Employment
Board of Governors of the Federal Reserve System, Supervision and Regulation, Stress Testing Research, Washington, DC, USA, 2024 – present
Manager, Section Chief
Board of Governors of the Federal Reserve System, Supervision and Regulation, Stress Testing Research, Washington, DC, USA, 2023 – 2024
Principal Economist
Board of Governors of the Federal Reserve System, Supervision and Regulation, Stress Testing Research, Washington, DC, USA, 2020 – 2023
Senior Economist
University of Chicago Booth School of Business, Chicago, IL, USA, 2014 – 2020
Assistant Professor of Accounting
One year of medical leave in 2015
Bank of England, Monetary Policy Committee, External Unit and Financial Stability, Prudential Policy Division, London, UK, 2012 – 2014
Visiting researcher, PhD research internship
Charles River Associates (formerly CRA International), European Competition and Financial Economics practices, London, UK, 2001 – 2009
Principal, Associate Principal, Senior Associate, Consulting Associate, Associate
Charles River Associates, Competition practice, Washington DC, USA, 1999 – 2001
Associate, Analyst
Education
PhD in Accounting, London Business School, London, UK, 2009 – 2014
MRes in Accounting and Finance, London Business School, London, UK, 2009 – 2011
MSc in Finance, London Business School, London, UK, 2005 – 2007
MSc in Global Market Economics (merit), London School of Economics and Political Science, London, UK, 2002 – 2004
BS in Business Administration, Finance (magna cum laude), Georgetown University, Washington DC, USA, 1997 – 1999
Business Administration, American University–Central Asia, Bishkek, Kyrgyzstan, 1994 – 1997
Published and Accepted Papers
"Does Government Intervention Affect Banking Globalization?" (with Andrew K. Rose and Tomasz Wieladek), Journal of the Japanese and International Economies, 40 (2016), 43-58
"Regulation of Compensation and Systemic Risk: Evidence from the UK" (with Irem Tuna), Journal of Accounting Research, 59 (2021), 1123-1175
"Regulators' Disclosure Decisions: Evidence from Bank Enforcement Actions" (with Rimmy E. Tomy), Journal of Accounting Research, 60 (2022), 1583-1633.
"Bank Supervision and Organizational Capital: The Case of Minority Lending" (with Byeongchan An, Robert Bushman, and Rimmy E. Tomy), Journal of Accounting Research, 62 (2024), 505-549.
"The Theory of Financial Stability Meets Reality: A Unifying Framework for Bank Regulation and Accounting Discretion" (with Nina Boyarchenko and Kinda Hachem), Journal of Economic Literature, forthcoming.
"Current Expected Credit Losses (CECL) Standard and Banks' Information Production" (with Sehwa Kim, Seil Kim, and Rongchen Li), The Accounting Review, forthcoming.
Working Papers
"Imperfect Expectations in Loan Loss Forecasts" (with Sanjeev Bhojraj, Miao Liu, Yao Lu, and Partha Sengupta)
Revise and Resubmit at the Journal of Accounting and Economics, on the 2025 JAE journal conference program
"Financial Intermediation through Financial Disintermediation: Evidence from the ECB Corporate Sector Purchase Programme" (with Aytekin Ertan and Marcel Tuijn)
Revise and Resubmit at the European Accounting Review, on the 2026 EAR journal conference program
"Consequences of Mandated Bank Liquidity Disclosures"
“Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations” (with Sharjil Haque)
"The Impact of Banking Regulation on Voluntary Disclosure: Evidence from the Dodd-Frank Act" (with Li Zhang)
"Disciplining Banks through Disclosure: Evidence from CFPB Consumer Complaints" (with Jeffrey Jou, Andrea Passalacqua, Laszlo Sandor, and Rajesh Vijayaraghavan)
"Banking on Sustainability: Strategic Incentives Behind Sustainability-Linked Loans" (with Xi Li and Yinan Li)
"Perceptions and Credit Access'' (with Abbie J. Smith and Rimmy E. Tomy)
Work in Progress
"Banking on Disagreement: Heterogeneous Credit Risk Assessments in Syndicated Lending" (with Ryan Jin, Matthew Phillips, and Florin Vasvari)
"PPP Loans and Access to Credit" (with Young Hwa Seok)
