouri | Miami University | New Technologies in Finance Conference (Columbia Business School) | Wolfe Research NLP and Machine Learning Investment Mangement Conference (2020) | the 2nd Future of Financial Information conference (Stockholm, 2020) | EFA (2020) | NFA (2020) | NBER Big Data and Securities Markets Conference (2020) | Georgia State University | FIRS (2021) | Indiana University | University of Washington
Media mentions: Wall Street Journal | SLU Newsroom | National Affairs Blog
Unmasking Partisanship: Polarization Undermines Public Response to Collective Risk (with Maria Milosh, Konstantin Sonin, David Van Djicke, and Austin Wright) 2021, Journal of Public Economics 204, 104538
Summary: Partisanship is the single most important predictor of local face mask use.
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.
Covid Economics, 4, 103-127, April 2020
Media mentions: VoxEU | The New York Times | The Washington Post | FiveThirtyEight | Marginal Revolution | The Boston Globe | National Affairs Blog | Reform Austin | SafeGraph Blog
An inconvenient cost: The effects of climate change on municipal bonds 2020, Journal of Financial Economics 135 (2), 468-482
GARP Oustanding Paper in Risk Management Award (2018)
Cited in the Economic Report of the President (March, 2023)
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.
Cited by the Congressional Research Service in a report to the U.S. Congress on Climate Change and U.S. Financial Regulators (Aug 26, 2021)
Presentations: MFA (2018) | Eastern FA (2018) | FMA Special PhD Paper Presentations (2018) | Saint Louis University | University of Kentucky
Media mentions: Business Insider | Dimensional Fund Advisors | MunicipalBonds.com | UCLA Anderson Review | Harvard Kennedy School's Journalist Resource | National Affairs Blog | Network for Business Sustainability | Utility Dive
On the capital market consequences of alternative data: Evidence from outer space (with Zsolt Katona, Panos Patatoukas, and Jean Zeng)
Revise and resubmit at the Journal of Financial and Quantitative Analysis
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.
Presentations: 9th Miami Behavioral Finance Conference Doctoral Poster Session | the Future of Financial Information conference (Stockholm, 2019) | the 6th University of Connecticut Finance Conference (2020, cancelled) | FMA (2019) | University of Kentucky
Media mentions: The Atlantic | New Scientist | Quartz | Yahoo! Finance | Canadian Investment Review | Haas Newsroom
Firm Statements, Consumer Political Beliefs, and the Limits of Stakeholder Capitalism
FMA Best Paper in Corporate Finance Award (2021)
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.
This paper was formerly titled "Consumer response to corporate political statements: Evidence from geolocation data"
Presentations: Political Economy of Finance 2020 at Chicago Booth | the 17th Washington University St. Louis Corporate Finance Conference | Middle Tennessee State University | FMA (2021) | MFA (2022) | National University of Singapore
Media mentions: The Economist | Financial Times | Chicago Booth Review | ProMarket.org | National Affairs Blog
Other Contributions to Research
Non-Standard Errors (with 342 coauthors) 2023, the Journal of Finance, forthcoming
I was on one of the 164 research teams that independently tested the same market-microstructure hypotheses on EuroStoxx 50 futures data
Milton Friedman 50 Years Later - eBook
My article, "Pursuing Stakeholder Capitalism Is an Impossible Task When Stakeholders Have Different Beliefs," is included in this eBook. Published by ProMarket, the publication of the Stigler Center at the University of Chicago Booth School of Business, 2020
Climate Change and Asset Prices - A Review of the Literature
Works in Progress
The Complexity Yield Puzzle: A Systematic Textual Analysis of Municipal Bond Disclosures (with Mike Farrell, Dermot Murphy, and Guangli Zhang)
Face to face interactions with regulators (with Will Gerken, Steve Irlbeck, and Guangli Zhang)
Fed visits and bank behavior (with Yupeng Lin and Jean Zeng)
FIN 3630 - Equity Securities and Markets
Fin 3010 - Principles of Finance - Saint Louis University
2019 - Current
Fin 300 - Corporate Finance - University of Kentucky
Summer 2018, Fall 2018, Spring 2019