Job Market Paper
Using a novel source of exogenous variation in borrower structure driven by subsidy-induced consolidation in the agricultural sector, I show that as farms consolidate, large banks capture a greater share of deposits because large borrowers demand large loans, creating a comparative advantage for large banks. In response, large banks expand their branch networks and small bank mergers become more common, creating more concentrated local credit markets. The resulting structure reduces competition and reduces local deposit rates. These findings reveal how consolidation in the real economy can drive structural change within the banking sector and affect credit pricing.
Presentations: Rice University (2025); Financial Research Association (FRA) Annual Meeting (2025); Midwest Finance Association (MFA) Annual Meeting (2026); BIS-CEPR-Gerzensee-SFI Conference on Financial Intermediation (Poster) (2026); FDIC Annual Bank Research Conference (Poster) (2026); Northern Finance Association (NFA) Annual Meeting (2026); Community Banking Research Conference (Pre-session) (2026)*; Johns Hopkins Carey Finance Conference (2026)*; Finance, Organizations, and Markets Conference (2026)*
Awards: Best PhD Paper at NFA Annual Meeting; Michael J. Barclay Young Scholar
Travel grants: Carey Finance Conference, NFA Annual Meeting, Community Banking Research Conference, BIS-CEPR-Gerzensee-SFI, FRA Annual Meeting
Invited to submit to the Journal of Financial Economics under FRA dual-submission
With Alex Butler, Alan Crane and Erik Mayer
The intergenerational transfer of credit histories through authorized user (AU) status affects credit outcomes. About 10-15% of young adults benefit from AU status each year, gaining credit histories that pre-date their own financial activity. Using variation in the age at which individuals are added as AUs, we identify substantial gains to AU status: credit scores rise by 22-33 points, and access to credit cards and credit in broader markets increases. However, high-risk AU borrowers are more likely to default than others with similar credit scores, suggesting that AU histories inflate scores and reinforce inequality in credit access.
Presentations: Rice University (2025); University of Wisconsin-Madison (2025)**; University of North Texas (2025)**; University of Minnesota Finance Department Junior Conference (2025)**; Auburn University (2026)**; Eastern Finance Association (EFA) Annual Meeting (2026)**; Western Finance Association (WFA) Annual Meeting (2026); Montana Financial Decision-Making Conference (2026); FMA Annual Meeting (2026)**
Awards: Best Paper Award in Financial Markets and Institutions at FMA Annual Meeting
Travel grants: Montana Financial Decision-Making Conference
Solo-authored
This paper examines how federal programs targeting individuals can generate economic spillovers for local governments. I examine the unintended consequences of social welfare programs on municipal bond markets, using county-level variation in the rollout of a federal program providing subsidized flood insurance to households. I find that municipalities with broader program access experience smaller declines in property tax revenue following floods. I then show that counties with greater access also face lower financing costs. The effects are most pronounced in high-risk and high-income areas. Overall, these results show how federal subsidies can produce positive local externalities, enhancing fiscal stability.
Presentations: Rice University (2023); Eastern Finance Association (EFA) Annual Meeting (2024); FMA Annual Meeting (2025)
With Alex Butler
Antebellum Southern credit relied on enslaved people as collateral, an arrangement emancipation ended in 1865. We show that emancipation reversed financial development for a century and a half. In a county panel of Confederate states from 1820 to 2024, a one-standard-deviation higher 1860 slave share predicts 64 percent more banks before emancipation but 51 percent fewer afterward, and 31 percent fewer still today. Regulations lowering bank capital requirements increased bank entry, but branching deregulation did not eliminate the gap. A modern-day movers design shows that living in these counties changes credit access, but not credit risk.
Presentations: Rice University (2026)**; Kent State University (2026)**
Rise of Market Power or Superstar Firms: Evidence from COVID
With Gustavo Grullon
Liquidity Regulation and Monetary Policy Transmission: The Role of Product Heterogeneity
With Nicole Fleskes
Note: * denotes a presentation that is yet to occur. ** denotes presentation by co-author.