I am an Assistant Professor of Finance at Yale School of Management. I received my PhD from the Economics Department at Columbia University.
My research explores topics in real estate, corporate finance, and macro-finance.
I study issues related to the regulation of real estate markets and where firms choose to locate their operations in response to local tax and financing incentives. My work also touches on household finance and climate finance aspects of property investment, including climate-proofing buildings and green home energy adoption.
My CV is here My SSRN page Google Scholar Official Yale page
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If you are a Yale undergraduate or graduate student interested in part-time research assistant opportunities, please see application instructions here.
Yale undergraduates interested in Tobin RA positions working with me in Spring 2025 on research into green home energy adoption can apply here.​​
Recent updates:
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New version of “Housing Is the Financial Cycle: Evidence from 100 Years of Local Building Permits,” joint with Gustavo Cortes. We build a new database from historical reports covering a century of monthly building permits for all 50 states plus 60 MSAs. Building permit growth (BPG) volatility predicts stock and corporate bond return volatility at 12-month horizons, driven by housing supply elastic parts of the U.S.
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​Brand new paper titled, “Interest Rate Caps, Corporate Lending, and Bank Market Power: Evidence from Bangladesh,” joint with Yusuke Kuroishi and Yuhei Miyauchi. We show how regulating interest rates charged on corporate loans can help improve the functioning of credit markets in an emerging markets context where imperfectly competitive banks have substantial market power.
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Updated December 2024 version of, “Picking Up the PACE: Loans for Residential Climate-Proofing,” joint with Aymeric Bellon, Francesco Mazzola, & Guosong Xu. We study the housing market equilibrium effects of PACE, a new publicly-backed loan program designed to encourage green home improvement projects.​​​​​