Published Papers
  1. Global Volatility and Firm-Level Capital Flows (with Jaromir Nosal and Tianyu Wang): April 2025. Journal of Financial Economics forthcoming. Best paper International Finance Conference.
  2. ​Firm Commitments (with Patrick Bolton): January 2025. Management Science accepted. UNPRI Conference Best Paper Award.
  3. ​Market Power and Price Informativeness (with Jaromir Nosal and Savitar Sundaresan): Review of Economic Studies  92(3), 2025, 1955-1986.
  4. Show and Tell: An Analysis of Corporate Climate Messaging and its Financial Impacts (with Joseph Aldy, Patrick Bolton, and Zachery Halem): Financial Analysts Journal 81(1)​, 2025, 82-101.
  5. Legal Risk and Insider Trading  (with Emiliano Pagnotta): Journal of Finance 79(1), 2024, 305-355.
  6. Behind Schedule: The Corporate Effort to Fulfill Climate Obligations (with Joseph E. Aldy, Patrick Bolton, and Zachery M. Halem)  Journal of Applied Corporate Finance 35(2), 2023, 1–9.
  7. Global Pricing of Carbon-Transition Risk (with Patrick Bolton): Journal of Finance 78(6), 2023, 3677-3754.​
  8. Sustainable Finance (with Alex Edmans): Review of Finance 69, 2022, 1309-1313. Editorial.
  9. Do Security Analysts Discipline Credit Rating Agencies? (with Kingsley Fong, Harrison Hong, and Jeff Kubik): Review of Corporate Finance Studies 11(4), 2022, 815-848. Lead Article Editor's Choice.​
  10. The Financial Cost of Carbon (with Patrick Bolton and Zachery Halem): Journal of Applied Corporate Finance 34(2), 2022, 17-29.
  11. Net-Zero Carbon Portfolio Alignment (with Patrick Bolton and Frederic Samama): Financial Analysts Journal 78(2), 2022, 19-33. Lead Research Article.
  12. ​Swing Pricing and Fragility in Open-end Mutual Funds (with Dunhong Jin, Bige Kahraman, and Felix Suntheim): Review of Financial Studies 35(1), 2022, 1-50. Lead Article Editor's Choice.
  13. Do Investors Care About Carbon Risk? (with Patrick Bolton): Journal of Financial Economics 142(2), 2021, 517-549.
  14. The Private Production of Safe Assets (with Christophe Perignon and Guillaume Vuillemey): Journal of Finance 76(2), 2021, 495-535. Lead Article.
  15. Do Foreign Investors Improve Price Efficiency? (with Savitar Sundaresan and Tianyu Wang): Review of Financial Studies 34(3), 2021, 1317-1367. International Finance Conference Best Paper Award.
  16. Chasing Private Information (with Emiliano Pagnotta): Review of Financial Studies 32, 2019, 4997-5047.
  17. Investor Sophistication and Capital Income Inequality (with Jaromir Nosal and Luminita Stevens): Journal of Monetary Economics 107, 2019, 18-31. (Technical Appendix).
  18. The Unintended Consequences of the Zero Lower Bound Policy (with Marco Di Maggio): Journal of Financial Economics 123(1), 2017, 59-80. Inquire Europe Research Grant Award.
  19. A Rational Theory of Mutual Funds' Attention Allocation (with Stijn van Nieuwerburgh and Laura Veldkamp): Econometrica 84(2), 2016, 571-626. (Technical Appendix ) Q-Group Research Grant Award.
  20. Time-Varying Fund Manager Skill (with Stijn van Nieuwerburgh and Laura Veldkamp): Journal of Finance 69, 2015, 1455-1484.  Nominated for the Smith-Breeden Award.
  21. How Safe are Money Market Funds? (with Philipp Schnabl): Quarterly Journal of Economics 128(3), 2013, 1073-1122.
  22. A New Class of Bayesian Semiparametric Models with Applications to Option Pricing (with Paul Damien and Stephen Walker): Quantitative Finance 13(6), 2013, 967-980.
  23. Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers (with Jason Chen and Hernan Ortiz-Molina): Review of Finance 16(2), 2012, 347-383. Spangler IQAM Prize for Best Paper in the Review of Finance (runner-up).
  24. Labor Unions, Operating Flexibility, and the Cost of Equity (with Jason Chen and Hernan Ortiz-Molina): Journal of Financial and Quantitative Analysis 46, 2011, 25-58.
  25. Competition and Bias (with Harrison Hong): Quarterly Journal of Economics 125(4), 2010, 1683-1725.
  26. When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009 (with Philipp Schnabl): Journal of Economic Perspectives 24, 2010, 29-50.
  27. The Price of Sin: The Effects of Social Norms on Markets (with Harrison Hong): Journal of Financial Economics 93, 2009, 15-36. Commonfund Institute Award (EFA 2006). 2006 Moskowitz Prize (Honorable Mention) for Socially Responsible Investing Research. JFE Hall of Fame.
  28. Unobserved Actions of Mutual Funds (with Clemens Sialm and Lu Zheng): Review of Financial Studies 21, 2008, 2379-2416. Lead Article.
  29. Industry Concentration and Mutual Fund Performance (with Clemens Sialm and Lu Zheng): Journal of Investment Management 5, 2007, 50-64.
  30. Fund Manager Use of Public Information: New Evidence on Managerial Skills (with Amit Seru): Journal of Finance 62, 2007, 485-528. Lead Article. Nominated for the Smith-Breeden Award.
  31. On the Industry Concentration of Actively Managed Mutual Funds (with Clemens Sialm and Lu Zheng): Journal of Finance 60, 2005, 1983-2012. Nominated for the Smith-Breeden Award.

