I am an Assistant Professor of Finance at Tilburg University.
I completed my PhD in Finance at the London School of Economics.
My research interests lie in financial economics and asset pricing.
Here you can find my CV.
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Working Papers
Working Papers
Income Risk and Flow Hedging by Mutual Funds
WFA 2024
Abstract: This paper investigates how household income risk influences mutual fund managers' portfolio decisions. I provide novel evidence that state-level income shocks significantly affect capital flows to mutual funds headquartered in the affected states. Using detailed portfolio holdings data, I show that active managers respond by tilting away from stocks with high local income betas. I show that hedging demand limits managers' ability to exploit local informational advantages, helping explain the limited local bias in mutual fund portfolios. Consistent with this trade-off, informational advantages are most evident in local stocks that are costly to hold from a hedging perspective.
Which Asset Pricing Model Do Firms Use? A Revealed Preference Approach with Thummim Cho
AFA 2022, WFA 2025, SFS Cavalcade 2025
Abstract: Since firms time equity net issuance based on perceived misvaluation of their shares, these actions reveal their net present value calculations and perceived cost of equity. Building on this insight, we propose a test to identify the asset pricing model that best aligns with firms’ perceived cost of equity. We find that the CAPM explains net issuance decisions better than alternative factor models or market multiples. Our findings suggest that firms may overlook variation in cost of equity associated with characteristics such as size and value.
Teaching
Teaching
Masters level
Finance Applications in Data Science, 2023, 2024
Asset Markets, 2020, 2021, 2022
Topics in Portfolio Management, 2020, 2021
Undergraduate level
Principles of Finance, 2018, 2019
Summer School
Finance, 2023
Advanced Corporate Finance, 2018, 2019, 2021
Fixed Income Securities, Debt Markets, and the Macro Economy, 2018, 2019
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