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About the Author(s)

Johannes Stroebel

Johannes Stroebel is the David S. Loeb Professor of Finance at New York University’s Stern School of Business, and a research associate in the NBER’s Asset Pricing, Corporate Finance, Monetary Economics, and Economic Fluctuations and Growth programs. He joined NYU in 2013 from the University of Chicago’s Booth School of Business, where he was the Neubauer Family Assistant Professor of Economics.

Stroebel conducts research in finance, macroeconomics, real estate economics, and climate finance. He has won numerous awards, including the AQR Asset Management Institute Young Researcher Prize and the Brattle Award for the best paper published in The Journal of Finance. He has also won an Alfred P. Sloan Research Fellowship in Economics. Stroebel is an associate editor of the Journal of Political Economy, The Review of Economic Studies, Econometricaand The Journal of Finance.

Professor Stroebel read philosophy, politics, and economics at Merton College, Oxford, where he won the Hicks and Webb Medley Prize for the best performance in economics. In 2012, he earned a PhD in economics at Stanford University, where he held the Bradley and Kohlhagen Fellowships at the Stanford Institute for Economic Policy Research.

Theresa Kuchler

Theresa Kuchler is an associate professor of finance at New York University’s Stern School of Business, and a research associate in the NBER’s Corporate Finance Program. She conducts research in the areas of household finance, behavioral finance, and social networks, often involving large micro datasets. 

Specifically, she has studied the role of present bias for debt paydown using transaction- level account data. More recently, she has focused on how individuals form expectations about aggregate outcomes and the role of social networks in forming expectations and influencing financial decisions. Ongoing research further explores the role of social networks in shaping individual decisions. 

Before joining NYU, Kuchler earned a PhD in economics at Stanford University. Prior to attending Stanford, she received a diploma in business economics from the University of Mannheim and spent a year as a Fulbright visiting student in the economics department of the University of California, Berkeley.


1. Social Finance,” Kuchler T, Stroebel J. NBER Working Paper 27973, October 2020.   Go to ⤴︎
2. Social Networks and Housing Markets,” Bailey M, Cao R, Kuchler T, Stroebel J. NBER Working Paper 22258, May 2016. Published as “The Economic Effects of Social Networks: Evidence from the Housing Market,” Journal of Political Economy 126(6), December 2018, pp. 2224–2276.   Go to ⤴︎
3. House Price Beliefs and Mortgage Leverage Choice,” Bailey M, Dávila E, Kuchler T, Stroebel J. NBER Working Paper 24091, November 2017, and Review of Economic Studies 86(6), November 2019, pp. 2403–2452.   Go to ⤴︎
4. Peer Effects in Product Adoption,” Bailey M, Johnston D, Kuchler T, Stroebel J, Wong A. NBER Working Paper 25843, May 2019.   Go to ⤴︎
5. Social Networks Shape Beliefs and Behavior: Evidence from Social Distancing during the COVID-19 Pandemic,” Bailey M, Johnston D, Koenen M, Kuchler T, Russel D, Stroebel J. NBER Working Paper 28234, December 2020.   Go to ⤴︎
6. Measuring Social Connectedness,” Bailey M, Cao R, Kuchler T, Stroebel J, Wong A. NBER Working Paper 23608, July 2017. Published as “Social Connectedness: Measurement, Determinants, and Effects,” Journal of Economic Perspectives 32(3), Summer 2018, pp. 259–280.   Go to ⤴︎
7. Social Connectedness in Urban Areas,” Bailey M, Farrell P, Kuchler T, Stroebel J. NBER Working Paper 26029, July 2019, and Journal of Urban Economics 118, July 2020, article 103264.   Go to ⤴︎
8. The Determinants of Social Connectedness in Europe,” Bailey M, Johnston D, Kuchler T, Russel D, State B, Stroebel J. Social Informatics, 12th International Conference on Social Informatics, Pisa, Italy, October 6–9, 2020, pp. 1–14.   Go to ⤴︎
9. The Geographic Spread of COVID-19 Correlates with the Structure of Social Networks as Measured by Facebook,” Kuchler T, Russel D, Stroebel J. NBER Working Paper 26990, April 2020, and Journal of Urban Economics, forthcoming.   Go to ⤴︎
10. Social Proximity to Capital: Implications for Investors and Firms,” Kuchler T, Li Y, Peng L, Stroebel J, Zhou D. NBER Working Paper 27299, June 2020.     Go to ⤴︎
11. International Trade and Social Connectedness,” Bailey M, Gupta A, Hillenbrand S, Kuchler T, Richmond R, Stroebel J. NBER Working Paper 26960, April 2020, and Journal of International Economics, forthcoming.   Go to ⤴︎

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