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I am an Assistant Professor of Finance at the University of Delaware.

My research interests include Asset Pricing, Credit Risk, Labor, Macro-Finance, and Sovereign Debt. Please find my papers below.


Alfred Lerner College ​of Business and Economics,

University of Delaware,

Newark, DE




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"While general equilibrium theory seeks great generality and abstraction, finance has work to be done and seeks specific models with strong assumptions and definite implications that can be tested and implemented in practice."

— Dybvig and Ross (2003, p. 607)


Time-varying Risk Premium and Unemployment Risk Across Age Groups [link] [SSRN version]

Internet Appendix [link]

Joint with Indrajit Mitra

Review of Financial Studies, 2020, 33(8): 3624-3673.

Blog summary [link]

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Systematic Risk, Debt Maturity, and the Term Structure of Credit Spreads [link] [SSRN version]

Internet Appendix [link]

Joint with Hui Chen and Jun Yang

Journal of Financial Economics, 2021, 139(3): 770-799.

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Illiquidity in Sovereign Debt Markets [link] [SSRN version] [download replication kit]

Joint with Juan Passadore

Journal of International Economics, Volume 137, July 2022, 103618.

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High Discounts and Low Fundamental Surplus: An Equivalence Result for Unemployment Fluctuations [link] [SSRN version]

Internet Appendix [link]

Joint with Indrajit Mitra and Taeuk Seo

This version: May 2023

Management Science, Forthcoming

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Working papers

Ambiguity and Unemployment Fluctuations [link]

Joint with Indrajit Mitra

This version: July 2023

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A Theory of the Term Structure of Interest Rates under Limited Household Risk Sharing [link]

Internet Appendix [link]

Joint with Indrajit Mitra

This version: September 2023

R&R, Review of Financial Studies

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Domestic Banking Fragility and Sovereign Debt Capacity [link]

This version: August 2022

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