Published Papers

55. Intermediary Balance Sheet Constraints, Bond Mutual Funds' Strategies, and Bond Returns (with Chotibhak (Pab) Jotikasthira, Andreas Rapp, and Martin Waibel), Journal of Finance, conditionally accepted

ECB Macroprudential Conference Policy Panel Presentation 

54. Central Bank Liquidity Reallocation and Bank Lending: Evidence from the Tiering System (with Carlo Altavilla, Miguel Boucinha, Lorenzo Burlon, and Julian Schumacher), Journal of Financial Economics  168-104058, 2025

Link to longer version with internet appendix

Video of my presentation at the ECB and its Watchers Conference

53. Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market (with Yeejin Yang), Management Science 71-3, 2289-2310, 2025.

Longer version with internet appendix

52. Bond Price Fragility and the Structure of the Mutual Fund Industry (with Chotibhak (Pab) Jotikasthira), Review of Financial Studies 37- 7, 2063–2109, 2024.

Longer version with internet appendix

51. Sustainability or Performance? Ratings and Fund Managers’ Incentives (with      Nickolay Gantchev and Rachel Li), Journal of Financial Economics 155,  103831, 2024

Working paper version with internet appendix

China International Conference in Finance, Best Paper Award, 2022

My presentation at the LSE/FMG Conference in Honor of Sir Oliver Hart on Shareholder Preferences and Shareholder Democracy 

A blog post summarizing the paper's findings for the United Nations' Principles for Responsible Investment  

Semifinalist FMA 2021 Investment Best Paper Award

50. Trade Credit and the Stability of Supply Chains (with Nuri Ersahin and Ruidi Huang) Journal of Financial Economics 155, 103830, 2024 

Longer version with internet appendix

An easy-to-read synopsis of the paper

49. Supply Chain Risk: Changes in Supplier Composition and Vertical Integration (with Nuri Ersahin and Ruidi Huang), Journal of International Economics 147, 103854, 2024.

Link to longer version with Internet Appendix and full validation analysis

Data including the supply chain risk index

A column for the Oxford Business Law Blog

Featured in the Brookings Hutchins Roundup

48. Production Networks and Trade Credit. Research Handbook of Alternative Finance, Edited by  Franklin Allen and Meijun Qian, Edward Elgar Publishing Ltd, pp.31-48, 2024

47. Trade Credit and the Transmission of Unconventional Monetary Policy (with Manuel Adelino, Miguel Ferreira, and Pedro Pires), Review of Financial Studies, 36-2. 775-313, 2023.

Link to the working paper version including internet appendix

46. Public Attention to Gender Equality and Board Gender Diversity (with Tracy Wang), Journal of Financial and Quantitative Analysis, 58-2, 485-511, 2023. (Lead Article).

A n interview on the paper:  https://faculti.net/public-attention-to-gender-equality-and-board-gender-diversity/

Read a column on Columbia Law School Blog

and Tracy's interview on the paper

Referenced in Mirage News

Featured by AACSB International—The Association to Advance Collegiate Schools of Business 

45. Is there a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms (with Carlo Altavilla, Lorenzo Burlon and Sarah Holton), Journal of Financial Economics, 144-3, 885-907, 2022. 

 Ken Rogoff discussing the paper

 A brief interview on the paper

A column on VOXEU

My interview on Euromoney on NIRP and this paper

Featured on Central Banking, Bloomberg, Financial Times, the Brookings Blog, EconReporter, the Telegraph,  Action Forex, Natixis market report, El Boletin, FXMAG (Polish), Okasan Asset Management (Japanese), and  FNTimes (Korean), Bank of Greece Chief Economist's Speech and many others

44. Does Money Talk? Divestitures and Corporate Environmental and Social Policies  (with Nickolay Gantchev and Rachel Li), Review of Finance, 26-6, 1469–1508, 2022 (Special Issue on Sustainable Finance) 

A column on Harvard Law School Forum

A column on Voxeu.org and the World Economic Forum

ECGI Featured Paper

A short presentation of the paper, a longer one, and another one

Semifinalist FMA 2020 Corporate Finance Best Paper Award

43. Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry (with Ramin Baghai and Ivika Jäger), Journal of Financial and Quantitative Analysis, 57-5, 1771–1804, 2022.

Read a column on Duke University's FinReg Blog

My presentation at the 4th Annual Conference of the European Systemic Risk Board

42. Cheap Trade Credit and Competition in Downstream Markets (with Nicolas Serrano-Velarde and Emanuele Tarantino), Journal of Political Economy, 129-6, 1744-1796, 2021

Link to the working paper version including internet appendix

41. The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism (with Nickolay Gantchev), Review of Financial Studies, 34-12, 5629–5675, 2021

Link to SSRN version including internet appendix

Cited in the SEC public statement on the new procedural requirements for submitting shareholders proposals 

Referenced on the Washington Post and MarketWatch

Cited in the Statement on Proposals to Restrict Shareholder Voting by SEC Commissioner J. Jackson Jr

and in the Statement of Chairman J. Clayton on Proposals to Enhance the Accuracy, Transparency and Effectiveness of our Voting System

Norges Bank Investment Management Perspective on Shareholder Proposals 

ECGI featured paper

Read a column on Oxford Law Blog

40. Uncertainty, Access to External Finance, and Firm Precautionary Behavior (with Giovanni Favara and Janet Gao), Journal of Financial Economics, 141-2, 436-453, 2021.

