COVID-induced Migration and Municipal Bonds.
From L.A. to Boise: How Migration Has Changed During the COVID-19 Pandemic
Disaster Lending: "Fair" Prices, but "Unfair" Access
Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes
Long-Run Labor Costs of Housing Booms and Busts
Uncovering Financial Constraints
*scheduled
- with Matthew Gustafson, Peter Haslag, and Zihan Ye
- Main Figure: Yields and Migration Shock Over Time
- Summary: We find the shift in locational preferences induced by COVID affected municipalities' cost of borrowing, credit ratings, and issuance behavior. Yield changes are especially severe for lower-rated bonds and municipalities experiencing larger than usual outflows.
From L.A. to Boise: How Migration Has Changed During the COVID-19 Pandemic
- with Peter Haslag.
- Main Figures: Map-Arrivals, Map-Departures
- Summary: We provide an initial assessment of how migration patterns have changed during the pandemic using proprietary data on 300k+ residential, interstate moves over the last four years and supplemented with representative data from the CPS. 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.
- Media Coverage
Disaster Lending: "Fair" Prices, but "Unfair" Access
- with Taylor Begley, Umit Gurun, and Amiyatosh Purnanandam.
- R&R Management Science
- Summary: We examine loan decisions in the SBA disaster loan program. We find that under risk-insensitive loan pricing – a feature present in many government programs – marginal credit quality borrowers are less likely to receive credit.
- Presentations: AFA, Red Rock, Univ. of KY, FIRS, Finance Down Under, MoFiR, Front Range, CFIC, EBCN, MFA, MD4SG
Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes
- with Taylor Begley
- R&R Review of Corporate Finance Studies
- Main Figures: Cash Levels and COVID Spread, Cash Flow Shocks and COVID Spread
- Summary: We find that firms’ financial resources play an important role in mitigating the spread of COVID-19 using data on nursing homes.
- Presentations: ECGI Corporations and COVID19*, WFA, FIRS, Eastern Finance Association.
Long-Run Labor Costs of Housing Booms and Busts
- with Taylor Begley and Peter Haslag
- Main Figure: Relative outcome for realty entrants in "Bubble" MSAs
- Summary: We study individual labor market decisions during the house price run-up of the early 2000s using the career paths of nearly 7 million workers. We find severe negative long-run outcomes for individuals that enter realty in areas with higher non-fundamental growth.
- Presentations: ATL Fed/GSU Real Estate, FDU, RCFS/RAPS, Stockholm LFG, EFA
Uncovering Financial Constraints
- with Matt Linn
- Main Figure: extended coverage of our measure compared to 10-K-based measures
- Summary: We classify firms’ financial constraints using a random forest model and provide evidence that returns of debt (equity) constrained firms are more sensitive to shocks to the cost of equity (debt) financing.
- Extra Resources: [Data] [Internet Appendix]
- Presentations: MFA, FMA, NFA, Dolomites
*scheduled