What Do Mutual Fund Managers' Private Portfolios Tell Us About Their Skills? (Ola Bengtsson prize, WFA Cubist Systematic Strategies Award), Forthcoming at Journal of Financial Intermediation, Media coverage: Svenska Dagbladet
Mutual fund managers who personally invest in their funds outperform those who do not, consistent with a model in which managers are certain about their own ability but investors are not.
Are Mutual Fund Managers Paid for Investment Skill? (with Ron Kaniel, Stijn Van Nieuwerburgh, and Roine Vestman, Review of Financial Studies, Volume 31, Issue 2, Pages 715-722, February 2018), Media coverage: Reuters, VoxEU, Harvard Law School Forum, Financial Post, Bloomberg
Fund manager pay increases with fund revenue and fund family profits, but only weakly with fund performance.
Are Stocks Pricing in Recession Risks? Evidence from Dividend Futures, with Ben Knox and Francisco Vazquez-Grande, FEDS Note, 2022
Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and Steel, with Austin Adams, FEDS Note, 2022
The Stock Market-Real Economy "Disconnect": A Closer Look, with Andrew Y. Chen and Francisco Vazquez-Grande, FEDS Note, 2020