The Fama-Miller Center financially supports research in finance to Booth faculty and PhD students. We provide support for research assistants, data purchases, cost of creating new data, and other research related costs.
Research projects funded
Academic conferences funded
Fama-Miller Center visitors funded
Data subscriptions renewed
New data sets acquired
Computational Finance Emulation for Weather, Power and Corresponding Energy Derivatives Instrument Design and Pricing
John Birge and David Mordecai
What Events Do Investors Care About?
Leland Bybee
Firms and Monetary Policy: Textual Evidence
Laurenz De Rosa and Eric Milstein
Sticky Discounts Rates
Niels Gormsen and Kilian Huber
Firms' Perceived Cost of Capital
Niels Gormsen and Kilian Huber
Heterogeneous Impacts of Environmental Regulation
Joanna Harris
Leverage and Exchange Rate Cycles
Lewei He
Delay Tactics: Quantifying the Impact of Procedural Hurdles on Development Outcomes
Tyler Jacobson and Jeffrey Ohl
Does Artificial Intelligence Lower Experimentation Costs for New Entrepreneurs?
Edoardo Marchesi and Sixun Tang
Technology-Firm (Mis)Matches
Suproteem Sarkar
Investing in Customer Capital
Amir Sufi
Trust in Banks and Borrower Behavior: Evidence from Supervisory Actions and Local Information Quality
Rimmy E. Tomy
Ethical Values in Business Decisions
Luigi Zingales
A Demand System Approach for Fixed Income
Monica Barbosa
Regulator Beliefs
Manav Chaudhary
Surprise Political Disclosures and Firm Investment
Rahul Chauhan
The Effect of Litigation Finance on Credit Outcomes
Ching-Tse Chen
Investor Expectations Influenced by Firm Beliefs
Yifei Chen and Laura Gu
The Effect of Alternative Data on Real Earnings Management
Jonas Dalmazzo
Stakes Discrimination and Costly Information Acquisition
Jewel Evans
Climate Capitalists
Niels Gormsen
Unlocking Innovation
Bianca He
Optimal Narratives for Predicting Stock Returns
Alex Kim
Political Pressure and Central Banking
Jingoo Kwon
The Demand of US Treasuries
Federico Mainairdi
The Impact of Fiscal Policy on Financial Intermediaries and Asset Prices
Federico Mainairdi
The Dark Side of AI
Edoardo Marchesi
Monetary Policy, Real Estate Financing, and Housing Supply
Eric Milstein
Procurement Auctions, Firm Dynamics, and Infrastructure Costs
Lauren Mostrom
Financial Statement Analysis with Large Language Models
Maximillian Muhn, Valeri Nikolaev, and Alex Kim
Environmental and Financial Footprints of Corporations
Maximillan Muhn and Thomas Rauter
Evidence Letters to Shareholders
Raghuram Rajan and Luigi Zingales
What Purpose do Corporations Purport?
Raghuram Rajan and Luigi Zingales
Private Equity "Stealth" Roll-ups in Anesthesiology
Paulo Ramos and Thomas Wollmann
A High-frequency Analysis of the Impact of Retail Trading on Options Markets
Francisco Ruela
The Rise of Direct Lending: Important Questions that Require New Data Sets to Answer
Amir Sufi and Young Soo Jang
Political Polarization, Expectations Formation and Central Bank Communication
Michael Weber
Firms Characteristics-based Event Study
Dacheng Xiu
SMEs in Punjab
Emma Zhang
Fiscal Policy and Durable Goods Consumption
Eric Zwick
Education and Credit Outcomes
Chris Campos and Constantine Yannelis
The Convenience Yield and the Demand for US Treasury Securities
Filippo Cavaleri
Leveraging Digital Tools and Technology to Create and Manage Wealth in East Africa
Pradeep Chintagunta
Polarizing Corporations: Does Talent Flow to "Good" Firms?
