We theoretically characterize the behavior of machine learning asset pricing models. We prove that expected out-of-sample model performance--in terms of SDF Sharpe ratio and test asset pricing errors--is improving in model parameterization (or "complexity"). Our empirical findings verify the...

We survey the nascent literature on machine learning in the study of financial markets. We highlight the best examples of what this line of research has to offer and recommend promising directions for future research. This survey is designed for both financial economists interested in grasping...

We provide the first quasi-experimental estimates of variation in suicide impulsivity by age by examining the impact of firearm purchase delay laws by age. Prior studies of firearm purchase delay laws use traditional two-way-fixed-effects estimation, but we demonstrate that bias due to...

In this study, we investigate whether reproductive rights affect migration. We do so using a synthetic difference-in-differences design that leverages variation from the 2022 Dobbs decision, which allowed states to ban abortion, and population flows based on change-of-address data from the...

We construct a framework that defines optimal outcomes in criminal courts, and we use this framework to interpret and organize the existing literature on racial disparities in pretrial detention, sentencing, and community corrections outcomes. Existing research indicates that some actors within...

We analyze the expressive content of government action, focusing on Istanbul Convention, an international treaty aimed at protecting women against violence, signed and ratified by 39 countries. In 2021, ten years after signing the Convention, the Turkish government withdrew from it, on the...

The 2022 Supreme Court case NYSRPA v. Bruen struck down states' discretion in issuing individuals firearm right-to-carry permits. As the country transitions towards more and more permissive concealed carry regulation, it has remained unclear how permitting processes and requirements affect...

The standard economic model of police stops implies that the contraband hit rate should rise when the number of stops or searches per officer falls, ceteris paribus. We provide empirical corroboration of such optimizing models of police behavior by examining changes in stops and frisks around...

Intimate partner violence (IPV) is the most common form of violence experienced by women, and imposes adverse health consequences for victims and their children. The annual economic burden of IPV amounts to over $4.1 trillion, a substantial share of which is borne by the public sector. Despite...

We show that judicial independence can reduce local protectionism and foster cross-regional economic integration. We exploit a judicial independence reform in China with staggered roll-out since 2014. The reform removed local governments' control over local courts' financial and personnel...