Main Publications
How Costly Are Cultural Biases? Evidence from FinTech
(with P. Ghosh and A.G. Rossi)
2021 WFA PBCSF Award for the Best Paper on FinTech
Journal of Financial Economics, forthcoming
Punish One, Teach a Hundred: The Sobering Effect of Peer Punishment on the Unpunished (with M. Weber and J. Xie )
Management Science, forthcoming
Crowdsourcing Peer Information to Change Spending Behavior
(with A. G. Rossi and M. Weber)
Journal of Financial Economics, 157, July 2024
Media Coverage: Wall Street Journal, CNN Business, Forbes, Market Watch
IQ, Expectations, and Choice
(with D. Hoang, M. Paloviita, and M. Weber)
Review of Economic Studies, October 2023, 90(5): 2292-2325
Media Coverage: Wall Street Journal, Kommersant, Handelsblatt
The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Consequences
(with O. Coibion, Y. Gorodnichenko, and M. Weber)
Journal of Economic Perspectives, Summer 2022, 36(3): 157-184
Managing Households' Expectations with Unconventional Policies
(with D. Hoang and M. Weber) Review of Financial Studies, February 2022, Editor's Choice (Lead Article)
Media Coverage: Wall Street Journal (Real Time Economics), Bloomberg Radio (Bloomberg Surveillance), World Economic Forum (Agenda), Il Fatto Quotidiano, Die Welt, Main Street
Regressive Mortgage Credit Redistribution in the Post-crisis Era (with A.G. Rossi)
Review of Financial Studies, January 2022
Media Coverage: Wall Street Journal, Bloomberg View, Washington Post, U.S. News & World Report, CBS Radio, Chicago Tribune, Morningstar, Oxford Business Law Blog, Smith Brain Trust
Exposure to Grocery Prices and Inflation Expectations
(with U. Malmendier, J. Ospina, and M. Weber)
Journal of Political Economy, May 2021
Media Coverage: Wall Street Journal, Barron's, National Public Radio (npr, Marketplace),
Gender Roles Produce Divergent Economics Expectations
(with U. Malmendier and M. Weber)
Proceedings of the National Academy of Sciences, 118(21)
Media Coverage: New York Times, Washington Post, National Public Radio (npr, Marketplace),
The Promises and Pitfalls of Robo-advising (with N.R. Prabhala and A.G. Rossi)
Review of Financial Studies, 2019:32(5), pp.1983-2020
Presentations: 2018 SFS Cavalcade, 2017 NBER BF, 2017 Miami BF, 2017 NYU Stern FinTech, RFS FinTech Registered Proposals Workshop
Historical Antisemitism, Ethnic Specialization, and Financial Development
(with M. Prokopczuk and M. Weber)
Review of Economic Studies, 2019:86(3), pp.1170-1206
Media Coverage: The Economist, The American Interest, La Stampa, Die Welt, Haaretz, Share Radio, The Marker, Tablet Magazine, Världen idag, Dinheiro Vivo, 444.hu, NEWSru, Merdeka, Al Balad, Actualité Juive Hebdo, CreeEnLaTolerancia, Ökonomenstimme, VoxEU.org
Flexible Prices and Leverage (with R.Liu, C. Pflueger, and M. Weber)
Journal of Financial Economics, 2018:129(1), pp.46-68
Telecracy: Testing for Channels of Persuasion (with G. Barone and G. Narciso)
American Economic Journal: Economic Policy, 2015:7(2), pp.30-60
Media Coverage: VoxEU.org, WSJ Blog, lavoce.info, IlFattoQuotidiano
Surveys & Other Publications
Robo-Advice: Transforming Households into Rational Economic Agents (with A.G. Rossi)
in Annual Reviews of Financial Economics, 2023
IT Meets Finance: Financial Decision Making in the Digital Era (with A.G. Rossi)
in Handbook of Financial Decision Making, 2023
Editors: G. Hilary, D. McLean
New Frontiers of Robo-advising: Consumption, Saving, Debt Management, and Taxes (with A.G. Rossi)
in Machine Learning in Finance: A Guidance to Contemporary Practice, 2022
Cambridge University Press, Editors: A. Capponi, C. Lehalle
Robo-advising (with A.G. Rossi)
in Palgrave Macmillan Handbook of Technological Finance 2021
Editors: R. Rau, R. Wardrop, L. Zingales
Subjective Models of Workers and Managers for Macroeconomic Expectations
(with C. Bruschi, S. Kumar, M. Weber)
in AEA Papers and Proceedings, 2025, 115:248-253
Household Inflation Expectations: An Overview of Recent Insights for Monetary Policy
