Assistant Professor of Finance, UCSD Rady School of Management, 2007-present
Visiting Assistant Professor of Finance, Imperial College Business School, 2010-2011
Phone: +44 (0) 207 594 9655
Contact in 2010/2011:
Imperial College Business School
Imperial College, London
Tanaka Building, A279
South Kensington Campus
London SW7 2AZ, UK
Princeton University, Ph.D. in Economics, 2002-2007
Ecole Polytechnique, B.S., 1999-2002
Financial Intermediation, Corporate Finance, International Finance
The competition between banks propagates and amplifies shocks through adverse feedback loops on the liability and asset sides of banks. We characterize how the central bank can mitigate the vulnerability of the economy through a bank lending channel (interest-rate policy) or direct interventions in the banking sector (balance-sheet policies).
Industries with small firms (compared to industries with large firms) raise more market finance (relative to intermediated) in the UK than in Italy or Spain. Using a structural model, this implies that the cost of market finance (relative to intermediated finance) is lower in the UK than in Italy or Spain. In particular, the model controls for financing frictions and endogenous firm sizes and shows that industries with small ﬁrms raise disproportionately more market ﬁnance (relative to intermediated ﬁnance) in countries with a lower relative cost of market ﬁnance.
The risk-taking by entrepreneurs and the demand for risky securities by risk-neutral fund managers are mutually reinforcing: risk-neutral fund managers benefit more from the upside of risk than risk-averse investors and they induce more risk-taking. A high supply of risky assets with low risk premium takes place when the aggregate risk-aversion is low.
This paper analyzes the qualitative and quantitative determinants of ﬁrm size heterogeneity using firm-level data over 3.3 million ﬁrms from 23 countries in Europe in 2003. We present a simple theory of the ﬁrm in which ﬁrm size dispersion increases with goods substitutability, with external investors risk-tolerance and labor market ﬂexibility.
Globalization, Industrial Structure and the Direction of Financial Flows
The Stability of the Interbank Market
Heterogeneous banks and the persistence of liquidity shocks.
Heterogenous Firm Growth, with Laurent Bach and Romain Rancière
Investment Behavior during a Financial Crisis: Evidence from International Equity Funds, with Harald Hau, Joel Peress, Massimo Massa and Hélène Rey