Research Grants

2024-2025

Collateralized Loan Obligations as Fire Sale Insurance
Will Diamond, Assistant Professor of Finance, The Wharton School

Dissecting Fundamental and Strategic Uncertainty: Theory and Evidence from MMFs
Amy Huber, Assistant Professor of Finance, The Wharton School

QE’s Surplus Generation on Treasury Yields
Chaojun Wang, Assistant Professor of Finance, The Wharton School

2023-2024

Bad News Bankers: Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets
Sasha Indarte, Assistant Professor of Finance, The Wharton School

Banks and Politics
Allison Nicoletti, Assistant Professor of Accounting, The Wharton School

Capital Flows and Risk Premia in Emerging Economies
Lorena Keller, Assistant Professor of Finance, The Wharton School

Deal Leaks and Trading Connections
Christina Zhu, Harold C. Stott Assistant Professor of Accounting, The Wharton School

Does the Fed Disintermediate Banks? Theory and Evidence from Reverse Repo
Amy Huber, Assistant Professor of Finance, The Wharton School
Yao Zeng, Assistant Professor of Finance, The Wharton School

Explaining Racial Disparities in Personal Bankruptcy Outcomes
Sasha Indarte, Assistant Professor of Finance, The Wharton School

Firm-Sector Comovement and Disclosure: Theory and Evidence
Catherine Schrand, Celia Z. Moh Professor, The Wharton School
Stella Park, Assistant Professor of Accounting, Singapore Management University 
Frank Zhou, Assistant Professor of Accounting, The Wharton School

Identifying Volatility Risk Price Through Leverage Effect
Xu Cheng, Associate Professor of Economics, University of Pennsylvania

Intermediary Elasticity
Amy Huber, Assistant Professor of Finance, The Wharton School

Investment and Global Intangible Low-Taxed Income
Jennifer Blouin, Richard B. Worley Professor of Financial Management, The Wharton School

The Collateral Link Between Volatility and Risk Sharing
Guillermo Ordonez, Professor of Economics, University of Pennsylvania

The Data Inequality in FinTech: Can Rental History Help Borrowers?
Sophie Calder-Wang, Assistant Professor of Real Estate, The Wharton School
Talia Gillis, Associate Professor of Law, Columbia Law School

The Role of Narratives in Sovereign Debt Crises
Sasha Indarte, Assistant Professor of Finance, The Wharton School

What explains wealth and portfolio differences between Black and White Americans?
Sylvain Catherine, Assistant Professor of Finance, The Wharton School

What explains (the heterogeneity in) investors’ firm-growth forecasts? Evidence from textual analysis of 150,000 equity reports
Marius Guenzel, Assistant Professor of Finance, The Wharton School

What Holds Sovereign Debt and Why it Matters
Karen Lewis, Joseph and Ida Sondheimer Professor in International Economics and Finance, The Wharton School

2022-2023

A Quantification of the Transition to Renewable Energy
Patrick Shultz, PhD Candidate in Finance, The Wharton School

Are ETFs better than Mutual Funds?
Anna-Theresa Helmke, PhD Candidate in Finance, The Wharton School

Are Fed Monetary Surprises Surprising?
Andrew Kane, PhD Candidate in Finance, Duke
Sergey Sarkisyan, PhD Candidate in Finance, The Wharton School
Tasaneeya Viratyosin, PhD Candidate in Finance, The Wharton School

Are Rising Housing Costs Amplifying Recessions?
Gideon Bornstein, Assistant Professor of Finance, The Wharton School
Sasha Indarte, Assistant Professor of Finance, The Wharton School
Emily Williams, Assistant Professor of Business Administration, Harvard Business School

Banks’ Impact on Long-Term Rates: Evidence from the COVID-Era Stimulus
Itamar Drechsler, Ervin Miller-Arthur M. Freedman Professor of Finance, The Wharton School

Common Risk Factors across Asset Classes
Nikolai Roussanov, Moise Y. Safra Professor, The Wharton School

Concentration and Coordination of Intermediaries: Monetary Transmission and Asset Pricing 
Benjamin David, PhD Candidate in Finance, The Wharton School
Winston Wei Dou, Assistant Professor of Finance, The Wharton School
Itay Goldstein, Joel S. Ehrenkranz Family Professor, The Wharton School

