Here you will find links to my research in progress and my publications. If you have comments or suggestions on my work, contact me via e-mail firstname.lastname@example.org.
A Text-Based Analysis of Corporate Innovation (wtih Gustaf Bellstam and Sanjai Bhagat)
We construct a new measure of innovation from the text of analyst reports using Latent Dirchlet Allocation. The measure has desirable properties, and does not share the weaknesses of extant measures of innovation (R&D and patenting outcomes).
We develop a new measure of disagreement and evaluate the sources and consequences of disagreement. Investment philosophies matter for sustaining disagreement, but there is scope for disagreement among investors with the same approach [Link to SSRN].
Using exogenous variation from Native American reservations, we show that less local financial development leads to worse consumer financial health. Local financial institutions matter, and so do financial environments. [Link to SSRN]
Revise and Resubmit at Review of Finance.
Publications and Forthcoming
When Saving is Gambling
Journal of Financial Economics. Forthcoming. [Link to SSRN]
Anticipated Entry and Entry Deterrence: Evidence from the American Casino Industry
Shows incumbent casino firms invest in physical capacity to deter entry -- not to accommodate -- and that it is successful.
Law and Finance Matter: Lessons from Externally Imposed Courts (with James R. Brown and Rawley Z. Heimer).
Courting Economic Development (with James R. Brown and Rawley Z. Heimer)
Leverage and Strategic Preemption: Lessons from Entry Plans and Incumbent Investments
The Determinants of Bank Mergers: A Revealed Preference Analysis (with Ali Hortacsu and Oktay Akkus)
Institutions and Casinos on American Indian Reservations: An Empirical Analysis of the Location of Indian Casinos
Work in Progress and Interests
This is an incomplete list of some of the projects I am pursuing, as well as research interests I plan to develop further. If you see potential for collaboration on something related to these ideas or my completed work above, contact me.
Hierarchies, Delegation, and Organizational Structure: Lessons from Detailed Hierarchy Data
Financial Distress and Labor Market Policies: Evidence from Casino Managers
Substitution Between Lotteries and Casino Gambling
IPO Markets, Determinants of Long Run Value, Matching and Technology
Measuring Innovation and Evaluating its Impacts
Links Between Firms and Industries, Financial Value, and Inferences for Real Activity
(Banking) Competition and its Implications for Households and Firms
Household Financial Decisions and Financial Literacy
Labor Market Intermediation and Anonymity [pdf]