Assistant Professor of Finance
In my research, I study how frictions such as network externalities, contracting, and labor search affect systemic risk and asset prices.
We show both empirically and theoretically that labor search frictions are an important determinant of the cross-section of equity returns.
I develop a model of contagion that stems from endogenous risk-sharing when financial firms differ in distress levels.
Using bank reserve networks before and after the National Banking Acts in 1863-1864, we show that a centralized network is "robust-yet-fragile" to liquidity crises.
We model top income earners as firm managers and derive a formula of optimal top tax rate based on readily available firm-level data on size and executive compensation.
I study asset prices in a two-agent production economy in which the worker has private information about her labor productivity.