Covered Interest Rate Parity Deviations and Bank Lending
Lorena Keller, Assistant Professor of Finance, The Wharton School

Dealer Specialization 
Chaojun Wang, Assistant Professor of Finance, The Wharton School

Decentralization Benefits, Bounded Rationality, and Sustainability of Decentralized Exchanges 
Chuck Fang, PhD Candidate in Finance, The Wharton School
Itay Goldstein, Joel S. Ehrenkranz Family Professor and Chairperson, Finance Department, The Wharton School

Dynamic Debt Contracts and Soft Information
Irina Luneva, PhD Candidate in Accounting, The Wharton School

Foreign Influence in US Politics 
Max Miller, PhD Candidate in Finance, The Wharton School

Inefficiencies in Public Bond Markets 
Daniel Garrett, Assistant Professor of Finance, The Wharton School
Marius Guenzel, Assistant Professor of Finance, The Wharton School

New Econometric Methods for Asset Pricing Models with Model Misspecification and Weak Identification
Xu Cheng, Associate Professor of Economics, University of Pennsylvania

Printing Away the Mortgages: Fiscal Inflation and the Post-COVID Housing Boom
Will Diamond, Assistant Professor of Finance, The Wharton School
Tim Landvoigt, Assistant Professor of Finance, The Wharton School

Private vs. Public Provision of Mortgage Securitization
Lu Liu, Assistant Professor of Finance, The Wharton School
Parinitha Sastry, Assistant Professor of Finance, Columbia Business School

Retail Investors and ESG 
Christina Zhu, Assistant Professor of Accounting, The Wharton School

Social Media and Investor Memory
Zhongtian Chen, PhD Candidate in Finance, The Wharton School
J. Anthony Cookson, Associate Professor of Finance, University of Colorado Boulder
Marina Niessner, Judith C. and William G. Bollinger Visiting Associate Professor of Finance, The Wharton School
Cameron Peng, Assistant Professor of Finance, London School of Economics

Talent Market Competition and Technology Spillovers 
Winston Wei Dou, Assistant Professor of Finance, The Wharton School
Tasaneeya Viratyosin, PhD Candidate in Finance, The Wharton School

The Effects of Employee Personality Diversity on Firm Outcomes
Marius Guenzel, Assistant Professor of Finance, The Wharton School
Shimon Kogan, Adjunct Associate Professor of Finance, The Wharton School
Marina Niessner, Judith C. and William G. Bollinger Visiting Associate Professor of Finance, The Wharton School

The International Transmission of US Monetary Policy through Foreign Banks
Antony Anyosa, PhD Candidate in Finance, The Wharton School

2021-2022

Dealer Specialization 
Chaojun Wang, Assistant Professor of Finance, The Wharton School

Dissecting Green Returns
Lubos Pastor, Charles P. McQuaid Professor of Finance, University of Chicago Booth School of Business
Luke Taylor, John B. Neff Associate Professor in Finance, The Wharton School
Robert Stambaugh, Miller Anderson & Sherrerd Professor of Finance, The Wharton School

Does Government Venture Capital Improve the Local Economy? Evidence of Chinese Venture Investment Performances Across Economic Cycles   
Sophie Calder-Wang, Assistant Professor of Real Estate, The Wharton School

Domestic Firm Impacts of International Tax Planning 
Daniel Garrett, Assistant Professor of Finance, The Wharton School

Finance, Art and Governance on the Blockchain
Brett Hemenway Falk, Research Assistant Professor, CIS, University of Pennsylvania

Fraud Power Laws
Edwige Cheynel, Associate Professor of Accounting, Washington University in St. Louis
Frank Zhou, Assistant Professor of Accounting, The Wharton School

FX Order Flows and Dynamics of Dollar Hedging 
Dongchen Zou, PhD Candidate in Finance, The Wharton School

Imperfect Expectations in Currency Markets
Luke Min, PhD Candidate in Finance, The Wharton School

Inflation Expectations and Household Financial Decisions
R.A. Farrokhnia, Executive Director and Adjunct Associate Professor of Business, Columbia University
Sasha Indarte, Assistant Professor of Finance, The Wharton School
Ulrike Malmendier, Edward J. and Mollie Arnold Professor of Finance, UC Berkeley Haas School of Business

