Working papers

*Final Version* Loan Originations and Defaults in the Mortgage Crisis:The Role of the Middle Class, joint with Manuel Adelino and Felipe Severino, forthcoming Review of Financial Studies. [Full Text] [Slides] [Response to Mian and Sufi (2015)]

Credit Supply and House Prices: Evidence from Mortgage Market Segmentation, joint with Manuel Adelino and Felipe Severino, NBER Working Paper, February 2012. [Full Text]

How do CEOs see their Role? Management Philosophy and Styles in Family and non-Family firms, joint with William Mullins, January 2015 (forthcoming, JFE). [Full Text]

Trading Partners in the Interbank Lending Market, joint with Gara Afonso and Anna Kovner, October 2014. [Full Text]

Entrepreneurship and Venture Capital

The Illiquidity Puzzle: Evidene from Private Equity Partnerships, joint with Josh Lerner,  The Journal of Financial Economics, May 2004, Vol. 72 (2), 3-40 (lead article).[Full Text]

Private Equity Performance: Returns, Persistence and Capital Flows, joint with Steven N. Kaplan,  The Journal of Finance, August 2005, 60 (4), 1791-1823. Michael J. Borrelli, CFA Research Award 2003. [Full Text]

Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity, joint with Josh Lerner,  The Quarterly Journal of Economics, February 2005, (120), 223-246. Reprinted in Stijn Claessens and Luc Laeven, editors, Readings in International Corporate Finance, Washington: World Bank, 2006, 83-106. NASDAQ Award, Best Paper in Capital Formation, WFA 2003. [Full Text]

Smart Institutions, Foolish Choices? The Limited Partner Performance Puzzle, joint with Josh Lerner and Wan Wongsunwai, The Journal of Finance, April 2007, 62 (2), 731-764.[Full Text]

Secrets of the Academy: Drivers of University Endowment Success,” joint Josh Lerner and Jialan Wang, Journal of Economic Perspectives, Summer 2008, 22 (3), 207–22. [Full Text]

The Consequences of Entrepreneurial Finance: Evidence from Angel Financings, joint with William R. Kerr, Josh Lerner, June 2011, Review of Financial Studies, forthcoming. [Full Text]

Can Unemployment Insurance Spur Entrepreneurial Activity? Evidence From France, joint with Johan Homberty, David Sraerx and David Thesmar, October 2014. [Full Text]

CEO Labor Markets and Governance

Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Style, NBER Working Paper, November 6, 2011. [Full Text]

The Effect of Diversification on Firm Productivity, The Journal of Finance, December 2002, Vol. 62 (6), 2379-2403 (lead article). The Journal of Finance Brattle Prize (First Prize) for Distinguished Paper 2003. [Full Text]

The Managing with Style: The Effect of of Managers on Corporate Policy, joint with Marianne Bertrand,  The Quarterly Journal of Economics, November 2003, Vol. 118 (4), 1169-1208 (lead article). [Full Text]

The Role of Family in Family Firms, joint with Marianne Bertrand, Journal of Economic Perspectives, April 2006, 20 (2), 73-96.[Full Text]

Mixing Family With Business: A Study of Thai Business Groups and the Families Behind Them, joint with Marianne Bertrand, Simon Johnson and Krislert Samphantharak,The Journal of Financial Economics, June 2008, 88 (3), 466-498. [Full Text]

Politically Connected CEOs and Economics Outcomes: Ecidence from France, joint with Marianne Bertrand, Francis Kramarz and David Thesmar, April 2005, Revise and Resubmit at The Journal of Finance. [Full Text]

Are the Seed of Bad Governance Sown in Good Times joint with Ebonya Washington, November 2011. [Full Text]

How do CEOs see their Role? Management Philosophy and Styles in Family and non-Family firms, joint with William Mullins, January 2015 (forthcoming, JFE). [Full Text]

Finance and Development

The Divide between Subsistence and Transformational Entrepreneurship, in Joshua Lerner and Scott Stern (Eds.), NBER Innovation Policy and the Economy 2009. [Full Text]

What Capital is Missing in Developing Countries?, joint with Miriam Bruhn, Dean Karlan, American Economic Review. May 2010, Vol. 100, No. 2: Pages 629-633. [Full Text]

Fighting Procrastination in the Workplace: An Experiment, joint with Ximena Cadena, Alexandra Cristea, Héber M. Delgado-Medrano, Working paper, March, 2011. [Full Text]

Remembering to Pay? Reminders vs. Financial Incentives for Loan Payments, joint with Ximena Cadena, Working paper, March 2011. [Full Text]

Household Finance and Financial Literacy

Judge Specific Differences in Chapter 11 and Firm Outcomes, joint with Tom Chang, February 2007. [Full Text]

Keeping it Simple: Financial Literacy and Rules of Thumb, joint with Alejandro H. Drexler and Greg Fischer,  January 2011, MIT Working. [Full Text]

Contract Theory Experiments

The Role of Culture in Financial Negotiations: Evidence from an Audit Study, joint with Rajkamal Iyer, in: International Differences in Entrepreneurship, NBER Conference Volume (forthcoming). [Full Text]

The Importance of Holdup in Contract Negotiations: Evidence from an Audit Study, joint with Raj Iyer, April 2008. [Full Text]

Interbank Markets

Stressed not Frozen: The Federal Funds Market after the Financial Crisis, joint with Gara Afonso and Anna Kovner, September 2009, The Journal of Finance, forthcoming. [Full Text]

Trading Partners in the Interbank Lending Market, joint with Gara Afonso and Anna Kovner, October 2014. [Full Text]