Research

My research is in corporate finance and broadly studies how capital is allocated when financing conditions, information, incentives, ownership, and institutional arrangements affect economic decisions. The research can be organised into three closely related themes. 

Corporate financing and investment 

A central theme in my research is the interaction between corporate financing and investment decisions. I study how capital structure, debt contracts, refinancing conditions, and financial constraints affect firms’ investment incentives, investment timing, and value creation. Much of this work takes a dynamic perspective, where financing and investment decisions evolve jointly over time. 

• Investment Lumpiness and Debt Overhang with X. Cui, J.Liu, and C. Zhang
  Working paper
  Examines how debt overhang affects firms’ choice between sequential and lumpy investment and thereby shapes real investment decisions.

• Subsidizing Uncertain Investments: The Role of Production Technology and Imprecise Learning with K. B. Grell
  Journal of Corporate Finance, 2025
  Studies how production technology and imprecise learning affect investment incentives and the effectiveness of investment subsidies under uncertainty.

• Dynamic Capital Structure with Callable Debt and Debt Renegotiations with  P.O. Christensen, D. Lando, and K.R. Miltersen
  Journal of Corporate Finance, 2014
  Develops a dynamic capital structure model in which callable debt and renegotiation shape firms’ financing choices and debt policy over time.

Information, incentives, and uncertainty

I study how information problems, incentive conflicts, and uncertainty affect financial decisions and contractual arrangements. A particular interest is how decisions change when information is strategically provided, imperfectly credible, or inherently imprecise.

• Information Sharing with Blockchain
  Research Policy, 2026
  Examines when blockchain can facilitate information sharing between firms when the technology can secure recorded information but cannot ensure truthful reporting.

• Private Equity Acquisitions under Innovation Ambiguity and Risky Exit Conditions
  Finance Research Letters, 2026
  Studies how ambiguity about innovation outcomes and uncertainty about exit conditions affect private-equity acquisition decisions and value creation.

• Ambiguity and Debt Maturity
  Working paper
  Studies how ambiguity about future firm outcomes affects debt maturity choices when firms balance financing flexibility against refinancing and rollover risk.

Ownership and financial institutions

I study how ownership structures and financial institutions affect investment, financing, and the allocation of capital. This includes work on private equity and institutional investors as well as research on how financial institutions allocate scarce risk capacity across competing investments.

• Co-Investments in Private Equity: Do Investor Types Matter? with E. T. Jensen and A. Schandlbauer
  European Financial Management, 2025
  Examines how investor type matters for participation in and outcomes of private-equity co-investments.

• ESG and Institutional Ownership with M. Zhang
  Working paper
  Examines how institutional ownership relates to firms’ ESG policies and how governance incentives shape this relationship.

• Capital Requirements, Risk Capacity, and Dynamic Project Allocation
  Working paper
  Studies how capital requirements and limited risk capacity affect financial institutions’ dynamic allocation of capital across projects with different horizons.