Selected Publications


Journal of Financial Economics (2025)

Merchants can use "buy now, pay later" to price discriminate. Access to data and technology allows this in real time and for baskets of small ticket items. Offering free finance lowers prices particularly for low-score customers. Sales increase by 20%, mechanism can explain popularity worldwide.


Journal of Financial and Quantitative Analysis (2020)

Changes in banking regulation have unintended and undocumented side effects on the market for corporate credit. Bank branching deregulation following the Riegle-Neal Interstate Branching and Banking Efficiency Act of 1994 decreased syndicated loan issuance but spurred bilateral lending to corporations. This shift is also reflected in interest rate spreads, pointing to a supply-driven substitution effect. Results suggest that changes to banking regulation can affect not just the amount but also type of credit in the economy.


Journal of Banking and Finance (2024)

We explore which explanations for the reduction of bank branches are supported by the data. While technology is associated with de-branching of banks across countries, economic factors like growth or bank fragility and consolidation of banks are more robustly linked to reduced branching in US counties and on the branch level in the US.


Journal of Corporate Finance (2022) 

Banks with a greater deposit footprint in areas hit by COVID experience a significantly greater deterioration of their loan portfolios. Interestingly we observe that more exposed lenders provide more paycheck protection grants to borrowers in general - not just for those in more affected areas. They also reduce regular small business bank loans (pointing to a substitution) and offer worse terms in the syndicated loan market.