AlphaGlass: Interpretable Characteristic-Based Portfolio Choice
(with Sebi Bell, Martin Lettau, and A. Nazemi)
Keywords: Equity, Interpretability, Investor objective, Machine learning
NBER WP
Segmented Trading Markets
(with Kerry Back, Oguzhan Celebi, and Max Reppen)
Keywords: Segmented markets, Trading volume, Speed, Competition
Measuring Creative Destruction
(with Leonid Kogan, Peiyao Li, and Dimitris Papanikolaou)
Keywords: Innovation, Displacement, Patents, Machine learning
(Winner of Crowell Memorial Best Paper Prize (first prize), 2026)
Fairness by Design: Machine Learning and Interpretable Mortgage Lending
(with Sebi Bell, A. Nazemi, Richard Stanton, and Nancy Wallace)
Keywords: Machine learning, Credit, Mortgages, Fairness, Regulations
In the Fed's Mind
(with Amir Kermani and Bernardo Maciel)
Keywords: Inflation, Text data, Monetary policy, Generative AI
NBER WP
Finfluencers
CEPR WP
(with Seyed Kazempour, Dmitry Livdan, and Norman Schürhoff)
Keywords: Machine learning, Social media, wisdom of the crowd, Belief bias
Media coverage: Yahoo Finance, Business Insider, CFA Institute Blog, Investment Executive, Inc.com
(Finalist, Best Paper Crowell Memorial Prize, 2025)
Rebalancers and the Cross-Asset Transmission of Expectations Shocks
(with Josh Bosshardt and Amir Kermani)
Keywords: Rebalancers, Expectation shocks, Stock-bond comovement, Exchange rates
Heterogeneous Learning in Product Markets
(with Giacomo Lanzani and Hao Xing)
Keywords: Learning theory, Information friction, Competition, Trading volume, Market power
AI and Perception Biases in Investments: An Experimental Study
Journal of Financial Economics (JFE)
(with Anastassia Fedyk, Peiyao Li, and Ulrike Malmendier)
Keywords: Machine learning, Investment preferences, Behavioral biases, Financial surveys
(Best Paper in DC Fintech week 2024)
Are Patents with Female Inventors Under-Cited? Evidence from Text Estimation
Journal of Financial Economics (JFE)
vol 183 (with Yael V. Hochberg, Peiyao Li, and Kunal Sachdeva)
Keywords: Machine learning, Patent, Innovation, Text data, Transformers (Encoders), Inference, Gender
Process Intangibles and Agency Conflicts
Journal of Finance (JF)
(with Hui Chen, Mazi Kazemi, and Hao Xing)
Keywords: Process and product Intangibles, Compensation, Information friction, Capital market
Glass Box Machine Learning and Corporate Bond Returns
NBER WP
Journal of Financial Economics (JFE)
vol 181 (with Sebi Bell, Martin Lettau and A. Nazemi)
Keywords: Glassbox Machine learning, Corporate bonds, Return
Before the Storm: Firm Policies and Varying Recession Risk
Management Science (MS)
(with Dmitry Livdan, Max Reppen, and Tarik Umar)
Keywords: Uncertainty, Liquidity, Recession risk, Business cycle, Viscosity solutions
(Semi-Finalist, Best Paper in Corporate finance, FMA, 2023)
Do Intermediaries Improve GSE Lending? Evidence from Proprietary GSE Data
Journal of Financial Economics (JFE)
vol 170 (with Josh Bosshardt and Amir Kermani)
Keywords: Lending, Underwriting risk, Overlays, Bank and Nonbanks
(Semi-Finalist, Best Paper in Intermediation, FMA, 2023)
(Best Paper Award for Real Estate Finance (American Real Estate Society), 2024)
code/data
Advising the Management: A Theory of Shareholder Engagement
SSRN, Online Appendix, (Lead article and Editor’s Choice article)
Review of Financial Studies (RFS)
vol 36 (with Uliana Loginova, Andrey Malenko, Nadya Malenko)
Keywords: Trading, Information friction, Belief vs Bias, Voting, Incentive
The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts
Journal of Financial Economics (JFE)
vol 160 (with Josh Bosshardt, Marco Di Maggio and Amir Kermani)
Keywords: Lending, Interest rate, Mortgage lending, house prices, Debt-to-income (DTI)
code/data
Information Choice and Amplification of Financial Crises
Review of Financial Studies (RFS)
vol 30 (with Toni Ahnert)
Keywords: Financial crises, Information panics, Costly information acquisition, Global games
Optimal Contracting in Networks
Journal of Economic Theory (JET)
vol 183 (with Ali Jadbabaie)
Keywords: Networks, Information friction, Network externality, Financial networks, Contracts
Dynamic Pricing in Social Networks: The Word of Mouth Effect
Management Science (MS)
vol 64 (with Amir Ajorlou and Ali Jadbabaie)
Keywords: Networks, COASE Conjecture, Price fluctuations, Zero pricing, Information diffusion
Does the level of cash always increase with firm size?
