research

Published papers

• Market Power and Capital Constraints (2025), with Milena Wittwer. Conditionally accepted at American Economic Review.

• The Role of Intermediaries in Selection Markets: Evidence from Mortgage Lending, with Robert Clark, Jean-François Houde, Shaoteng Li, and Anna Trubnikova, Forthcoming, Review of Financial Studies ,  DOI: 10.1093/rfs/hhae075.

• Dynamic Competition in Negotiated-Price Markets (2025), with Shaoteng Li, Journal of Finance,  80(1), p. 561-614. 

• Centralizing over-the-counter markets? (2023), with Milena Wittwer, Journal of Political Economy, 131 (12), p. 3267-3540.

• Resolving Failed Banks: Uncertainty, Multiple Bidding & Auction Design (2024), with Robert Clark, Brent Hickman and Eric Richert, Review of Economic Studies, 91, p. 1201-1242.

• The impact of debt-relief programs in times of crisis: Evidence from Canada's response to Covid-19 (2022), with Robert Clark, Shaoteng Li, and Nicolas Vincent, Canadian Journal of Economics, 55(SI), p.9-53

• Crisis Management: Analyzing Default Risk and Liquidity Demand during Financial Stress (2021), with Ali Hortacsu and Jakub Kastl, AEJ: micro, 13, p. 243-275

• The Impact of Macroprudential Housing Finance Tools in Canada, with Timothy Grieder, Brian Peterson, and Tom Roberts, Journal of Financial Intermediation

• Search Frictions and Market Power in Negotiated Price Markets (2019), with Robert Clark and Jean-Francois Houde, Journal of Political Economy, 174, p. 1550-1598

• Variable Pay: is it for the worker or the firm? (2019), with James Thompson, Journal of Corporate Finance, 58, p. 551-566

• Investment Dealer Heterogeneity, Procyclicality, and Compensation (2020) , with Andrew Usher, Empirical Economics, 58, p. 489-505

• The Impact of bankruptcy Reform on Consumer Insolvency Choice (2018), with Kiana Basiri, Canadian Public Policy, 44, p. 100-111

• Consumer Bankruptcy and Information (2016), with Evren Damar and David Martinez-Miera, Review of Finance, 20, p.1289-1320

• The Effect of Mergers in Search Markets: Evidence from the Canadian Mortgage Industry (2014), with Robert Clark and Jean-Francois Houde, American Economic Review, 104(10), p. 3365-3396

• Bank Loans for Private and Public Firms in a Liquidity Crunch (2015), with Teodora Paligorova,  Journal of Financial Stability, vol 18, p. 106-116. 

• Efficiency and Bargaining Power in the Interbank Loan Market (2016), with James Chapman, Federico Echenique and Matthew Shum,  International Economic Review, vol. 57, p. 691-716

• Price Dispersion in Mortgage Markets (2014), with Robert Clark and Jean-Francois Houde, Journal of Industrial Economics, 62(3), p. 377-416

• Empirical Likelihood Block Bootstrapping (2011), with Allan Gregory and Katsumi Shimotsu, Journal of Econometrics, 161(2), p. 110-121

• Canadian City Housing Prices and Urban Market Segmentation (2009), with David Byrne, Robert Amano, and Allan Gregory, Canadian Journal of Economics, 2(3), p. 1132-1149

• Size Matters: Covariance Matrix Estimation under the Alternative (2007), The Econometrics Journal, 10(1), p. 637-644

• Efficiency and Economies of Scale of Large Canadian Banks (2007), with Ying Liu, Canadian Journal of Economics, 40(1), p. 225-244

Works in progress 

• Primary Dealers and the Demand for Government Debt (2020), with Jakub Kastl and Milena Wittwer. Revisions requested at Journal of Finance. 

• Banking fragility and resolution costs, with  Robert Clark, Brent Hickman and Eric Richert. Revisions requested at American Economic Review.

• Entry and Exit in Treasury Auctions (2023), with Ali Hortacsu, Eric Richert, and Milena Wittwer.

• Housing Affordability and Parental Income Support (2024), with Kyra Carmichael, Robert Clark, Shaoteng Li, and Nicolas Vincent.  Revisions requested at Journal of Financial Economics.

• Bundling trades in over-the-counter markets (2025), with Milena Wittwer. 

• Credit Card Minimum Payment Restrictions (2024), with Michael Boutros and Benedict Guttman-Kenney.

• Transmission of government funding costs to bank lending, with Shaoteng Li and Andreas Uthemann.

• Inflation and profits in the grocery sector, with Robert Clark, Minnie Cui, Ig Horstmann, and Jean-Francois Houde.