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.
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)
GARP Oustanding Paper in Risk Management Award (2018)
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
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) 2021, Journal of Public Economics 204, 104538
Summary: Partisanship is the single most important predictor of local face mask use.
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.
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)
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.
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) | SEC | FMA (2019) | University of Kentucky | University of Florida | Harvard Business School
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)
Works in Progress
The Consequences of Working from Home: Evidence from Sell-Side Analysts (with Russell Jame)
Presentations: The ECGI Corporations and COVID-19 conference (University of Oxford)
Fin 3010 - Principles of Finance - Saint Louis University
2019 - Current
Fin 300 - Corporate Finance - University of Kentucky
Summer 2018, Fall 2018, Spring 2019
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
Climate Change and Asset Prices - A Review of the Literature