Research
Inventors’ Inequality Aversion: The Unintended Consequences of Pay Ratio Disclosure on Firm Performance [Job Market Paper]
Abstract:
The consequences of income inequality extend beyond social and moral considerations, with tangible economic implications for the long-term performance of companies. This paper examines the causal impact of within-firm inequality on corporate innovation, exploiting the staggered implementation of the SEC’s pay ratio disclosure rule. I find that firms disclosing high pay ratios experience a significant decline in innovation output, driven primarily by increased inventor mobility and decreased productivity, particularly among women, minority, and younger inventors.
Presentations:
- Hawai’i Accounting Research Conference (2025)
- Southwestern Finance Association (2025)
- FMA Doctoral Consortium (2024)
The National Flood Insurance Program, Racial and Ethnic Disparity, and the Pursuit of Environmental Justice
Winner of the 2023 Hagen Award at the ARIA Annual Meeting
Abstract:
Using a combined dataset of nationwide flood insurance policies and claims, we find that minorities tend to pay higher premium, obtain less coverage per premium dollar, and have a lower likelihood of getting claims paid, which could explain lower take-up rates. Our results add to the discussions on discrimination by institutions and have significant public policy implications.
Presentations:
- Financial Management Association (2024)
- American Risk and Insurance Association (2023)
- Florida State University RMI Symposium (2023)
- University of Georgia PhD Symposium (2023)
- Western Risk and Insurance Association (2023)
The Demographics of Property Insurance: Evidence from the Homeowners Insurance Market
Abstract:
We provide evidence that there is a disparate impact on minorities of the availability of private market property insurance in Florida. Using spatial analysis, we show that demographic factors explain reduced private market penetration, even after controlling for risk exposure.
Presentations:
- American Risk and Insurance Association (2023)
- Southern Risk and Insurance Association (2022)
On the Resilience of Managerial Overconfidence
Abstract:
I examine whether managers’ optimism and over-precision about their ability is resilient when faced with sudden distress, using increased exposure to hurricanes as a proxy. The results reveal a U-shaped relationship: moderate overconfidence is resilient to negative shocks, while both low and high levels are not.
Other Work in Progress
- Does Disaster Aid Spur Innovation? Evidence from Hurricane Strikes