Published papers, working papers, books, and monographs.
Publications
- “The Cross-Section of Labor Leverage and Equity Returns”, 2019. With Andrés Donangelo, Francois Gourio, and Matthias Kehrig, Journal of Financial Economics, https://doi.org/10.1016/j.jfineco.2018.10.016.
- “Measuring Aversion to Debt: An Experiment among Student Loan Candidates”, 2019. With Gregorio Caetano and Harry A. Patrinos, Family and Economic Issues, https://doi.org/10.1007/s10834-018-9601-8.
- “Financing Human Capital through Income-Contingent Agreements”, in Stuart Andreason, Todd Greene, Heath Prince, and Carl E. Van Horn, eds. Investing In America’s Workforce: Improving Outcomes for Workers and Employers. W.E. Upjohn Institute for Employment Research, 2018.
- “The Value and the Risk of Aggregate Human Capital.”2015. Review of Financial Studies, https://doi.org/10.1093/rfs/hhu073.
- “Overemphasized Costs and Underemphasized Benefits of Income-Contingent Financing”, in Chapman, Bruce, Timothy Higgins, and Joseph E. Stiglitz, eds.Income Contingent Loans: Theory, Practice and Prospects. Palgrave Macmillan, 2014.
- “Dynamic Financial System: Complexity, Fragility and Regulatory Prcinciples”, 2013. With Tom Ho and Hans R. Stoll. Financial Markets, Institutions & Instruments 22,no. 1:1-42.
- “Regulatory Principles for the Financial System“, 2012. With Tom Ho and Hans R. Stoll. Journal of Derivatives, Vol. 20 1:19-37. Solicited for 20th anniversary issue of the journal.
Working papers
- “General Equilibrium Asset-Pricing Implications of Mobile Human Capital,” with Esther Eiling and Andrés Donangelo. New version coming soon!
- “Idiosyncratic Labor Income in a Production General Equilibrium Model,” with Maziar Kazemi, Johnathan Loudis, and Lawrence Schmidt. New version coming soon!
Work in progress
- “The Discount Rate of Education.” Associated with SSHRC grant (2019-2024).
- “Equity Incentives in Human Capital Investments,” with Daniel Herbst and Constantine Yannelis. Received grant funding from Becker-Friedman Institute and Merton-Miller Center at the University of Chicago.
Books and Monographs
- Investing in Human Capital, A Capital Markets Approach to Student Funding.Cambridge University Press, 2004.
- Investing in Emerging Markets. The Research Foundation of AIMR, 2003. With Robert Bruner, Robert Conroy, Wei Li, and Elizabeth O’Halloran.
Selected non-academic publications
- “A Better Way to Finance that College Degree”, Op. Ed. with Andrew P. Kelly.The Wall Street Journal, April 14, 2014.
- “Investing in Value, Sharing Risk; Financing Higher Education Through Income Share Agreements”,American Enterprise Institute Series on Reinventing Financial Aid,2014.
- “Options for Financing Lifelong Learning”,World Bank Discussion Papers 2994, 2003.
- “Equity-like Instruments for Financing Education”,Cato Institute Policy Analysis Paper No. 462.2002.
- “Human Capital Contracts and Human Capital Options. Characteristics, Valuation and Implementation”.Darden Graduate School of Business Administration Working Papers 0014, 2001.