Link to the working paper version with internet appendix

Cited in Small businesses in times of distress, JPMorgan Chase Research

39. The Externalities of Corruption: Evidence From Entrepreneurial Activity in China (with Guanmin Liao, Jiaxing You, and Xiaoyun Yu), Review of Finance, 25-3, 629–667, 2021

Winner of the Pagano-Zechner Prize for the best corporate finance paper published in the Review of Finance

Link to SSRN version including internet appendix

Read a column on the paper on Voxeu.org

Paper quoted on Bloomberg News; South China Morning Post; The Straits Times; Polyestertime; Special Economy

A video in which I discuss the paper

38. Adapting to Radical Change: The Benefits of Short-Horizon Investors (with Xiaoyun Yu), Management Science, 67(7):4032-4055, 2021.

Link to SSRN version including internet appendix

Featured on Institutional Investor: ‘An Antidote to Economic Sclerosis’ — Short-Term Investors Aren't All Bad, Study Finds

The Times of London: Sometimes investors are wise to put short-term interests first

Read a column on this paper on Oxford University Business Law Blog and

Columbia Law School Blue Sky Blog; and an article on Institutional Money

37. Costs and Benefits of Financial Conglomerate Affiliation: Evidence from Hedge Funds  (with Francesco Franzoni), Journal of Financial Economics, 134-2, 355-380, 2019.

Referenced on Opalesque

36. Shock Propagation and Banking Structure (with Farzad Saidi), Review of Financial Studies, 32-7, 2499-2540, 2019 (Lead Article)

        Editor’s Choice

35. Board Ancestral Diversity and Firm Performance Volatility (with Mengxin Zhao), Journal of Financial and Quantitative Analysis, 54-3, 1117-1155, 2019.

Winner ECGI Standard Life Investments Finance Prize

An interview on the paper 

And another one

34. Changing Corporate Governance Norms: Evidence from Dual Class Shares in the U.K. (with Fabio Braggion), Journal of Financial Intermediation, 37-1, 15-27, 2019.

33. Open-end Organizational Structures and Limits to Arbitrage (with Bige Kahraman), Review of Financial Studies, vol 31-2, 773-810, 2018 

Paul Woolley Centre for Capital Market Dysfunctionality Annual Conference Best Paper Award, Runner Up

Read a column on this paper on VoxEU.org and an article circulated on Nasdaq Global News Wire, Yahoo Finance, Opalesque,  HedgeWeek, PrWeb, Institutional Asset Manager, CEF Connect,  valuespectrum.com, WealthAdviser

32. Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market (with Giovanni Favara), Journal of Finance, 72-3, 1081-1118, 2017.

Read a column on this paper on VoxEU.org

also referenced by the World Economic Forum, the Economist's View (on April 24, 2015), Tip News  

31. Information Sharing and Rating Manipulation (with Jose Liberti and Jason Sturgess), Review of Financial Studies, vol. 30-9, 3269–3304, 2017. 

SSRN version with Internet Appendix with a number of additional results discussed in the paper

A presentation of the paper in Utah

30. Corporate Scandals and Household Stock Market Participation (with Tracy Wang), Journal of Finance, vol. 71-6, 2591-2636, 2016.

SSRN version with Internet Appendix with a number of additional results discussed in the paper

Read a few columns on this paper:

The Harvard Law School Forum on Corporate Governance and Financial Regulation

LSE Business Review

Squared Away -- Financial Behavior: Work, Save, Retire (Boston College, Center for Retirement Research)

 MoneyLife

 Cited in Keynote address by SEC Commissioner Kara M Stein May 2014

29. Local Ownership, Crises, and Asset Prices:  Evidence from U.S. Mutual Funds (with Luc Laeven), Review of Finance, vol. 20-3, p. 957-978, 2016.

28. The Brain Gain of Corporate Boards: Evidence from China (with Guanmin Liao and Xiaoyun Yu), Journal of Finance, vol.70-4, p. 1629-1682, 2015 

Winner of the Sun Yefang Financial Innovation Award, 2016

SSRN version with Internet Appendix with a number of additional results discussed in the paper     

 Read a few columns on this paper: 

 Voxeu.org 

 Harvard Law School Forum on Corporate Governance and Financial Regulation

27. Economic Development and Relationship-Based Financing (with Xiaoyun Yu), Review of Corporate Finance Studies, vol. 4-1, p. 69-107, 2015.

26. Compensation and Competition for Talent: Evidence from the Financial Industry (with Daniel Metzger), Finance Research Letters, vol. 12 p. 11-16, 2015.

