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 …

Many economic questions require estimating the price impact of demand shifts in the bond
market. In spite of corporate bonds having salient characteristics that distinguish close …

I find that the causal effect of subjective growth expectations on asset prices is far smaller
than standard models suggest. To quantify this causal effect, I construct an asset demand …

We propose that institutional investors' portfolio rebalancing across asset classes
contributes to the stock market's puzzlingly large response to monetary shocks. We identify …

I find that the causal effect of subjective growth expectations on asset prices is far smaller
than standard models suggest. To quantify this causal effect, I construct an asset demand …

This thesis investigates the relationship between investors' demand shocks and asset prices
through the use of data on portfolio holdings. In three chapters, I study the theory, estimation …

I show that as a portfolio's value concentration increases, actively managed portfolios
predictably trim large positions, maintaining a level of practical diversification. This …

This paper develops a supply-demand framework to quantify and decompose the effects of
investor demand on corporate financing and investment. The framework extends demand …

This thesis consists of three studies in asset pricing. There are three principles in financial
economics which well known even by non-economists:(1) stock return and risk should be …