Papers

Published and forthcoming papers


Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?

with Erica Jiang, Tomasz Piskorski, and Amit Seru

Journal of Financial Economics, Accepted


   Searching for Approval

with John Grigsby, Ali Hortacsu, Amit Seru, and Vincent Yao

Econometrica, Forthcoming 


Aggregate Lending and Modern Financial Intermediation: Why Bank Balance Sheet Models are Miscalibrated

with Greg Buchak, Amit Seru, and Tomasz Piskorski

NBER Macroeconomics Annual, Forthcoming


Arbitration with Uninformed Consumers

with Mark Egan and Amit Seru

Review of Economic Studies, Accepted 


Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy

with Greg Buchak, Tomasz Piskorski, and Amit Seru

Journal of Political Economy, (2024), v.132(2), pp. 337-721


When Harry Fired Sally: The Double Standard in Punishing Misconduct

with Mark Egan and Amit Seru

Journal of Political Economy, (2022) , v. 130(5), pp. 1184 – 1248

Media Coverage

Download: Financial Adviser Data

NBER Research Summary "The Labor Market for Financial Misconduct"

NBER Household Finance Working Group Report


Shadow Bank Distress and Household Debt Relief: Evidence from the CARES Act

with Susan Cherry, Erica Jiang,Tomasz Piskorski, and Amit Seru

AEA Papers and Proceedings, (2022), v.112, pp.509-515


Government and Private Household Debt Relief during COVID-19

with Susan Cherry, Erica Jiang,Tomasz Piskorski, and Amit Seru

Brookings Papers on Economic Activity: Fall 2021, pp. 141-199


The Market for Financial Adviser Misconduct

with Mark Egan and Amit Seru

Journal of Political Economy, (2019), v.127(1), pp. 233–295

Policy Impact

Media Coverage

Download: Financial Adviser Data

NBER Research Summary "The Labor Market for Financial Misconduct"

NBER Household Finance Working Group Report


Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks

with Greg Buchak, Tomasz Piskorski, and Amit Seru

Journal of Financial Economics, (2018), v.130(3), pp.453-483 (Lead Article)

Jensen Prize (Second Prize)

Download: Lender Classification Data


Financial Market Frictions and Diversification

with Amit Seru and Rui Silva

Journal of Financial Economics, (2018), v.127(1), pp. 21-50


Selling Failed Banks

with Joao Granja and Amit Seru

Journal of Finance, (2017), v.72(4), pp.1723-1784


Deposit Competition and Financial Fragility: Evidence from the US Banking Sector

with Mark Egan and Ali Hortacsu

American Economic Review, (2017), 107(1), pp. 169-216


Advertising Expensive Mortgages

with Umit Gurun and Amit Seru

Journal of Finance, (2016), v.71(5), pp. 2371-2416

NBER Household Finance Working group Report


Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?

with Zhiguo He

Management Science, (2016), v.62(2), pp. 303-325


Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates

with Amit Seru

Review of Financial Studies, (2014), v.27(4), pp. 1143-1189.


Renegotiation Design: Evidence from NFL roster bonuses

Journal of Law and Economics, (2014), v. 57, pp. 387-430


Estimating the Benefits of Contractual Completeness

Review of Financial Studies, (2013), v.26(11), pp. 2798-2844.

 

Indirect Costs of Financial Distress in Durable Goods Industries The Case of Auto Manufacturers

with Ali Hortaçsu, Chad Syverson and Sriram Venkataraman

Review of Financial Studies, (2013), v.26(5), pp. 1248-1290.


Is an Automaker’s Road to Bankruptcy Paved with Customers’ Beliefs?

on-line appendix

with Ali Hortaçsu, Chaehee Shin, Chad Syverson and Sriram Venkataraman

American Economic Review, Papers and Proceedings, v.101(3), May 2011, pp. 93-97.


Heterogeneity and Peer Effects in Mutual Fund Proxy Voting

with Michael Ostrovsky

Journal of Financial Economics, v.98(1), October 2010, pp. 90-112.


Cross-Ownership, Returns and Voting in Mergers

with Michael Ostrovsky

Journal of Financial Economics, v.89(3), September 2008, pp. 391-403.



Working Papers

Why is Intermediating Houses so Difficult? Evidence from iBuyers.

Revise and Resubmit, Journal of Political Economy

with Greg Buchak, Tomasz Piskorski, and Amit Seru

Last Version: December 2020


Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening?

with Erica Jiang, Tomasz Piskorski, and Amit Seru

Last version: April 2023


U.S. Bank Fragility to Credit Risk in 2023: Monetary Tightening and Commercial Real Estate Distress

with Erica Jiang, Tomasz Piskorski, and Amit Seru

Last version: April 2023

 

Banking Without Deposits: Evidence from Shadow Bank Call Reports

with Erica Jiang,Tomasz Piskorski, and Amit Seru

Last version: September 2023