The most exciting phrase to hear in science, the one that heralds new discoveries, is not “Eureka” but “That’s funny...”
—Isaac Asimov (1920–1992)


Show Me the Money: The Monetary Policy Risk Premium (with Mihail Velikov)  - Journal of Financial Economics, forthcoming

Financial Frictions and the Stock Price Reaction to Monetary Policy  - Review of Financial Studies, October 2018

The Transmission of Monetary Policy through Bank Lending: The Floating Rate Channel (with Filippo Ippolito and Ander Perez) - Journal of Monetary Economics, May 2018
VOXEU article on this paper
(This paper is updated version of the paper "
Is Bank Debt Special for the Transmission of Monetary Policy? Evidence from the Stock Market" presented at the NBER Corporate Finance Summer Institute and Monetary Economics Summer Institute.)

Financial Leverage, Corporate Investment and Stock Returns - Review of Financial Studies, April 2012
(SSRN holds the November 2010 version. A previous version of this paper also appeared in Federal Reserve Bank of Boston Working Paper series.)

Working Papers

Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies (with Anna Chernobai and Jianlin Wang, updated December 2018) - R&R Journal of Monetary Economics 

Interest Rates and Insurance Company Investment Behavior (with Kevin Wang, updated February 2019) 

Entrepreneurship and Occupational Choice in the Global Economy (with Federico Diez, updated in August 2015.)
(An earlier version of this paper titled "Self-Employment in the Global Economy" has appeared in FRB Boston WP series.)

Distressed, but not risky: Reconciling the empirical relationship between financial distress, market-based risk indicators, and stock returns (and more) (November 2012, AEA 2013 version)
(This supersedes
The Distress Premium Puzzle (November 2010))

Implications of Investment Adjustment Cost for Investment Behavior (under substantial revision)

On the College Dropouts: Wealth and Uninsurable Idiosyncratic Risk (with Nicholas Trachter) (Aug 2015) - revision in progress

College Enrollment, Dropouts and Option Value of Education (with Nicholas Trachter)

Creative Commons License