Empirical Asset Pricing · Information & Markets
I study how financial markets incorporate information into asset prices, with focuses on return anomalies, investor beliefs, institutional trading, and the risks of technological change.
Current projects examine technological revolutions and stock-price dynamics, learning through earnings announcements, and the information choices of delegated monitors.
We show that the rational price bubble in Pástor and Veronesi (2009) relies on a single, simultaneous technology adoption decision. The bubble disappears when adoption is optimally timed or chosen independently by firms. Off-equilibrium incentives can restore it by triggering a sudden adoption wave that destroys firm value and social welfare.
We study how systematic learning over an earnings season affects the announcement return premium and find that weeks with more informative reports about the economy earn larger premiums.
The Wall Street Journal filters through earnings releases and chooses which to report. Their coverage choices reveal time variation in the informativeness of small-stock prices.
I have been at the University of Oregon since 2003. Before then, I was on the faculty at Texas A&M University. I received my Ph.D. in Finance from the University of North Carolina at Chapel Hill and my B.S. in Mathematics and Economics from Tulane University.