I. CONTACT INFORMATION


  Address:
  Finance Group, Carlson School of Management
  321 19th Avenue South, 3-269
  Minneapolis, MN 55455


  Phone: +1 612 625 5679
  Email: eloualic at umn dot edu


  VITA:  Abridged  |  Longer version (pdf)
 

II. WORKING PAPERS


  ▪ Causal Inference for Asset Pricing
    (with Valentin Haddad, Zhiguo He, Paul Huebner, and Peter Kondor; download the paper)
    Outstanding Paper Award from the Swiss Finance Institute (2025)

  ▪ Monetary Policy Transmission through the Exchange Rate Factor Structure
    (with Alexandre Pecora, Fabricius Somogyi, and Colin Ward; download the paper)

  ▪ The q-theory of Local Governments
    (with Yicheng Wang; paper in preparation)



III. PUBLISHED PAPERS

  ▪ How Competitive is the Stock Market?
    Theory, Evidence from Portfolios, and Implications for the Rise of Passive Investing
    (with Valentin Haddad and Paul Huebner; download the paper)
    American Economic Review, March 2025
    Winner of the Q Group’s annual Jack Treynor Prize (2021)
    Best Paper on Financial Institutions (Elsevier Sponsored Award; WFA 2022)


  ▪ International Trade and the Risk in Bilateral Exchange Rates
    (with Ramin Hassan, Alexandre Pecora, and Colin Ward; download the paper)
    Journal of Financial Economics, 2023, 150:2
  
  
  ▪ State and Local Government Employment in the COVID-19 Crisis
    (with Daniel Green; download the paper) 
    Journal of Public Economics, January 2021, 193


  ▪ Bubbles and the Value of Innovation
    (with Valentin Haddad and Paul Ho; download the paper)
    Journal of Financial Economics, July 2022, 145:1, Editor's Choice


  ▪ Buyout Activity: the Impact of Aggregate Discount Rates
    (with Valentin Haddad and Matthew Plosser; download the paper)
    Journal of Finance, February 2017, 72:1


  ▪ The Globalization Risk Premium
    (with Jean-Noël Barrot and Julien Sauvagnat; download the paper)
    Journal of Finance, October 2019, 74:5


  ▪ Asset Pricing with Entry and Imperfect Competition
    (Download the paper)
    Forthcoming at the Journal of Finance


  ▪ Import Competition and Household Debt
    (with Jean-Noël Barrot, Matthew Plosser, and Julien Sauvagnat; download the paper)
    Forthcoming at the Journal of Finance
    Best paper in Corporate Finance at the SFS Cavalcade 2017
 
 
  ▪ Firm Networks in the Great Depression
    (with Chris Vickers and Nicolas L. Ziebarth; download the paper)
    Journal of Economic History, 2025


IV. OTHER WORK IN PROGRESS OR SHELVED

  ▪ The Case of the Disappearing Skewness
  (with Matthieu Gomez and Valentin Haddad; download the paper)

  ▪ Risk and Asset Composition
  (with Leonid Kogan and Dimitris Papanikolaou)



V. OTHER

  The Virtual Finance Workshop

  Discussions

  Data and Programs