Research
Research
Job Market Paper: Digitalizing a State Monopoly: Lottery Demand and Municipal Finance
Abstract: This paper studies how online access to a state-owned product affects consumer demand and
municipal credit spreads. Using Pennsylvania’s iLottery launch, I find that total lottery spending
increases by $3.67 per resident per month, about 13.9% of the pre-launch mean compared to
New York. In Pennsylvania municipal bonds, a one-standard-deviation increase in predetermined
Lottery-program exposure is associated with a 4.73-basis-point larger decline in tax-adjusted spreads
after authorization, with no additional repricing at launch. Together, the findings show that online
access expands lottery demand and that municipal bond markets respond when the fiscal implications
become credible, before the new channel begins operating.
Underwriting Biodiversity Risk with Cihan Uzmanoglu and Nhu Tran
Available at SSRN: https://ssrn.com/abstract=6303859
Online Lottery Adoption and Personal Bankruptcy
Accepted for FMA New Ideas - Household Finance
Biodiversity Risk in the Corporate Bond Market with Cihan Uzmanoglu
Management Science - Accepted August 2026
Semifinalist in Best Paper Award in Corporate Finance FMA Annual Meeting 2025
Winner of the 11th Hakan Orbay Research Award 2024
Finalist in the 5th Annual Sustainable Finance in Fixed-Income Research Competition, hosted by FIASI and Fordham University
Available at SSRN: https://ssrn.com/abstract=4721219 or http://dx.doi.org/10.2139/ssrn.4721219
Municipal Bond Call Decisions and Electoral Cycles: Evidence from U.S. Cities
Public Finance and Management, 25(1-2), 82-89. https://doi.org/10.1177/15239721261426998
Flash Crashes in Cryptocurrency Markets and the 2019 Kraken Bitcoin Flash Crash with Ahmet Sensoy and Erdinc Akyildirim
In Understanding Cryptocurrency Fraud: The Challenges and Headwinds to Regulate Digital Currencies edited by Shaen Corbet, 55-70.
Berlin, Boston: De Gruyter, 2022. https://doi.org/10.1515/9783110718485-005