Research

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Working Papers

Disaggregated Economic Accounts (with Asger Andersen, Emil Toft Hansen, Niels Johannesen, and Ludwig Straub)

We comprehensively measure consumption, income, and output flows between small subgroups of consumers and producers. The measured flows determine the aggregate and distributional consequences of shocks.
Website on Disaggregated Economic Accounts

Corporate Discount Rates (with Niels Joachim Gormsen)

We assemble new data on firms' discount rates and perceived cost of capital. Time-varying wedges between discount rates and the cost of capital account for low US investment in recent decades.
Website on Cost of Capital and Discount Rates

Equity Factors and Firms’ Perceived Cost of Capital (with Niels Joachim Gormsen)

Revision requested by the Review of Financial Studies
We study which risk factors and firm characteristics are reflected in firms' perceived cost of capital and discount rates.
Website on Cost of Capital and Discount Rates

Climate Capitalists (with Niels Joachim Gormsen and Sangmin S. Oh)

Green firms report lower perceived cost of capital and discount rates in recent years, concurrent with the rise of "green investing."
Website on Cost of Capital and Discount Rates

Tracing the International Transmission of a Crisis Through Multinational Firms (with Marcus Biermann)

Revision requested by the Journal of Finance
An idiosyncratic shock to a single firm in a single country can impact growth all over the world. Internal capital markets of multinational firms transmit shocks abroad.

Publications

Estimating General Equilibrium Spillovers of Large-Scale Shocks, Review of Financial Studies

April 2023
I describe how researchers can estimate spillovers that propagate economic shocks and how to overcome mechanical biases.
BFI Brief Summary Slides Editable Slide Files

Are Bigger Banks Better? Firm-Level Evidence from Germany, Journal of Political Economy

July 2021
Increases in bank size can harm borrowers and real growth. Bank managers may enjoy private benefits even when bank efficiency does not improve.
Video Summary | BFI Brief Booth Review Die Zeit | Seminar Villanova Seminar Virtual Econ History Seminar VMACS | Online Appendix

Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany (with Volker Lindenthal and Fabian Waldinger), Journal of Political Economy

September 2021, lead article
Discrimination against senior managers causes large economic losses because qualified individuals are key to firm performance.
BFI Brief Booth Review Cato Institute CentrePiece FAZ Freakonomics Harvard Business Review Manager Magazin ProMarket VoxEU | Online Appendix

The Effect of House Prices on Household Borrowing: A New Approach (with James Cloyne, Ethan Ilzetzki, and Henrik Kleven), American Economic Review

June 2019
Idiosyncratic shocks to house prices affect borrowing of households who face tight borrowing constraints.
Booth Review VoxEU | Online Appendix

Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties, American Economic Review

March 2018
The effects of bank lending cuts are exacerbated by general equilibrium effects: demand and innovation spillovers. Employment and output remain persistently depressed even after bank lending has normalized.
Presentation ESRB | BFI Brief Booth Review Die Zeit | Online Appendix