Working papers

On ESG Investing: Heterogeneous Preferences, Information and Asset Prices, with Itay Goldstein, Alexandr Kopytov, and Lin Shen. (05/2024) R&R at Journal of Finance

  • We study ESG investing in an REE framework.

Tokenomics: Optimal Monetary and Fee Policies, with Urban Jermann. (01/2025) R&R at Journal of Monetary Economics

  • We document key properties of crypto monetary policies based on about 2000 tokens, and derive optimal monetary and fee policies for issuers with different levels of commitment.

ESG Spillovers, with Shangchen Li, Hongxun Ruan and Sheridan Titman. (09/2023)

  • We examine the co-management of ESG and non-ESG mutual funds and provide suggestive evidence for cross-fund subsidization.

An Invisible Oncologist: Health Implications of Financing Frictions, with Alexandr Kopytov, and Tong Liu. (11/2022)

  • Alleviating financing frictions can harm longevity by making households’ portfolios less liquid.

Make America Great: Long-Run Impacts of Short-Run Public Investment, with Alexandr Kopytov. (11/2018)

  • We document S-shaped macro dynamics associated with the construction of the US Interstate Highway System, and provide a macro model with two steady states to evaluate the nonlinear impacts of public investment shocks.

Publications

Rules versus Discretion in Capital Regulation, with Urban Jermann, accepted at Journal of Financial Economics

  • Capital regulation is subject to a time inconsistency problem.

Bank Heterogeneity and Financial Stability, with Itay Goldstein, Alexandr Kopytov, and Lin Shen, Journal of Financial Economics, 2024, Volume 162, 103934

  • Reducing correlation in run risks across banks can stabilize all of them.

Time Inconsistency and Financial Covenants, Management Science, 2024, 70 (1): 335-371

  • A dynamic model of financial covenants

Dynamic Banking with Non-Maturing Deposits, with Urban Jermann, Journal of Economic Theory, 2023, Volume 209, 105644

  • A dynamic model of banks with endogenous deposit withdrawals.

Corporate Debt Choice and Bank Capital Regulation, Journal of Economic Dynamics and Control, 2022, Volume 144, 104506

  • Tightening capital regulation causes a short-run boom but long-run decline in non-bank lending.