Contact Information
My research focuses on the role, importance, and functioning of financial intermediaries. In contrast to classical finance that assumes a frictionless market, my research explores the distortions created by the presence of financial intermediaries and studies their effects on asset prices and market efficiency.
I specifically focus on the issues relating to delegated portfolio management. This industry has grown exponentially in the last couple of decades and owns over 70% of the aggregate U.S. stock market. I study the personal characteristics of portfolio managers and the implications of these characteristics for relevant outcome variables. I use both theoretical models and empirical analyses to a) research the economic contributions of portfolio managers, and b) the potential agency problems and its implications for capital allocation, risk taking, compensation structure, and flow of money.
I specifically focus on the issues relating to delegated portfolio management. This industry has grown exponentially in the last couple of decades and owns over 70% of the aggregate U.S. stock market. I study the personal characteristics of portfolio managers and the implications of these characteristics for relevant outcome variables. I use both theoretical models and empirical analyses to a) research the economic contributions of portfolio managers, and b) the potential agency problems and its implications for capital allocation, risk taking, compensation structure, and flow of money.