1. Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market

• with Amiyatosh Purnanandam. Journal of Finance, 2016, 71: 303–334.
• Summary: We analyze the role of financial markets in shaping the incentives of government agencies using a unique empirical setting: the weather derivatives market.
• [Published Version]

2. Financial Sector Stress and Risk Sharing: Evidence from the Weather Derivatives Market

• Review of Financial Studies, 2019, 32(6), 2456-2497.
• Summary: I examine the effect of financial sector stress on risk sharing in a novel setting: the CME’s weather derivatives market. The results provide causal evidence of the effect of financial sector stress on the pricing of exchange-traded financial contracts and risk sharing in the economy.
• [Internet Appendix] [Published Version]

3. Are Monthly Market Returns Predictable?

• with Jussi Keppo and Tyler Shumway. The Review of Asset Pricing Studies, 2021, Volume 11, Issue 4, 806-836.
• Summary: We document significant persistence in the market timing performance of active individual investors, suggesting some investors are skilled at timing.
• [Internet Appendix] [Published Version]

4. Revealed Heuristics: Evidence from Investment Consultants' Search Behavior

• with Sudheer Chava and Soohun Kim. The Review of Asset Pricing Studies, 2022, Volume 12, Issue 2, 543–59.
• Summary: We find that investment consultants (who advise institutional investors) frequently shortlist funds using threshold screens clustered at cognitive reference numbers (e.g., $500MM AUM, 0% excess returns) and the clustering of screens affects fund outcomes.
• [Published Version]​

​5. Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes

• with Taylor Begley. Review of Corporate Finance Studies, 2023, Volume 12, Issue 1, 1-35. Editor’s choice.
• Summary: We find firms’ financial resources play an important role in mitigating the spread of COVID-19 using data on nursing homes. Further, increases in Medicaid reimbursement rates led to relatively better outcomes at facilities more reliant on Medicaid.​  
• [Internet Appendix][Published Version]
• ​Main Figure: Impact of Medicaid Reimbursement Expansion on COVID cases

6.From L.A. to Boise: How Migration Has Changed During the COVID-19 Pandemic

• with Peter Haslag. Accepted, Journal of Financial and Quantitative Analysis.
• Main Figures: Map-Arrivals, Map-Departures
• Summary: We provide an initial assessment of how migration patterns have changed during the pandemic. Using proprietary moving data, we find high income movers are moving out of large cities and are moving less for job-related reasons and more for non-work related reasons. Areas with greater inflows of high income households during the pandemic also experienced greater economic growth.
• Media Coverage​