Assistant Professor of Finance

W. P. Carey School of Business
Arizona State University

Research Interests

  • Banking, Networks, Labor and Finance, Asset Pricing


"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

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" (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.

"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.