My research studies the real consequences of how financial markets allocate capital across firms and distribute wealth across households.

Published Papers

Reducing Racial Disparities in Consumer Credit: Evidence from Anonymous Loan Applications, with Tianyue Ruan

Management Science, 2026, 72(3): 2326–2344.

Anonymous loan applications reduce racial disparities in access to credit by increasing lender reliance on objective credit risk measures.

Quantifying the Allocative Efficiency of Capital: The Role of Capital Utilization, with Eugene Tan and Ia Vardishvili

Journal of Monetary Economics, 2025, 155: 103822.

Higher MRPK dispersion is associated with productivity gains when driven by higher utilization flexibility.

Revise & Resubmit

Green Financing, Capital (Mis)allocation, and Unintended Consequences, with Eugene Tan

Revise & Resubmit,  Journal of Financial Economics

Green financing may raise aggregate emissions in most U.S. industries by reducing capital misallocation.

Industrial Policy and Capital Misallocation in Exporting, with Adrien Matray, Karsten Müller, and Chenzi Xu

Revise & Resubmit,  Review of Economic Studies

Export credit subsidies -- the predominant tool of industrial policy -- can boost exports even in countries with well-developed financial markets, without necessarily leading to a misallocation of resources.

Disparities Faced by Immigrant Entrepreneurs (descriptive title; full title withheld during review), with Arzi Adbi, Ofir Gefen, and Yun Hou

Revise & Resubmit

Working Papers

Informational Advantage of the Wealthy, with Sumit Agarwal, Longwei Cheng, and Pulak Ghosh

Private information can generate substantial return inequality even in stock markets commonly viewed as level playing fields.

Immigration and Homeownership, with Tianyue Ruan

Immigration-driven housing demand reduces homeownership among US-born households, particularly young, white, and single men, while raising the housing wealth of those who already own.

Financing Green Homes

Carbon pricing is regressive through housing: energy price hikes make efficient homes more valuable and cheaper to finance, and higher-income households own them.

Capital Quality, Productivity, and Financial Constraints: Evidence from India, with Seyed Mohammad Mansouri

Reduced financial constraints allow investment in higher-quality capital; this leads to higher productivity.

Consumer Welfare and Product Creation: The Credit Supply Channel

Disruptions in credit markets can substantially lower consumer welfare by reducing the creation of new products, mainly because of the new product's "appeal" (quality or taste), whereas substitution effects and markups play less of a role.