(with E. Charalambakis, D. Georgarakos, G. Kenny, J. Meyer, M. Weber)
in ECB Discussion Paper Series, 2025, No 24
Why Survey-based Subjective Expectations Are Meaningful and Important (with M. Weber)
in Annual Review of Economics, 2024, 16:329-357
Subjective Inflation Expectations: Formation and Role in Economic Choices (with M. Weber)
in Routledge Handbook of Economic Expectations forthcoming
What Do The Data Tell Us About Inflation Expectations? (with U. Malmendier and M. Weber)
in Handbook of Economic Expectations 2022
Editors: R. Bachmann, G. Topa, W. Van Der Klaauw
Cognitive Abilities and Inflation Expectations (with D. Hoang, M. Paloviita, and M. Weber)
American Economic Review P&P, May 2019
Unconventional Fiscal Policy (with D. Hoang and M. Weber)
American Economic Review P&P, 2018:108, pp.519-523
Working Papers
Subjective Income Expectations and Household Debt Choices
(with M. Weber and X. Yin)
Reject and Resubmit at the American Economic Review
Entrepreneurial Teams: Diversity of Industry Experience and Early-stage Growth
(with G. Tate and L. Yang)
Revise and Resubmit at Management Science
Identity and Choice Under Risk
Reject and Resubmit at the Journal of Political Economy
2015 Cubist Systematic Strategies Phd Award for Outstanding Research, WFA
Media Coverage: Reuters, Bloomberg View, World Economic Forum (Agenda), The Globe and Mail, Daily Mail, The Peninsula, China Economic Information Network, SigFig Blog, China Tells, PokerGround.pl, Oe! (proexpansion), VoxEu.org Subjective Expectations and Financial Intermediation
(with J. Gao, L. Liu, K. Lu, Z. Wang, J. Yang )
Let the Good Times Roll: Subjective Expectations and Asset Management
(with B. Liu, L. Ma, Y. Wu )
Nationalistic Labor Policies Hinder Financial Innovation
(with H. Huang, J. Xie, M. Weber, L. Yang )
Trust and Contracts: Empirical Evidence
(with J. Xie and J. Yao )
Tear Down This Wall Street: Anti-finance Rhetoric, Subjective Beliefs, and Investment
Human Frictions in the Transmission of Economic Policies
(with D. Hoang, M. Paloviita, and M. Weber)
Diverse Policy Committees Can Reach Underrepresented Groups
(with A. Fuster and M. Weber)
Perceived Precautionary Savings Motives: Evidence from FinTech
(with T. Rauter, C. Scheuch, and M. Weber)
Basic Education and Persistent Regional Inequalities
2014 Cubist Systematic Strategies Phd Award for Outstanding Research, WFA
2014 Best Finance Phd Award in Honor of Prof. Greenbaum
Finance, Talent Allocation, and Growth (with L. Frésard)
Correcting Market Failures in Entrepreneurial Finance (with G. Tate and L. Yang)
Bank' Market Power, Access to Finance, and Leverage (with M. C. Bustamante)
Memory and Beliefs: Evidence from the Field (with M. Weber)
Coordinated Activism and Firm Value
Best Student Paper at the 24th Australasian Finance and Banking Conference (second prize)
From Financial History to History & Finance
Teaching
McDonough School of Business - Entrepreneurial Finance and Private Equity
Personal Evaluations 2024- UG-1: 5/5, UG-2: 4.7/5, MBA: 5/5
Personal Evaluations 2023- UG-1: 4.9/5, UG-2: 4.9/5, MBA: 4.6/5
Carroll School of Management- Fundamentals of Finance/Financial Management
Personal Evaluations 2019- UG-1: 4.5/5, UG-2: 4.6/5
Personal Evaluations 2020- UG-1: 4.9/5, UG-2: 4.7/5, MBA: 4.9/5
Personal Evaluations 2021- UG-1: 4.6/5, UG-2: 4.6/5, MBA: 4.8/5
2021 Carroll School's Teaching Star
R.H. Smith School of Business - Entrepreneurial Finance and Private Equity
Personal Evaluations 2016 - MBA-1: 3.7/4, MBA-2: 3.9/4, MFin: 3.7/4
Personal Evaluations 2017 - MBA: 3.96/4, MFin: 3.7/4
Personal Evaluations 2018 - MBA: 3.6/4, MFin: 3.9/4
2017 Smith Distinguished Teaching Award
Phd-level Mini-courses
FinTech and Robo-Advising
Universite' Paris-Dauphine, July 2023
Subjective Inflation Expectations: Measurement, Determinants, and Consequences
Euro Area Central Bank Network (EACBN), June 2022
Cultural Finance
SAFE--Goethe-Universitaet Frankfurt, August 2018
University of Washington (Foster), July 2019