Partisan Fertility and Presidential Elections - forthcoming, AER: Insights, Dec 2022(with Gordon Dahl and Runjing Lu) SSRN link pdf SocArXiv link NBER WP Co-author video Slides
What it's about: following Trump's 2016 election victory Republican-leaning counties experienced a sharp increase in fertility relative to Democratic counties, while Hispanic fertility fell relative to non-Hispanics.
Echo Chambers - Accepted at Review of Financial Studies(with Tony Cookson and Joey Engelberg) SSRN link SocArXiv link pdf Slides
Best Paper Prize in Asset Pricing at the 2021 WFA conferenceBest Paper Prize in Markets and Trading at the 2021 Midwest Finance Association ConferenceFirst Prize, 2021 CQA academic competition What it's about: stockmarket Bulls and Bears place themselves in "echo chambers," i.e. they selectively expose themselves to information which confirms their already-held beliefs.
Partisan Entrepreneurship(with Joey Engelberg, Jorge Guzman, and Runjing Lu) SSRN link SocArXiv link pdf Presentations: NBER SI Entrepreneurship 2021
Best Paper Prize in Corporate Finance at the 2022 Midwest Finance Association Conference Best Paper Prize at the 2021 Colorado Finance Summit What it's about: we show that Republicans start more firms than Democrats, and that this difference is time-varying: Republicans increase their relative entrepreneurship during Re-publican administrations and decrease it during Democratic administrations (and vice versa).
Unconventional Monetary Policy Transmission and Bank Lending Relationships(with Anne Duquerroy and Christophe Cahn) SSRN link SocArXiv link pdf
Best Paper Prize at the Colorado Finance Summit
What it's about: we show differential transmission of unconventional monetary policy to single-bank firms (very numerous, smaller) relative to the multi-bank firms that are the focus of the banking literature.
Credit Guarantees and New Bank Relationships(with Patricio Toro) pdf
What it's about: we show bank credit guarantee schemes (widely used worldwide) help firms scale up and develop new bank relationships, but policy design matters.
- Does Partisanship Shape Investor Beliefs? Evidence from the COVID-19 Pandemic - Review of Asset Pricing Studies (2020)(with Tony Cookson and Joey Engelberg) RAPS link (free) SSRN link SocArXiv link pdf on MarginalRevolution sentiment time series
What it's about: we show that Republican investors are differentially more optimistic about equities during the COVID-19 pandemic, suggesting investors are using mental models from politics in investing
- How do CEOs see their roles? Management Philosophies and Styles in Family and non-Family Firms - Journal of Financial Economics (2016)(with Antoinette Schoar) SSRN link pdf Non-technical summary Appendix 1; Survey Appendix; Appendix 2
What it's about: we show that Family firms have different objective functions than non-Family firms
- Unrest in Chile - HBS Case Study (2020)
What it's about: we examine the causes of the unrest that paralyzed Chile in October 2019, and led to a referendum to re-write the constitution