Curriculum Vitae

Home Page



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My Research











I am an applied theorist. I am interested in finance and macroeconomics. Most of my research takes a general equilibrium and/or mechanism design approach. Please click on the following links for research topics. Information on citations to my papers is available at my Google Scholar page.






Information, Preferences, and Asset Returns



Information and learning important for understanding asset returns and the equity premium puzzle.

The asset market response to news provides guidance on how to model investors’ preferences for risks.






Research on Option Exercise and the Cross-section of Equity Returns



Options are less risky than assets in place. I explore general equilibrium mechanisms in which options are less risky than assets in place, thereby reconciling the "value premium".






A General Equilibrium-Mechanism Design Framework for Corporate Investment and Payout



We incorporate dynamic mechanism design into general equilibrium models of heterogeneous firms to provide a coherent framework to study firms’ investment and payout policies.


Macro-finance Models with Agency Frictions

How agency frictions affect macroeconomic quantities and asset prices


Capital Structure and Investment






Numerical Methods



Numerical methods to solve dynamic models with recursive preference, or heterogeneous firms, or both.









Invited discussions I gave at conferences.






Older Working Papers



Working papers that are a little outdated, but I expect to come back to sometime in the future.








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The contents of this page have not been reviewed or approved by the University of Minnesota.