Work in Progress


  • On the Rise of Payment Firms, with Tobias Berg (Frankfurt School of Finance), Felix Martini (Frankfurt School of Finance), Manju Puri (Duke)

Working Paper (2023)

Payment firms are gaining importance, overtaking banks in terms of market capitalization. Their rise is intimately linked to the growth in E-commerce. While there is no meaningful relationship to crypto currencies, the market worries about adverse effects from the introduction of CBDCs.


Working Paper (2023)

We show that buy now, pay later (BNPL) increases conversions and spendings on all margins and more than other popular payment options. Customers with lower credit scores, lower income, and higher default rates are more interested in BNPL than others.


  • Consumer Credit and Impulse Shopping, with Valentin Burg (Humboldt University)

Working Paper (2023)

Using a set of natural experiments and data from an online retailer, we analyze how approvals of consumer loans and variations in terms affect consumer behavior.


  • How Consumer Credit affects Consumer Choice, with Valentin Burg (Humboldt University)

Working Paper (2023)

Using a set of natural experiments and data from an online retailer, we analyze how approvals of new forms of consumer loans and variations in terms affect consumer behavior.


Swiss Finance Institute Research Paper (2022) [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.

Main Publications


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 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.