Washington University in St. Louis
Department of Economics
Campus Box 1208
St. Louis MO 63130-4899
Financial Economics, Applied Microeconomics
• “Law, Stock Markets and Innovation,” Journal of Finance, 2013 (With J. Brown and G. Martinsson).
• “Do Financing Constraints Matter for R&D?” European Economic Review, 2012 (With J. Brown and G. Martinsson).
• "Financing Innovation and Growth: Cash Flow, External Equity and the 1990s R&D Boom," Journal of Finance, 2009 (with J. Brown and S. Fazzari).
• "Capital Market Imperfections, High-Tech Investment, and New Equity Financing," The Economic Journal, 2002 (with R. Carpenter).
• "Is the Growth of Small Firms Constrained by Internal Finance?” Review of Economics and Statistics, 2002 (with R. Carpenter).
• "Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle," Brookings Papers on Economic Activity, 1994 (with R. Carpenter and S. Fazzari).
• "R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries," Review of Economics and Statistics, 1994 (with C. Himmelberg).
• "Working Capital and Fixed Investment: New Evidence on Financing Constraints," The Rand Journal of Economics, 1993 (with S. Fazzari).
• "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, 1988 (with S. Fazzari and R.G. Hubbard).
• "Dynamic Limit Pricing and Internal Finance," Journal of Economic Theory, 1986 (with K. Judd).
Before coming to Washington University in 1991, he taught at Northwestern University and was a senior economist at the Federal Reserve Bank in Chicago. His current research considers: i) are financing constraints quantitatively important for R&D and innovation?; ii) what types of financial development work best for funding R&D around the world? iii) how do firms buffer R&D when confronted with a financial crisis?