Theory and evidence from small firms
Review of Finance (RF)
vol 29 (with Max Reppen, Tarik Umar and Hao Xing)
Keywords: Liquidity, Cash holding, Size, Costly financing, Estimation, Viscosity solutions
(SWFA Best Paper Prize in Corporate Finance, 2023)
Dynamic Price Discovery: Transparency vs. Information Design
Games and Economic Behavior (GEB)
vol 122 (with Fei Song)
Keywords: Dynamic price discovery, Learning dynamics, Heterogenous risk aversion, Information friction
[See also public vs. private offers]
Competition in Electricity Markets with Renewable Energy Sources
Energy Journal (invited)
vol 38 (with Daron Acemoglu and Asu Ozdaglar)
Keywords: Merit order effect hypothesis, Forward contract, Renewable energy, Price volatility
- A preliminary version of this paper was accepted for presentation in 52nd Annual Allerton Conference, UIUC (Allerton'14)
Book: Resource Allocation in Decentralized Systems with Strategic Agents: An Implementation Theory Approach
Springer Outstanding PhD Thesis Award [link]
Winner of the Richard and Eleanor Towner Prize
for Distinguished Academic Achievement
Keywords: Mechanism design, Contract, Complex Networks, Optimal pricing
Springer Outstanding PhD Thesis Award [link]
Winner of the Richard and Eleanor Towner Prize
for Distinguished Academic Achievement
Keywords: Mechanism design, Contract, Complex Networks, Optimal pricing
Book Chapter: Power Allocation, Spectrum Sharing, and Revenue Maximization in Networks: An Implementation Theory Approach Ch. 5 in Mechanisms and Games for Dynamic Spectrum Allocation. Editors: T. Alpcan, H. Boche, M. Honig, H. Vincent Poor.
Cambridge University Press
(with A. Nayyar, S. Sharma and D. Teneketzis)
Keywords: Mechanism design, Auction, Contract, Complex Networks
An Efficient Game Form for Unicast Service Provisioning
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
Keywords: Mechanism design, Game theory, Control, Full Nash Implementation, Market mechanisms, Wallrasian equilibrium
Power Allocation and Spectrum Sharing in Multiuser Multichannel Systems with Strategic Users
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
Keywords: Mechanism design, Game theory, Control, Full Nash Implementation, Public good mechanisms, Lindahl equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
An Efficient Game Form for Multi-rate Multicast Service Provisioning
IEEE Journal on Selected Areas in Communications (JSAC)
Lead article in the Special issue on "Network Economics"
vol 30 (with Demos Teneketzis)
Keywords: Mechanism design, Game theory, Control, Public good/Market mechanisms, Lindahl/Wallrasian equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
Tight Bounds On the Redundancy of Huffman codes
IEEE Transactions on Information Theory (IT)
vol 58 (with Soheil Mohajer, Payam Pakzad)
Keywords: A proof to the YE & YEUNG Conjecture, Shannon theory, Probability theory
On Describing the Routing Capacity Regions of Networks
Mathematical Methods of Operations Research (MMOR)
vol 72 (with Sadegh M. S. Yazdi)
Keywords: Complexity theory, Probabilistic methods, Fourier–Motzkin elimination, Farkas lemma, Japanese theorem
Cambridge University Press
(with A. Nayyar, S. Sharma and D. Teneketzis)
Keywords: Mechanism design, Auction, Contract, Complex Networks
An Efficient Game Form for Unicast Service Provisioning
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
Keywords: Mechanism design, Game theory, Control, Full Nash Implementation, Market mechanisms, Wallrasian equilibrium
Power Allocation and Spectrum Sharing in Multiuser Multichannel Systems with Strategic Users
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
Keywords: Mechanism design, Game theory, Control, Full Nash Implementation, Public good mechanisms, Lindahl equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
An Efficient Game Form for Multi-rate Multicast Service Provisioning
IEEE Journal on Selected Areas in Communications (JSAC)
Lead article in the Special issue on "Network Economics"
vol 30 (with Demos Teneketzis)
Keywords: Mechanism design, Game theory, Control, Public good/Market mechanisms, Lindahl/Wallrasian equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
Tight Bounds On the Redundancy of Huffman codes
IEEE Transactions on Information Theory (IT)
vol 58 (with Soheil Mohajer, Payam Pakzad)
Keywords: A proof to the YE & YEUNG Conjecture, Shannon theory, Probability theory
On Describing the Routing Capacity Regions of Networks
Mathematical Methods of Operations Research (MMOR)
vol 72 (with Sadegh M. S. Yazdi)
Keywords: Complexity theory, Probabilistic methods, Fourier–Motzkin elimination, Farkas lemma, Japanese theorem