I am an assistant professor of finance at the University of Texas at Austin, McCombs School of Business. I work on macroeconomics, financial intermediation and asset pricing, with a particular focus on the role of information and the industrial organization of financial markets.

Curriculum vitae

Working papers

1. How to Sell Public Debt in Uncertain Times [NBER WP 33616] [SSRN]

   (with Harold L. Cole and Guillermo Ordonez)

2. Rules versus Disclosure: Prudential Regulation and Market Discipline [SSRN]

   (with William Fuchs and Satoshi Fukuda)
   revise and resubmit, Review of Financial Studies

3. Demand-system Asset Pricing: Theoretical Foundations [SSRN]

   (with William Fuchs and Satoshi Fukuda)
   revise and resubmit, Journal of Finance

4. Portfolio Regulation of Large Financial Institutions [SSRN]

   (with Mahyar Sefidgaran and Michael Sockin)
   revise and resubmit, Review of Financial Studies

5. Do Public Asset Purchases Foster Liquidity? [SSRN]

   (with Michael Sockin)
   revise and resubmit, Journal of Economic Theory

6. Strategic Savings and Capital Flows [SSRN]

   (with Michael Sockin)

7. Inefficient Asset Price Booms [SSRN]

   revise and resubmit, Review of Financial Studies
   Winner, Lamfalussy Fellowship
   Runner-up, 2016 European Systemic Risk Board Ieke van den Burg Prize

8. Less Bank Regulation, More Non-Bank Lending [SSRN]

   (with Mary Chen, Seung Lee and Farzad Saidi)
   revise and resubmit, Review of Finance

Publications

1. Do Universal Banks Finance Riskier but More Productive Firms? [Publisher’s Link]

   (with Farzad Saidi)
   Journal of Financial Economics Vol. 128 (2018), Pages 66-85

2. Sovereign Debt Auctions in Turbulent Times [Publisher’s Link]

   (with Harold L. Cole and Guillermo Ordonez)
   AEA Papers and Proceedings 2022, 112: 526-530

3. Asymmetric Information and Sovereign Debt: Theory meets Mexican Data [Publisher’s Link]

   (with Harold L. Cole and Guillermo Ordonez)
   Journal of Political Economy Vol. 130 No. 8 (2022), 2055-2109

4. Collateral Quality and Intervention Traps [Publisher’s Link]

   (with Michael Junho Lee)
   Journal of Financial Economics Vol. 147 No. 1 (January 2023), 159-171

5. Information Spillovers and Sovereign Debt: Theory meets the Eurozone Crisis [Publisher’s Link]

   (with Harold L. Cole and Guillermo Ordonez)
   The Review of Economic Studies Vol. 92 No. 1 (2025), 197-237

6. Financial Market Concentration and Misallocation [Publisher’s Link]

   (with Michael Sockin)
   Journal of Financial Economics Vol. 159 (2024), 103875

Work in Progress

1. Time-varying Market Power in Sovereign Bond Auctions

   (with Harold L. Cole and Guillermo Ordonez)

2. KAPM

   (with William Fuchs and Satoshi Fukuda)

Superseded Projects

1. A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

   (with Harold L. Cole and Guillermo Ordonez)
   NBER Working Paper 24890
   Elements of this paper were incorporated into “How to Sell Public Debt in Uncertain Times.’’