Publications

Decomposes book-to-market into contributed capital and retained earnings and shows that retained earnings predict stock returns over horizons from one month to five years.

Extends IPCA with a three-pass estimator linking firm characteristics and 126 macroeconomic indicators, yielding better out-of-sample performance than standard factor models.

Uses DuPont decomposition to uncover a leverage anomaly channel and reconciles conflicting empirical findings using portfolio sorts and Fama-MacBeth regressions.

Studies how long-run stratification and the ACA dependent coverage provision shaped household resilience to the COVID-19 pandemic.

Decomposes tangible stock returns into retained earnings and contributed capital to examine how accounting growth can mislead investors about fundamental performance.