2026Networks, Uncertainty
Investment under Upstream and Downstream Uncertainty
Journal of Finance, February 2026, Vol 81, pages 413–457; DOI: 10.1111/jofi.70010
Watch videoNontechnical introductionUniversity of North Carolina at Chapel HillKenan-Flagler Business School
Gill
Segal.
Associate Professor of Finance, PhD
I study how uncertainty and production networks shape economic growth and asset prices.
Research interestsMacro-financeAsset pricingUncertaintyProduction networks
Published research
Selected recent publications
Watch videoNontechnical introductionForthcomingUncertainty, Production
Uncertainty, Risk, and Capital Growth
Review of Financial Studies, forthcoming. DOI: 10.1093/rfs/hhaf088
Watch videoNontechnical introduction2026Networks
Networks in Finance: Foundations and Frontiers
Annual Review of Financial Economics, 2026, Vol 18, No. 1, pages 231–262; DOI: 10.1146/annurev-financial-111824-015225
Watch videoNontechnical introductionSelected working papers
All working papersWorking paperNetworks
Working paperUncertainty
From the blog · 11/9/2026
Texas Voted Blue. Its Stocks Went Red.
Texas stocks fell sharply after the election. What can prediction markets tell us about the stock-market impact of a political surprise?
Read the article ↗Teaching
From economic models
to financial markets.
I teach MBA courses in investments and capital allocation, and a PhD course in macroeconomics and asset pricing.
I also lead the Capital Markets and Investments concentration at UNC Kenan-Flagler.
Courses & materials ↗