Research Page of Thomas Philippon
Most of the papers posted here are also available on the SSRN website or on the NBER website.
Corporate Finance
Real Options in a Dynamic Agency Model (Financial Development, IPOs, and Business Risk), with Yuliy Sannikov, October 2007
Why Has the U.S. Financial Sector Grown so Much? , March 2008 (revised version of The Equilibrium Size of the Financial Sector). New version.
Skill Biased Financial Development: Education, Wages and Occupations in the U.S. Finance Sector, with Ariell Reshef, September 2007
The Risk-Adjusted Cost of Financial Distress, with Heitor Almeida, Journal of Finance. December 2007, Glucksman Prize Honorable Mention for “Best Working Paper in Finance”
The Economics of Fraudulent Accounting, with Simi Kedia, forthcoming in Review of Financial Studies. Read the press coverage in The New York Times (Sept 11, 2005) here, and in The New Yorker (Dec 12, 2005) here.
CEO Incentives and Earnings Management, with Dan Bergstresser, Journal of Financial Economics, 2006
Family Firms, Paternalism, and Labor Relations, with Holger Mueller, November 2006
Macroeconomics & Finance
The Bond Market's q , February 2008 (replaces the y-theory of investment)
Engineers vs. Financiers: Should the Financial Sector be Taxed or Subsidized?, October 2007
Firms and Aggregate Dynamics with Francesco Franco, forthcoming in Review of Economics and Statistics, Novermber 2007
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
Fiscal Policy and the Term Structure of Interest Rates, with Qiang Dai, updated November 2006 (first draft March 2004)
The Quality of Labor Relations and Unemployment, with Olivier Blanchard, updated November 2006 (new version)
The y-Theory of Investment, August 2006 (old version)
An explanation for the Joint Evolution of Firm and Aggregate Volatility, 2003