Working Papers

Student Loans, Marginal Costs, and Markups: Estimates From the PLUS Program (with William Mann)
Review of Financial Studies, Revise and Resubmit
Coverage at

Abstract: We estimate small marginal costs and large markups at private colleges in the United States, and discuss implications for the design of financial aid. For identification, we exploit a tightening of credit standards in the PLUS loan program, which decreased enrollment, revenues, and expenditures at private colleges with low-income students. We estimate that markups represented more than half of charges for students disqualified by the change. Markups were higher at for-profit schools, and in states with fewer public schools and lower education spending. Our results complement prior evidence on the Bennett Hypothesis, and contrast prior estimates of small markups.

Heterogeneous Intermediary Asset Pricing
[Online Appendix]

Abstract: I study the implications of the heterogeneity among financial intermediaries for asset prices and the macroeconomy. Due to the variation in funding sources, financial constraints, and regulatory requirements, different financial intermediaries (e.g. bank holding companies and security broker-dealers) can exhibit starkly different behaviors during economic downturns. Motivated by this fact and the empirical evidence on balance sheet adjustments within the intermediary sector during the Great Recession, I propose a dynamic general equilibrium model with heterogeneous intermediaries and financial constraints. The economy is populated by three sectors with different attitudes towards risk: two levered financial sectors and an unlevered household sector. My model generates opposite cyclical dynamics for leverage of the two intermediary sectors, reconciling empirical evidence that has previously seemed contradictory in the lens of representative intermediary asset pricing models. I study empirical implications of the model for time-series predictability and the cross-section of asset returns. I find strong correlations between heterogeneity in financial intermediaries and aggregate asset prices as well as return predictability. Finally, I quantitatively evaluate the effect of different government policies on the recovery of the economy from distressed states.

Work in Progress

Predictive Regressions: A Pricing-Kernel Approach (with Mikhail Chernov)


UCLA Anderson School of Management


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

Teaching Assistant

  • MFE Special Topics in Financial Engineering: Data Analytics, Professor Lars Lochstoer (Fall 2016)
  • MBA Corporate Finance, Professor William Mann (Winter 2015, 2016, 2017)
  • Executive Program Corporate Strategy, Professor David Wessels (May 2015)