Emanuele Colonnelli
Corporate Transparency Practices around the World: Measurement and Effects
Emanuele Colonnelli and Thomas Rauter
The Economic Consequences of Common Ownership Along the Supply Chain
Anna Costello and Christopher Stewart
Over-reaction in Foreigners' Expectations
Zhiyu Fu
Safety Nets, Credit, and Investment: Evidence from a Guaranteed Income Program
Pulak Ghosh and Nishant Vats
A Share Too Far: How Innovation Unraveled U.S. Credit Card Information Sharing
Benedict Guttman-Kenney
The Effect of Environmental Preferences on Investor Responses to ESG Disclosure
Joanna Harris
Assessing Gender Gaps in Stock Market Participation
Rubina Hundal and Emma Zhang
Retail Trading and Asset Prices: The Role of Changing Social Dynamics
Fulin Li
Strategic Bargaining and Portfolio Choice in Intermediated Markets
Jessica Li
An Empirical Demand-and-Supply Framework of the Asset Management Industry
Marco Loseto
Risk-Shifting and Compensation in the Private Equity Industry
Edoardo Marchesi
Bloated Disclosures: Can ChatGPT Help Investors Process Financial Information?
Maximillian Muhn, Valeri Nikolaev, and Alex Kim
Consumer Bankruptcy Audits
Fabian Nagel
Household Demand for Private Equity
Sangmin (Simon) Oh
Social Inflation
Sangmin (Simon) Oh
Liquidity, Liquidity Everywhere, not a Drop to Use
Raghuram Rajan
Liquidity Dependence: Why Shrinking Central Bank Balance Sheets is an Uphill Task
Raghuram Rajan
Migration Responses to Moving Costs: Evidence from the US Mortgage Market
Michael Varley
Forward-Looking Loan Loss Provisioning Under Imperfect Forecasts
Hristiana Vidinova
Inflation Expectations, Wage Bargaining, and Labor Supply Budget
Michael Weber
The Impact of Mutual Fund Flows on Municipal Governments' Debt Issuance and Expenditure
Ehsan Azarmsa
Policy Opacity
William Cassidy
The Impact of Layoff Notices on Household Debt and Reemployment
Anna Costello and Christopher Stewart
Arrested Development in China
Bianca He and Eric Zwick
In Search of the Origins of Fickle Capital
Zhiyu Fu
The Effect of Minority Bank Ownership on Minority Credit
Agustin Hurtado
Distressed Debt Renegotiation: New Evidence from Private Debt and Private Equity
Young Soo Jang
A Machine Learning Classification of VC Contract
Jessica Jeffers
FactSet Corporate Bond Mutual Funds
Anil Kashyap
Does Political Partisanship Cross Borders? Evidence from International Capital Flows
Elisabeth Kempf
Social Networks and Retail Trading
Fulin Li
A Demand-based Approach for Short-selling
Federico Mainardi
Landlords as Lenders: Market and Policy Responses to Non-Paying Tenants
Scott Nelson
Green Investors
Sangmin (Simon) Oh
Treasury Debt and the Pricing of Short-term Assets
Quentin Vandeweyer
Mortgage Prepayment Penalties: A Market Solution to Adverse Selection or a Shrouded Attribute?
