Publications
Can Human Capital Explain Income-Based Disparities in Financial Services? with Ruidi Huang, James Linck, and Chris Parsons
Review of Financial Studies, Forthcoming.
The Impact of Minority Representation at Mortgage Lenders with Scott Frame, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, and Adi Sunderam
Journal of Finance, Forthcoming.
Note: This paper combines the working papers "The Impact of Minority Representation at Mortgage Lenders” by Frame, Huang, Mayer, and Sunderam and “Reducing Racial Disparities in Consumer Credit: The Role of Minority Loan Officers in the Era of Algorithmic Underwriting” by Jiang, Lee, and Liu.
Gender Bias in Promotions: Evidence from Financial Institutions with Ruidi Huang and Darius Miller
Review of Financial Studies (2024), 37 (5), 1685-1728. (WP Version)
Best Paper - FMA Napa/Sonoma Finance Conference (2022)
Media: SMU Cox Bulletin
Big Banks, Household Credit Access, and Intergenerational Economic Mobility
Journal of Financial and Quantitative Analysis (2024), 59 (6), 2933-2969. (WP Version)
Best Paper - Columbia/BPI Research Conference (2020)
Media: SMU Cox Bulletin
Racial Disparities in the Auto Loan Market with Alex Butler and James Weston
Review of Financial Studies (2023), 36 (1), 1-41. Editor's Choice and Lead Article. (WP Version)
Best Paper semifinalist - Financial Management Association Meeting (2019)
Media: Bloomberg (Matt Levine), Consumer Reports (1, 2, and 3), Presentation Recording
Advertising, Investor Attention, and Stock Prices: Evidence from a Natural Experiment
Financial Management (2021), 50 (1), 281-314. (WP Version)
Best Paper - Eastern Finance Association Meeting (2015)
Working Papers (* indicates presentation by coauthor)
Government Litigation Risk and the Decline in Low-Income Mortgage Lending with Scott Frame, Kristopher Gerardi, Billy Xu, and Lawrence Zhao
We study the effect of Department of Justice lawsuits in the 2010s against large lenders for alleged fraud in the Federal Housing Administration (FHA) mortgage insurance program. The suits led to over $5 billion in settlements and caused targeted banks and their peers to precipitously exit the FHA market. Difference-in-differences and triple differences tests exploiting geographic variation in exposure to exiting banks show a 20% reduction in FHA lending in heavily exposed areas. This reduction was not associated with improved underwriting standards or lower default rates. Large banks’ FHA exit has significantly reduced low-income households’ overall access to mortgage credit.
R&R at the Journal of Financial Economics
Best Paper semifinalist - Financial Management Association Meeting (2023)
Presentations 2025: Midwest Finance Association (scheduled); 2024: American Economic Association, FDIC Annual Bank Research Conference*, AREUEA National Conference*, Cornell Real Estate Symposium*, University of Maryland Junior Finance Conference, FSU-UF Critical Issues in Real Estate Symposium*, Hoyt Institute Conference*, Eastern Finance Association*, AREUEA International Conference*, Emory University*, University of Wisconsin, Australian National University, University of Oklahoma Household Finance Series; 2023: INFORMS Annual Meeting, Boca Corporate Finance and Governance Conference*, Financial Management Association, University of Rochester*, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Atlanta*
Alumni Networks in Venture Capital Financing with Jon Garfinkel, Ilya Strebulaev, and Emmanuel Yimfor
One-third of deals in the venture capital market involve a founder and investor from the same university. Venture capitalists are more likely to invest in, and place larger bets on, startups with founders from their alma mater. These deals are more likely to lead to IPOs post-funding. Using VC partner turnover, we show a causal link between education ties and funding likelihood. Marginal startups, identified using the supply of funding as an instrument, have better post-funding outcomes when the founder and VC share an alma mater. Our results imply that university connections facilitate information flow rather than diverting funds toward lower-quality startups.
Presentations 2024: Midwest Finance Association*; 2023: 15th Annual Private Equity Research Symposium*; 2022: California State University-Fullerton*; 2021: Financial Management Association*, University of Michigan*, Southern Methodist University
Media: Wall Street Journal, 2024 OASB Annual Report, Institutional Investor, State Science & Technology Institute, Teknovation
Human Capital and Local Credit Supply: Evidence from the Mortgage Industry with Ruidi Huang, Sheridan Titman, and David Xu
Using comprehensive data on the locations of loan officers and their loan originations, we find that the majority of the US residential mortgage market remains local, despite developments in financial technology. However, the supply of loan officers is largely unresponsive to local mortgage demand shocks. This lack of responsiveness stems at least in part from asymmetric information about individual productivity, which restricts loan officers’ ability to relocate to high-demand locations through the labor market. Remote lending and increased loan officer workloads do not fully substitute for the supply of local loan officers. Our findings suggest that labor immobility can distort local credit supply and reduce capital allocation efficiency.
Presentations 2025: St. Louis Fed Annual Workshop on Financial Institutions (scheduled); 2024: Baylor University*
Audit Partners and Loan Loss Provisioning: Evidence from U.S. Bank Holding Companies with Gauri Bhat, Hemang Desai, Christoffer Koch, and Nitzan Tzur-Ilan
Using confidential data on audit partner names from 2006 to 2019 for bank holding companies (BHCs), we examine partners’ impact on loan loss provisioning. Using a fixed effects approach, we find some evidence that individual partners affect provisioning, especially at public BHCs and BHCs audited by large audit firms. However, these results do not obtain in the post-financial crisis period. We also examine the association between partner tenure and provisioning. We find that allowance is increasing in partner tenure, particularly for public BHCs and small BHCs. The result for small BHCs is obtained in the post-financial crisis period as well. Thus, partner heterogeneity is more likely to manifest during periods of high economic uncertainty, but otherwise, there seems to be consistency in approach to audits across partners within a firm. Our results also suggest that audit scrutiny increases as the partners stay longer with the engagement, especially for small BHCs.
Presentations 2023: FARS Midyear Meeting*; 2022: Rice University*, Tulane University*
Work in Progress
Project on Intergenerational Mobility with Connor Cole, Ruidi Huang, Corbin Miller, and Barton Willage
Presentations 2024: Royal Economic Society Annual Conference*; 2023: American Economic Association, NBER Summer Institute on Children*, European Association of Labour Economists Conference, National Tax Association Annual Conference*; 2022: Office of Tax Analysis at the U.S. Department of the Treasury
Resting Papers
Credit Where Credit is Due: Drivers of Subprime Credit with Elizabeth Berger and Alex Butler
Presentations 2018: Texas Finance Festival*, CFPB Research Conference, University of Washington*, University of Rochester*, Vanderbilt University*, Lancaster University*
Media: Jalopnik
Publications in Other Academic Fields
Investing in a New Role to Increase Timely Morning Discharges in the Inpatient Setting with Yuliya Oumarbaeva-Malone, Kaitlyn McQuistion, Grace Quinn, and Paul Manicone
Hospital Pediatrics (2025), 15 (1), 9-16.