Assistant Professor of Finance
NBER Faculty Research Fellow (AP)
Boxer Faculty Fellow (2010-2013)
Phone: (212) 998-0924
Office: KMEC 9-78
44 West Fourth Street
New York, NY 10012-1126
12. How Safe are Money Market Funds? (with Philipp Schnabl): Quarterly Journal of Economics 128(3), 2013, 1073-1122.
11. Time-Varying Fund Manager Skill (with Stijn van Nieuwerburgh and Laura Veldkamp): Journal of Finance, 2013, forthcoming.
10. A New Class of Bayesian Semiparametric Models with Applications to Option Pricing (with Paul Damien and Stephen Walker): Quantitative Finance 13(6), 2013, 967-980.
9. Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers (with Jason Chen and Hernan Ortiz-Molina): Review of Finance 16(2), 2012 (347-383). Spangler IQAM Prize for Best Paper in the Review of Finance (runner-up).
8. Labor Unions, Operating Flexibility, and the Cost of Equity (with Jason Chen and Hernan Ortiz-Molina): Journal of Financial and Quantitative Analysis 46, 2011 (25-58).
7. Competition and Bias (with Harrison Hong): Quarterly Journal of Economics 125(4), 2010 (1683-1725).
6. When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009 (with Philipp Schnabl): Journal of Economic Perspectives 24, 2010 (29-50).
5. “The Price of Sin: The Effects of Social Norms on Markets” (with Harrison Hong): Journal of Financial Economics 93, 2009 (15-36). Commonfund Institute Award (EFA 2006). 2006 Moskowitz Prize (Honorable Mention) for Socially Responsible Investing Research.
4. “Unobserved Actions of Mutual Funds,” (with Clemens Sialm and Lu Zheng): Review of Financial Studies 21, 2008 (2379-2416). Lead Article.
3. Industry Concentration and Mutual Fund Performance (with Clemens Sialm and Lu Zheng): Journal of Investment Management 5, 2007 (50-64).
2. “Fund Manager Use of Public Information: New Evidence on Managerial Skills,” (with Amit Seru): Journal of Finance 62, 2007 (485-528). Lead Article. Nominated for the Smith-Breeden Award.
1. “On the Industry Concentration of Actively Managed Mutual Funds (with Clemens Sialm and Lu Zheng): Journal of Finance 60, 2005 (1983-2012). Nominated for the Smith-Breeden Award.
Working Papers under Review:
13. Rational Attention Allocation over the Business Cycle (with Stijn van Nieuwerburgh and Laura Veldkamp): August 2012. (Technical Appendix ) Q-Group Research Grant Award 2009.
14. Time-Varying Predictability in Mutual Fund Returns (with Vincent Glode, Burton Hollifield, and Shimon Kogan): March 2012. NBER Working Paper 15038, Revise and resubmit at the Review of Finance.
Working Papers in Progress:
15. Do Security Analysts Discipline Credit Rating Agencies? (with Kingsley Fong, Harrison Hong, and Jeff Kubik): November 2012.
16. Does Firm Organization Matter? Evidence from Centralized and Decentralized Mutual Funds (with Amit Seru): March 2012 (available upon request).
17. Asset Allocation under Distribution Uncertainty : April 2011.