Michael Varley
Memory and Beliefs: Evidence from the Field
Michael Weber
Expectations and Household Leverage
Michael Weber and Constantine Yannelis
Missing Data in Asset Pricing Panels
Michael Weber
Investor Behavior in Markets for Crypto-Assets
Anthony Zhang
Asset Pricing with Heterogeneously Attentive Investors: An Application of the US Municipal Bond Market
Ehsan Azarmsa
Partisan Disagreement and Asset Demand
William Cassidy and Matthew (Blair) Vorsatz
Global Investor Expectations and Exchange Rate
Ching-Tse Chen
Politics in the Firm
Emanuele Colonnelli
The Role of Big Business Over Time and Across Societies
Emanuele Colonnelli
Partisan University Governance
Emanuele Colonnelli and Elisabeth Kempf
Global Porfolio Investment and Currency Risk Management in a Low-rate Environment
Wenxin Du and Ralph Koijen
Corporate Discount Rates
Niels Gormsen and Kilian Huber
Credit Constraints and the Valuation of Public Amentities
John Heilbron
The Dynamics of Shock Propagation: Theory and Evidence
Kilian Huber
The Evolution of Human Capital Restrictions
Jessica Jeffers
What Explains Georgraphic Variation in Corporate Investment? A Tale of Colonial Hangover
Shohini Kundu and Nishant Vats
The Importance of Investor Heterogeneity: An Examination of the Corporate Bond Market
Jian (Jane) Li
The Financialization of Monetary Policy
Sangmin (Simon) Oh
The Pricing of Risky Debt: An Application to Commercial Real Estate
Joseph Pagliari
Rent Pricing Behaviors and Eviction
Seongjin Park
ETF Activeness and Trade-offs
Lubos Pastor
World Transparency Survey Project
Thomas Rauter
Bank Enforcement Actions and Lending to Minorities
Rimmy Tomy
Ricardian Equivalence and Payroll Taxation
Constantine Yannelis
Monetary Policy and Bank Churn
Anthony Zhang
The Impact of the Shawdow Banking Sector on Public Finance
Charles Boyer and Kelly Posenau
Noise Trader and the Limits to Arbitrage: Evidence from Taiwan Financial Transaction Tax Reform
Ching-Tse Chen
What Predicts Venture Capital Investment and What Should? A Machine Learning Approach
Diag Davenport
Effects of the COVID-19 Crisis on Stock Market Beliefs and Investment Decisions
Samuel Hartzmark and Abigail Sussman
Commonality in Credit Spread Changes: Dealer INventory and Intermediary Distress
Zhiguo He
The Financial Wealth of African Americans after Slavery and its Intergenerational Impacts: Evidence from the Collapse of the Freedman's Bank
Richard Hornbeck
Fifty Shades of QE: Career Concerns of Central Bankers
Elisabeth Kempf and Lubos Pastor
Disclosure of Supervisory Actions and Deposit Volatility
Anya Kleymenova and Rimmy Tomy
Rising from the Ashes: Fallen Angel Corporate Bond Price Recovery Post-downgrade and Dealer Inventory Dynamics
Rayhan Momin
Subjective Risk Premia
Stefan Nagel
Why do Borrowers Default on Mortgages? Evidence from High-frequency Data
Pascal Noel
Social Inflation
Sangmin (Simon) Oh
Sustainable Investing: Empirical Tests
Lubos Pastor
Are Intermediaries a Veil? Evidence from Fund Managers' Partisan Disagreement During the Coronavirus Crash
Blair Vorsatz
Big G
Michael Weber
News Analytics via Machine Learning
Dacheng Xiu
Corporates Taxes and Retail Prices
Constantine Yannelis
Financing in the Gig Economy
Greg Buchak
Predictable Downturns
Carter Davis
Probation Monitoring and Household Financial Health
John Heilbron
Partisan Professionals: Evidence from Credit Rating Analysts
Elisabeth Kempf
The Commercial Real Estate Ecosystem
Ralph Koijen
Incentives of CLO Managers in Screening and Monitoring: Evidence from Chapter 11 Bankruptcies
Shohini Kundu
Determinants of Foreign Currency Reserve Accumulation: Importance of Financial Sector Stability and Expansion
Rayhan Momin
Why Do Borrowers Default on Mortgages? Evidence from High-Frequency Data
Pascal Noel
Revolving Door in Insurance Regulators
Ana-Marie Tenekedjieva
Trade Credit and Supplier Networks as a Disciplining Mechanism
Rimmy Tomy
Matching Planned Consumption to Earnings: The Mental Accounting of Income Volatility
Shannon White
Equity and Incentives in Human Capital Investment: Evidence from a Randomized Experiment
Constantine Yannelis
The Effects of Refinancing Credit on Housing Investment
Meru Bhanot
Public Pensions and State Government Debt Spreads
Chuck Boyer
The Rise of Goodwill
Peter Chen
Texted-Based Factor Models
Lin William Cong
An Anatomy of the Chinese Stock Market
Zhiguo He
Spillover Effects of Bank Enforcement Actions
Anya Kleymenova and Rimmy Tomy
The Real Spillover Effects of Unconventional Monetary Policy
Anya Kleymenova
Banks as Connectors of Firms
Krisztina Orban
Privatization of the Banking Sector and Misallocation