"The Price of Private Equity Fund Transparency in the Secondaries Market" (with Matthias Breuer, Eli Talmor, and Florin Vasvari)
"Banks Earnings Volatility" (with Myya McGregory and Cindy Vojtech)
Book Chapters
"Secondary Fund Transactions" (with Brenlen Jinkens and Florin Vasvari), in “International Private Equity: A Case Study Textbook,” by Eli Talmor and Florin Vasvari (ed.), John Wiley & Sons, April 2011
"Covenant Breach in Private Equity" (with Sharjil Haque), in “The Palgrave Encyclopedia of Private Equity,” by Douglas Cumming and Benjamin Hammer (ed.), Palgrave Macmillan Cham, October 2023
Invited Presentations
2026
Kellogg Debt Markets Conference (scheduled); EAR (scheduled); AFA (discussant, scheduled); AEA (scheduled)
2025
ECB/BIS/CEPR Technological Innovations in Financial Markets; CEMLA/Dallas Fed Financial Stability Workshop (discussant); 2025 FMA (discussant); 2025 NFA; 2025 AES (discussant); 2025 AAA; ABFER; Current Issues in Sustainability Conference (presenter, discussant); System Economic Heterogeneity Conference, Philadelphia FRB; SARAC 2025; AEA Annual Meeting
2024
SMU; LBS PhD Alumni Conference; Community Banking Research Conference; FDIC Banking Conference; Bocconi; LSE Economics of Accounting Conference (discussant); EFA (discussant); AAA Annual Meeting (presenter, discussant); NBER Summer Institute; MFS; GFC; Banking in the Age of Challenges Conference (discussant); 2024 IPC Current Issues in Alternatives Symposium; SGF; MFA; Columbia Private Equity Conference (discussant); HEC Lausanne; FARS (discussant); AEA Annual Meeting; AFA Annual Meeting
2023
FMA (presenter, discussant); ICFBA; OCC; Federal Reserve Board of Governors; The 4th Vaasa Banking Research Workshop; IFABS; Accounting and Regulation Workshop; Edinburgh Corporate Finance Conference; EAA Annual Meeting (presenter, discussant); Applied Microeconomics System Conference (discussant); LBS Private Capital Symposium; Women in System Economic Research (WISER) Conference; Chicago Booth Banking Workshop; MFA Annual Meeting (discussant); FARS; HARC; AEA Annual Meeting
2022
UVA Darden; 2022 Accounting for an Ever-Changing World; 2022 FMA (discussant); 2022 Stress Testing Research Conference; London Business School Alumni Conference; London Business School Accounting Symposium; Lisbon Accounting Symposium (discussant); MFA Annual Meeting (discussant); FARS Annual Meeting (presenter, discussant); AFA Annual Meeting
2021
Paris Finance Meeting (presenter, discussant), NZFM 2021 (presenter, discussant); FRB Research Webinar, Fall 2021 Institute Research Conference; Community Banking in the 21st Century; NFA 2021 (discussant); EFMA 2021 (presenter, discussant); Federal Reserve System Applied Micro Conference; Federal Reserve Board of Governors
2020
SMU Accounting Symposium (discussant); Federal Reserve Board of Governors; 2020 FMA (discussant); Early Insights in Accounting Research; University of Chicago Booth School of Business Banking Workshop; CFIC 2020 (canceled); Eastern Finance Association (canceled); European Winter Finance Summit (canceled); SARAC 2020; FARS; Federal Reserve Board of Governors
2019
HKUST 2019 Accounting Symposium (scheduled); SBFC 2019 (scheduled); HKUST 2019 Finance Symposium (scheduled); OSU (scheduled); Knut Wicksell Conference on Financial Intermediation (scheduled); USC (scheduled); UVA Darden (scheduled); Frankfurt School; Emerging Scholars in Accounting (discussant); Berlin Accounting Workshop; FDIC/JFSR Bank Research Conference; London Business School PhD Alumni Workshop; AAA Annual Meeting; St Louis Fed/IU Workshop on Financial Institutions; NBER Summer Institute; London Business School; WFA; FIRS; Federal Reserve Bank of New York; RFS/BAFFI CAREFIN New Frontiers in Banking; European Winter Finance Summit; FARS; AEA/ASSA Annual Meeting
2018
