The Review of Financial Studies, Volume 33, Issue 12, December 2020, Pages 5706–5749
Conventional Wisdom: Wall-Street bankers face limited penalties for losing money
This Paper: Wall-Street bankers face strict labor incentives to minimize risk exposure
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Journal of Financial Economics, Volume 139, Issue 2, February 2021, Pages 578-605
Conventional Wisdom: Lenders should provide more individual debt relief to consumers
This Paper: Providing individual debt relief encourages nearby consumers to default, representing a significant cost on lenders
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The Review of Financial Studies, Volume 35, Issue 1, January 2022, Pages 207–253
Conventional Wisdom: Managers hired through networks are of lower quality
This Paper: Networks helps companies hire better managers by increasing access to scarce talent
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The Journal of Finance, Volume 77, Issue 1, February 2022, Pages 49-83
2022 Journal of Finance Brattle Prize Distinguished Paper Award
Conventional Wisdom: Workers may start companies when faced with poor job opportunities, but this is mostly self-employment and temporary
This Paper: Unemployment shocks increase the number and proportion of highly-successful new firms by encouraging entrepreneurship among the top of the income distribution
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Review of Finance, Volume 28, Issue 4, July 2024, Pages 1311-1344
Conventional Wisdom: Peer effects on entrepreneurship are small in the aggregate because entrepreneurs (and therefore interactions) are uncommon
This Paper: Intended entrepreneurs (far more common than actual entrepreneurs) also influence others to start a firm, leading to large peer effects in the aggregate
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Conditionally Accepted at Journal of Finance
Best Paper Award at the 2022 University of Texas AIM Conference
Conventional Wisdom: Judges are randomly-assigned to cases within a court district
This Paper: Corporate bankruptcy cases are not randomly-assigned to judges , allowing sophisticated parties (such as investors and lawyers) to time the filing date and be assigned a preferable judge. Controls and bounded IV specifications can overcome identification concerns when exploiting judge/examiner designs.
[SLIDES]
Paper and Slides will become available following FDIC Approval
Conventional Wisdom: Entrepreneurs are innovators
This Paper: Bank entrepreneurs provide traditional bank services with little innovation. There is little difference between a former Wells Fargo employees starting a new bank and this same employee opening a new branch of Wells Fargo.
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