Krisztina Orban
The Transmission Channels of Quantitative Easing:Evidence from the Cross-section of Bond Prices and Issuance
Stefano Pegoraro
Individual Responses to Mortgage Market Shocks
Joseph Vavra
Regional Heterogeneity and Monetary Policy
Joseph Vavra
Understanding Potential Side Effects of LTV Caps
Joseph Vavra
Estimating the Liquidity Premium of a Collectibles Basket Security
Matthew (Blair) Vorsatz
Inflation Beliefs
Michael Weber
The Equilibrium Effects of Asymmetric Information: Evidence from Consumer Credit Markets
Seth Zimmerman
Using Machine Learning and Natural Language Processing to Identify Firm-Level Supply Shocks in Textual Data
Jeremy Bejarano and Yiyao Wang
State Ownership, Economic Stimulus, and Credit Expansion in China
Lin William Cong
Why Innovation Needs Public Market: Evidence from Chinese IPOs
Lin William Cong
Mispriced Index Option Portfolios
George Constantinides
Price regulation, adverse selection and imperfect
Jose Ignacio Cuesta
Risk Measurement and Management with High-Frequency Data
Rui Da and Dacheng Xiu
Information Segmentation in International Markets: Evidence from Brexit
Tarek Hassan
Analysts vs. Managers:Who Determines Credit Rating Outcomes?
Elisabeth Kempf
International investors’ ties at home and their actions abroad
Mark Maffet
Explaining the scale and style of active mutual funds
Lubos Pastor
The Long-Run Effects of Banking Crises
Raghuram Rajan
Elections and Economic Beliefs
Kelly Shue
Caught with the Hands in the Cookie Jar: Labor Reallocation after Exposure of Corrupt Firms
Margarita Tsoutsoura
Ownership Structure and Employee Effort: Evidence from Family Firms
Margarita Tsoutsoura
Zombie lending, and cross-subsidization in a lending crisis
Margarita Tsoutsoura
Cash Flow Duration and the Term Structure of Equity Returns
Michael Weber
How does competition affect internal and external capital market?
Xiao Zhang
Social Capital and CFO Careers: A Global Perspective
John Barrios
Who Should Regulate Financial Advisors? Evidence from Oversight in Dodd-Frank
Ben Charoenwong
Understanding Financial Information in Emerging Markets: Evaluating the Impact of Access to Financial Information for Micro Entrepreneurs in Rwanda
Pradeep Chintagunta
Financial and Real Effects of Bank Credit Expansion in China
Lin William Cong
Major Players and Coordination in Games of Strategic Complementarity and Incomplete Information
Lin William Cong
Advertising and the Role of Information in the Fund Advisor Industry
Jean-Pierre Dube
Risk Management in the Cross-Section of Debt Contracts
John Gallemore
Macroeconomic uncertainty and its term structure
Stefano Giglio and Bryan Kelly
Migrants, Trade, and Investment
Tarek Hassan
Managing Political Risk
Tarek Hassan
Credit Implied Volatility
Bryan Kelly
Patent Text Analysis
Bryan Kelly and Amit Seru
The Interaction of Mandatory and Voluntary Disclosures: Evidence from the Dodd-Frank Act
Anya Kleymenova
The Market for Financial Adviser Misconduct
Gregor Matvos and Amit Seru
Reading group on Issues in Corporate Finance and Banking
Amit Seru
The Greek Walk
Amit Seru and Margarita Tsoutsoura
Enhancing Subjective Competence to Increase Financial Engagement
Abigail Sussman and Shannon White
Family Control and the Cost of Debt: Evidence from the Great Recession
Margarita Tsoutsoura
Oil Supply and Demand Shocks: Evidence from the Stock Market
Michael Weber
Salient Price Changes, Inflation Expectations and Households' Portfolios
Michael Weber
Monetary Policy Uncertainty and Carry Trade Returns
Ursula Wiriadinata
The Language of Transparent Disclosures
Anastasia Zakolyukina
Speculative Dynamics of Prices and Volume
Eric Zwick
The Empirics of High-Frequency Trading: 1996-2014
Eric Budish
Bank Lending Constraints in China and Their Real Impacts
Lin William Cong
Government safety nets, bank disclosure, and monitoring: Evidence from deposit insurance schemesfrom
John Gallemore
Excess Volatility
Stefano Giglio and Bryan Kelly
Recent advances in empirical asset pricing conference
Stefano Giglio and Bryan Kelly
Not so Disconnected:Exchange Rates and the Capital Stock
Tarek Hassan
CEO Personality and Compensation
Steve Kaplan and Anastasia Zakolyukina
CEO Personality and Firm Policies
Steve Kaplan and Anastasia Zakolyukina
Does sovereign lending affect corporate lending? Evidence from the European sovereign debt crisis
Anya Kleymenova
Who Bears the Cost of Recessions? The Importance of Household Balance Sheets
Atif Mian and Amir Sufi
Can Financial Factors Explain Aggregate Productivity? Evidence from Small Firms
Aaron Pancost
Do Funds Make More When They Trade More?
