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Welcome to my website!

I am a financial economist studying non-bank financial intermediation. My recent work focuses on delegated asset management, financial advice and angel investing.

Publications

[1] “The Globalization of Angel Investments: Evidence Across Countries”
with Josh Lerner, Antoinette Schoar and Karen Wilson
Journal of Financial Economics (2018)

Across 21 countries, angel funding generates a positive impact on firm growth, performance, survival, and follow-on fundraising.

MEDIA: Angel Capital Association

Working Papers

[2] “Does FinTech Democratize Investing?”
with Michael Reher

Robo-advisors affect inequality by giving middle-class households access to professionally-managed stock portfolios.

PRESENTATIONS: California Corporate Finance Conference 2019, CAFR FinTechWorkshop 2020

[3] “The Impact of Financial Adviser Commissions on the Mutual Fund Market: Evidence from a Natural Experiment”

The reduction in commissions causes a reduction in fund expense ratios and an increase in net fund flows.  Fund families respond by opening new funds and shifting existing funds into asset categories with reduced commissions. 

[4] “Paying for Beta: Embedded Leverage and Asset Management Fees”
with Steffen Hitzemann and Mingzhu Tai

Mutual fund managers charge fees for embedded leverage, which helps explain net-of-fees underperformance of actively managed funds. 

PRESENTATIONS: FIRS 2020

[5] “Does Passive Investing Help Relax Short-Sale Constraints?”
with Darius Palia

Passive investors contribute to stock price efficiency by relaxing short-sale constraints.

MEDIA: ETF.com
PRESENTATIONS: NYU Stern, UNC Kenan-Flagler, USC Marshall, IDC Summer Finance Conference 2019, Triple Crown Conference 2019, The CUHK International Finance Conference 2019, University of Oklahoma

[6] “What Does Compensation of Portfolio Managers Tell Us About Mutual Fund Industry? Evidence from Israeli Tax Records”
with Galit Ben Naim

The portfolio manager compensation is influenced by fund flows driven by past raw returns. Managers are thus paid equally for fund superior performance and for the fund’s passive benchmark returns. 

MEDIA:Bloomberg
PRESENTATIONS: AFA Annual Meeting 2018, Darden School of Business, Boston Fed, AQR Capital Management, Hebrew University