Emilio Bisetti - Research

Publications

Deregulation, Market Structure, and the Evolution of U.S. Banking, with Stephen A. Karolyi and Stefan Lewellen,

Management Science, Accepted, July 2026

Smokestacks and the Swamp, with Stefan Lewellen, Arkodipta Sarkar, and Xiao Zhao,

Review of Financial Studies, Accepted, March 2026

ESG Shocks in Global Supply Chains, with Guoman She and Alminas Žaldokas,

Review of Financial Studies, Accepted, October 2025

The Technical Default Spread, with Kai Li and Jun Yu,

Review of Financial Studies, 37(11), 2024, 3386–3430

Meeting Targets in Competitive Product Markets, with Stephen A. Karolyi,

Journal of Finance, 79(4), 2024, 2845-2884

The Value of Regulators as Monitors: Evidence from Banking,

Management Science, 70(12), 2024, 8464-8483

Moral Hazard in Remote Teams, with Benjamin Tengelsen and Ariel Zetlin-Jones,

International Economic Review, 63(4), 2022, 1595-1623

A Multivariate Model of Strategic Asset Allocation with Longevity Risk, with Carlo A. Favero, Giacomo Nocera, and Claudio Tebaldi,

Journal of Financial and Quantitative Analysis, 52(5), 2017, 2251-2275

Working Papers

Poverty Spreads in Deposit Markets, with Arkodipta Sarkar, 2025

We document significant deposit interest rate differentials along the income distribution - moving from the bottom to the top income decile increases deposit rates by 55% of the sample median rate. These spreads persist independent of banking competition, and instead appear to arise from banks internalizing households' participation in nondeposit markets. Consistent with this hypothesis, only income components related to participation can explain our baseline findings, and quasi-exogenous reductions in participation incentives through increases in capital gains taxes are associated with lower spreads along the participation distribution. Our findings highlight lack of participation as a source of deposit market power.

Passing Through? Bank Entry and the Deposits Channel, with Stephen A. Karolyi and Stefan Lewellen, 2021

We examine monetary policy transmission when deposit market structure is endogenous. Expansionary monetary policy stimulates bank entry, especially when entry barriers are low. Banks' deposit quantity sensitivities are increasing in entry barriers, but the number of local banks is decreasing in entry barriers, and this channel dominates. Hence, higher entry barriers are associated with reduced monetary policy transmission. We test this prediction using novel, network-based measures of entry barrier shocks stemming from U.S. bank deregulation. Consistent with the model, local establishment and employment growth increase more in response to expansionary monetary policy when entry barriers are lower.

Other Refereed Publications

Measuring the Impact of Longevity Risk on Pension Systems: the Case of Italy, with Carlo A. Favero,

North American Actuarial Journal, 18(1), 2014, 87-103.

The Impact of Longevity Risk on the Term Structure of the Risk-Return Tradeoff,

Rivista di Politica Economica, (4), 2012, 79-119.

Work in Progress

Financially Constrained Procurement, with Yuqi Chang, Dimas Fazio, and Arkodipta Sarkar