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
Recent publications
Watch videoNontechnical introductionForthcomingUncertainty, Production
Uncertainty, Risk, and Capital Growth
Review of Financial Studies, forthcoming. DOI: 10.1093/rfs/hhaf088
Watch videoNontechnical introductionForthcomingNetworks
Networks in Finance: Foundations and Frontiers
Annual Review of Financial Economics, forthcoming.
Watch videoNontechnical introductionWorking papers
All working papers ↗Working paperNetworks
Working paperUncertainty
From the blog · 7/19/2026
The Signal That Flagged WTI's Wild Week
This post explores the 2026 Hormuz crisis. The prior day’s count of Iran-and-oil articles forecast how much WTI would move over the following five sessions—above and beyond OVX. Heavy-coverage weeks averaged 19.8% of cumulative WTI movement, versus 11.5% in quiet weeks. The news count is useful for screening straddles, managing gamma exposure, and sizing directional positions.
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 ↗