Assistant Professor of Finance

W. P. Carey School of Business
Arizona State University

Research Interests

  • Banking, Networks, Labor and Finance, History


"Bank Networks and Systemic Risk: Evidence from the National Banking Acts," with Mark Paddrik and Haelim Park (SSRN) (BibTeX) (Online Appendix) 2019, American Economic Review, 109(9), 3125--3161

Using an interbank network model and unique historical data on interbank deposits, we structurally quantify how the concentration of interbank deposits at reserve and central reserve cities would have affected financial stability.

"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

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

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

"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

"Access to Finance and Technological Innovation: Evidence from Antebellum America," with Yifei Mao

  • Presentations: WFA, NBER SI, AFA, EFA, SFS Cavalcade, Texas Finance Festival, University of Kentucky Finance Conference, Young Scholars Finance Consortium, FIRS, GSU CEAR-Finance Conference: Financing Tangible and Intangible Capital

Exploiting a unique setting in antebellum America, we provide new evidence on how access to finance impacts technological innovation and establish the role of labor practices in shaping the finance-innovation nexus.

"Workplace Automation and Corporate Financial Policy," with Thomas Bates and Fangfang Du

  • Presentations: Labor and Finance Group meeting, ASU, Boston College, Early Career Women in Finance-Conference

Firms with a workforce more susceptible to job automation adopt less conservative financial policies.

"A Theory of Collateral Requirements for Central Counterparties," with Agostino Capponi and Hongzhong Zhang (Slides) Revise and Resubmit at Management Science

  • Media:, Oxford Business Law Blog
  • Presentations: NYU Stern Microstructure Conference, Finance Down Under, 2nd Conference on Non-bank Financial Sector and Financial Stability (LSE), FIRS, HEC Paris

The first framework to analyze the joint determination of collateral allocated as initial margin and default funds.

"Distress Dispersion and Systemic Risk in Networks"

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

"It's Not Who You Know—It's Who Knows You: Employee Social Capital and Firm Performance," with DuckKi Cho, Lyungmae Choi, and Michael Hertzel

  • Presentations: UA-ASU Junior Finance Conference, NFA, WAPFIN@Stern, ASU, Nanyang Technological University

Using unique data from a professional networking app that covers 2.4 million employees, we measure a firm's social capital derived from its employees’ professional connections and identify a positive impact on firm performance.

"Asset Pricing with Dynamic Labor Contracts"

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