Patrick Adams

We're hiring a pre-doctoral Research Associate at @Wharton's Rodney White Center for Financial Research, starting in July 2027! Come work with Lu Liu (@luliu_fin), Huan Tang, and me on research projects in household finance, FinTech, and other exciting topics.

Please encourage any promising undergraduate or master’s students you know to apply by October 4!

I had a great conversation with @benjaminfelix and @CameronPassmore on the Rational Reminder Podcast (@RationalRemind), talking about my job market paper "Stocks for the Long Run or Liquidity? Tax Data Evidence and Portfolio Choice Implications"

We discussed:
- What income tax data tell us about individual investors' flows in and out of the stock market
- How big data have changed our understanding of the risks to human capital, especially for top earners
- Why even temporary stock price crashes can be painful for many working-age investors, and how this shapes their asset allocation decisions
...and much more!

(link below)

With the job market finished, I am very excited to be joining the Finance Department at the Wharton School of the University of Pennsylvania this July! @Wharton @Penn

This would not have been possible without the tireless support and guidance of my advisors Adrien Verdelhan, Lawrence Schmidt, Jonathan Parker (@ProfJAParker), and Leonid Kogan; the other outstanding faculty at @MITSloan; a large network of helpful friends throughout the profession; and most importantly, my family.

I look forward to getting to work!

Nine years after my freshman year of college, champions once again.

🧵 on interest rate risk and regulatory capital

The Tier 1 Capital Ratio is at the heart of modern bank regulation. How does it reflect interest rate risk, both in the backward-looking (i.e. past losses) and forward-looking (i.e. future risk) sense?

A: Not much, it seems (1/10)