WORKING PAPERS

Financial Frictions and Human Capital Investments

Does the type of financing affect college students' choice of major? Between 2001 and 2021, 22 U.S. universities implemented universal no-loan policies (UNLPs), replacing student loans with grants. I find that UNLPs increased the number of students choosing a high-paying major by 6%. The effect is strongest for students from low-income backgrounds, and it is driven by increased selection of majors associated with low initial earnings but high lifetime earnings, suggesting that financial frictions play a key role in major choice. Additional evidence on mechanisms suggest that students choose more difficult majors and are more likely to attend graduate school.

Peer Effects and the Gender Gap in Corporate Leadership: Evidence from MBA Students (with Ashley Wong and Francesca Truffa)

Women continue to be underrepresented in corporate leadership positions. This paper studies the role of social connections in women's career advancement. We investigate whether access to a larger share of female peers in business school affects the gender gap in senior managerial positions. Merging administrative data from a top-10 US business school with public LinkedIn profiles, we first document that female MBAs are 24 percent less likely than male MBAs to enter senior management within 15 years of graduation. Next, we use the random assignment of students into sections to show that a larger proportion of female MBA section peers increases the likelihood of entering senior management for women but not for men. This effect is driven by female-friendly firms, such as those with more generous maternity leave policies and greater work schedule flexibility. A larger proportion of female MBA peers induces women to transition to these firms where they attain senior management roles. We find suggestive evidence that some of the mechanisms behind these results include job referrals and gender-specific information transmission. These findings highlight the role of social connections in reducing the gender gap in senior management positions.

Intra-Household Bargaining and Labor Market Outcomes - Evidence from Shared Parental Leave (with Andrea Ferrara and Joao Monteiro) [Draft Available Upon Request.]

This paper examines the impact of intra-household decisions on labor market outcomes. We study the introduction of shared parental leave in Portugal, which lets parents decide on the allocation of leave days. Using matched employer-employee data, we find that wages of women increase by 1 percent relative to the wages of men. Moreover, we find that this increase is larger for women that make up a larger share of overall household income, and therefore have more bargaining power. We also show that the introduction of shared parental leave completely undoes the child penalty in wages, hours, and probability of being employed. Our results suggest that the effectiveness of childcare policies is determined by intra-household decisions.

WORKS IN PROGRESS

Diversifying Innovation: How Student Debt Affects Diversity in Entrepreneurship  (with Ashley Wong and Francesca Truffa)

Credit constraints, college major choices, and upward mobility (with Tyler Ransom and Johnathan G. Conzelmann)

Who Benefits from Financial Technology? A Trade-off between Credit Access and Price Discrimination (with Adam Jorring and Stephanie Johnson)

Political Persuasion in Higher Education (with Simcha Barkai)