一、题目：Presidential Economic Approval Rating and the Cross-Section of Stock Returns
主要研究领域为实证资产定价、行为金融和机器学习。论文发表于《Journal of Banking and Finance》，《Journal of Economic Dynamics and Control》等国际期刊。
We construct a monthly presidential economic approval rating (PEAR) index from 1981 to 2019, by averaging ratings on president's handling of the economy across various national polls. In the cross-section, stocks with high betas to changes in the PEAR index significantly under-perform those with low betas by 0.95% per month in the future, on a risk adjusted basis. The low PEAR beta return premium persists up to one year, is present in various sub-samples and even in other G7 countries. PEAR beta dynamically reveals a firm's perceived alignment to the incumbent president's economic policies and investors seem to misprice such an alignment.