"Entrepreneurship, Marriage and Female Labor Force Participation in the US"

Abstract: The United States has experienced a significant decline in firm entry rates and entrepreneurship since the 1980s. I document that this decline is more pronounced among married households and men, coinciding with changes in demographic composition (including the share of married households, skilled individuals, and marital sorting) and the rise in female labor force participation. To explore the relationship between demographic shifts and entrepreneurship, I develop a model of occupational choice that incorporates marital status, education, and gender. My findings suggest that changes in demographic composition account for 76% of the decline in entrepreneurship in the U.S.

"Taxes, Regulations and Business Structure in the US" joint with Gustavo Ventura (new draft coming soon)

Abstract:   Since the 1980s, the U.S. has seen a notable shift in business structure: the output share of pass-through entities (S-corporations, LLCs, partnerships, sole proprietorships) nearly doubled, while that of C-corporations declined. Over the same period, tax policies and avoidance behaviors also changed substantially. Using a dynamic growth model with occupation choice, entrepreneurial risk, and endogenous tax avoidance, we assess the extent to which these factors account for the output reallocation. We find that changes in taxation, borrowing capacity, and tax avoidance account for approximately 43 percent of the observed shift. The results imply that additional mechanisms are needed to fully account for the reallocation.

"Executive Compensation, Firm Investment and Innovation" 

joint with Suleyman Gozen, David Hong, Mehmet Furkan Karaca 

Abstract: This paper examines how executive compensation influences firm investment, intangible capital, and innovation by exploiting the elimination of performance-based pay deductibility under the 2017 U.S. Tax Cuts and Jobs Act. Using difference-in-differences and event-study designs, we show that firms more exposed to the shock significantly reduce R&D, intangible capital, capital expenditures, and patent applications, especially among growth-oriented and smaller firms. We trace these real effects to weaker incentives: high-exposure firms cut stock-based and non-equity incentive pay and experience declines in risk-taking incentives, and they shift toward safer financial policies with higher payouts, lower cash flow, and higher earnings per share.

"Entrepreneurship, Inequality, and Redistribution" joint with Hakki Yazici 

"Marital Sorting, Joint Labor Supply and the Gender Wage Gap" joint with Terry Cheung and Siyu Shi.

"Firm Types and Financial Structures" joint with Okan Akarsu and Emrehan Aktug.