Working Papers
  1. Does Institutional Climate Adaptation Pressure Affect Corporate Mitigation Efforts? (with Raffaele Conti and Aleksandra Kacperczyk): First Draft: April 2025.
  2. Inflation and the Carbon Premium (with Patrick Bolton and Tianyu Wang): First Draft: April 2025.
  3. Carbon Home Bias (with Patrick Bolton and Marc Eskildsen): Revised: February 2025.
  4. Carbon-Transition Risk and Net-Zero Portfolios (with Gino Cenedese and Shangqi Han): Revised: December 2024.
  5. The CO2 Question: Technical Progress and the Climate Crisis (with Patrick Bolton and Moritz Wiedemann): Revised: December 2024.
  6. Carbon Emissions and the Bank-Lending Channel (with Jose Luis Peydro): Revised: July 2022.
  7. Carbon Disclosure and the Cost of Capital (with Patrick Bolton): Revised: February 2025. EFA 2021 Best Paper Award on Sustainable Finance, Runner-Up.
  8. Does Firm Organization Matter? Evidence from Centralized and Decentralized Mutual Funds (with Jose Liberti and Amit Seru): October 2015 (available upon request).
  9. Asset Allocation under Distribution Uncertainty: April 2011.

Books
  1. Resilience of the Financial System to Natural Disasters (with Patrick Bolton, Harrison Hong, and Xavier Vives): May 2021.

Book Chapters and Policy Work
  1. Reconciling Portfolio Diversification with a Shrinking Carbon Footprint (with Patrick Bolton, Henrik Rasmussen, and Frederic Samama): CFA Institute Nov 27, 2024.
  2. Mandatory Corporate Carbon Disclosures and the Path to Net Zero (with Patrick Bolton, Christian Leuz, Gaizka Ormazabal, Stefan Reichelstein, and Dirk Schoenmaker): Management and Business Review 1(3), 2021, 21-30.
  3. Time-Varying Predictability in Mutual Fund Returns (with Vincent Glode, Burton Hollifield, and Shimon Kogan): March 2012.
  4. Hedge Funds in the Aftermath of the Financial Crisis (with Stephen Brown, Alexander Ljungqvist, Anthony Lynch, Lasse Pedersen, and Matthew Richardson), in: Restoring Financial Stability (eds. Viral Acharya, Matthew Richardson). John Wiley & Sons, NJ 2009. 
  5. Money Market Funds: How to Avoid “Breaking the Buck" (with Philipp Schnabl), in: Real Time Solutions for Financial Reform (eds. Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter). John Wiley & Sons, NJ 2010.