Assistant Professor of Finance


Cultural Weights

Social Progress and Corporate Culture 
NBER Working Paper #25484
Media: Yale Insights, Yale Daily News

with Gary Gorton

(October 2019)

If society progresses in the treatment of minority groups, can corporate cultures do the same? A model of how corporate cultures are determined and whether competition can push regressive ones out of the market.

Bank Loan Market Competition

Bank Net Worth and Frustrated Monetary Policy
Accepted, Journal of Financial Economics

[Manuscript] [Appendix]

(September 2019)

A model in which monetary transmission to bank loan rates depends on bank net worth. When banks are flush with equity, transmission is wide open; when banks have little equity, transmission closes.

Equilibrium Price Path on a Multi-valued Dynamical System

Self-fulfilling Asset Prices

(August 2019)

Dynamic model of collateral constraints with multiple equilibria. This means asset prices can be self-fulfilling. Price crashes, booms, and leverage cycles transpire purely from investor expectations.

Optimal Portfolio Policy with Two Levels of Indebtedness

Risk-taking under a Punishing Bailout

(December 2018)

A model of portfolio choice with a punitive government guarantee. Risk-taking actually declines with net worth, unless the fund's failure is imminent, in which case risk increases dramatically.