Financial Economics, Applied Microeconomics
• “Law, Stock Markets and Innovation,” Journal of Finance, 2013 (With J. Brown and G. Martinsson).
• “Do Financing Constraints Matter for R&D?” European Economic Review, 2012 (With J. Brown and G. Martinsson).
• "Financing Innovation and Growth: Cash Flow, External Equity and the 1990s R&D Boom," Journal of Finance, 2009 (with J. Brown and S. Fazzari).
• "Capital Market Imperfections, High-Tech Investment, and New Equity Financing," The Economic Journal, 2002 (with R. Carpenter).
Before coming to Washington University in 1991, he taught at Northwestern University and was a senior economist at the Federal Reserve Bank in Chicago. His current research considers: (1) are financing constraints quantitatively important for R&D and innovation?, (2) what types of financial development work best for funding R&D around the world?, and (3) how do firms buffer R&D when confronted with a financial crisis?