Publications and Forthcoming Articles

Sequential Search for Corporate Bonds
(with Benjamin Lester, Sébastien Plante, and Pierre-Olivier Weill)
Journal of Finance, forthcoming (2025)
Internet Appendix | NBER WP | NBER Digest | slides

Why Do Portfolio Choice Models Predict Inelastic Demand?
(with Carter Davis and Jiacui Li)
Journal of Financial Economics, vol. 172 (2025), 104096
published version | code | Internet Appendix | slides | NBER LTAM presentation video by Carter Davis

The Marginal Value of Public Pension Wealth: Evidence From Border House Prices
(with Darren Aiello, Asaf Bernstein, Ryan Lewis, and Michael Schwert)
Journal of Financial Economics, vol. 172 (2025), 104134
published version | code | Internet Appendix | NBER WP | slides

Investor Demand, Firm Investment, and Capital Misallocation
(with Xu Tian, Yufeng Wu, and Jaewon Choi)
Journal of Financial Economics, vol. 168 (2025), 104039
published version | code | Internet Appendix

Inventory, Market Making, and Liquidity in OTC Markets
(with Assa Cohen, Benjamin Lester, and Pierre-Olivier Weill)
Journal of Economic Theory, vol. 222 (2024), 105917
published version | presentation video by Pierre-Olivier Weill | slides

The Incidence of Student Loan Subsidies: Evidence from the PLUS Program
(with William Mann)
Review of Financial Studies, vol. 36 no. 4 (2023), pp. 1621–1666
published version | code | summary in Forbes

Corporate Bond Liquidity during the COVID-19 Crisis
(with Benjamin Lester, David Lindsay, Shuo Liu, Pierre-Olivier Weill, and Diego Zúñiga)
Review of Financial Studies, vol. 34 no. 11 (2021), pp. 5352–5401
published version | code | Internet Appendix | slides | NBER WP | presentation video (1h:10-1h:40) | summary

Heterogeneous Intermediary Asset Pricing
Journal of Financial Economics, vol. 141 no. 2 (2021), pp. 505–532
published version | Internet Appendix | data | slides | Erratum (due to publisher error)
Xavier Drèze Award for the most outstanding research paper at UCLA Anderson

Working Papers

Liquidity and Risk in OTC Markets: A Theory of Asset Pricing and Portfolio Flows
(with Juan Passadore, Dejanir Silva, and Yucheng Yang)
Revise & Resubmit, Journal of Finance
slides | presentation video
Conferences: SaMMF, SFS Cavalcade, SITE, MFA

Dissecting the Aggregate Market Elasticity
(with Victor Duarte, Jiacui Li, and Dejanir Silva)
[draft coming soon]

Work in Progress

Market Structure of Corporate Bonds and Implications
(with Benjamin Lester, Semih Üslü, and Pierre-Olivier Weill)

How Public Pensions Interact with the Asset Side of Household Balance Sheets
(with Darren Aiello, Asaf Bernstein, and Ryan Lewis)

A Demand System Approach to Residential Housing Supply
(with Darren Aiello, Carter Davis, Jason Kotter, and Gregor Schubert)

University of Illinois

Instructor

• MSF/Undergrad Financial Derivatives (Spring 2022, 2024, 2025)
• MSF/Undergrad Fixed Income Portfolios (Spring 2020, 2021, 2022, 2024, 2025, Fall 2022)

UCLA Anderson School of Management

Instructor

• MFE R/MATLAB Programming Workshop (Fall 2017, 2018)

Teaching Assistant

• MBA Behavioral Finance, Prof. Avanidhar Subrahmanyam (Spring 2019)
• MFE Empirical Asset Pricing, Prof. Lars Lochstoer (Winter 2019)
• MBA Foundations of Finance, Prof. Bruce Carlin (Fall 2018)
• MFE Data Analytics and Machine Learning, Prof. Lars Lochstoer (Fall 2016)
• MBA Corporate Finance, Prof. William Mann (Winter 2015, 2016, 2017)
• Executive Program Corporate Strategy, Prof. David Wessels (May 2015)

Conference Discussions

1. “Investors as a Liquidity Backstop in Corporate Bond Markets,” by Carole Comerton-Forde, Billy Ford, Thierry Foucault, and Simon Jurkatis, WFA 2025 (slides)
2. “Speculation and Liquidity in Stock and Corporate Bond Markets,” by Paolo Pasquariello and Mirela Sandulescu, CICF 2023 (slides)
3. “Intermediary Market Power and Capital Constraints,” by Jason Allen and Milena Wittwer, FIRS 2023 (slides)
4. “Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System,” by Olivier Darmouni, Kerry Y. Siani, and Kairong Xiao, Chicago Fed Workshop on Non-Bank Financial Institutions 2023 (slides)
5. “The Distributional Effects of Student Loan Forgiveness,” by Sylvain Catherine and Constantine Yannelis, SFS Cavalcade 2022 (slides)
6. “Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds,” by Yi Li, Maureen O’Hara, and Alex Zhou, Brookings Municipal Finance Conference 2021 (slides)
7. “Grit and Credit Risk: Evidence from Student Loans,” by Jess Cornaggia, Kimberly Cornaggia, and Han Xia, AFA 2021 (slides)
8. “Corporate Bond Purchases After COVID-19: Who Did the Fed Buy and How Did the Markets Respond?,” by Thomas Flanagan and Amiyatosh Purnanandam, Atlanta Fed Conference on Financial Stability and the Coronavirus Pandemic 2020 (slides)
9. “Agency in Intangibles,” by Colin Ward, FIRS 2019 (slides)