• Publications
  • Influence
Technological Innovation, Resource Allocation, and Growth
We propose a new measure of the economic importance of each innovation. Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the stock marketExpand
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Inconsistent Regulators: Evidence from Banking
US state chartered commercial banks are supervised alternately by state and federal regulators. Each regulator supervises a given bank for a fixed time period according to a predetermined rotationExpand
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Did Securitization Lead to Lax Screening? Evidence from Subprime Loans
A central question surrounding the current subprime crisis is whether the securitization process reduced the incentives of financial intermediaries to carefully screen borrowers. We empiricallyExpand
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Firm Boundaries Matter: Evidence from Conglomerates and R&D Activity
This paper examines the impact of the conglomerate form on the scale and novelty of corporate Research and Development (R&D) activity. I exploit a quasi-experiment involving failed mergers toExpand
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Affiliated Firms and Financial Support: Evidence from Indian Business Groups
We investigate the functioning of internal capital markets in Indian Business Groups. We document that intra-group loans are an important means of transferring cash across group firms and that suchExpand
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Fintech, regulatory arbitrage, and the rise of shadow banks
Shadow bank market share in residential mortgage origination nearly doubled from 2007 to 2015, with particularly dramatic growth among online “fintech” lenders. We study how two forces, regulatoryExpand
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Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizeable financial incentives to renegotiate mortgages. HAMP increased intensity ofExpand
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Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the HomeExpand
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Learning By Trading
Using a large sample of individual investor records over a nine-year period, we analyze survival rates, the disposition effect, and trading performance at the individual level to determine whetherExpand
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The Failure of Models that Predict Failure: Distance, Incentives and Defaults
Statistical default models, widely used to assess default risk, fail to account for a change in the relations between different variables resulting from an underlying change in agent behavior. WeExpand
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