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Papers are organized by topic and
include short thematic summaries. ¶
Finance &
Labor Capital Structure ·
Capital Structure and the Firm’s
Workforce, Annual Review of Financial Economics 10, November 2018, p.387–412. - Survey article providing a framework for understanding the unique
impact of a firm’s workforce on its capital structure. ·
Boarding a Sinking Ship? An
Investigation of Job Applications to Distressed Firms (with Jennifer Brown), Journal of Finance 71 (2), April 2016, p.507–550. - Workers’ labor supply decreases to firms in distress. ·
Labor Unemployment Risk and Corporate
Financing Decisions (with Ashwini Agrawal), Journal
of Financial Economics 108 (2), May 2013, p.449–470. -
Firms optimally reduce leverage to mitigate workers’
exposure to the firms’ distress. ·
Capital Structure as a Strategic
Variable: Evidence from Collective Bargaining, Journal of Finance 65
(3), June 2010, p.1197–1232. -
Firms use leverage and the threat of financial distress
strategically to improve its bargaining position with workers. Workforce Strategy ·
A Female Style in Corporate
Leadership? Evidence from Quotas (with Amalia Miller), American Economic Journal: Applied
Economics 5 (3), July 2013, p.136–169. -
Firms affected by Norway’s gender quota for corporate
board seats undertook fewer workforce reductions than comparison firms. ·
Workforce Reductions at Women-Owned
Businesses in the United States (with Amalia Miller), Industrial and Labor Relations Review 67 (2), April 2014,
p.422–452. - Gender of business owners is also related to private firms’ employment
strategies in the United States. ·
The Big Three
and Board Gender Diversity: The Effectiveness of Shareholder Voice (with Todd Gormley, Vishal Gupta, Sandra Mortal, and
Lukai Yang), July 2021. - The Big Three asset managers led firms to add at least 2.5 times as
many female directors in 2019 as they had in 2016 and to promote female
directors to key board positions. ·
Do Male
Workers Prefer Male Leaders? An Analysis of Principals’ Effects on Teacher
Retention (with Aliza Husain and Amalia
Miller), Journal of Human Resources 58 (5), September 2023, p.1480–1522. -
Male teachers are about 12% more likely to leave their
schools when they work under female principals than under male principals. ·
Chipping Away at the Glass Ceiling:
Gender Spillovers in Corporate Leadership (with Amalia Miller), American Economic Review P&P 101
(2), May 2011, p. 635–639. - We use gender to explore the role of directors’ preferences,
perceptions, and networks in the selection of corporate executives. Corporate Investment ·
Playing it Safe? Managerial
Preferences, Risk, and Agency Conflicts (with Todd Gormley), Journal of Financial Economics 122 (3), December 2016, p.431–455. - When not monitored, managers often "play it safe" by taking
value-destroying actions that reduce their firms’ risk of distress. ·
Growing Out of Trouble? Legal
Liability and Corporate Responses to Adversity (with Todd Gormley), Review of Financial Studies 24 (8), August 2011, p.2781–2821. -
Financial
leverage amplifies risk-related managerial agency conflicts. ·
CEO Compensation and Corporate Risk-Taking:
Evidence from a Natural Experiment (with Todd Gormley and Todd Milbourn), Journal of Accounting & Economics
56 (2–3), November/December 2013, p.79–101. - Option-based pay encourages risk taking. ·
Why Do Firms Use High Discount Rates? (with Ravi Jagannathan, Iwan
Meier, and Vefa Tarhan), Journal of
Financial Economics 120 (3), June 2016, p.445–463. - Operational constraints, such as limited managerial bandwidth or
organizational manpower, lead the average publicly traded firm to use a 2.4
percentage point higher discount rate when screening investment
opportunities. Housing and Household Finance ·
Unemployment Insurance as a Housing
Market Stabilizer (with Joanne Hsu and Brian Melzer), American
Economic Review, 108 (1), January 2018, p.49–81. - UI expansions during the Great Recession prevented about 1.3 million
foreclosures, showing that policies that make mortgages more affordable can
reduce foreclosures even when borrowers are severely underwater. ·
Locked in by Leverage: Job Search
during the Housing Crisis (with Jennifer Brown), Journal of Financial Economics 136 (3), June 2020, p.623–648. - Mortgage distress distorts job search by impeding household
mobility. Distressed homeowners apply for fewer jobs that require relocation
and broaden their search to lower level positions nearby. ·
Dual Credit
Markets: Income Risk, Household Debt, and Consumption (Brian Melzer and Michal Zator), August 2024. - Labor market institutions that improve job security for permanent
workers make it harder for Europe’s 27+ million mostly young temporary
workers to access credit, buy homes, & establish financial independence. ¶
Finance &
Industrial Organization ·
Competition and Product Quality in
the Supermarket Industry, Quarterly
Journal of Economics 126 (3), August 2011, p.1539–1591. -
The risk of customers switching stores provides
competitors with a strong incentive to invest in product quality. ·
Running on Empty? Financial
Leverage and Product Quality in the Supermarket Industry, American Economic Journal: Microeconomics
3 (1), February 2011, p.137–173. -
Financial leverage can undermine firms’ incentive to
provide quality products. ·
Common Errors: How to (and Not to)
Control for Unobserved Heterogeneity (with Todd Gormley), Review of Financial
Studies 27 (3), February 2014, p.617–661. - Approaches commonly used in finance research to control for unobserved
group-level heterogeneity, such as firms’ industry, are flawed. We describe
the limitations of these approaches and alternative estimators that are
consistent. - Programming advice [link] - Lecture slides for Ph.D. course [link] ·
Pricing Dynamics of Multi-Product Retailers (with Daniel Hosken and David Reiffen), in Advances in Applied Microeconomics, Volume
10: Advertising and Differentiated Products, edited by M.R. Baye and J.P.
Nelson (New York: Elsevier), 2001, p.129–153. -
We describe empirical regularities in grocery store
pricing strategies, including that products are more likely to go on sale in
periods of peak demand. ¶
Public Policy ·
Inclusive
Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment
Growth (with Nittai Bergman and Michael
Weber), January 2022. -
By tightening labor markets, expansionary monetary policy especially
benefits workers with lower labor force attachment. ·
Who Votes for
Medicaid Expansion? Lessons from Maine’s 2017 Referendum (with Amalia Miller), Journal
of Health Politics, Policy and Law 44 (4), August 2019, p.563–588. -
We analyze local voting results to identify
characteristics of areas that support Medicaid expansion. ·
Are Restaurants Really Supersizing
America? (with Michael Anderson), American Economic Journal: Applied
Economics 3 (1), January 2011, p.152–188. -
A natural experiment finds no causal link between
restaurant consumption and obesity, likely because consumers offset calories
from restaurant meals by eating less at other times. ·
Does Malpractice Liability Keep the
Doctor Away? Evidence from Tort Reform Damage Caps, Journal of Legal Studies 36 (2), June
2007, p.S143–S182. -
Damage caps on medical malpractice damages have little
effect on physician supply aside from specialist physicians in extremely
rural areas, who face high uninsured litigation costs and a more elastic
demand.
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