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 at Eastern Finance Association Meeting (2018)
Presentations: Midwest Finance Association (2018), Eastern Finance Association (2018), Financial Management Association Special PhD Paper Presentations (2018), Saint Louis University, University of Kentucky
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.
Revise & Resubmit at the Review of Financial Studies
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), European Finance Association (2020), Northern Finance Association (2020), NBER Big Data and Securities Markets Conference (2020, scheduled)
Summary: Sell side analysts incorporate geographically dispersed information about firms into individual forecasts. Limited analyst geographic diversity adversely affects consensus forecasts and firm liquidity.
On the capital market consequences of alternative data: Evidence from outer space (with Zsolt Katona, Panos Patatoukas, and Jean Zeng)
Reject & Resubmit at Management Science
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, Financial Management Association (2019), University of Kentucky, University of Florida, Harvard Business School
Summary: Satellite imagery is informative of future stock prices. This creates opportunities for sophisticated investors, who can afford to incur 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.
Presentations: Political Economy of Finance 2020 at Chicago Booth; the 17th Washington University St. Louis Corporate Finance Conference
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.
Covid Economics, 4, 103-127, April 2020
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
Unmasking Partisanship: Polarization Undermines Public Response to Collective Risk (with Maria Milosh, Konstantin Sonin, David Van Dijcke, and Austin Wright)
Summary: Partisanship is the single most important predictor of local mask use. President Trump's endorsement of masks increased social media engagement with and positive sentiment towards mask-related topics.