Primary: Industrial Organization (Economics of Regulation, Price Theory) · Health & Labor Economics · Financial Economics (Sentiment Analysis, Asset Pricing)

Secondary: Behavioral Economics and Decision Theory

Job Market Paper
How Do Regulations and Technology Affect Service Allocation and Market Structure?

Under review – RAND Journal of Economics (submitted September 2025)

Selected for 13th World Congress of the Econometric Society (ESWC 2025), Seoul.
Presented at Asia Meeting of the Econometric Society (AMES) 2024 and Eastern Economic Association (CSWEP session) 2024.

Summary of Contributions

Abstract: This paper estimates the effects of price controls and cost controls on healthcare service quantity and their role in the spatial restructuring of physician markets. Exploiting quasi-experimental variation from telehealth parity laws and broadband internet, I find that price floors and ceilings increase service quantity, while cost parity reduces it, with these effects amplified progressively with increased broadband access. In non-metro areas, these regulations improve efficiency by increasing quantity while reducing physician density.

Regulating Physician Reimbursements and Consumer Out-of-Pocket Costs: Implications for Medicare Costs

Under review

Abstract: This paper studies the impact of telehealth parity laws on Medicare costs, exploiting state-level variation in regulatory framing. Non-binding regulations (price ceiling and cost ceiling) reduce Medicare costs by preserving telehealth's cost advantages and shifting more cost-sharing to consumers. Binding regulations (price floor and cost parity) have near-zero net effects. Cost-reducing effects diminish with higher broadband penetration. The findings highlight how technological and regional variation shape financial implications of healthcare regulation.

Effect of Social Media Sentiments on Domestic and Foreign Stock Returns: A Machine Learning Approach (with Ulrich Hounyo)

Abstract: Social media sentiment predicts stock returns, yet which stocks benefit most from this information remains unclear. We show that sentiment informativeness depends on investors' proximity to the firm. Using 119,301 firm-quarter observations of Twitter sentiment matched to U.S. equities and American Depositary Receipts, we find that sentiment volatility predicts next-quarter losses for domestic stocks with a Q5–Q1 spread of –4.7 percentage points, compared to +1.5 percentage points for foreign stocks with similar observable characteristics. This domestic-foreign differential diminishes monotonically across the similarity distribution: it narrows for medium-similarity stocks and vanishes entirely for the least similar stocks, where both domestic and foreign spreads exceed –17 percentage points. A structural decomposition confirms that the domestic precision advantage is 2.4 times larger for high-similarity stocks and vanishes for low-similarity stocks, mirroring the reduced-form gradient. The differential is robust to macroeconomic uncertainty controls, a continuous interaction specification, and Fama-French five-factor adjustment. Exploiting COVID-19 as a shock to information geography, we show that the domestic sentiment advantage strengthened after the pandemic for atypical stocks (β̂₇ = –0.043, p = 0.036), consistent with increased information complexity raising the value of local contextual knowledge. These results link the home bias literature to social media informativeness and imply that the value of crowd-sourced signals varies systematically with information geography.

Medicaid Expansion: The Key that Opens the Job Lock?

Abstract: Using search theory and a triple-difference design, I examine Medicaid expansion's effect on job search and labor market outcomes. Preliminary results suggest small or insignificant effects on employment but suggestive evidence of increased "on-the-job search," consistent with reduced job lock.