Paris Financial Management Conference; University of Chicago Booth School of Business; University of Miami; INSEAD; Columbia Business School; Corporate Finance Day in Antwerp; AAA Annual Meeting (discussant); ESSFM 2018 in Gerzensee; Yale Accounting Conference; FIRS (discussant); EAA Annual Meeting; INSEAD Accounting Symposium; University of Chicago Booth School of Business; UCLA; FARS (discussant)
2017
London Business School Private Equity Symposium (discussant); University of Chicago Booth School of Business; Stanford; Illinois Young Scholars Symposium at UIUC; Harvard Business School
2016
HKUST Accounting Symposium; University of Rochester, Simon Business School; CMU Accounting mini-conference; AAA Annual Meeting; Lisbon Accounting Symposium (discussant); EAA Annual Meeting; FARS (presenter, discussant); AEA/ASSA Annual Meeting
2015
HKUST Accounting Symposium (discussant); SMU Accounting Symposium (discussant); NYU; GIA Conference; World Finance Conference; NBER SI Capital Markets and the Economy; Society for Economic Dynamics Conference; University of Chicago Booth School of Business (banking workshop); University of Chicago Booth Schools of Business (accounting workshop); 2015 GW Cherry Blossom Conference; FARS (discussant)
2014
University of Zurich, Duke/UNC Fall Camp; RAST conference (discussant); MIT; Bank of England; European Finance Association Annual Meeting; AAA Annual Meeting (discussant); European Accounting Association Annual Congress; British Accounting and Finance Association Annual Conference; Columbia University; Northwestern University, Kellogg; London School of Economics and Political Science; HEC Paris; INSEAD; University of Chicago Booth School of Business; McGill University; US Federal Reserve Board; Washington University at St. Louis; University of Pennsylvania, Wharton; University of Michigan; Rice University; University of Toronto; FARS (discussant)
2013
AAA Annual Meeting; 5th International Conference, International Finance and Banking Society (IFABS); Basel Committee on Banking Supervision, Workshop on “Bank regulation and liquidity risk in a global financial system,” hosted by the Austrian National Bank; Financial Intermediation Research Society Conference (FIRS); ABTA 2013 Doctoral Researcher Awards; Trans-Atlantic Doctoral Conference, London Business School; British Accounting and Finance Association Annual Meeting
2012
Bank of England; AAA Annual Meeting; Conference on Investor Protection, Corporate Governance, and Fraud Prevention; 5th Erasmus Liquidity Conference; 29th International Symposium on Money, Banking and Finance; Trans-Atlantic Doctoral Conference, London Business School; British Accounting and Finance Association Annual Conference; British Accounting and Finance Association Doctoral Colloquium; London School of Economics Alternative Investments Research Conference
2011
AAA Annual Meeting; European Central Bank and Centre for Financial Studies, Workshop on “The structure of the euro area market for banks‘ debt financing and implications for monetary transmission and financial integration,” ECB; Trans-Atlantic Doctoral Conference, London Business School
Scholarships, Honors, and Awards
2022 S&R Award for Excellence (with the Stress Testing section), 2022
EFA Best Paper Award in Institutions and Markets (with Rimmy E. Tomy), 2020
SBFC2019 Bureau Van Dijk Best Paper Award for Banking (with Rimmy E. Tomy), 2019
Fama-Miller Center for Research in Finance, Research Grant (USD 10,000), 2019
Fama-Miller Center for Research in Finance, Research Grant (USD 10,000), 2019
Fama-Miller Center for Research in Finance, Research Grant (USD 12,000), 2018
Fama-Miller Center for Research in Finance, Research Grant (USD 10,000), 2018
Fama-Miller Center for Research in Finance, Research Grant (USD 2,250), 2017
FMC Faculty Scholar, 2017 - 2018
Centel Foundation/Robert P. Reuss Faculty Scholar, 2016 – 2017
George J. Stigler Center for the Study of the Economy and the State, Research Grant (USD 19,275), 2016
Fama-Miller Center for Research in Finance, Research Grant (USD 4,000), 2016
Harry W. Kirchheimer Faculty Scholar, 2015 – 2016
LABEX ECODEC, Research Grant (EUR 5,000), 2015