Information Acquisition and Job Search by Employees
Frank Zhou, Assistant Professor of Accounting, The Wharton School

Machine-Learning-Implied Comparables in M&A Transactions and IPOs
Jules van Binsbergen, The Nippon Life Professor in Finance, The Wharton School
Alejandro Lopez-Lira, Assistant Professor of Finance, University of Florida
Michael Roberts, William H. Lawrence Professor and Professor of Finance, The Wharton School

Market Efficiency in the 21st Century: Pricing Assets, Fast and Slow 
Bradford (Lynch) Levy, PhD Candidate in Accounting, The Wharton School
Felix Nockher, PhD Candidate in Finance, The Wharton School

Monetary Policy Pass-through
in the Presence of Global Banks 
Lorena Keller, Assistant Professor of Finance, The Wharton School

New Econometric Methods for Asset Pricing Models with Model Misspecification
Xu Cheng, Assistant Professor of Economics, University of Pennsylvania

Patents: Ability or Choice?
Jack Fu, PhD Candidate in Finance, The Wharton School

Reallocation of Credit across Family Networks
Miguel Angel Carpio, Associate Professor of Economics, Universidad de Piura
Lorena Keller, Assistant Professor of Finance, The Wharton School

The Role of Family Networks in First-Credit Access
Miguel Angel Carpio, Associate Professor of Economics, Universidad de Piura
Lorena Keller, Assistant Professor of Finance, The Wharton School
Alessandro Tomarchio, Analyst, Central Bank of Peru

Robustness Checks in Structural Analysis
Sylvain Catherine, Assistant Professor of Finance, The Wharton School
Mehran Ebrahimian, Assistant Professor of Finance, Stockholm School of Economics
David Sraer, James J. and Marianne B. Lowry Chair in Business, UC Berkeley Haas School of Business
David Thesmar, Franco Modigliani Professor of Financial Economics, MIT Sloan School of Management

The Covid-19 Housing Boom: A Product of Fiscal Policy?
Will Diamond, Assistant Professor of Finance, The Wharton School
Tim Landvoigt, Assistant Professor of Finance, The Wharton School

Understanding Predictability in Foreign Exchange Markets 
Hongye Guo, PhD Candidate in Finance, The Wharton School
Jessica Wachter, Dr. Bruce I. Jacobs Professor in Quantitative Finance, The Wharton School

Voice Versus Exit in Sustainable Investing
Lubos Pastor, Charles P. McQuaid Professor of Finance, University of Chicago Booth School of Business
Luke Taylor, John B. Neff Associate Professor in Finance, The Wharton School
Robert Stambaugh, Miller Anderson & Sherrerd Professor of Finance, The Wharton School

Will ESG Investors Save the World? Quantifying the Cost-of-Capital Channel
Aymeric Bellon, PhD Candidate, The Wharton School
Luke Taylor, John B. Neff Associate Professor in Finance, The Wharton School
Mehran Ebrahimian, Assistant Professor of Finance, Stockholm School of Economics

2020-2021

A Tale of Two Recessions: Mortgage Markets and Monetary Policy Pass-Through
William Diamond, Assistant Professor of Finance, The Wharton School
Tim Landvoigt, Assistant Professor of Finance, The Wharton School

Arbitraging Covered Interest Rate Parity Deviations: Testing a New Channel of Bank Lending
Lorena Keller, Assistant Professor of Finance, The Wharton School

“Deception” at the Earnings Announcements
Rachel Zhang, PhD Candidate in Accounting, The Wharton School

Financing Investment Induced by Climate Change
Aymeric Bellon, PhD Candidate in Finance, The Wharton School

How Do Partnerships Between Traditional and Digital Lenders Alter the Lending Landscape?
Allison Nicoletti, Assistant Professor of Accounting, The Wharton School

Mutual Fund Investments in Private Firms: Implications for Competition and Innovation
Winston Dou, Assistant Professor of Finance, The Wharton School

Mutual Fund Risk Taking and Risk Anomalies
Nikolai Roussanov, Moise Y. Safra Professor, The Wharton School

Performance of Collateralized Loan Obligations
Michael Schwert, Assistant Professor of Finance, The Wharton School

