Research Interests: Financial Institutions, Incentives

Curriculum Vitae | SSRN author page | Google scholar page

Working Papers:

1. Wall Street and the Housing Bubble (coming soon)
   (with Sahil Raina and Wei Xiong)
   • Did Wall Street know about the housing bubble?
     
     
2. Convective Risk Flows in Commodity Futures Markets (February 2012)
   (with Wei Xiong and Andrei Kirilenko)
• Who bears risk in commodity futures markets?
• NBER Working Paper #17921
  
  
3. Do Managers Do Good With Other People's Money? (February 2012)
   (with Harrison Hong and Kelly Shue, Princeton and University of Chicago)
   
   • Is corporate social responsibility symptomatic of agency?
     
     
4. Yesterday's Heroes: Compensation and Creative Risk Taking (June 2011) [slides] [list of firms]
   (with Harrison Hong and Jose Scheinkman, Princeton and NBER)
   • High risk-taking, high compensation and investor preferences go hand in hand.
   • NBER WP #16176, European Corporate Governance Institute WP #285
   • 2011 Standard Life Investments ECGI Best Finance Working Paper Prize
     
     
5. Corporate Governance Spillovers (April 2011)
   • Accounting fraud is linked to poor corporate governance at competitors.

Papers:

1. The Hazards of Debt: Rollover Freezes, Incentives, and Bailouts [slides]
   (with Konstantin Milbradt, MIT-Sloan)
   • Review of Financial Studies 2012, 25(4), 1070-1110.
   • How should debt be structured to balance debt runs and risk-shifting?