I show that the returns from sustainable investing are strongly driven by price pressure from
flows towards sustainable funds, causing high realized returns that do not reflect high …

I show that investor composition impacts bond price dynamics and capital allocation during
crises. Using large-scale holdings data and within-firm ownership variation across near …

This paper studies the impact of investor composition on the sovereign debt market. We
construct a data set of sovereign debt holdings by foreign and domestic bank, non-bank …

We find that central bank reserves injected by QE crowd out bank lending. We estimate a
structural model with cross-sectional instrumental variables for deposit and loan demand …

At the announcement of a new policy, agents form a view of state-contingent policy actions
and impact. We develop a method to estimate this state-contingent perception and …

We use novel monthly security-level data on US household portfolio holdings, flows, and
returns to analyze asset demand across an extensive range of asset classes, including both …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

Variable annuities, the largest liability of US life insurers, are investment products containing
long-dated minimum return guarantees. I show that guarantees with similar economic risks …

We construct a novel dataset of sector-level US Treasury holdings, covering the majority of
the market. Using this dataset, we estimate maturity-specific demand functions and …

We find that central bank reserves injected by QE crowd out bank lending. We estimate a
structural model with cross-sectional instrumental variables for deposit and loan demand …