He conducts theoretical and empirical research in finance. His current work focuses on asset pricing, in particular the relationship between financial markets and the macro economy and the organization, skill and performance of financial intermediaries. Some of his recent research focuses on measuring the skill of mutual fund managers, the term structure of cash flow growth and stock return predictability and the implications of good-specific habit formation for asset prices. His research has appeared in leading academic journals, such as the American Economic Review, the Journal of Finance and the Journal of Monetary Economics.