Publications

We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...

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 financial risks and externalities caused by carbon emissions. Capital regulation can...

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

The Review of Economic Studies, 90(6), 3282–3314

Journal of Finance, 78 (1), 487-557

Journal of Financial Economics 146(3), 1044-1072

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

The short-termism of corporate managers has been a recurring concern of policymakers for decades due to the close tie with mispricing in capital...