Papers & Opinions


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Posted on 18 July 2023

A first-order concern regarding sustainable finance is that it may crowd out individual support for more effective, policy-driven approaches to address societal challenges. We test the validity of this concern...

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Posted on 29 March 2023

National surveillance is often insufficient to identify transnational issues. One solution to this problem is to delegate to international organizations (IOs) the power to surveil activity in numerous states simultaneously,...

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Posted on 7 November 2022

We use the acquisition of Dow Jones & Co. by News Corporation in 2007 to study whether investors respond to a news source’s political affiliation. Following the acquisition, the price...

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Posted on 24 October 2022

Having “friends in high places” can bring many benefits. But what happens if these “friends” are involved in shady business dealings, use taxpayer funds to finance lavish offices or vacations,...

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Posted on 30 June 2022

We investigate determinants that encourage companies to speak out via twitter or their websites in support of Black Lives Matter (BLM) after the death of George Floyd on May 25,...

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Posted on 17 June 2022

We propose a novel pressure-based model of financial misconduct. We interpret the robust empirical findings of a high “success rate of crime” as evidence of skewness in the payoff of...

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Posted on 28 January 2022

Donald Trump's 2016 election and his nomination of climate skeptic Scott Pruitt to head the Environmental Protection Agency drastically downshifted expectations about U.S. policy toward climate change. Joseph Biden's 2020...

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Posted on 15 November 2021

I document that political connections are an important driver of investment strategies of U.S. mutual funds. I collect data on mutual fund holdings of U.S. Congress members and equity holdings...

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Posted on 4 October 2021

Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments...

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Posted on 27 September 2021

We analyze the partisanship of Securities and Exchange Commissioners (SEC) and members of the Federal Reserve Board of Governors (Fed). Using the language-based approach of Gentzkow, Shapiro, and Taddy (Econometrica,...

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Posted on 21 September 2021

Risk premia are significantly elevated during periods of democratization in a cross-country panel of equity data covering 85 countries over 200 years, despite little evidence of a negative effect on...

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Posted on 19 July 2021

We document sharp differences in stock price responses to COVID-19-related news between public firms headquartered in blue counties (dominated by Democratic voters) and those in red counties (dominated by Republican...

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Posted on 18 July 2021

We develop a model of political cycles driven by time-varying risk aversion. Agents choose to work in the public or private sector and to vote Democrat or Republican. In equilibrium,...

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Posted on 12 July 2021

Motivated by the recent rise of populism in western democracies, we develop a tractable equilibrium model in which a populist backlash emerges endogenously in a strong economy. In the model,...

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Posted on 7 July 2021

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the...