research_old

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)

Macroeconomics and Finance

Financial Leverage, Corporate Investment and Stock Returns (Review of Financial Studies, April 2012) [Online Appendix]

(SSRN holds the November 2010 version. A previous version of this paper also appeared in Federal Reserve Bank of Boston Working Paper series.)

Financial Frictions and Reaction of Stock Prices to Monetary Policy Shocks - Review of Financial Studies forthcoming

The Transmission of Monetary Policy through Bank Lending: The Floating Rate Channel (with Filippo Ippolito and Ander Perez) - Journal of Monetary Economics forthcoming

(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)

Monetary Policy Through Production Networks: Evidence from the Stock Market (with Michael Weber) - NBER WP 23424.

Show Me the Money: The Monetary Policy Risk Premium (with Mihail Velikov, updated October 2017)

Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies (with Anna Chernobai and Jianlin Wang, March 1, 2016)

Not So Fast: High-Frequency Financial Data for Macroeconomic Event Studies (December 2013)

Household Inflation Expectations and Consumer Spending: Evidence from Panel Data (with Mary Burke, December 2013) - update coming soon

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.)

Monetary Policy Shocks and Stock Returns: Identification Through Impossible Trinity (with Yifan Yu) (updated in September 2013; Boston Fed WP version from November 2012; A previous version also includes the analysis of credit channel of monetary policy which now is a separate paper in progress.)

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 supersedesThe Distress Premium Puzzle (November 2010))

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

Labor/Human Capital

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)