The stock market
is going passive.

I am an Assistant Professor of Finance at ESG UQAM (École des sciences de la gestion, Université du Québec à Montréal). I received my PhD in Finance from McGill University in 2024 and hold an MSc in Finance and Economics from the London School of Economics.

My research centers on the shift from active to passive investing and its consequences for equity markets. I construct the Indexing Inclusion Ratio (IXI), a holdings-based measure of realized passive ownership adjusted for Active Share, and use it to document how passive capital flows reduce stock demand elasticity, inflate prices beyond fundamental value, and compress long-run expected returns. A related project studies how active fund managers respond to the growing dominance of passive capital, tracing the channels through which indexing affects their behavior and performance.

A second line of work asks what falling carbon scores in delegated portfolios actually measure. With Evan Jo, I show that the large decline in U.S. mutual fund carbon intensity comes mostly from changing issuer emissions, sales denominators, estimates, and coverage rather than from managers reweighting toward lower-emissions firms, and that attribution reorders manager rankings. A third project measures retail attention from public Reddit data and finds that option prices absorb only about half of what that attention predicts about a stock's volatility the following week.