Thomas
Seiler

PhD Student

I'm a PhD student at the Stockholm School of Economics. My research focuses on topics in financial economics and corporate finance. In particular, I am interested in how economic agents react to changes in uncertainty. In much of my research, I apply methods of computational linguistics and machine learning to quantify large amounts of textual data.
My CV is available here.

In my Job Market Paper, I study the sensitivity of corporate investment to policy uncertainty. Exploiting textual information for a large panel of U.S. firms, I study the sensitivity of corporate investment rates to economic policy uncertainty. I find that a doubling of economic policy uncertainty reduces capital expenditure by 25%. R&D does not respond to policy uncertainty once industry-specific shocks are controlled for. Firms might have little reason to delay R&D projects when policy uncertainty idiosyncratically increases because this could make them loose the race for new discoveries against their competitors. Investigating the channels through which policy uncertainty affects investment, I find the sensitivity of investment to policy uncertainty to be significantly amplified for firms that are likely to be financially constrained ex-ante. The key to understanding the relation between investment and policy uncertainty thus seems to lie in the interaction of policy uncertainty with financial frictions.

I will be available for interviews at the SAAe in Barcelona, the RES PhD meetings in London this year, and the ASSA/AFA meetings in Philadelphia next year.

UPDATE: I have received the Ola Bengtsson award for the best paper presented at the 6th National PhD Workshop in Finance at the Swedish House of Finance.

UPDATE: I will present my job market paper at the 2017 European Winter Meeting of the Econometric Society.

Download my CV Download my Job Market Paper
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