Associate Professor of Finance
Simon Graduate School of Business
University of Rochester
Recent Working Papers
The Quality Dimension of Value Investing, December 2012 (significantly revised March 2013).
Linking Benefits to Investment Performance in US Public Pension Systems (with Joshua D. Rauh), October 2012.
The Revenue Demands of Public Employee Pension Promises (with Joshua D. Rauh), 2013, American Economic Journal: Economic Policy, conditionally accepted.
The Other Side of Value: The Gross Profitability Premium, Journal of Financial Economics 108(1), 2013, 1-28.
Logical Implications of GASB’s Methodology for Valuing Pension Liabilities, Financial Analysts Journal 69(1), 2013, 26-32.
Fiscal Imbalances and Borrowing Costs: Evidence from State Investment Losses (with Joshua D. Rauh), American Economic Journal: Economic Policy 4(2), 2012, 182-213.
Is Momentum Really Momentum?, Journal of Financial Economics 103(3), 2012, 429-453.
Public Pension Promises: How Big Are They and What Are They Worth? (with Joshua D. Rauh), Journal of Finance 66(4), 2011, 1211-1249.
Operating leverage, Review of Finance 15(1), 2011, 103-134.
Policy Options for State Pension Systems and Their Impact on Plan Liabilities (with Joshua D. Rauh), Journal of Pension Economics and Finance 10(2), 2010, 173-194.
Hot and cold markets, Real Estate Economics 37(1), 2009, 1-22.
The Liabilities and Risks of State-Sponsored Pension Plans (with Joshua D. Rauh), Journal of Economic Perspectives 23(4), 2009, 191-210.
An equilibrium model of investment under uncertainty, Review of Financial Studies 20(5), 2007, 1461-1502.
Preempting Preemptive Investment, November 2009.
The Crisis in Local Government Pensions in the United States (with Joshua D. Rauh), 2011, forthcoming in Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis, Robert Litan and Richard Herring, eds., Brookings Institution, Washington, DC.
Contains city and county breakdown of $0.6 trillion unfunded liabilities at the local level.
Pension Security Bonds: A New Plan to Address the Pension Crisis (with Joshua D. Rauh), The Economists' Voice 7(3), 2010.
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