Photo of Christine Dobridge

Christine Dobridge

Research Interests: corporate finance, household finance, behavioral finance, public finance

Links: CV, Job Market Paper

I will be available for interviews at the 2015 ASSA meetings in Boston, MA.

Contact Information:

     Phone: 240-994-4716

     Email: dobridge@wharton.upenn.edu

Research Interests:

     Corporate Finance, Household Finance, Behavioral Finance, Public Finance

Job Market Paper:

Fiscal Stimulus and Firms: A Tale of Two Recessions

Abstract: Can fiscal stimulus policies targeted at firms incentivize investment and improve firm financial conditions? In this paper, I examine the effects of a countercyclical fiscal policy that gave firms additional tax refunds at the end of the past two recessions. To estimate the policy’s impact, I use a regression kink design strategy that takes advantage of a discontinuity in the slope of the tax refund formula. I find that after passage of the 2002 policy, firms allocated $0.40 of every tax refund dollar to investment. After passage of the 2009 policy, in contrast, firms used the refunds to increase cash holdings ($0.96 of every refund dollar) before paying down debt in the following year. While the policy had no discernable effect on investment in the most recent recessionary period, it did reduce firms’ bankruptcy risk and the probability of a future credit rating downgrade. My results highlight the importance of considering broad economic conditions in evaluating the potential effects of fiscal policy actions directed at firms.

Education:

     Ph.D., M.A., Finance, The Wharton School, University of Pennsylvania, 2015 (Expected)

     M.A., Economics, New York University 2009

     B.A., Economics, summa cum laude, Wellesley College, 2002

Experience:

     Federal Reserve Board of Governors, Dissertation Intern, 2014

     Deutsche Bank Securities Inc., U.S. Economist, Consultant, 2009-2010

     Department of Treasury

          Deputy Assistant Secretary for Macroeconomic Analysis, Office of Economic Policy, 2008-2009

          Senior Advisor, Office of Economic Policy, 2007-2008

     Deutsche Bank Securities Inc., U.S. Economist, 2004-2007

     Council of Economic Advisers, Research Assistant, 2002-2004

References:

David Musto (Chair)                                                              Todd Gormley   
Ronald O. Perelman Professor in Finance                      Assistant Professor of Finance
The Wharton School                                                             The Wharton School 
Phone: (215) 898-4239                                                        Phone: (215) 746-0496
Email: musto@wharton.upenn.edu                                   Email: tgormley@wharton.upenn.edu

Nikolai Roussanov                                                                Andrew Abel
Associate Professor of Finance                                          Ronald A. Rosenfeld Professor of Finance
The Wharton School                                                              The Wharton School
Phone: (215) 746-0004                                                         Phone: (215) 898-4801
Email: nroussan@wharton.upenn.edu                             Email: abel@wharton.upenn.edu 

Jennifer Blouin
Associate Professor of Accounting
The Wharton School
Phone: (215) 898-1266
Email: blouin@wharton.upenn.edu