Assistant Professor of Finance


Cultural Weights

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

with Gary Gorton

(August 2019)

If society progresses in its 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
R&R, Journal of Financial Economics

(August 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.