Publications

 

1. Measuring Document Similarity With Weighted Averages of Word Embeddings

(with Lawrence Schmidt and Bryan Seegmiller)

Explorations in Economic History, 2023, 87

[Paper]

 

2. The Economics of Intangible Capital

(with Nicolas Crouzet, Janice Eberly, and Andrea Eisfeldt)

Journal of Economic Perspectives, 2022, 36(3)

[Paper] [Companion Paper: A Model of Intangible Capital].

 

3. Intangible Value

(with Andrea Eisfeldt and Edward Kim)

Critical Finance Review, 2023, 11(2)

[Paper] [Data and Code]

 

4. Working Remotely and the Supply-side Impact of Covid-19

(with Lawrence Schmidt)

Review of Asset Pricing Studies, 2022, 12(1)

[Paper] [Data]

 

5. Missing Novelty in Drug Development

(with Danielle Li and Joshua Krieger)

Review of Financial Studies, 2022, 35(2)

Winner of the 2017 Red Rock Conference and 2018 LBS Summer Finance Symposium Best Paper Awards

[Paper] [Non-technical Summary][Data,Readme]

 

6. Private and Social Returns to R&D: Drug Development and Demographics

(with Efraim Benmelech, Janice C. Eberly and Joshua Krieger)

American Economic Association, Papers and Proceedings, 2021

[Paper]

 

7. Measuring Technological Innovation over the Long Run

(with Bryan Kelly, Amit Seru, and Matt Taddy)

American Economic Review: Insights, 2021, 3(3)

[Accepted Version] [Working Paper Version (has more results)] [Non-technical Summary] [Media Coverage]

[Patent-level metrics][Time-Series data] [Complete Replication Kit at ICPSR] [Replication Kit at Github, includes data on citations and technology class [Pairwise Citation Data]

 

8. Trust, Collaboration, and Economic Growth

(with Jiro E. Kondo and Danielle Li)

Management Science, 2021, 67(3)

[Paper]

 

9. Left Behind: Creative Destruction, Inequality, and the Stock Market

(with Leonid Kogan and Noah Stoffman)

Journal of Political Economy, 2020, 128(3)

[Paper] [Slides] [Web Appendix] [Erratum] [Non-technical Summary] [Data and Code]

 

10. Technological Innovation, Intangible Capital, and Asset Prices

(with Leonid Kogan)

Annual Review of Financial Economics, 2019, Vol 11, 221-242

[Paper]

 

11. Financial Frictions and Employment during the Great Depression

(with Efraim Benmelech and Carola Frydman)

Journal of Financial Economics, 2019, 133(3), 541-563

[Paper] [Web Appendix]

 

12. Equilibrium Analysis of Asset Prices: Lessons from CIR and APT

(with Leonid Kogan)

Journal of Portfolio Management, 2018, Vol 44 (6) Special Issue Dedicated to Stephen A. Ross

[Paper]

 

13. In Search of Ideas: Technological Innovation and Executive Pay Inequality

(with Carola Frydman)

Journal of Financial Economics, 2018, 130(1), 1-24

[Paper] [Web Appendix] [Non-technical Summary]

 

14. Technological Innovation, Resource Allocation and Growth

(with Leonid Kogan, Amit Seru, and Noah Stoffman)

Quarterly Journal of Economics, 2017, 132(2), 665-712

Winner of Crowell Memorial Prize (second place), Panagora Asset Management

[Paper] [Web Appendix] [Replication Kit] [Data, updated]

 

15. Adverse Selection, Slow Moving Capital and Misallocation

(with Brett Green and Willie Fuchs)

Journal of Financial Economics, 2016 120(2)

[Paper]

 

16. Long-run Bulls and Bears

(with Rui Albuquerque, Martin Eichenbaum, and Sergio Rebelo)

Journal of Monetary Economics, 2015, 76(S)

[Paper]

 

17. Financial Relationships and the Limits to Arbitrage

(with Jiro E. Kondo)

Review of Finance, 2015, 19(6)

[Paper]

 

18. The Value and Ownership of Intangible Capital

(with Andrea Eisfeldt)

American Economic Review, Papers and Proceedings, May 2014, 104(5)

[Paper]

 

19. Portfolio Choice with Illiquid Assets

(with Andrew Ang and Mark Westerfield)

Management Science, 2014, 60(11)

Winner of the 2011 Roger F Murray Prize (Second Prize), Q Group

[Paper]

 

20. Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks

(with Leonid Kogan)

Review of Financial Studies, 2013, 26(11)

[Paper (corrects minor errors in published version)] [Web Appendix]

 

21. Growth Opportunities, Technology Shocks and Asset Prices

(with Leonid Kogan)

Journal of Finance, April 2014, 69(2)

Winner of the 2014 Amundi Smith Breeden Prize (First Prize)

[Paper (corrects minor errors in published version)] [Web Appendix]

 

22. Organization Capital and the Cross-Section of Expected Returns

(with Andrea Eisfeldt)

Journal of Finance, August 2013, 68(4)

Winner of the 2013 Amundi Smith Breeden Prize (First Prize)

[Paper] [Web Appendix] [Replication Kit and Extended Data]

 

23. Economic Activity of Firms and Asset Prices

(with Leonid Kogan)

Annual Review of Financial Economics, 2012, Vol 4, 361-384

[Paper]

 

24. Investment, Idiosyncratic Risk, and Ownership

(with Vasia Panousi)

Journal of Finance, June 2012, 67(3)

[Paper] [Web Appendix]

 

25. Investment Shocks and Asset Prices

Journal of Political Economy, August 2011, 119(4)

[Paper] [Web Appendix] [Data and Code]

 

26. Growth Opportunities and Technology Shocks

(with Leonid Kogan)

American Economic Review, Papers and Proceedings, May 2010, 100(2), 532-536

[Paper]