Fama-Miller Center for Research in Finance, Research Grant (USD 11,550), 2015
ABTA Doctoral Researcher Awards, Management & Social Sciences category, 2nd place, May 2013
ESRC Scholarship recipient, London Business School, 2009 – 2013
PhD Programme Financial Award recipient, London Business School, 2009 – 2013
John Jenkins Award for Contributions to Corporate Excellence, CRA, 2005
Merit, London School of Economics, 2004
Merit award scholarship recipient, London School of Economics, 2002 – 2004
Graduate support studentship recipient, London School of Economics, 2002 – 2004
Citigroup scholarship recipient, London School of Economics, 2002 – 2003
Magna cum laude (GPA 3.883), Georgetown University, 1999
Financial Management Association International Honor Society, admitted in 1999
Beta Gamma Sigma International Honor Society, admitted in 1998
International Student Grant recipient (full tuition fees), Georgetown University, 1997 – 1999
Dean‘s List, President‘s List, Georgetown University, 1997 – 1999
Dean‘s List, AUK/AUCA, 1994 – 1997
Winner of the Vice-President Albert Gore Scholarship, 1996
Gold medalist, Valedictorian, High School No. 28, 1994
Teaching Experience
Instructor
Financial Accounting, University of Chicago Booth School of Business, Winter 2026, Spring 2020, Spring 2019, Autumn 2017, Autumn 2016, Autumn 2015, Winter 2015
Tutor
Introduction to Managerial Accounting, Masters in Management core course, LBS, Summer 2014, Summer 2013, Summer 2012
Financial Accounting, Masters in Management core course, LBS, Autumn 2011, Autumn 2010
Financial Accounting and Analysis, Valuation, Risk Management, Debt Restructuring and Credit Risk, Executive Corporate Education, LBS, Spring 2012, Autumn 2011, Summer 2011, Spring 2011
Corporate Finance and Valuation, Senior Executive Education, LBS, Spring 2012, Autumn 2011, Spring 2011, Autumn 2010
Service
Ad-hoc Reviewer, American Economic Journal: Microeconomics, Contemporary Accounting Research; European Accounting Review, International Journal of Central Banking, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Financial Intermediation, Journal of Financial Services Research, Journal of Money, Credit and Banking, Management Science: Finance, Review of Accounting Studies, Review of Finance, Review of Financial Economics, Review of Financial Studies, The Accounting Review
Ad-hoc Reviewer, AAA Financial Accounting Research Section (FARS) mid-year meeting, AAA Annual meetings, 2016 AAA FARS sub-section liaison, EAA Program Committee, EFA Program Committee, FMA Program Committee
Research in Color, Mentor, 2022 – 2024
Member of the 2025 Community Banking Conference Organizing Committee, Federal Reserve Board, 2025
Member of the 2023 Community Banking Conference Organizing Committee, Federal Reserve Board, 2023
Member of the 2022 Community Banking Conference Organizing Committee, Federal Reserve Board, 2022
Member of the 2022 Stress Testing Research Conference Organizing Committee, Federal Reserve Board, 2022
2022 FARS mid-year meeting track chair (Financial institutions and fair value), 2021 – 2022
Member of the 2021 Stress Testing Research Conference Organizing Committee, Federal Reserve Board, 2021
Workshop co-organizer (with Doug Diamond), Chicago Booth Banking workshop, Chicago Booth, 2018 – 2020
PhD Dissertation Committee member, Ling Yang (first placement Queen's University Smith School of Business, 2019)
Occasional Interviewer, Admissions for Masters in Finance programme, LBS
Occasional Interviewer, Georgetown AAP program, UK and USA
Other Activities
Member of the 2013 Trans-Atlantic Doctoral Conference Organising Committee, LBS, 2012 – 2013
Chair of the 2011 Trans-Atlantic Doctoral Conference Organising Committee, LBS, 2010 – 2011
Georgetown Scholarship Program, Class of 1999 Chair, 2008 – 2013
CRA Professional Training and Development Committee, Charles River Associates, 2001 – 2009
CRA Recruitment Committee, Charles River Associates, 2000 – 2009
Personal
Citizenship: British; American