Publications

Final Version— Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class, joint with Manuel Adelino and Felipe Severino, Review of Financial Studies, forthcoming.

  • Winner of the RFS Best Paper Runner-Up Award for 2016.

Entrepreneurship and Venture Capital

The Illiquidity Puzzle: Theory and Evidence from Private Equity, joint with Josh Lerner, The Journal of Financial Economics, Vol. 72 (2), 3-40 (lead article), May 2004.

Private Equity Performance: Returns, Persistence and Capital Flows, joint with Steven N. Kaplan, The Journal of Finance, August 2005, 60 (4), 1791-1823.

  • Michael J. Borrelli, CFA Research Award 2003.

Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity, joint with Josh Lerner, The Quarterly Journal of Economics, February 2005, (120), 223-246. Reprinted in Stijn Claessens and Luc Laeven, editors, Readings in International Corporate Finance, Washington: World Bank, 2006, 83-106.

  • NASDAQ Award, Best Paper in Capital Formation, WFA 2003.

Smart Institutions, Foolish Choices? The Limited Partner Performance Puzzle, joint with Josh Lerner and Wan Wongsunwai, The Journal of Finance, April 2007, 62 (2), 731-764.

Secrets of the Academy: The Drivers of University Endowment Success,” joint with Josh Lerner and Jialan Wang, Journal of Economic Perspectives, Summer 2008, 22 (3), 207–22.

The Divide between Subsistence and Transformational EntrepreneurshipInnovation Policy and the Economy, Volume 10, NBER Chapters, 57-81, February 2010.

The Consequences of Entrepreneurial Finance: Evidence from Angel Financings, joint with William R. Kerr, Josh Lerner, Review of Financial Studies, 27(1), 20-55, October 2011.

House prices, collateral, and self-employment, joint with Manuel Adelino and Felipe Severino, The Journal of Financial Economics, 117 (2), 288-306, August 2015.

 

CEO Labor Markets and Governance

Effects of Corporate Diversification on Productivity, The Journal of Finance, December 2002, Vol. 62 (6), 2379-2403 (lead article).

  • The Journal of Finance Brattle Prize (First Prize) for Distinguished Paper 2003.

The Managing with Style: The Effect of of Managers on Corporate Policy, joint with Marianne Bertrand, The Quarterly Journal of Economics, November 2003, Vol. 118 (4), 1169-1208 (lead article).

The Role of Family in Family Firms, joint with Marianne Bertrand, Journal of Economic Perspectives, April 2006, 20 (2), 73-96.

Mixing Family With Business: A Study of Thai Business Groups and the Families Behind Them, joint with Marianne Bertrand, Simon Johnson, and Krislert Samphantharak, The Journal of Financial Economics, June 2008, 88 (3), 466-498.

Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Style, joint with Luo Zuo, Review of Financial Studies (Accepted), January 2017.

How do CEOs See Their Role? Management Philosophy and Styles in Family and Non-Family Firms, joint with William Mullins, The Journal of Financial Economics, 119 (1), 24-43, January 2016.

Does the Market Value CEO Styles?, joint with Luo Zuo, American Economic Review: Papers & Proceedings, 106 (5), 262-266, May 2016.

 

Finance and Development

The Divide between Subsistence and Transformational Entrepreneurship, in NBER Innovation Policy and the Economy, Volume 10, Joshua Lerner and Scott Stern (Eds.), February 2010.

What Capital is Missing in Developing Countries?, joint with Miriam Bruhn and Dean Karlan, American Economic Review. May 2010, Vol. 100, No. 2: Pages 629-633.

Do Relationships Matter? Evidence from Loan Officer Turnover, joint with Alejandro Drexler, Management Science, 60(11), September 2016.

 

Household Finance and Financial Literacy

Keeping it Simple: Financial Literacy and Rules of Thumb, joint with Alejandro H. Drexler and Greg Fischer, American Economics Journal: Applied Economics, 6(2), 1-31, April 2014.

 

Contract Theory Experiments

Are there Cultural Determinants of Entrepreneurship?, joint with Rajkamal Iyer, in: International Differences in Entrepreneurship, National Bureau of Economic Research Conference Report, May 2010.

 

Interbank Markets

Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis, joint with Gara Afonso and Anna Kovner, The Journal of Finance, 66(4), 1109–1139, July 2011.

Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007-2009 Crisis, joint with Rajkamal Iyer, José-Luis Peydró and Samuel da-Rocha-Lopes, 27(1), October 2013.