Thomas Philippon: Research


Working Papers

Additive Growth, 2022

Does a Currency Union Need a Capital Market Union?, with Joseba Martinez and Markus Sihvonen, 2021, R&R

Data Sharing and Market Power with Two-Sided Platforms, with Rishabh Kirpalani, 2022

Let the worst one fail, Credible Bank Resolution, with Olivier Wang, 2021

Designing Stress Scenarios, with Cecilia Parlatore, 2022

On Fintech and Financial Inclusion, NBER WP and BIS WP, 2019

Some Facts about Dominant Firms, NBER WP, 2020

The Failure of Free Entry, with Germán Gutiérrez, 2019



How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift, with Germán Gutiérrez, JEEA forthcoming

Household Leverage and the Recession, with Callum Jones and Virgiliu Midrigan, Econometrica, forthcoming

Optimal Mitigation Policies in a Pandemic, with Callum Jones and Venky Venkateswaran, 2021, Review of Financial Studies, 2021

Entry Costs and Aggregate Dynamics, with Germán Gutiérrez and Callum Jones, Journal of Monetary Economics, 2021

Discussion of “The Dynamic Effects of Antitrust Policy on Growth and Welfare,” Journal of Monetary Economics, 2021, from CRNYU Fall 2020 conference

Discussion of “General Equilibrium Oligopoly and Ownership Structure,” Econometrica, 2021

Efficient Programs to Support Businesses During and After Lockdowns, Review of Corporate Finance Studies, 2020

A note on efficient mitigation policies with Callum Jones, Thomas Philippon and Venky Venkateswaran, CEPR COVID Economics, 2020

The Labor Share in the Long Term: A Decline? with Gilbert Cette and Lorraine Koehl, Economics and Statistics, 2019

Explaining the Rising Concentration of U.S. Industries: Superstars, Intangibles, Globalization or Market Power? with Matias Covarrubias and Germán Gutiérrez, NBER Macroannuals, 2019

Fading Stars, with Germán Gutiérrez, AER P&P, 2019

Big Data and Firm Dynamics, with Maryam Farboodi, Roxana Mihet, and Laura Veldkamp, AER P&P, 2019

Governance, Concentration, and Investment, with Germán Gutiérrez, AER P&P, 2018

Competing on Speed, with Emiliano Pagnotta, Econometrica (May 2018)

Investment-less Growth: An Empirical Investigation (slides) , with Germán Gutiérrez, Brookings Papers on Economic Activity, Fall 2017

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone, with Philippe Martin, American Economic Review, 2017

Runs versus Lemons, with Miguel Faria-e-Castro and Joseba Martinez, Review of Economic Studies, (2017)

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, Review of Financial Studies 2016

Have Financial Markets Become More Informative?, with Jennie Bai and Alexi Savov, Journal of Financial Economics 2016

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

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, 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


Old Papers

Declining Competition and Investment in the US, with Germán Gutiérrez, 2017

The FinTech Opportunity, 2016  (slides)

The Secular Stagnation of Investment, with Callum Jones, 2016

Backtesting European Stress Tests, with Boubacar Camara and Pierre Pessarossi, 2016

Household Leverage and the Recession, with Virgiliu Midrigan, 2016 (first draft 2010)

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