25. On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings (with Nuno Fernandes), Journal of Financial Intermediation, vol. 23-2, p.157-176, 2014 (Lead Article) 

Winner of the Award for the Most Significant JFI Paper in 2014

24. Investors' Horizons and the Amplification of Market Shocks (with Cristina Cella and Andrew Ellul), Review of Financial Studies, vol. 26-7, p. 1607-1648, 2013. (Lead Article)

SSRN version with Internet Appendix with a number of additional results discussed in the paper   

Read a column on the paper on Voxeu.org

23. On the Real Effects of Bank Bailouts: Micro-Evidence from Japan (with Andrei Simonov), American Economic Journal: Macroeconomics, vol. 5-1, p. 135-67, 2013.

Read a column on the paper on Voxeu.org

Read a Bloomberg column citing the paper 

An article referring to our paper in the context of the Euro crisis

22. The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises (with Luc Laeven), Journal of Financial Economics, vol. 104-1, p. 23-43, 2012

Read commentary on the Harvard Law School Forum on Corporate Governance and Financial Regulation “The Flight Home Effect”

21. Flight Home, Flight Abroad and International Credit Cycles (with Luc Laeven), American Economic Review vol.102(3): 219–224, 2012

20. Do Cultural Differences Between Contracting Parties Matter?  Evidence from Syndicated Bank Loans (with Yishay Yafeh), Management Science, vol. 58-2, p.365-383, 2012.

 Working paper version with more extensive robustness http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1204202.

19. 'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets (with Steven Ongena), Journal of International Economics, vol. 86-1, 167-180, 2012.

18. Is Pay a Matter of Values?, (with Renee B. Adams), International Review of Finance, (Special Issue on Corporate Governance and the Crisis) vol. 12:2, pp. 133–173, 2012. 

17. What You Sell Is What You Lend? Explaining Trade Credit Contracts (with Mike Burkart and Tore Ellingsen), Review of Financial Studies vol. 24-4, 1261-1298, 2011. 

Ranked top 1% for citations among all papers published in Business and Finance during 2010-2014 (Web of Science)

16. Serial CEO Incentives and the Structure of Managerial Contracts, Journal of Financial Intermediation, vol. 20-4, 633-662, 2011.

15. Liquidity Constraints and Occupational Choice, Finance Research Letters, 8, 37-44, 2011.

14. Investor Protection, Equity Returns, and Financial Globalization (with Yrjo Koskinen), Journal of Financial and Quantitative Analysis, vol. 45-1, 135-168, 2010.

Cited in Norges Bank Investment Report on Equity investment #6-2012

13. Pension Reforms, Ownership Structure and Corporate Governance: Evidence from a Natural Experiment (with Luc Laeven), Review of Financial Studies, vol. 22-10, 4091-4127, 2009.

Read commentary “Pension funds and corporate governance: shareholder discipline or entrenchment of control?” on Voxeu.org

12. Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets (with Steven Ongena), Review of Finance, vol. 13, 181-223, 2009. (Lead article)

    Read a column by Torsten Beck quoting this research "How Banks Can Help to Move from Dictatorship to    Democracy" 

11. Fighting for Talent: Risk-Taking, Corporate Volatility, and Organizational Change (with Guido Friebel), Economic Journal, vol. 119-540, 1344-1373, 2009.

Read an article on This is Money (UK) reviewing this paper in connection to the 2008 financial crisis 

10. Social Interactions and Entrepreneurial Activity (with Andrei Simonov), Journal of Economics and Management Strategy, vol. 18-3, 665-709, 2009.

Read a commentary by Robert J. Shiller referencing this paper: “The Culture of Entrepreneurship”

9. Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency, Journal of Financial Intermediation, vol. 16, 32-63, 2007.

8. Which Investors Fear Expropriation? Evidence from Investors’ Portfolio Choices (with Andrei Simonov), Journal of Finance, vol. 61-3, 1507-1547, 2006.

Cited in Norges Bank Investment Report on Equity investment #6-2012

7. On the Determinants of Entrepreneurial Activity: Individual Characteristics, Economic Environment, and Social Norms (with Andrei Simonov), Swedish Economic Policy Review (Special Issue on Entrepreneurship and Self-Employment), vol. 11-2,  269-313, 2004.

6. Do better institutions mitigate agency problems? Evidence from corporate finance choices,  Journal of Financial and Quantitative Analysis, vol. 38-1, 185-212, 2003.

5. Bank-Firm Relationships and Contagious Banking Crises, Journal of Money, Credit and Banking, vol. 35-2, 239-261, 2003.

4. On the mechanics of migration decisions: skill complementarities and endogenous price differentials, Journal of Development Economics, vol. 71-2, 329-349, 2003.

3. The effects of integration on regional disparities: convergence, divergence or both?, European Economic Review, vol. 46-3, 539-567, 2002.

2. Complementarities and migration decisions, Labour, vol.15-1 1-32, 2001. (Lead article)

1. Bank-firm customer relationships and existence of a main bank, Giornale degli         Economisti e Annali di Economia, vol. 55-4, 515-536, 1996 (undergraduate thesis).