Publications

We develop a novel method to infer intra-quarter trading of individual mutual funds. After a mutual fund executes a trade, its reported portfolio...

We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...

Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...

We survey a large representative sample of retail investors in China to elicit their memories of stock market investment and return expectations. We...

We build a model of the law of small numbers (LSN)—the incorrect belief that even small samples represent the properties of the underlying population...

Evidence from experiments, surveys, and the field has uncovered both underreaction and overreaction to new information. We provide new experimental...

We examine a novel mechanism whereby the US dollar’s global dominance can have a large, unexpected impact on foreign Treasury yields in crisis periods...

We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm’s market-to...

This paper argues that political affiliation plays a central role in shaping household expectations and consumption behavior. Using survey and...

We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are...

When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...

We propose a novel way to estimate a portfolio’s abnormal price, the percentage gap between price and the present value of dividends computed with a...

We study exchange rate expectations in surveys of financial professionals and find that they successfully forecast currency appreciation at the two...

We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...

This paper examines how market power affects coverage in a general class of insurance models. We show that market power decreases coverage for...

The existing literature has documented “reaching for yield” - the phenomenon of investing more in risky assets when interest rates drop - among...