Working Papers

Revise & Resubmit at the Journal of Financial Economics (2023)

"Buy now, pay later" (BNPL) increases conversions and spendings more than other popular payment options and comes at lower costs for merchants. This makes the scheme highly attractive for merchants, explaining the rise of BNPL. Critically, customers with lower credit scores, lower income, and higher default rates are more interested in using BNPL.

Working Paper (2023)

We offer a method to identify payment firms. While their stock returns have no meaningful relationship to crypto currencies, there are negative reactions to central bank announcements on the introduction of CBDCs.  The market is concerned about adverse disruptive effects on the business model of payment firms.  

Working Paper and Job Market Paper (2023)

Impulsive consumers are responding more to randomized "buy now, pay later" (BNPL) offers than other individuals. BNPL availability also make consumer behavior more hasty, less optimized, and more premature.  These adverse behavioral effects might be problematic because more impulsive consumers are also more likely to default on payment commitments


Journal of Financial and Quantitative Analysis (2020) [WP] [BibTeX] [Slides]

Changes in banking regulation have unintended and undocumented 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 Corporate Finance (2022) [BibTeX] [COVID Economics WP] [CEPR WP] [VOX ] [Slides]

Banks with a greater deposit footprint in areas hit by COVID experience a significantly greater deterioration of their loan portfolios. While such lenders provide paycheck protection grants in affected areas more than other lenders, we observe negative effects on regular small business bank loans and on loan terms in the market for large syndicated loans.

Journal of Banking and Finance (forthcoming) [BibTeX]

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 de-branching in US counties and on the branch level in the US.

Journal of Corporate Finance (2023) [WP] [BibTeX]

Journal of Corporate Finance (2017) [WP] [BibTeX] [Data]

Industrial and Corporate Change (2019) [WP] [BibTeX] [Data] [Slides]

Review of Political Economy (2017) [WP] [BibTeX]

Review of Political Economy (2016) [WP] [BibTeX]