Working papers

The Fed put and bank risk-taking: Evidence from the loan book (with Xudong An, Jan Harren, Saket Hegde, and Rodney Ramcharan), September 2025

The factor cost channel of interest rate transmission (with Zhao Zhang), September 2025

The Fed and the Wall Street put (with Jan Harren and Zhao Zhang), May 2025

Risk and risk-free rates (with Zhao Zhang and Alex Zotov), April 2024

Leverage risk and investment: the case of gold clauses in the 1930s (with Joao Gomes and Sebastien Plante), February 2023,  VoxEU column

Publications

Investing in misallocation (with Şelale Tüzel)

Journal of Financial Economics, Accepted.

Insensitive investors (with Constantin Charles and Cary Frydman)

Journal of Finance, 79 (4): 2473-2503, August 2024. 

Why do rational investors like variance at the peak of a crisis? A learning-based explanation (with Mohammad Ghaderi and Sang Byung Seo)

Journal of Monetary Economics, 142: 1-17, March 2024. Internet Appendix

The cross-section of investment and profitability: Implications for asset pricing (with Louis Yang and Miao Ben Zhang)

Journal of Financial Economics, 145 (3): 706-724, September 2022.

Learning, slowly unfolding disasters, and asset prices  (with Mohammad Ghaderi and Sang Byung Seo)

Journal of Financial Economics, 143 (1): 527-549, January 2022. Internet Appendix 

Good and bad variance premia and expected returns (with Ivan Shaliastovich)

Management Science, 65 (6): 2445-2945, June 2019.  Internet Appendix   Data

Gold, platinum, and expected stock returns (with Darien Huang)

Journal of Financial Economics, 132 (3): 50-75, June 2019.

Risk, unemployment, and the stock market: A rare-event-based explanation of labor market volatility (with Jessica A. Wachter)

Review of Financial Studies, 31 (12): 4762–4814, December 2018.