Lubos Pastor
Do Director Elections Matter?
Margarita Tsoutsoura
Is Family More Important in Bad Times?
Margarita Tsoutsoura
Management Inefficiencies and Sticky Corporate Plans
Michael Weber
Unconventional Fiscal Policy
MIchael Weber
The Effect of Secondary Loan Trading on Loan Syndidcation
Regina Wittenberg-Moerman
Inference of high-dimension Asset Pricing Factor Model
Dacheng Xiu
Do firms exercise corporate bond call options optimally? - An American Option Approach
Qiping Xu
Kicking maturity down the road: early refinancing and maturity management in the corporate bond market
Qiping Xu
The Impact of Strategic Consumer Behavior on a Financially Distressed Retailer
John Birge
Cross-sectional and Time-varying Dependence in Volatility at Different Time Horizons
Yeguang Chi and Yongning Wang
Very Long Run Discount Rates
Stefano Giglio
Currency Wars
Tarek Hassan
Asset Pricing in Production Networks
Bryan Kelly
Is Political Uncertainty Priced? Theory and Evidence from the Options Market
Bryan Kelly, Lubos Pastor, and Pietro Veronesi
Risk Sharing through Debt
Nitish Kumar
Short Interest. Time-series firm-specific measure of constraints
Mark Maffett
Financial Sector Development and Structural Transformation
Jacopo Ponticelli
Identifying Riskiness in Lending due to the Community Reinvestment Act
Amit Seru
Reading group on Issues in Corporate Finance and Banking
Amit Seru
Liquidity and Correlation
John Shim
Can Relationship Banking Exacerbate Bank Liquidity Spirals?
Kelly Shue
Interest Rates, Collateral Value, and Household Spending
Amir Sufi
Housing and the Rise of the Investor
Amir Sufi
The Effect of Relationship Lending: Evidence from Loan Originations and Renegotiations
Regina Wittenberg-Moerman
Price Discovery in the Municipal Bond Market
Regina Wittenberg-Moerman
Supply Chain Network Structure and Systematic Risk
Jing Wu
Precautionary Maturity Management in Corporate Bond Market
Qiping Xu
The Idiosyncratic Volatility Puzzle: A Reassessment at High Frequency
Dacheng Xiu
Investor Attention and Asset Prices: The Role of Twitter in Financial Markets
Andreas Bodmeier
Critical Vendors and Bankruptcy
Ramanadh Chivukula
Quantifying Liquidity and Default Risks of Corporate Bonds over Business Cycle
Rui Cui and Zhiguo He
Financing and Control Rights: Entrepreneurial Choice of Funding Source
Maryam Farboodi
Debt Covenants and Firm Investment
Zhiguo He and Gregor Matvos
Corporate Finance and Labor Supply: Evidence from MBA Interview Auctions
Emir Kamenica and Kelly Shue
What Do Options Imply About Sector-Wide Government Guarantees?