Rising Concentrated Intangibles
Jesus Fernandez-Villaverde, Professor of Economics, University of Pennsylvania

Robust Econometric Methods for Asset Pricing Models
Xu Cheng, Associate Professor of Economics, University of Pennsylvania

Signal-Precision Uncertainty and Trading Volume
Irina Luneva, PhD Candidate in Accounting, The Wharton School

Technology Positioning and Firm Value in an Era of Global Flux
Qingqing Chen, PhD Candidate in Applied Economics, The Wharton School

The Impact of Deposit Channel on the International Transmission of Monetary Shocks
Sergey Sarkisyan, PhD Candidate in Finance, The Wharton School
Tasaneeya Viratyosin, PhD Candidate in Finance, The Wharton School

The Term Structure of Expectations
Jules van Binsbergen, The Nippon Life Professor in Finance, The Wharton School

2019-2020

Bank Portfolio Choice, Asset Supply, and Monetary Transmission: A Structural Approach
William Diamond, Assistant Professor of Finance, The Wharton School

Being Innovative Pays Off, but When?
Alejandro Lopez-Lira, PhD Candidate in Finance, The Wharton School

Countercyclical Labor Income Risk and Portfolio Choices over the Life-Cycle
Sylvain Catherine, Assistant Professor of Finance, The Wharton School

Covered Interest Rate Parity Deviations and Bank Lending
Lorena Keller, Assistant Professor of Finance, The Wharton School

Credit Cycles with Market-Based Household Leverage
William Diamond, Assistant Professor of Finance, The Wharton School
Tim Landvoigt, Assistant Professor of Finance, The Wharton School

Do Credit Supply Shocks Matter for Corporate Investment and Stock Prices?
Dominik Supera, PhD Candidate in Finance, The Wharton School

Global Macro Factors?
Nikolai Roussanov, Moise Y. Safra Professor, The Wharton School

Long-Term Asset Arbitrageurs
Chuck Fang, PhD Candidate in Finance, The Wharton School

Monetary Policy and the Tradeoff Between Financial Stability and Unemployment
William Diamond, Assistant Professor of Finance, The Wharton School
Tim Landvoigt, Assistant Professor of Finance, The Wharton School

Pricing of Syndicated Loans and CLOs
Michael Schwert, Assistant Professor of Finance, The Wharton School

Quantitative Models and Corporate Finance
Alex Belyakov, PhD Candidate in Finance, The Wharton School

Revisiting the Locus of Experience
Lisa Tang, PhD Candidate in Management, The Wharton School

Strategic Disclosure and Investor Beliefs
Stella Park, PhD Candidate in Accounting, The Wharton School

The Dynamics of Costly Persuasion
Irina Luneva, PhD Candidate in Accounting, The Wharton School
Frank Zhou, Assistant Professor of Accounting, The Wharton School

The Insider Value of Political Connections
Max Miller, PhD Candidate in Finance, The Wharton School

Understanding Fluctuations in Foreign Exchange Markets
Hongye Guo, PhD Candidate in Finance, The Wharton School
Jessica Wachter, Dr. Bruce I. Jacobs Professor in Quantitative Finance, The Wharton School

U.S. Dollar Flows and the Yield Curve
Nikolai Roussanov, Moise Y. Safra Professor, The Wharton School

2018-2019

Comovement in Arbitrage Limits
Jianan Liu, PhD Candidate in Finance, The Wharton School

Debt Overhang in Distress Times
Joao Gomes, Howard Butcher III Professor of Finance, The Wharton School
Mete Kilic, Assistant Professor of Finance and Business Economics, USC Marshall School of Business
Sebastien Plante, Assistant Professor of Finance, Wisconsin School of Business

Learning to Integrate
Lisa Tang, PhD Candidate in Management, The Wharton School

Misallocation in Innovation
Winston Wei Dou, Assistant Professor of Finance, The Wharton School
Leonid Kogan, Nippon Telegraph and Telephone Professor of Management, MIT Sloan School of Business
Wei Wu, Assistant Professor of Finance, Mays Business School, Texas A&M University

Retirement in the (Shadow) Banking
Guillermo Ordonez, Associate Professor of Economics, University of Pennsylvania

