This paper builds a real-options model of the firm with stochastic volatility to shed new light on the value premium, financial distress, and credit spread puzzles. Since the equity of growth firms and financially distressed firms have embedded options, such securities hedge against volatility...

How can mortgages be redesigned to reduce housing market volatility, consumption volatility, and default? How does mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with aggregate shocks, long-term mortgages, and an...

With "2020 hindsight,'' the 2000s housing cycle is not a boom-bust but rather a boom-bust-rebound at both the national level and across cities. We argue this pattern reflects a larger role for fundamentally-rooted explanations than previously thought. We construct a city-level long-run...

The redefinition of the sports business -- The structures of ownership -- Financial statements, revenues, and costs -- Facilities: "disneyfication" and design -- Stadium financing -- Sports teams and real estate development, or real estate development companies with sports teams? -- Media and...