UPDATES

• New paper: "How (Not) to Identify Demand Elasticities in Dynamic Asset Markets" [SSRN]
  - Best Paper Award at the FRA Conference
  - Best Paper Award at the ASU Sonoran Winter Finance Conference

• "Market Power in the Securities Lending Market" [SSRN] receives paper awards:
  - Best Paper Award at the Annual Conference in Financial Economics at IDC-Herzliya
  - Best Paper Award in Corporate Finance and Financial Intermediation at the NFA Meeting 

• "Environmental Disclosures in Global Supply Chains" [SSRN]

EDITORIAL POSITIONS

• Associate Editor, Journal of Finance, 2024–Present

• Associate Editor, Journal of Empirical Finance, 2016–Present
  
  

RESEARCH TOPICS

I study financial institutions’ and markets’ impact on prices and allocative efficiency.

• Real anomalies - the aggregate real effects of financial market anomalies (alphas).

• Venture capital investments' impact on economic growth and welfare.

• The role of intermediation chains, disclosure, and security design in affecting the efficiency of over-the-counter (OTC) markets.

• How the desirability of information production shapes the relative efficiency of OTC and centralized markets.

• Regulations' impact on credit rating agencies' rating standards and the allocation of credit.

• Large shareholders' influence on inefficiencies associated with financial distress.

• The cross-sectional sensitivity of credit to shocks affecting bank capital.

METHODOLOGY

I have developed a modeling approach for granular dynamic economies that yields exact global solutions and only requires inverting sparse matrices. Several of my papers showcase this approach in settings with:

• Capital investment with adjustment costs and occasionally binding constraints

• Granular general equilibrium economies with persistent heterogeneity

• Optimal default

• Learning and information acquisition