Publications

The paper develops a model of bubbles that can be taken to the data and explain the behavior of asset prices and their statistics. We depart from the...

The British Accounting Review, 55 (4),101171

Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and...

AEA Papers and Proceedings, 111, 361-65

We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five...

Atlantic Economic Journal, 51, 1–11

We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome...

We study how passive investing affects asset prices. Flows into passive funds raise disproportionately the stock prices of the economy’s largest firms...

Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and...

We study bank capital requirements as a tool to address climate-related financial risks and evaluate whether a prudential mandate for bank regulators...

We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...

Climate change has become a major topic of discussion at central banks and financial regulators. Key aspects of this debate include whether and how...