https://www.toniwhited.com/speaking-events daily 0.75 2021-06-08 https://www.toniwhited.com/accepted-papers daily 0.75 2025-06-28 https://www.toniwhited.com/contact daily 0.75 2021-04-22 https://www.toniwhited.com/home daily 1.0 2023-12-23 https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/1620240915594-DSYNFC55MTZFB8KIW7FJ/efa2018.jpeg Home Me working! https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/b0d1007c-5909-4638-9e40-a9a5eecf29b4/smallenactment.png Home - Ivan Ivanov, Luke Pettit and I have a new paper that shows that taxes depress firm leverage. The picture below from the paper says it all. We then estimate a model to show that movements in default thresholds explain the reduced-form result. https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/afa71237-2475-40c1-9315-df1815940584/onebyoneV.png Home - Li He, Ran Guo, and I have a newish paper that looks at the effects of relative performance evaluation on industry competition. We estimate a dynamic game of the airline industry. We find that RPE always dampens aggressive product market strategies because RPE makes CEO compensation depend heavily on the firm's cost advantage relative to its peers. https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/1620241759919-SKASNH2VG85WV76CF44G/skiing.jpg Home Me having fun! https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/1620244239179-UKPOMZMESJMNCX3QKOZN/Jointstatement.jpg Home - Stefan Nagel, Itay Goldstein, and I issued this statement regarding referee confidentiality. Stefan Nagel, Itay Goldstein, and I issued this statement regarding referee confidentiality. https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/1620242661059-ZSG2LSFFOR9R8OLKDMFG/Screen+Shot+2021-05-05+at+3.16.15+PM.png Home - Paul Borochin, Murat Celik, Xu Tian, and I have a new paper on event studies! Without using data on firm characteristics, we estimate heterogeneity in the impact of aggregate events. This picture is an application to the TCJA. Paul Borochin, Murat Celik, Xu Tian, and I have a new paper on event studies! Without using data on firm characteristics, we estimate heterogeneity in the impact of aggregate events. This picture is an application to the TCJA. https://images.squarespace-cdn.com/content/v1/6081c930e458d5108322868d/2a5da1fb-9f97-4578-b000-839ab163c54d/Screenshot+2023-03-18+at+3.09.11+PM.png Home - Yufeng Wu, Kairong Xiao and I study the effects of central bank digital currency on bank lending. CBDC boosts banks funding costs but the effect on lending is muted. Bank lending is more responsive to monetary policy when there is a CBDC. The paper is here. https://www.toniwhited.com/pagecv daily 0.75 2025-06-28 https://www.toniwhited.com/papers daily 0.75 2025-06-28 https://www.toniwhited.com/contact-1 daily 0.75 2023-06-01 https://www.toniwhited.com/teaching daily 0.75 2021-06-08 https://www.toniwhited.com/discussions daily 0.75 2025-06-28