Assistant Professor of Finance

Papers

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 Social Progress and Corporate Culture 

with Gary Gorton

(January 2019)

If society progresses in its treatment of minority groups, can corporate cultures do the same? A model of how corporate culture is determined, why a variety of them exist, and whether competition can push regressive ones out of the market.


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Bank Net Worth and Frustrated Monetary Policy

(September 2018)

A model in which the interest rate channel of monetary policy depends on the state of bank net worth. When banks are flush with equity, the interest rate channel is wide open; when banks have little equity, the channel closes.


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Self-fulfilling Asset Prices

(January 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.


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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.