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Catering to Investors through Security Design: Headline Rate and Complexity,” with Boris Vallée,  Quarterly Journal of Economics, 2017, Volume 132, Issue 3, Pages 1469–1508.

Returns to Talent and the Finance Wage Premium,” with Boris Vallée, Review of Financial Studies, 2019, Volume 32, Issue 10, Pages 4005-4040.

Finance wages reflect the competitive assignment of talent in an industry that exhibits a high complementarity between talent and scale.

Bank Branch Supply, Financial Inclusion and Wealth Accumulation,” with Adrien Matray, Review of Financial Studies, 2019, Volume 32, Issue 12, Pages 4767-4809.

Access to formal financial institutions can affect household wealth accumulation: banked households not only accumulate assets in interest bearing accounts, but also invest more in durable assets such as vehicles, have a better access to debt relative to their unbanked counterparts, and have a lower probability of facing financial strain.


Can Security Design Solve Household Reluctance to Take Risk?,” with Laurent Calvet, Paolo Sodini and Boris Vallée. Journal of Finance, 2023, Volume 78, Issue 4, Pages 1917-1966.

Security design can mitigate household reluctance to take financial risk.

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