I am a fifth year PhD candidate at the Leeds School of Business, University of Colorado Boulder. My research interests include:

  • Real Estate Economics
  • Credit Markets
  • Signaling Games

I have taught Corporate Finance and Introductory Finance at the University of Colorado Boulder. 

I will be available for interviews at the 2018 ASSA meetings in Philadelphia, PA, January 5-7.

Job Market Paper

Quality Uncertainty in Housing Markets

In this paper, I quantify the effect of buyers' uncertainty about home quality on prices and liquidity. I first develop a continuous-time model of home sale in which buyers learn about quality by direct inspection and from time-on-market. Quality uncertainty distorts prices and delays trade. As time passes, buyers become pessimistic and prices fall. Using transaction-level data from Denver, Charlotte, and Detroit, I structurally estimate counterfactual sale prices and days-on-market for six hundred thousand homes that sold between 2005 and 2015. The costs of quality uncertainty are borne by sellers of high-quality homes through mispricing, and by sellers of low-quality homes through illiquidity. Relative to a market in which home quality were known to buyers, high quality homes take 3 days longer to sell, and sell for 7.0% less, while low quality homes take 83 days longer to sell, and sell for 1.3% more. Effects are larger for older and smaller homes.

Working Papers

Constrained Asset Prices

with Ed Van Wesep

  • Invited at Review of Asset Pricing Studies (RAPS)
  • 2017 SFS Cavalcade (Slides)
  • 2017 Front Range Finance Seminar

We develop a model of asset pricing in which buyers are either unable or unwilling to buy an asset at a price substantially above its price in recent transactions.

Customer Friendly Finance

  • 2017 AFA PhD Poster Session (Poster)

I propose a theory of internal finance for the customer owned firm.

Clarifying by Discretizing

with Ed Van Wesep and Robert Van Wesep

In this paper, we argue that while discrete messages are less precise, they are easier to interpret.

The Shape of Cooperative Communication

with Ed Van Wesep

We show that the purpose of a reviewer generates the optimal distribution of reviews.


2017 FMA

Corporate Investment and Financing Dynamics by Dirk Hackbarth and Dongming Sun (Slides)

Teach thy tongue to say ‘I do not know,’ and thou shalt progress.
— Maimonides