Thomas Philippon: Research
The
FinTech Opportunity, 2016 (slides)
Investment-less Growth: An Empirical Investigation, with Germán Gutiérrez, 2016
Backtesting European Stress Tests, with Boubacar Camara and Pierre Pessarossi, 2016
Competing on Speed,
with Emiliano Pagnotta,
2015 (first draft 2012)
Household
Leverage and the Recession, with Virgiliu Midrigan, 2016 (first draft 2010)
Inspecting
the Mechanism: Leverage and the Great Recession in the Eurozone, with
Philippe Martin, American Economic Review
(forthcoming)
Runs
versus Lemons, with Miguel Faria-e-Castro and Joseba Martinez, Review
of Economic Studies, forthcoming
Note
on Disclosure and Adverse Selection, with Faria-e-Castro
and Martinez, 2015
The Analytics of the Greek Crisis, with Pierre-Olivier Gourinchas and Dimitri Vayanos, NBER Macroannuals, 2016
Measuring
Systemic Risk, with Viral Acharya, Lasse Pedersen, and Matt Richardson, forthcoming in Review
of Financial Studies
Have
Financial Markets Become More Informative?, with Jennie Bai
and Alexi Savov, forthcoming in Journal of
Financial Economics (first draft 2013)
Has
the US Finance Industry Become Less Efficient?, American Economic Review,
April 2015 (first draft 2010)
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
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, November 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
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