Publications

*Final Version* Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class, joint with Manuel Adelino and Felipe Severino, Review of Financial Studies, forthcoming. Winner of the RFS Best Paper Runner-Up Award for 2016.
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Entrepreneurship and Venture Capital

The Illiquidity Puzzle: Evidence from Private Equity Partnerships, joint with Josh Lerner, The Journal of Financial Economics, Vol. 72 (2), 3-40 (lead article), May 2004.
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Private Equity Performance: Returns, Persistence and Capital Flows, joint with Steven N. Kaplan, The Journal of Finance, August 2005, 60 (4), 1791-1823. Michael J. Borrelli, CFA Research Award 2003.
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Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity, joint with Josh Lerner, The Quarterly Journal of Economics, February 2005, (120), 223-246. Reprinted in Stijn Claessens and Luc Laeven, editors, Readings in International Corporate Finance, Washington: World Bank, 2006, 83-106. NASDAQ Award, Best Paper in Capital Formation, WFA 2003.
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Smart Institutions, Foolish Choices? The Limited Partner Performance Puzzle, joint with Josh Lerner and Wan Wongsunwai, The Journal of Finance, April 2007, 62 (2), 731-764.
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Secrets of the Academy: Drivers of University Endowment Success,” joint Josh Lerner and Jialan Wang, Journal of Economic Perspectives, Summer 2008, 22 (3), 207–22.
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The Divide between Subsistence and Transformational Entrepreneurship, Innovation Policy and the Economy, Volume 10, NBER Chapters, 57-81, February 2010.
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The Consequences of Entrepreneurial Finance: Evidence from Angel Financings, joint with William R. Kerr, Josh Lerner, Review of Financial Studies, 27(1), 20-55, October 2011.
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House prices, collateral, and self-employment, joint with Manuel Adelino and Felipe Severino, The Journal of Financial Economics, 117 (2), 288-306, August 2015.
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The Globalization of Angel Investments: Evidence across Countries, joint with Josh Lerner, Stanislav Sokolinski and Karen E. Wilson, Harvard Business School Entrepreneurial Management Working Paper 16-072, February 2016.
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CEO Labor Markets and Governance

Effects of Corporate Diversification on Productivity, The Journal of Finance, December 2002, Vol. 62 (6), 2379-2403 (lead article). The Journal of Finance Brattle Prize (First Prize) for Distinguished Paper 2003.
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The Managing with Style: The Effect of of Managers on Corporate Policy, joint with Marianne Bertrand, The Quarterly Journal of Economics, November 2003, Vol. 118 (4), 1169-1208 (lead article).
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Politically Connected CEOs and Economics Outcomes: Evidence from France, joint with Marianne Bertrand, Francis Kramarz and David Thesmar, April 2005, Revise and Resubmit at The Journal of Finance.
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The Role of Family in Family Firms, joint with Marianne Bertrand, Journal of Economic Perspectives, April 2006, 20 (2), 73-96.
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Mixing Family With Business: A Study of Thai Business Groups and the Families Behind Them, joint with Marianne Bertrand, Simon Johnson and Krislert Samphantharak,The Journal of Financial Economics, June 2008, 88 (3), 466-498.
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Are the Seed of Bad Governance Sown in Good Times joint with Ebonya Washington, November 2011.
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Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Style, joint with Luo Zuo, Review of Financial Studies (Accepted), January 2017.
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How do CEOs see their Role? Management Philosophy and Styles in Family and non-Family firms, joint with William Mullins, The Journal of Financial Economics, 119 (1), 24-43, January 2016.
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Does the Market Value CEO Styles?, joint with Luo Zuo, American Economic Review: Papers & Proceedings, 106 (5), 262-266, May 2016.
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Finance and Development

The Divide between Subsistence and Transformational Entrepreneurship, in Joshua Lerner and Scott Stern (Eds.), NBER Innovation Policy and the Economy, Volume 10, February 2010.
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What Capital is Missing in Developing Countries?, joint with Miriam Bruhn and Dean Karlan, American Economic Review. May 2010, Vol. 100, No. 2: Pages 629-633.
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Fighting Procrastination in the Workplace: An Experiment, joint with Ximena Cadena, Alexandra Cristea and Héber M. Delgado-Medrano, NBER Working paper 16944, April 2011.
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Remembering to Pay? Reminders vs. Financial Incentives for Loan Payments, joint with Ximena Cadena, Working paper, March 2011.
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Do Relationships Matter? Evidence from Loan Officer Turnover, joint with Alejandro Drexler, Management Science, 60(11), September 2016.
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Household Finance and Financial Literacy

Judge Specific Differences in Chapter 11 and Firm Outcomes, joint with Tom Chang, February 2007.
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Keeping it Simple: Financial Literacy and Rules of Thumb, joint with Alejandro H. Drexler and Greg Fischer, American Economics Journal: Applied Economics, 6(2), 1-31, April 2014.
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Contract Theory Experiments

Are there Cultural Determinants of Entrepreneurship?, joint with Rajkamal Iyer, in: International Differences in Entrepreneurship, National Bureau of Economic Research Conference Report, May 2010.
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The Importance of Holdup in Contract Negotiations: Evidence from a Field Experiment, joint with Raj Iyer, April 2008.
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Interbank Markets

Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis, joint with Gara Afonso and Anna Kovner, The Journal of Finance, 66(4), 1109–1139, July 2011.
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Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007-2009 Crisis, joint with Raj Iyer, José-Luis Peydró and Samuel da-Rocha-Lopes, 27(1), October 2013.
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Trading Partners in the Interbank Lending Market, joint with Gara Afonso and Anna Kovner, October 2014.
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