Assistant Professor of Finance

W. P. Carey School of Business
Arizona State University

Research Interests

  • Banking, Networks, Labor and Finance


"A Labor Capital Asset Pricing Model," with Lars-Alexander Kuehn and Mikhail Simutin (SSRN) (BibTeX) (Internet Appendix) (Data) , 2017, Journal of Finance, 72 (5), 2131--2178

We show both empirically and theoretically that labor search frictions are an important determinant of the cross-section of equity returns.

  • Best Paper Award (ASU Sonoran Finance Conference 2013)
  • WRDS Award for an Outstanding Paper in Asset Pricing Research (MFA 2013)

"Taxing Atlas: Executive Compensation, Firm Size and Their Impact on Optimal Top Income Tax Rates," with Laurence Ales and Andres Bellofatto (SSRN) (BibTeX) 2017, Review of Economic Dynamics, 26, 62--90

We study the optimal taxation of top income earners who are modeled as firm managers and show how to quantify the model using readily available firm-level data.

Working Papers

"Bank Networks and Systemic Risk: Evidence from the National Banking Acts," with Mark Paddrik and Haelim Park (SSRN) (BibTeX) (Slides) Revise and Resubmit, American Economic Review

Using interbank deposit networks before and after the National Banking Acts in 1863-1864, we show that a concentrated network is "robust-yet-fragile" to liquidity crises.

"Distress Dispersion and Systemic Risk in Networks" (BibTeX) (Under revision, new version coming soon.)

I develop a model of contagion that stems from endogenous risk-sharing when financial firms differ in distress levels.

"Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America," with Yifei Mao (BibTeX)

By exploiting a unique setting in antebellum America, we establish labor scarcity as an important economic channel through which access to finance shapes technological innovation.

  • Upcoming presentations: Young Scholars Finance Consortium (Texas A&M University), Chicago Financial Institutions Conference, University of Kentucky Finance Conference, SFS Cavalcade

"Designing Clearinghouse Default Funds," with Agostino Capponi and Hongzhong Zhang (BibTeX)

The current "Cover II" rule for default fund collection in central clearing is intrinsically vulnerable. We design an optimal cover rule that trades off ex-post risk-sharing with ex-ante risk-shifting.

"Asset Pricing with Dynamic Labor Contracts" (BibTeX)

I study asset prices in a two-agent production economy in which the worker has private information about her labor productivity.