Bryan Kelly
Debt Enforcement Around the World: A Bank’s Perspective
Jose Maria Liberti
Short Interest. Time-series Firm-specific Measure of Constraints
Mark Maffett
Economics of Credit Card Markets
Neale Mahoney
Advertising Expensive Mortgages
Amir Seru
Regulatory Capture in Banking and Consequences for Financial Market Regulation: A First Look at the Evidence
Amit Seru
Promotions and the Peter Principle - formerly Labor Productivity and Wage Rigidity During the Great Recession
Kelly Shue
Shareholder Democracy in Play: Career Consequences of Proxy Contests
Margarita Tsoutsoura
High-Dimensional Stochastic Factor Copula Models: with Applications to Credit Risk
Ruey Tsay
Chinese Stock Market Returns
Chen (Edward) Wang
Overnight Jumps, Co-Jumps, and News Announcements
Dacheng Xiu
Chinese Security market reform
Qiping Xu
The Sarbanes-Oxley Act and Accounting Manipulation
Anastasia Zakolyukina
What drives financial decisions of U.S. households?
Jan Zilinsky
The time-varying impact of information: Evidence from corporate vs. macroeconomic news announcements
Andreas Bodmeier
The High-Frequency Trading Arms Race: Implications for Financial Market Design
Eric Budish
Examine Chinese mutual fund performance from the perspective of equilibrium accounting
Yeguang Chi
Study the relationship between money market fund managers risk-taking and some potential determinants, which might be measured by fund sponsor's reputation, equity, and CDS price
Yeguang Chi
Study the myopic behavior of Chinese IPO firms and their subsequent performance; the incentive for Chinese firms to finance through international IPO
Yeguang Chi and Qiping Xu
Corporate Holdings, Information, and Return Predictability
Joseph Gerakos and Adair Morse
Carry Trade - Beyond the Forward Premium Puzzle
Tarek Hassan
Economic Rents in the Arab Spring
Tarek Hassan
Country Size, Currency Unions, and International Asset Returns
Tarek Hassan
Top Executives Characteristics and Circumstance
Steve Kaplan
Macroeconomic Analysis of Economic and Financial News
Bryan Kelly and Ralph Koijen
Compare two recessions and bankruptcy waves
Chenfei Lu
Tax Evasion across Industries: Soft Credit Evidence from Greece
Adair Morse and Margarita Tsoutsoura
Understanding the Drivers of Corporate Financial Structure: Evidence from the Introduction of U.S. Corporate Income Taxation
Gregor Matvos and Amit Seru
Variation in default risk premia using historical corporate bond price data
Yoshio Nozawa
Political Uncertainty and Risk Premia
Lubos Pastor and Pietro Veronesi
Secured Debt over Time in Access
Raghuram Rajan
Executive Compensation and the Incentives to Increase Firm Risk
Kelly Shue
Information Overload and Security Prices
Douglas Skinner
Sell-side Research and Institutional Investors' Portfolio Choices
Andrius Staisiunas
European policy uncertainty index
Pietro Veronesi
High Frequency Intermediation
Brian Weller
Spend 4 months at CFTD in DC, to obtain and investigate bid x millisecond x trading account data
Brian Weller
Delving into Risk Premia: Reconciling Evidence from the S&P and VIX Derivatives
Dacheng Xiu
Investor Sophistication and Marketd Evolution: Learning patterns in nascent investing populations and implications for emerging market performance
Christopher Yenkey
The Multinational Advantage
Drew Creal, Jonathan Rogers, and Sarah Zechman
How do Hedge funds manage portfolio risks?
Joseph Gerakos
Asset Managers Funds. Asset Managers: Portfolio Performance and Allocative
Joseph Gerakos and Adair Morse
Carry Trade - Beyond the Forward Premium Puzzle
Tarek Hassan
Country Size, Currency Unions, and International Asset Returns
Tarek Hassan
Venture Source
Steve Kaplan
Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates
Gregor Matvos and Amit Seru
Understanding the Drivers of Corporate Financial Structure: Evidence from the Introduction of U.S.
Gregor Matvos and Amit Seru
Housing, Labor Mobility and Unemployment
Atif Mian and Amir Sufi
Tax Evasion across Industries: Soft Credit Evidence from Greece
Adair Morse and Margarita Tsoutsoura
Technological Innovation, Reallocation and Growth
Amit Seru
CEO Ethics and Lavish Lifestyles: Implications for Corporate Investment and Financing Behavior
Abbie Smith
