Assistant Professor of Finance

W. P. Carey School of Business
Arizona State University

Research Interests

  • Labor and finance, Networks, Banking, History


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

  • Media: Wall Street Journal, Oxford Business Law Blog, W. P. Carey News and Research
  • Code and data: Download code here; please email Jessie for questions on data and model
  • Presentations: NBER Summer Institute on DAE, AEA, SFS Cavalcade, St. Louis Fed Conference on Innovations in Central Banking, Chicago Financial Institutions Conference, ASU, Fixed Income and Financial Institutions Conference
  • What it's about: Using an interbank network model and unique historical data on interbank deposits before and after the National Banking Acts, we 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) (Internet Appendix) (Data) 2017, Journal of Finance, 72 (5), 2131--2178

  • Best Paper Award: ASU Sonoran Winter Finance Conference 2013, WRDS Award for an Outstanding Paper in Asset Pricing Research (MFA 2013)
  • Presentations: UT Dallas, CSEF-EIEF-SITE conference, ASU Sonoran Finance Conference, MFA
  • What it's about: 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) 2017, Review of Economic Dynamics, 26, 62--90

  • Presentations: Tepper-LAEF Macro and Finance conference, Arizona State University, University of Arizona, UNC Tax Symposium
  • What it's about: 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.

"A Theory of Collateral Requirements for Central Counterparties," with Agostino Capponi and Hongzhong Zhang, Forthcoming at Management Science

  • Slides
  • Media:, Oxford Business Law Blog
  • Presentations: AFA, NYU Stern Microstructure Conference, Finance Down Under, 2nd Conference on Non-bank Financial Sector and Financial Stability (LSE), HEC Paris, SEC, OFR
  • What it's about: We develop a novel framework for designing collateral requirements allocated as initial margin and default fund in a centrally cleared market.

Working Papers

"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: 2021 FIRS, 3rd Future of Financial Information Conference, 2021 CICF, 2021 SOLE, 2021 MFA, 2020 UA-ASU Junior Finance Conference, 2020 Northern Finance Association Conference, WAPFIN@STERN 2020, 2nd Finance Junior Conference at Indiana University, Arizona State University, and Nanyang Technological University
  • What it's about: Using unique data from a professional networking app, we measure a firm's social capital derived from employees' connections with external stakeholders and identify a positive effect on firm performance.

"Access to Finance and Technological Innovation: Evidence from Antebellum America," with Yifei Mao Revise and resubmit at Journal of Financial and Quantitative Analysis

  • Slides
  • Presentations: WFA, AFA, NBER SI, NBER DAE, 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
  • What it's about: Exploiting a unique historical 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

  • Media: W. P. Carey Magazine
  • Presentations: 2021 NBER Economics of AI, 2021 NFA, 2021 SDU finance workshop, Future of Growth Conference, 2021 MFA, 2020 Labor and Finance Group meeting, 2020 Early Career Women in Finance Conference, University of New South Wales, Arizona State University, Boston College, University of Iowa, University of Alberta, ITAM
  • What it's about: Firms' ability to substitute automated capital for labor provides an option to reduce labor-induced operating leverage, allowing for less conservative financial policies.

"Distress Dispersion and Systemic Risk in Networks"

  • Media: Oxford Business Law Blog
  • Presentations: Cleveland Fed-OFR Financial Stability, OxFIT, FDIC Bank Research Conference, BIS Research Conference, Richmond Fed, RPI, Case Western Reserve, ASU, Rutgers, Columbia, GSU, Minnesota, Cornell, Tulane, UCLA, Treasury OFR, JHU
  • What it's about: 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"

  • Presentations: Carnegie Mellon University, World Finance Conference, 11th SAET Conference
  • What it's about: I study asset prices in a two-agent production economy in which the worker has private information about her labor productivity.