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
Wages and Human Capital in the U.S. Financial Industry: 1909-2006, with Ariell Reshef, December 2008, revise and resubmit to Journal of Finance (old version). Read the press coverage: Martin Wolf in the Financial Times, Paul Krugman in the New York Times, Gillian Tett in the Financial Times.
Real Options in a Dynamic Agency Model (Financial Development, IPOs, and Business Risk), with Yuliy Sannikov, October 2007
The Risk-Adjusted Costs of Financial Distress, with Heitor Almeida, Journal of Finance. December 2007, Brattle Prize for best corporate finance paper published in the Journal of Finance, and 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, revise and resubmit to American Economic Journal: Macro
Macroeconomics & Finance
The Evolution of the US Financial Industry from 1860 to 2007, November 2008 (revised version of The Equilibrium Size of the Financial Sector). Slides from NBER presentation (2008 summer institute, corporate finance)
The Bond Market's Q, Updated May 2008 (replaces the y-theory of investment), forthcoming in Quarterly Journal of Economics
Engineers vs. Financiers: Should the Financial Sector be Taxed or Subsidized?, October 2007, revise and resubmit to American Economic Journal: Macro
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), revise and resubmit to Journal of the European Economic Association
The Quality of Labor Relations and Unemployment, with Olivier Blanchard, updated November 2006 (new version)
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