Assistant Professor of Finance @Wharton. Researching asset pricing, household finance, & international finance. Formerly: PhD @MITSloan, @NYFedResearch, @UConn
Philadelphia, PA
Joined July 2019
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Patrick Adams retweeted
Sending a warm welcome to the talented group of new faculty members who've joined us on campus this school year.
These impressive scholars bring extensive expertise and fresh perspectives to the classroom as well as their respective research fields and academic departments. They include:
🔹 Patrick Adams and Thomas Sargent, Finance Department
🔹 @RoryVanLoo, Legal Studies and Business Ethics Department
🔹 Roger Masclans and Jessica (Jess) Reif, Management Department
🔹 Craig Fernandes and Alex Moehring, Operations, Information, and Decisions Department
🔹 @ItsBradRoss, Real Estate Department
🔹 Sky Cao, Statistics Department
ALT A group of new faculty members pose in front of Steinberg-Dietrich Hall at Wharton
Patrick Adams retweeted
The Rodney White Center for Financial Research @RodneyCenter at @Wharton has a new pre-doc posting, to work with Patrick Adams, Lu Liu @luliu_fin, and Huan Tang.
Learn more at bit.ly/4dFtX3X
We're hiring a pre-doctoral Research Associate at @Wharton's Rodney White Center for Financial Research, starting in July 2027! Come work with Lu Liu (@luliu_fin), Huan Tang, and me on research projects in household finance, FinTech, and other exciting topics.
Please encourage any promising undergraduate or master’s students you know to apply by October 4!
I had a great conversation with @benjaminfelix and @CameronPassmore on the Rational Reminder Podcast (@RationalRemind), talking about my job market paper "Stocks for the Long Run or Liquidity? Tax Data Evidence and Portfolio Choice Implications"
We discussed:
- What income tax data tell us about individual investors' flows in and out of the stock market
- How big data have changed our understanding of the risks to human capital, especially for top earners
- Why even temporary stock price crashes can be painful for many working-age investors, and how this shapes their asset allocation decisions
...and much more!
(link below)
With the job market finished, I am very excited to be joining the Finance Department at the Wharton School of the University of Pennsylvania this July! @Wharton @Penn
This would not have been possible without the tireless support and guidance of my advisors Adrien Verdelhan, Lawrence Schmidt, Jonathan Parker (@ProfJAParker), and Leonid Kogan; the other outstanding faculty at @MITSloan; a large network of helpful friends throughout the profession; and most importantly, my family.
I look forward to getting to work!
🧵 on interest rate risk and regulatory capital
The Tier 1 Capital Ratio is at the heart of modern bank regulation. How does it reflect interest rate risk, both in the backward-looking (i.e. past losses) and forward-looking (i.e. future risk) sense?
A: Not much, it seems (1/10)
Other issues have been pointed out with the current regulatory regime. Most official stress test scenarios seem biased towards 2008-style credit risk events, typically assuming high default rates yet low Treasury yields:
xitter.cf/ThomasPHI2/status/1635…
