Thomas Philippon: Research


Working Papers

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone, with Philippe Martin, 2013 (update 2014)

Have Financial Markets Become More Informative?, with Jennie Bai and Alexi Savov, 2013 (update 2014)

Competing on Speed, with Emiliano Pagnotta, 2012

Household Leverage and the Recession, (first draft October 2010) with Virgiliu Midrigan, 2011

Measuring Systemic Risk, with Viral Acharya, Lasse Pedersen, and Matt Richardson, May 2010



Has the US Finance Industry Become Less Efficient?, American Economic Review, forthcoming (first version 2010, updated Sept 2014)

Data Series, Data Appendix, and Notes on Equilibrium Financial Intermediation, 2012 (updated 2014)

Efficient Recapitalization, with Philipp Schnabl, Journal of Finance, February 2013, (lead article)

Wages and Human Capital in the U.S. Financial Industry: 1909-2006, with Ariell Reshef, Quarterly Journal of Economics, November 2012, (lead article)

Data Series (.xls). Older Version (old version). Sample of press coverage: Martin Wolf and Gillian Tett in the Financial Times, Paul Krugman in the New York Times.

Efficient Interventions in Markets with Adverse Selection, with Vasiliki Skreta, American Economic Review, 2012 (lead article)

Family Firms, Paternalism, and Labor Relations, with Holger Mueller, American Economic Journal: Macro, 2011

The Bond Market's Q, (replaces the y-theory of investment), Quarterly Journal of Economics, 2010

Data series: csv and stata

Engineers vs. Financiers: Should the Financial Sector be Taxed or Subsidized?, October 2007, American Economic Journal: Macro, 2010

Debt Overhang and Recapitalization in Closed and Open Economies, IMF Economic Review, 2010 (inaugural issue)

The Economics of Fraudulent Accounting, with Simi Kedia, Review of Financial Studies, June 2009

Michael Brennan & BlackRock Award, Best Paper in Corporate Finance

Press coverage (2005) in The New York Times (here) and in The New Yorker (here).

Estimating Risk-Adjusted Costs of Financial Distress, with Heitor Almeida, Journal of Applied Corporate Finance, 2008

The Risk-Adjusted Costs of Financial Distress, with Heitor Almeida, Journal of Finance, December 2007 (lead article)

Brattle Prize (2008) for Best Paper in Corporate Finance

Firms and Aggregate Dynamics with Francesco Franco, Review of Economics and Statistics, Novermber 2007

CEO Incentives and Earnings Management, with Dan Bergstresser, Journal of Financial Economics, 2006

Corporate Governance over the Business Cycle, Journal of Economic Dynamics and Control, 2006

The Rise in Firm-Level Volatility: Causes and Consequences, with Diego Comin, NBER Macroannuals 2005


Old Papers

The Evolution of the US Financial Industry from 1860 to 2007, November 2008 (early version of "Has the US finance indusrtry become less efficient?"). Slides from NBER presentation (2008 summer institute, corporate finance)

Real Options in a Dynamic Agency Model (Financial Development, IPOs, and Business Risk), with Yuliy Sannikov, October 2007

The Quality of Labor Relations and Unemployment, with Olivier Blanchard, updated November 2006 (new version)

Fiscal Policy and the Term Structure of Interest Rates, with Qiang Dai, updated November 2006 (first draft March 2004)

The y-Theory of Investment, August 2006 (old version of Bond Market's Q)

An explanation for the Joint Evolution of Firm and Aggregate Volatility, 2003