Research
My research centers around financial constraints. I study the impact of financial constraints on the policies of industrial corporations, banks, and institutions, with a focus on their asset pricing implications.
The Sources of Financing Constraints (with B. Nikolov and L. Schmid), Journal of Financial Economics, Volume 139, Issue 2, February 2021, Pages 478-501.
Presentations: American Economic Association (2017), European Finance Association (2017), Society for Economic Dynamics (2017), Society for Economic Dynamics (2017), Swiss Finance Institute Research Meetings (2017), University of Lausanne (2018), University of Zurich (2018), BI Business School (2018), Western Finance Association (2018), NBER Summer Institute – Capital Markets (2018), University of Toronto (2018), University of Illinois Urbana-Champaign (2018), Erasmus University Rotterdam (2018), Federal Reserve Board (2019), Universitat Pompeu Fabra (2019), University of Luxembourg (2019), Nova Business School (2019), Warwick Business School (2019), Collegio Carlo Alberto (2019), Marstrand Finance Conference (2019), SFS Cavalcade (2019), University of St.Gallen (2019), University of Exeter (2019), University of Edinburgh Business School (2019), Tsinghua University (2019), Cheung Kong Graduate School of Finance (2019), Shanghai Advanced Institute of Finance (2019), University of Technology Sidney (2019), Australian National University (2019), University of Wisconsin-Madison (2019).
Dynamic Corporate Liquidity (with B. Nikolov and L. Schmid), Journal of Financial Economics, Volume 132, Issue 1, April 2019, Pages 76-102.
Presentations: American Finance Association (2014), European Finance Association (2014), FIRS (2014), Society for Economic Dynamics (2013), CEPR ESSFM Gerzensee - Corporate Finance Evening Sessions (2013), Summer Finance Conference at IDC Herzliya (2013), Workshop on Corporate Loans at London Business School (2014), Georgetown University – Economics Department (2015), Corporate Finance Theory Symposium in Cambridge (2015).
Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut (with A. Falato, D. Kadyrzhanova, and J. Sim), Journal of Finance, forthcoming
Presentations: Duke University, George Mason University, Stockholm School of Economics, University of Maryland, University of Massachusetts - Amherst, University of British Columbia, Georgia State University, the IMF, University of North Carolina, and conference participants at the annual meetings of the American Finance Association, Western Finance Association, CFEA, FIRS, Society for Economic Dynamics, NBER Capital Markets and the Economy, the CEPR Summer Symposium in Financial Markets, Minnesota Workshop on Macroeconomic Theory, conference on Corporate Finance of the Washington University in St. Louis.
Credit Market Equivalents and the Valuation of Private Firms (with N. Huether and L. Schmid)
Presentations: Financial Markets and Corporate Decisions - Swedish House of Finance (2019), Southern California Private Equity Conference (2020), Spring PERC Research Symposium in Oxford (2020, scheduled), Brandeis Long Term Asset Management Conference (2020, scheduled), Duke/UNC Entrepreneurship Conference (2020, scheduled), Western Finance Association (2020)
The Visible Hand when Revenues Stop: Evidence from Loan and Stock Markets during Covid19 with F. Koulischer and D. Pierret)
Presentations: European Central Bank.
Stressed Banks (with D. Pierret)
Presentations: Luxembourg School of Finance (2017), McGill University (2017), CRM Montreal Systemic Risk workshop (2017), ELTE Budapest workshop on Stress Testing and Capital Requirements (2017), Santiago Finance Workshop (2017), Danmarks Nationalbank (2017). Cambridge-Lausanne Finance Workshop (2018), 11th Swiss Winter Conference on Financial Intermediation (2018), 5th Empirical Financial Intermediation Research Network (2018), FEBS 2018 (2018), 35th Annual Conference of the French Finance Association (2018), BI Norwegian Business School (2018), European Central Bank (2018), Vienna Graduate School of Finance (2018), 4th IWH FIN FIRE Workshop on " Challenges to Financial Stability (2018), 1st Endless Summer Conference on Financial Intermediation and Corporate Finance (2018), 2018 Federal Reserve Stress Testing Research Conference (2018), IESE (2018), Showcasing Women in Finance (2018), Erasmus University Rotterdam (2018), Tel Aviv Conference on Systemic Risk and Macroprudential Policy (2018), European Banking Center Network (2019), BI Norwegian Business School (2019), Federal Reserve Board (2019), University of Luxembourg (2019), Bank of England (2019), VU Amsterdam (2019), Deutsche Bundesbank (2019), Marstrand Finance Conference (2019), Western Finance Association (2019), European System of Central Banks' Day‐Ahead Conference, Lisbon (2019), American Economic Association (2020).
Presentations: Duke Fuqua Lunch Seminar (2013), Universite' Laval (2013), HEC Lausanne - Swiss Finance Institute (2013), University of Pennsylvania – Wharton (2014), University of Southern California (2014), Boston University (2014), University of Minnesota (2014), Ohio State University (2014), INSEAD (2014), Warwick Business School (2014), Norwegian School of Economics (2014), European Winter Meeting of the Econometric Society (2014), Society for Economic Dynamics (2015), China International Conference in Finance (2015), American Finance Association (2016), FIRS (2016), University of Southern Denmark Finance Workshop (2018), University of Luxembourg (2018), COAP Conference London (2018), BI Norwegian Business School (2018), Vera Macro-Finance Workshop, Venice (2019), University of Toronto (2019).
Mind the Gap: The Market Price of Financial Flexibility [NEW] ((with F. Ippolito, C. Tebaldi and A. Villa).
Do Banks Compete on Non-Price Terms? Evidence from Loan Covenants (with R. Abuzov and C. Herpfer)
Presentations: European Finance Association (2020), American Finance Association (2021), Dublin workshop on Banking, Credit and Macroprudential Policy (2018), Atlanta FED (2018), Georgia Tech (2018), Empirical Financial Intermediation (EFI) Workshop (2019), MFA Annual Meeting (2020).
Budget-Constrained Procurement (with A. Belloni, G. Lopomo, and L. Marx)
Presentations: Stony Brook University (2013), University of California at San Diego (2014), Duke Economic Theory Lunch Seminar (2013), Duke Decision Sciences Lunch Seminar (2013), INFORMS (2014), ISNIE (2014), Collegio Carlo Alberto (2015), Bocconi University (2015), European University Institute (2015), IMPA (2015), Informs (2016), Yale University (2017), Georgetown University (2018), 16th SAET Conference on Current Trends in Economics (2018), Toulouse University (2018).
The Tortoise and the Snail: Reconciling the Evidence on Capital Structure Stability (with F. Ippolito and S. Sacchetto)
Presentations: SFS Cavalcade (2019).
Managerial Beliefs and the Cross-Section of Incentives and Compensation [NEW] (with B. Nikolov and L. Schmid)
Presentations: American Finance Association (2021).
Capital Requirements and Regulatory Arbitrage: A Quantitative Analysis (with D. Pierret) (work in progress)