Research
Publications
Opioid Crisis and Real Estate Prices
with C. Custodio and D. Cvijanovic
Journal of Financial and Quantitative Analysis, 2026;61(4):1604-1631.
Abstract
We study the impact of opioid abuse on real estate prices. We document that opioid death rates and excess prescription rates are negatively associated with house prices. Exploiting the staggered passage of opioid-limiting legislation, we find that a decrease in opioid abuse results in higher county-level house prices. This effect is due to fewer mortgage delinquencies, lower vacancy rates, more home improvement loans, and increased population inflow. Our findings are consistent with improved real estate conditions and a rise in local demand. These results highlight the importance of public health policy in mitigating the economic costs of the opioid epidemic.Media: IBKnowledge
Working Papers
Do Responsible Institutional Investors Drive Green Capital Expenditures? Evidence from Cross-Listings
Abstract
This paper examines whether responsible institutional ownership affects firms' green capital expenditures. Exploiting regional differences in sustainability preferences, I use U.S. cross-listings by European and Asian firms as plausibly exogenous negative shocks to responsible ownership. In a staggered difference-in-differences design, cross-listed firms experience a shift toward U.S. institutional ownership, a decline in responsible ownership, and lower subsequent green debt issuance. Complementary evidence links greater responsible ownership to more green patenting and lower greenhouse gas emissions. Together, the findings suggest that responsible investors shape firms' green capital expenditures and environmental outcomes rather than merely engaging in cheap talk.Media: CFA Netherlands VBA Journal
The CO2 Question: Technical Progress and the Climate Crisis
with P. Bolton and M. Kacperczyk
Abstract
We split environmental innovation into pure green and fuel-efficiency patent categories and study their relation to corporate carbon emissions in a global sample of firms. Green innovation is mostly unrelated to direct or indirect emissions, whereas fuel-efficiency innovation predicts lower emission intensity, with gains concentrated in emission-intensive industries—a result that survives instrumenting with quasi-random patent-examiner assignment. Intensity gains do not translate into lower total emissions: fuel-efficiency innovation also predicts higher sales and capital expenditure, consistent with a Jevons-type rebound. Fuel-efficiency innovation diffuses through production networks to non-innovating firms; green innovation displays patterns consistent with cross-industry displacement.Supplementary material: Patent Classification Methodology; Patent Classification Data
Nature Dependence, Economic Value, and Extinction Risk: Evidence from Biotech Innovations
with A. Lam and D. Licher
Abstract
This paper examines how nature dependence translates into economic value in the context of biotech innovations. We identify biotech patents as those involving the application of science to living organisms, and document that biotech patenting activities span across industries. Our most conservative estimate indicates that biotech patents are $639,000 more valuable than other granted patents, which is also reflected in firm level valuation and cash flow metrics. Exploiting a shock to the recognition of extinction risk of species in a patent, we show that constrained firms have lower valuation, cash flows, and capital expenditures. Overall, our results suggest that while nature dependence via biotechnology is valuable, the recognition of extinction risk can have significant implications for firm value.Childhood Mental Health and Long Run Financial Outcomes
with D. Cvijanovic and A. Wu
Abstract
We investigate the relationship between childhood mental health conditions and financial outcomes later in life. We find that individuals with childhood mental health conditions are significantly less likely to hold any assets, accumulate fewer total assets both unconditionally and conditionally on asset ownership, and are less likely to be homeowners over the life cycle. They also tend to accumulate more debt, and in particular more non-mortgage debt. These results are largely driven by white and male demographic groups. Financial literacy mitigates most of these effects. Childhood mental health is also linked to a lower likelihood of overconfidence, shorter life span expectancy and financial planning horizons, more pessimistic economic outlook, and reduced cognitive abilities, all of which may jointly explain the observed differences in financial outcomes.Non-Peer Reviewed Publications
DAX-AEX Futureproof Index
What Can We Learn from Physical Climate Risks for Financial versus Operational Risk Management Trade-offs?
Invited and Conference Presentations
2026: MFA*, Eastern Finance Association*, 1st Transatlantic Workshop in Energy and Nature Finance, World Biodiversity Forum, Dutch Sustainable Finance Workshop, Economics in Mental Health Workshop, RBFC 2026
2025: Conference on the Economics and Finance of Healthcare and Medicine at WashU*, Workshop on Biodiversity and Finance at Imperial
2024: AFA, Adam Smith Sustainability Conference, GRASFI, Entrepreneurship and Innovation Symposium NOVA
2023: UBC Winter Finance Conference, SSE Harnessing Finance for Climate*, Carey Finance Conference PhD Session, Hoyt Institute*
2022: CEPR Advanced Forum for Financial Economics (CAFFE)*, UBC Sauder Business School*, University of Southern California*, Bocconi University*, Stanford Institute for Theoretical Economics*, ECB Conference on Money Markets*
2021: AREUEA 2021 National Conference, MIT CRE Seminar Series*, Baruch College*, Ted Rodgers School of Business Management - Ryerson*
2020: UZH Young Researcher Workshop on Climate Finance, University of Reading*
2019: GRASFI PhD Workshop; University of Siegen Conference on Risk Governance and Sustainability
* conference presentation by co-author
Discussions
Beyond lockdowns: working from home and mental health across three phases of the pandemic (2026) Slides
Anam Bilgrami.
Economics of Mental Health Workshop 2026
Climate Policy and Firm Efficiency: Lessons From the Trucking Industry (2025) Slides
Gustav Martinsson, Per Strömberg, and Christian Thomann.
52nd EFA Annual Meeting
ESG Skill of Mutual Fund Managers (2025) Slides
Marco Ceccarelli, Richard B. Evans, Simon Glossner, Mikael Homanen, and Ellie Luu.
2025 MFA Annual Meeting
Green Products (2025) Slides
Wan-chien Chiu, Po-hsuan Hsu, Kai Li, and Joy Tianjiao Tong.
2025 AFA Annual Meeting
Smart Cities: Digital Solutions to a Green Future (2024) Slides
Xiaoqing (Maggie) Fu, Endong Yang, and Hongli Jiang.
Adam Smith Sustainability Conference & 2nd Annual Conference of the British Accounting Review
Financing the Global Shift to Electric Mobility (2024) Slides
Jan Bena, Bo Bian, and Huan Tang.
51st EFA Annual Meeting
Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks (2023) Slides
Ulrich Hege, Kai Li, and Yifei Zhang.
1st HEC - HKUST Workshop on Impact and Sustainable Finance
Climate Risk and Financial Stability in the Network of Banks and Investment Funds (2020)
Alan Roncoroni, Stefano Battiston, Luis Onésimo Leonardo Escobar Farfán, and Serafin Martinez Jaramillo.
UZH Young Researcher Workshop on Climate Finance