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Theory without empirics is empty. Empirics without theory is blind. Immanuel Kant (1724-1804)


Does Wage Rigidity Make Firms Riskier? Evidence from Long-Horizon Return Predictability, 2016, with Jack Favilukis, Journal of Monetary Economics, 78, 80-95 | Online Appendix

Wage Rigidity: A Quantitative Solution to Several Asset Pricing Puzzles, 2016, with Jack Favilukis. Review of Financial Studies, 29 (1), 148-192 | Online Appendix

Labor Hiring, Investment and Stock Return Predictability in the Cross Section, 2014, with Frederico Belo and Santiago Bazdresch. Journal of Political Economy, 122(1) 129-177 | Online Appendix

Brand Capital, Firm Value, and Asset Returns, 2014, with Frederico Belo and Maria Ana Vitorino. Review of Economic Dynamics, 17(1) 150-169 | Online Appendix

Long Run Productivity Risk and Aggregate Investment, 2013, with Jack Favilukis, Journal of Monetary Economics, 60 (6): 737-751. Supersedes the working paper previously circulated as Micro Frictions, Asset Pricing, and Aggregate Implications.

The Investment Manifesto, 2013, with Lu Zhang. Journal of Monetary Economics, 60 (3): 351-366. | SAS and Matlab Codes

The Inventory Growth Spread, 2012, with Frederico Belo. Review of Financial Studies, 25 (1): 278-313

Endogenous Technological Progress and the Cross Section of Stock Returns, 2012. Journal of Financial Economics, 103 (2): 411-428 [Winner of the Trefftzs Award for the Best Student Paper, WFA 2008]


Working Papers

My SSRN Page | My Google Scholar Page

The Finance-Uncertainty Multiplier, June 2016, with Iván Alfaro and Nick Bloom

The Elephant in the Room: the Impact of Labor Obligations on Credit Risk, June 2016, with Jack Favilukis and Xiaofei Zhao

Technology Adoption and the Capital Age Spread, June 2016, with Berardino Palazzo and Fan Yang

External Equity Financing Shocks, Financial Flows, and Asset Prices, May 2016, with Frederico Belo and Fan Yang | Online Appendix.

Labor-Force Heterogeneity and Asset Prices: The Importance of Skilled Labor, August 2015, with Frederico Belo, Jun Li, and Xiaofei Zhao




Conference Discussions

Capital Structure Misallocation by Toni Whited and Jake Zhao, Fifth Symposium on Emerging Financial Markets: China and Beyond, 2016

Portfolio Choice with Model Misspecification by Pesaran, Uppal, and Zaffaroni, UBC Summer Finance Conference, 2015

Firm Innovation and Financial Analysis: How Do They Interact? by Goldman and Peress, WFA, 2015

Understanding the Behavior of Distressed Stocks, by Boualam, Gomes, and Ward, Minnesota Macro Asset Pricing Conference, 2015

Investment and the Cross-Section of Equity Returns, by Clementi and Palazzo, AFA, 2015

Cultural Proximity and the Processing of Financial Information, by Du, Yu, and Yu, WFA, 2014

A Macroeconomic Foundation for the Equilibrium Term Structure of Interest Rates, by Kung, CICF, 2013

Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle, by Stambaugh, Yu, and Yuan, SFS Calvacade, 2013

Interest Rate Swaps and Corporate Default, by Jermann and Yue, Minnesota Macro Asset Pricing Conference, 2013

Fiscal Policy and the Distribution of Consumption Risk, by Croce, Nguyen, and Schmid, Mitsui Finance Symposium, Michigan, 2012

Corporate Investment Over Uncertain Business Cycles, by Dangl and Wu, FIRS 2012

Risk Analysis of Investment-Based Models,  Guest Lecture, University of Minnesota, 2010

Innovation and Investment Bubbles,  by Langberg and Kumar, Western Finance Association Annual Meetings, 2009

Durability of Output and Expected Stock Returns, by Gomes, Kogan and Yogo, FMG conference on Housing, Financial Markets and the Macroeconomy, 2009