Published / Forthcoming

  1. Cross-sectional Skewness with Jessica A. Wachter [SSRN] [Paper] (Pre-PhD; Extended from undergraduate thesis)

    2. Review of Asset Pricing Studies, 12(1), March 2022, p.155–198.

    We evaluate the skewness in the cross-section of returns in light of predictions from a well-known class of models.

    • Presentations: JHU Carey Asset Pricing Conference 2019, Wharton, Chicago Booth, SFS Cavalcade NA 2020 (video), MFA 2020


Working Papers

  1. Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies with Ishita Sen and Ana-Maria Tenekedjieva [SSRN]

    2. Revise & Resubmit, Journal of Finance

    Insurers overcome regulatory frictions by cross-subsidizing insurance across states, leading to a decoupling of rates from underlying risk.

    * Winner of the 2023 E-axes Forum Research Prize

    * Winner of the Best Paper Prize in Responsible Finance, European Finance Association, 2022

    * Shortlisted for the GSSI International Real Estate Review Best Paper Award, AREUEA

    • Presentations: AFA 2024 (scheduled), NBER SI Corporate Finance 2022, NBER Insurance 2021, SITE 2021, NY Fed/ NYU Financial Intermediation Conference, ABFER 2021, FRB Philadelphia Consumer Finance Round Robin 2021, World Risk and Insurance Economics Congress 2021, European Economic Association 2021 , AREUEA International, AREUEA-ASSA meeting 2022, Southern Finance Association 2021, GRASFI 2021, European Finance Association Meeting 2022, BFI Women in Empirical Micro 2022, Northern Finance Association Meeting 2022

    • Media: HBS Working Knowledge, Financial Times


  2. Asset Demand of U.S. Households with Xavier Gabaix, Ralph Koijen, Federico Mainardi, and Motohiro Yogo [SSRN]

    3. We study the asset demand of U.S. households, including ultra-high-net-worth (UHNW) households, across a wide range of asset classes.

    • Presentations: AFA 2024 (scheduled), NBER Asset Pricing 2022, NBER Innovative Data in Household Finance, SED 2022, SFS Cavalcade 2023, WFA 2023, UC Boulder Leeds, UW-Madison Business School, NY Fed, Tilburg, U of Amsterdam, UIC, Columbia GSB, Stanford GSB

    • Media: BFI Research Brief


  3. Social Inflation [SSRN]

    4. I uncover a new source of aggregate risk for the insurance sector: shifts in insurers' loss distribution induced by changing social norms and legal developments.

    * Winner of the WFA PhD Candidate Award For Outstanding Research

    * Winner of the Stigler Center PhD Dissertation Award and Bradley Fellowship

    • Presentations: NBER Insurance 2022, Yiran Fan Memorial Conference 2023, SGF 2022, WFA 2021, EFA 2021, AFA PhD Poster 2021, IRMC 2020, EGSC 2020, 3MT Competition


  4. Unpacking the Demand for Sustainable Equity Investing with Don Noh and Jihong Song [SSRN]

    5. We investigate the heterogeneity in investor demand for sustainable equity investing and study its implications.

    * Winner of the 2020 Conference on Asia-Pacific Financial Markets (CAFM) Best PhD Paper Award

    • Presentations: AFA 2024 (scheduled), MFA 2024 (scheduled), SoFiE 2023, AFA PhD Poster 2021, MFR Summer Session 2020, Chicago Booth, CAFM 2020

    • Media: World Bank Blog


  5. Climate Capitalists with Niels Gormsen and Kilian Huber [SSRN] [Project Website]

    6. Green firms report lower perceived cost of capital and discount rates in recent years, concurrent with the rise of "green investing."


  6. High-Frequency Expectations from Asset Prices: A Machine Learning Approach with Aditya Chaudhry [SSRN]

    7. We construct a daily measure of GDP expectations that can be used to test many empirical anomalies observed in the asset market.

    * Winner of the 2020 Arnold Zellner Doctoral Prize

    • Presentations: Bank of England, SoFiE Machine Learning Conference, SoFiE 2021, Chicago Econ, Chicago Booth, 2020 Bergen FinTech Conference