Published Papers

1. "Flattening the Curve: Pandemic-induced Revaluation of Urban Real Estate"
Arpit Gupta, Jonas Peeters and Stijn Van Nieuwerburgh
Journal of Financial Economics 2021

Links: NBER WP #w28675; SSRN.

Featured in: Covid Economics (Issue 69, Lead Article); The New York Times; VoxEU; Paul Milstein Center for Real Estate Research Bulletin, Columbia Business School.

Presented at^: Triangle Macro-Finance Workshop 2021; NYU Stern Seminar; Paul Milstein Center, Columbia Business School; AREUEA; Columbia Business School Ph.D. Seminar; PERC 2021; SFA 2021; AFA 2022.

Abstract: We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas. Across MSAs, the flattening of the bid-rent curve is larger when working from home is more prevalent, housing markets are more regulated, and supply is less elastic. Housing markets predict that urban rent growth will exceed suburban rent growth for the foreseeable future.

Working Papers

2. "The Effect of Stock Ownership on Individual Spending and Loyalty" (NBER WP #w28479)
Paolina Medina and Michaela Pagel

Links: NBER WP #w28479; SSRN.

Featured in: Market Watch; Columbia Business School Press; Texas A&M Mays Business School Press; Retail Bum.

Presented at^: CEPR Workshop on New Consumption Data; Columbia PhD Lunch Seminar; Columbia Finance Lunch seminar; Columbia Pre Thesis Seminar; Barnard Women's Applied Micro Seminar; Georgetown Fintech Apps Seminar; McIntire University of Virginia; University of Maryland; University of Amsterdam; SAIF; ANU; Cesifo Conference; University of Vienna; University of Regensburg; University of Southern California; WFA 2021.

Abstract: In this study, we quantify the effects of receiving stocks from certain brands on spending in the brand's stores. We use data from a new FinTech company called Bumped that opens brokerage accounts for its users and rewards them with stocks when they shop at previously elected stores. For identification, we use 1) the staggered distribution of brokerage accounts over time after individuals sign up for a waitlist and 2) randomly distributed stock grants. We find that individuals spend 40% more per week at elected brands and stores after being allocated an account. In response to receiving a stock grant, individuals increase their weekly spending by 100% on the granted brands. Beyond documenting a causal link between stock ownership and individual spending, we show that weekly spending in certain brands of our users is strongly correlated with stock holdings of that brand by Robinhood brokerage clients. Finally, we present survey evidence to argue that loyalty is the dominant psychological mechanism explaining our findings.

Work in Progress

3. "Role of Non-bank Lending"

4. "Market Power and Income Inequality"
Xavier Giroud

^Includes presentations by coauthors and self.