Financial Intermediation
Household Finance
Behavioural Economics & Finance
  • Context Affects Returns in Sports Betting Markets, with Andrew Meyer 
    • We test for contrast effects in sports betting markets. The evidence is consistent with bets appearing more or less attractive depending on the odds available on superficially similar - but fundamentally independent - events.
  • Relative Price ≠ Relative Value: Anchoring to Industry Multiples in IPO Pricing, with Sami Torstila 
    • Inspired by contrast effects and the common practice of using industry comparables to price new issues, we test for anchoring of initial equity valuations to peer valuation multiples. We find novel predictability in the cross-section of IPO underpricing.
    • Currently in the process of updating with IPOs up to the end of 2016.  Earlier versions of this work (2015 and prior) circulated at Yale and on SSRN under the title "Compare and Contrast."
  • Long-run Planners Live Longer, with Joe Gladstone  Submitted