Financial data is characterized by a low signal-to-noise ratio making it difficult to identify robust functional forms that map the characteristics of financial securities to expected returns (Lettau and Pelger, 2020). In this paper, we modify the standard prediction problem in empirical asset...

We find that the Global Financial Crisis (2007-2009) had an adverse effect on employee mental health. To identify the causal effects of the credit shock, we exploit the plausibly exogenous variation in firms’ need to refinance their long-term debt in 2008, a period when refinancing became more...

This paper argues that corporate financial frictions can have an adverse effect on employee mental health, an important determinant of employee productivity. To identify the causal effects of financial frictions, we exploit variation in firms’ need to refinance their long-term debt in 2008, a...

In acknowledging and exploiting the substantial heterogeneity between family firms, scholars are increasingly stepping away from the dichotomization of family influence to better understand critical nuances that explain how, why, and when family firms differ from their nonfamily counterparts....

One of the most important financial choices households make is to decide whether to rent or buy a home. This paper uses a life-cycle model to analyze a financial contract that transforms investing in housing from binary to multinomial choice. The financial contract is called Partial Ownership...

We estimate an equilibrium model of housing demand and supply. The model allows us to quantify the distributional effects of leverage regulation on mobility and access to high-quality housing. We match the population of households in Norway in 2010-2018, with demographic and financial...