International Business School
I am an Associate Professor at the Brandeis International Business School. My research focuses on municipal finance and on the impact of taxation, regulation, and market structure on financial markets. This research has been published in the Journal of Law and Economics, the Journal of Financial Economics, The Quarterly Journal of Economics, Review of Financial Studies, and Journal of Public Economics, and has been widely cited in both the academic and business press. I earned a Ph.D. in Economics at MIT, and earned an A.B. at Stanford. In 2006 and 2007, I worked for the investment manager Barclays Global Investors, serving in London as Head of European Credit Research. Prior to graduate school, I worked for the Federal Reserve Board in Washington D.C. My CV is available here.
Recent Working Papers
Fractionalization and the municipal bond market, with Randolph Cohen and Siddharth Shenai.
Financial guarantors and the 2007-2009 credit crisis, with Randolph Cohen and Siddharth Shenai.
Skin in the game: The performance of insured and uninsured municipal debt, with Randolph Cohen and Siddharth Shenai.
Why fears about municipal credit are overblown, with Randolph Cohen.
Does shareholder proxy access firm value? Evidence from the Business Roundtable challenge , with Bo Becker and Guhan Subramanian.
Investment taxation and portfolio performance, with Jeffrey Pontiff.
Assessing the costs and benefits of brokers in the mutual fund industry , with John Chalmers and Peter Forthcoming in the Review of Financial Studies. See articles about paper in Morningstar; .
Earnings manipulation, pension assumptions, and managerial investment decisions, with Mihir Desai and Josh Rauh, Quarterly Journal of Economics, February 2006. See article about paper in New York Times.
Asset allocation and asset location: household evidence from the Survey of Consumer Finances, with James Poterba, Journal of Public Economics 2004. See article about paper in HBS Working Knowledge.
CEO incentives and earnings management, with Thomas Philippon, Journal of Financial Economics, 2006.
Older Working Papers
HBS Course Materials (see HBS Publishing website)
AQR's Momentum Funds, with Lauren Cohen, Randolph Cohen, and Christopher Malloy.
Washington Mutual's Covered Bonds, with Robin Greenwood and James Quinn.
UBS and Auction Rate Securities (A), with Shawn Cole and Siddharth Shenai.
UBS and Auction Rate Securities (B), with Shawn Cole and Siddharth Shenai.
UBS and Auction Rate Securities (C), with Shawn Cole and Siddharth Shenai.
The Tip of the Iceberg: JP Morgan and Bear Stearns (A), with Clayton Rose and David Lane.
The Tip of the Iceberg: JP Morgan and Bear Stearns (B1), with Clayton Rose and David Lane.
The Tip of the Iceberg: JP Morgan and Bear Stearns (B2), with Clayton Rose and David Lane.
Banco Hipotecario, S.A., with Arthur Segel and Alexandra De Royere.
UAL, 2004: Pulling out of Bankruptcy, with Kenneth Froot and Darren Smart.
Wife Kimberley Nicoll; daughter Mae Agnes Bergstresser, born March 2008; son Henry Charles Bergstresser, born September 2010.