Research
Publications
1. "Housing Price Booms and Crowding-Out Effects in Bank Lending" (with Indraneel Chakraborty and Itay Goldstein), Review of Financial Studies, vol. 31(7), pp. 2806-2853, July 2018
Award: Marshall Blume Prize in Financial Research, First Prize, 2013
Data: DealScan-Call Report Link-file
Media Coverage: VOX, The Economist (2013), Financial Times, The Economist (2022), Wall Street Journal
Previously Titled: "Do Asset Price Booms have Negative Real Effects?"
2. "Monetary Stimulus and Bank Lending" (with Indraneel Chakraborty and Itay Goldstein), Journal of Financial Economics, vol. 136(1) pp. 189-218, April 2020
Award: Douglas D. Evanoff Best Paper Award (Chicago Financial Institutions Conference), 2016
Data: DealScan-Call Report Link-file
Media Coverage: Knowledge at Wharton
Working Papers
3. "What Happens to Corporate Investment in Bad Times?" (with Shahram Amini, Brian Rountree, and James Weston)
Revise and Resubmit, Management Science
4. "Bank Diversification and Lending Resiliency" (with Michael Gelman and Itay Goldstein)
Award: IFABS Conference Best Paper Award, 2021
Media Coverage: Knowledge at Wharton, The Banker
5. "Monetary Policy in the Age of Universal Banking" (with Michael Gelman and Itay Goldstein)
6. "Agglomeration Effects in Initial Public Offerings" (with Shahram Amini, Johan Sulaeman, and Chishen Wei)
7. "Old Program, New Banks: Online Banks in Small Business Lending" (with Elizabeth Bickmore and Yessenia Tellez)
8. "Open to All Comers: How Unsought Deposit Inflows Affect Banks" (with Michael Gelman)
9. "(How) Do Taxes Affect Capital Structure?"
Award: Financial Research Association Michael J. Barclay Award, 2012
10. "The Effect of Financing Frictions in Investment-Grade Debt Markets" (with Indraneel Chakraborty)
11. "A Portfolio Approach to Active Funds' Stock Lending Decisions" (with Fan Li and Pengfei Ye)
Award: PanAgora Asset Management Crowell Prize Finalist, 2020
12. "Bank Lending in Recessions: How is the Recent Recession Different?" (with Michael Roberts)