Head of Research at the Deutsche Bundesbank, since November 2022
Visiting Professor at the Frankfurt School of Finance and Management, since November 2022
New Papers:
"Financial Fragility in Open-ended Mutual Funds: The Role of Liquidity Management Tools" (with Peter Dunne, Lorenz Emter, Raffaele Giuliana, and Oana Peia), Bundesbank Discussion Paper 36/2024. (Second round at Management Science)
"Liquidity support and distress resilience in bank-affiliated mutual funds" (with Giulio Bagattini and Angela Maddaloni), ECB Working Paper 2799/2023.
"Liquidity Support in Financial Institutions" (with Egemen Genc, Yigitcan Karabulut and Patrick Weber), mimeo. (Second round at Management Science)
"Contagious Zombies" (with Christian Bittner and Co-Pierre Georg), Bundesbank Discussion Paper 15/2021. (Second round at Journal of Financial Stability)
"Banks' Equity Stakes in Firms: A Blessing or Curse in Credit Markets?" (with José-Luis Peydró, Günseli Tümer-Alkan and Yuejuan Yu), mimeo.
"Managerial Overconfidence and Access to Funding: Do Banks Help Managers to Avoid Investment Mistakes?" (with Regina Opaleva), mimeo.
"The Fire-Sale Channels of Universal Banks in the European Sovereign Debt Crisis" (with Giulio Bagattini and Patrick Weber), Deutsche Bundesbank Discussion Paper 43/2019.
"Are Some Banks Structurally Prone to Borrow from the Euro Area's Overnight Lender-of-The-Last-Resort Facility?" (with Patrick Weber), mimeo.
"Collateral, Central Bank Repos, and Systemic Arbitrage" (with Kjell Nyborg, Jörg Rocholl, and Jiri Woschitz), mimeo.
"A Theory of the Boundaries of Banks with Implications For Financial Integration and Regulation" (with Roman Inderst and Sebastian Pfeil), mimeo. (Second Round at Financial Management)
"Information Transmission between Banks and the Market for Corporate Control" (with Christian Bittner, Melissa Pala and Farzad Saidi), Journal of Financial Economics, accepted for publication.
"A dealer’s funding liquidity risk and its money market trades in the 2007/08 crisis", (with Stefan Reitz and Patrick Weber), Journal of Financial Stability, 2024, Vol. 75.
"Who borrows from the Eurosystem's lender-of-the-last-resort facility?" (with Patrick Weber), Journal of Banking and Finance, 2023, Vol. 150.
"Cross-Border Interbank Liquidity, Crises, and Monetary Policy" (with Puriya Abbassi, Falk Bräuning, and José-Luis Peydró), Journal of International Economics, 2022, Vol. 139.
"Private value of central bank liquidity and Banks’ bidding behavior in variable rate tender auctions", (with Patrick Weber), Journal of Banking and Finance, 2022, Vol. 136.
"Fear, Deposit Insurance Schemes, and Deposit Reallocation in the German Banking System" (with Stefan Thum and Patrick Weber), Journal of Banking and Finance, 2019, Vol. 105, pp. 151-165.
"Dealer behaviour in the Euro money market during times of crisis" (with Stefan Reitz) Applied Economics. 2019, Vol. 50, No. 48, pp. 5204-5219.
"Is proprietary trading detrimental to retail investors?" (with Andreas Hackethal and Yigitcan Karabulut), Journal of Finance, 2018, Vol. 73, No. 3, pp. 1323-1361.
"Variation in Market Liquidity and the Intraday Interest Rate" (with Puriya Abbassi and Johannes Tischer), Journal of Money, Credit, and Banking, 2017, Vo. 49, No. 4, pp. 733-765.
"Relationship Lending in the Interbank Market and the Price of Liquidity" (with Falk Bräuning), Review of Finance, 2017, Vol. 21, No. 1, pp. 33-75.
"The Role of Interbank Relationships and Liquidity Needs" (with Ben Craig and Günseli Tümer-Alkan), Journal of Banking and Finance, 2015, Vol. 53, pp. 99-111.
"The dark and the bright side of liquidity risks: Evidence from open-end real estate funds in Germany” (with Michael Wedow), Journal of Financial Intermediation, 2014, Vol. 23, No. 3, pp. 376-399.
"Financial Integration, Specialization, and Systemic Risk" (with Hans Peter Grüner and Philipp Hartmann), Journal of International Economics, 2012, Vol. 88, pp. 150-161.
"The Price of Liquidity: The Effects of Market Conditions and Bank Characteristics" (with Kjell Nyborg and Jörg Rocholl), Journal of Financial Economics, 2011, Vol. 102, No. 2, pp. 344-362.
"The marketability of bank assets, managerial rents and banking stability" (with Wolf Wagner), Journal of Financial Stability, 2009, Vol. 5, No. 3, pp. 272-282.
"Banks, Markets, and Efficiency" (with Antoine Martin), Annals of Finance, 2008, Vol. 5, No. 2, pp. 131-160.
"Financial Intermediaries, Markets, and Growth" (with Kevin Huang and Antoine Martin), Journal of Money, Credit and Banking, 2008, Vol. 40, No. 4, pp 701-720.
"Liquidity Management and Overnight Rate Calendar Effects: Evidence from German Banks" (with Kjell G. Nyborg and Jörg Rocholl), North American Journal of Economics and Finance, 2008, Vol. 19, No. 1, 7-21.
"Limits to International Banking Consolidation" (with Hans Peter Grüner), Open Economies Review, 2008, Vol. 19, No. 5, pp. 651-666.
"Open End Real Estate Funds in Germany- Genesis and Crisis" (with Christina Bannier and Marcel Tyrell), 2008, Kredit und Kapital, Nr. 1/08, pp. 9-36.
The Eurosytem Money Market Auctions: A Banking Perspective" (with Ben Craig), Journal of Banking and Finance, 2007, Vol. 31, No. 9, pp. 2925-2944.
"On the Stability of Different Financial Systems", Journal of the European Economic Association, 2004, Vol. 2, No. 6, pp. 969-1014.
Theory of Financial Intermediation and Microeconomics of Banking
Liquidity Crises and Liquidity Provision
Open Market Operations and Interbank Markets
Economics of Payment Systems
Financial Regulation and Bail Out Policies
My CV