| Before coming to Washington University in 1991, he held a faculty position at Northwestern University and was a senior economist at the Federal Reserve Bank in Chicago. He teaches courses in industrial organization, capital market imperfections and entrepreneurial finance, and principles of economics. He is currently an associate editor for the Journal of Industrial Economics. His main research interest is financing R&D, particularly the role of stock markets in financing innovation. Current research projects include: i) finance driven booms and busts in R&D, ii) public entrants and the stock market as agents of creative destruction, iii) testing for improvements in capital markets, iv) the impact of debt crises on the exploitation of natural resources. His published papers have received over 1200 citations (as of November 2006, ISI Web of Science). Recent publications include: “Financing Innovation and Growth: Cash Flow, External Equity and the 1990s R&D Boom,” Journal of Finance, forthcoming 2008; “Capital Market Imperfections, High-Tech Investment, and New Equity Financing,” The Economic Journal, 2002; “Is the Growth of Small Firms Constrained by Internal Finance?,” Review of Economics and Statistics, 2002; “Investment-Cash Flow Sensitivities Are Useful: A Comment on Kaplan and Zingales,” Quarterly Journal of Economics, 2000. |
