Research

Journal Articles

• Market power and the transmission of loan subsidies, with Jose Ornelas, Claudia Ruiz-Ortega and Thiago Silva. Forthcoming, Review of Corporate Financial Studies

• Climate change regulations: Bank lending and real effects, with Faruk Miguel and Claudia Ruiz-Ortega. Journal of Financial Stability, Vol. 70, 101212, 2024

• Active trading and (poor) performance: The social transmission channel, with Laura Escobar. Journal of Financial Economics, Vol. 150 (1): 139-165, 2023

• Global bank lending under climate policy,  with Asli Demirguc-Kunt, Fredy Pulga, and Claudia Ruiz-Ortega. IMF Economic Review, https://doi.org/10.1057/s41308-023-00217-8, 2023

• Banking sector performance during the COVID-19 crisis, with Asli Demirguc-Kunt and Claudia Ruiz-Ortega. Journal of Banking and Finance, 106305, 2021 

• Costly index investing in foreign markets with Fredy Pulga and Jose Vasquez. Journal of Financial Markets, Vol. 51 (100509), 2020

• Informed trading in business groups. The World Bank Economic Review, Vol 34 (2): 351–370, 2020

• Strategic information revelation and learning from prices. Journal of Corporate Finance, Vol. 58: 208-225, 2019

• Asset price effects of peer benchmarking: Evidence from a natural experiment with Fredy Pulga. International Review of Economics and Finance, Vol. 62: 52-65, 2019

• Ownership concentration and market liquidity, with Miguel Leaño. Economics Letters, Vol. 167: 56-59, 2018 

• Strategic interactions and portfolio choice in money management: Theory and evidence. Journal of Money Credit and Banking, Vol. 47 (8): 1531-1569, 2015

Working papers

• The anatomy of index rebalancings: Evidence from transaction data, with Mariana Escobar, Lorenzo Pandolfi and Tomas Williams

• Estimating the gains from international diversification: The case of pension funds, with Juan Pablo Afanador and Mark Davis

• Winners and losers when private banks distribute government loans: Evidence from earmarked credit in Brazil, with Jose Ornelas, Claudia Ruiz-Ortega and Thiago Silva

• Trade size, time, and information in securities markets, with Pete Kyle

• Invariance in fixed-income and equity markets, with Pete Kyle