We study time variation in the shape of the distribution of stock returns. In a global sample covering 17 countries, returns are more left skewed and fat tailed during good times than during bad times.

Bocconi University on May 5-6, 2025

This paper estimates willingness to pay (WTP) for carbon mitigation from the demand for carbon offsets in a field experiment with an online supermarket (N=255,000).

We offer a theory of changing dimensions of political polarization based on endogenous social identity. We formalize voter identity as in Bonomi et al. (2021), but add parties that compete on policy and spread stereotypes to persuade voters.

We use large language models to analyze the content of 4,700 private meetings between a large active asset manager and its portfolio firms. The high-level meetings convey mostly soft information about the firm, and little about industry or market.