Research

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)



Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies (with Anna Chernobai and Jianlin Wang) - Journal of Monetary Economics, accepted for publication

Show Me the Money: The Monetary Policy Risk Premium (with Mihail Velikov)  - Journal of Financial Economics, February 2020

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


Household Inflation Expectations and Consumer Spending: Evidence from Panel Data (with Mary Burke, updated August 2019) - R&R Review of Economics and Statistics



Entrepreneurship and Occupational Choice in the Global Economy (with Federico Diez, updated August 2020)


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)


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