Risk Free Interest Rates
Jules van Binsbergen, The Nippon Life Professor in Finance, The Wharton School
William Diamond, Assistant Professor of Finance, The Wharton School
Marco Grotteria, PhD Candidate in Finance, The Wharton School

Strategic Default as an Explanation of the Debt Conservatism Puzzle
Daniel Kim, PhD Candidate in Finance, The Wharton School

The Term Structure of Variance and Asset Pricing
Itamar Drechsler, Associate Professor of Finance, The Wharton School
Mete Kilic, Assistant Professor of Finance and Business Economics, USC Marshall School of Business
Amir Yaron, Robert Morris Professor of Banking, The Wharton School

2017-2018

Compensation Contracts and Bank Risk-Taking
Allison Nicoletti, Assistant Professor of Accounting, The Wharton School
Frank Zhou, Assistant Professor of Accounting, The Wharton School

Does Bank Monitoring Reduce Block Trading Discount?
Tanya Paul, PhD Candidate in Accounting, The Wharton School
Rachel Zhang, PhD Candidate in Accounting, The Wharton School

Global Macro Factors?
Nikolai Roussanov, Moise Y. Safra Associate Professor of Finance, The Wharton School

Learning to Integrate
Lisa Tang, PhD Candidate in Management, The Wharton School

Mandating Exchange Trading for Corporate Bonds
Sebastien Plante, PhD Candidate in Finance, The Wharton School

Size Premium and Distress Premium
Daniel Kim, PhD Candidate in Finance, The Wharton School

Supply of Credit Across Financial Institutions: Evidence from the Great Recession
Anna Cororaton, PhD Candidate in Finance, The Wharton School

Stock Return Predictability: Riding the Risk Premium
Roberto Gomez Cram, PhD Candidate in Finance, The Wharton School

Venture Capital, Innovation, and Growth
Jeremy Greenwood, Professor of Economics, University of Pennsylvania

2016-2017

Activist Investors and Corporate Strategy
Emilie Feldman, Associate Professor of Management, the Wharton School

A Meta-Learning Approach to Adaptive and Risk-Aware Portfolio Selection
Nicholas Johnson, Postdoctoral Researcher, Computer Information Science, the University of Pennsylvania

Financial Intermediary’s Impact on Firm’s Innovation
Hongxun Ruan, PhD Candidate in Finance, the Wharton School

Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution
Nikolai Roussanov, Associate Professor of Finance, the Wharton School

Income Shocks and Household Balance Sheets: Evidence from Shale Royalty Windfalls
Erik Gilje, Assistant Professor of Finance, the Wharton School

Learning with Information Procession Cost: The Trade Volume Decline of Seasoned Bonds in the Municipal Bond Market
Frank Zhou, Assistant Professor of Accounting, the Wharton School

Managerial Risk Taking Incentives
Nikolai Roussanov, Associate Professor of Finance, the Wharton School

The Asset Pricing Implications of Contracting Frictions
Amir Yaron, Robert Morris Professor of Banking, the Wharton School

Why do larger corporate bond orders obtain better prices?
Sebastien Plante, PhD Candidate in Finance, the Wharton School

Why Do R&D-intensive Companies Earn Higher Returns?
Amora Elsaify, PhD Candidate in Finance, the Wharton School

2015-2016

Acquisitions and Divestitures in Family Firms
Emilie Feldman, Associate Professor of Management, The Wharton School

Estimating Global Bank Network Connectedness
Francis Diebold, Paul F. and Warren S. Miller Professor of Economics, University of Pennsylvania

Financial Consequences of Divestitures
Emilie Feldman, Associate Professor of Management, The Wharton School
Patia McGrath, PhD Candidate in Management, The Wharton School

Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution
Nikolai Roussanov, Associate Professor of Finance, The Wharton School

Information Frictions in Markets of Complex Assets
Michael Junho Lee, PhD Candidate in Finance, The Wharton School

Large-scale Loan Portfolio Management
Gerry Tsoukalas, Assistant Professor of Operations, Information, and Decisions, The Wharton School

Liquidity Mismatch, Bank Stock Returns, and the Macroeconomy
Yasser Boualam, PhD Candidate in Finance, The Wharton School
Anna Cororaton, PhD Candidate in Finance, The Wharton School

