Papers & Opinions


    Paper


    Posted on 3 August 2025

    We model stakeholder-driven institutional divestiture that promotes harmful-asset stranding through both an economic exposure channel and financial prices. We introduce two novel mechanisms. First, institutional divestiture weakens stakeholders' asset exposures,...

    Paper


    Posted on 22 July 2025

    This paper develops a unified framework linking credit rationing, electoral politics, and credit terms. Vote-share-maximizing politicians moderate policy in response to credit market frictions, generating an endogenous asymmetry that limits...

    Paper


    Posted on 24 June 2025

    This paper studies how political alignment between a firm’s CEO and a state’s governor affects internal labor allocation. We find that firms increase employment in politically aligned states, especially when...

    Paper


    Posted on 3 June 2025

    We study student debt relief as the product of probabilistic voting by an electorate that includes both college graduates and non-college laborers. While politicians favor the most homogeneous group in...

    Paper


    Posted on 15 May 2025

    Why do citizens support central bank independence (CBI)? Despite important research on economic and political reasons to grant independence to central banks, we know little about what the public thinks...

    Paper


    Posted on 30 April 2025

    How does partisanship affect inflation expectations? While most research focuses on how inflation impacts political approval and voter behavior, we analyze the political roots of inflation expectations. We argue that...

    Paper


    Posted on 14 April 2025

    This paper systematically examines the relationship between geopolitical risk and stock returns by constructing a comprehensive Geopolitical Risk Index (GRI) using Wall Street Journal articles from 1984 to 2025. GRI positively predicts excess...

    Paper


    Posted on 12 February 2025

    How do firms manage liquidity in populist-led countries? Using close elections involving populists, we test two hypotheses: populism prompts firms to either (i) increase cash holdings due to political risk...

    Paper


    Posted on 29 January 2025

    We show that government deleveraging causes liquidity squeeze among non-state-owned-enterprise (non-SOE) contractors, an unintended consequence of containing subnational debts. Our empirical analysis exploits China’s top-down deleveraging policy in 2017 that...

    Paper


    Posted on 6 January 2025

    This paper studies how partisanship affects mutual fund information processing at the firm level. Using textual analysis of earnings call transcripts, I identify discussions on partisan-sensitive topics, such as climate...

    Paper


    Posted on 20 December 2024

    This paper shows that corporate lobbying generates within-industry effects. Firms that do not lobby experience negative stock returns around the passage of new federal bills and resolutions that attract more...

    Paper


    Posted on 9 December 2024

    We study the extent to which individuals' consumption decisions are influenced by firms' stances on controversial social issues and the implied incentives for firms to take such stances. We use...

    Paper


    Posted on 4 November 2024

    I argue creditors, plausibly considering the link between bank lobbying and government bailouts, reflect the financial-safety-net aspect of bank lobbying. My structural estimation based on U.S. data suggests bank lobbying...

    Paper


    Posted on 12 October 2024

    Can political beliefs, particularly about benefits of war versus peace, move thick financial markets? We document that following an unlikely victory by French citizen-soldiers during the German Siege of Paris...

    Paper


    Posted on 10 October 2024

    This paper studies how hiring public officials affects firms’ ability to win government contracts in Japan. We link personnel transitions of public officials to contractors and government contracts awarded to...