2014-2015

A Sharper Ratio
Kent Smetters, Boettner Professor, The Wharton School

Managerial Risk Taking Incentives
Nikolai Roussanov, Associate Professor of Finance, The Wharton School

Quantitative Models of Financial Crises and Macroprudential Financial Regulation
Enrique Mendoza, Presidential Professor of Economics, University of Pennsylvania

Stability in Financial Networks
Brett Hemenway, Research Scientist, Computer and Information Science, University of Pennsylvania
Sanjeev Khanna, Henry Salvatori Professor of Computer and Information Science, University of Pennsylvania

Temporal Modeling and Prediction using Multi-Task Deep Learning
Eric Eaton, Lecturer, Computer and Information Science, University of Pennsylvania

The effects of foreign cash on U.S. multinational activities
Jennifer Blouin, Associate Professor of Accounting, The Wharton School

The Market Value of a Vote
David Musto, Ronald O. Perelman Professor in Finance; Finance Department Chair, The Wharton School
Christopher Geczy, Academic Director, Jacobs Levy Center; Academic Director, Wharton Wealth Management Initiative; Adjunct Professor of Finance, The Wharton School

2013-2014

Activist Stake Size and Signaling
Luke Taylor, Assistant Professor of Finance, The Wharton School

Agency Conflicts and Competition and Agency Conflicts and Financial Distress
Todd Gormley, Assistant Professor of Finance, The Wharton School

Can Differences in Rates of Innovation Explain the Carry-Trade?
Colin Ward, PhD Candidate in Finance, The Wharton School

Casino Gambling and Household Expenditures
Christine Dobridge, PhD Candidate in Finance, The Wharton School

Do Rare Events Explain CDX Tranche Spreads?
Jessica Wachter, Professor of Finance, The Wharton School

Financial Innovation and Capital Structure: Evidence from Second Lien Loans
Mark Jenkins, Assistant Professor of Finance, The Wharton School

International Trade, Currency Risk Premia and Cost of Equity Capital
Nikolai Roussanov, Assistant Professor of Finance, The Wharton School

Portfolio Holdings and Governance Through Exit
Alex Edmans, Associate Professor of Finance, The Wharton School

The Effects of Derivative Lawsuits
Ian Appel, PhD Candidate in Finance, The Wharton School

The Value of Informativeness for Contracting
Alex Edmans, Associate Professor of Finance, The Wharton School

Using Student Grades to Grade Teachers
Alex Edmans, Associate Professor of Finance, The Wharton School

2012-2013

100 Years of Capital Structure: The Leveraging of Corporate America 
Michael Roberts, Professor of Finance, The Wharton School

Adverse Selection and Moral Hazard in Bank Lending
Michael Roberts, Professor of Finance, The Wharton School

An Exploration of Contracts and Incentives in Collateralized Loan Obligations
Gregory Nini, Assistant Professor of Finance, The Wharton School

Commercial Mortgage Backed Securities and Special Services
Maisy Wong, Assistant Professor of Real Estate, The Wharton School

Dynamic CAPM with Time Varying Asset Risk Exposures
Ivan Shaliastovich, Assistant Professor of Finance, The Wharton School
Amir Yaron, Professor of Finance, The Wharton School

Estimating Returns to Scale in Active Portfolio Management
Luke Taylor, Assistant Professor of Finance, The Wharton School

Foreign Exchange Risk Premia: Evidence from Option Markets
Ivan Shaliastovich, Assistant Professor of Finance, The Wharton School

International Trade, Currency Risk Premia and Cost of Equity Capital
Nikolai Roussanov, Assistant Professor of Finance, The Wharton School

Managerial Incentive Alignment in Corporate Spinoffs
Emilie Feldman, Assistant Professor of Management, The Wharton School

Political Risk and Stock Market Outcomes
Christine Dobridge, PhD Candidate in Finance, The Wharton School

Quantifying the Costs of Renegotiation
William Mann, PhD Candidate in Finance, The Wharton School
Michael Roberts, Professor of Finance, The Wharton School

Regulatory Uncertainly and Investment and Agency Conflicts and Financial Distress
Todd Gormley, Assistant Professor of Finance, The Wharton School

The Real Effects of Disclosure and Empirical Evidence of Managerial Myopia
Alex Edmans, Assistant Professor of Finance, The Wharton School