Journal of Corporate Finance(2025), 102812 - with B. Qiu. Featured in Money Stuff, Matt Levine, 2024.
Journal of Financial Intermediation (2025), 101150 - with A. Berger, C. Bouwman, L. Norden, R. Roman, and G. Udell
Journal of Political Economy, (2024), 132(2), 484-551. - with A. Berger, C. Bouwman, L. Norden, R. Roman, and G. Udell
Management Science (2019) - solo-authored
Journal of Financial and Quantitative Analysis (2018), 53(3), pp.1341-1370. - with B. Qiu
Journal of Financial and Quantitative Analysis (2013) 48(5), 1635-1662, - with L. Norden, and P. Roosenboom
Journal of Corporate Finance (2020), 60, 101512, - with L. Norden and G. Udell
Journal of Banking and Finance, (2021): 125, 106069 - solo-authored
Journal of Financial Stability, (2021): 53, 100855 - with D. Liu, and B. Qiu
Journal of Banking and Finance (2016), 63, 25-34, - with L. Norden, and P. Roosenboom
Harvard Business Law Review, (2021) 11, 1-26. - with A. Law and B. Qiu
in Franklin Allen, Meijun Qian, and QJ Qian (ed.),
Research Handbook on Alternative Finance (forthcoming) - with J. Jou and L. Li
Small Business Lending
in Allen N. Berger, Philip Molyneux, and John O. S. Wilson (ed.),
The Oxford Handbook of Banking, 4th edition, (forthcoming) - with L. Norden
Coming Up Soon!
How Private Equity Fuels Non-Bank Lending - with S. Haque and S. Mayer
Review of Financial Studies, Revise and Resubmit
OFR Rising Scholars Conference, ITAM Finance Conference, HEC Paris; FRB System Banking Conference; 15th PERC Symposium UNC; 12th Tau Finance Conference; Copenhagen Business School; Paris December Conference
Two recent capital market trends are (i) the rise of private equity (PE) and leveraged buyouts (LBOs), and (ii) the growing participation of non-bank financial intermediaries in credit markets. Can private equity fuel non-bank lending? In this paper, we find that PE-backed loans are associated with lower active bank monitoring, lower loan shares retained by the lead arranger, and more loan sales to non-bank financial intermediaries (e.g., CLOs). Importantly, a loan’s PE backing allows banks to retain less skin-in-the game and to sell greater loan shares after origination. With the rise of PE financing, information production in private markets shifts from banks toward PE investors.
“If You Don’t Know Me by Now... Information Collection by Banks in Lending to Private Firms - with S. Claessens and S. Ongena
Swiss Finance Institute Research Paper No. 23-01, American Economic Association Annual Meetings, the EEA Meetings, the European Central Bank, the NFA Conference, and the 7th Conference on the Future of Financial information (INSEAD), the Federal Reserve System Committee Meeting on Financial Institutions, Regulation and Markets, Banking and Finance Workshop (Tokyo), the BIS, Federal Reserve Board, Federal Reserve Bank of Kansas City, University of Texas at Arlington.
What is in banks’ private information about borrowers, and how does it form over time? In this paper, we identify two key dimensions of private information embedded in banks' evaluation of borrowers: incongruity, banks’ assessment of firm risk relative to one based on observables, and unfavorability, a worse assessment. We show that Incongruity and unfavorability have significant implications on corporate loan terms.
Bank Lending to Nonbanks: A Robust Channel Fueled by Constrained Capital? - with J. Krainer and F. Vaghefi
IMF, IBEFA Summer Conference, FDIC Bank Research Conference 2024, European Economic Association Annual Meetings, Bank of Ireland Financial System Conference, Federal Reserve Bank of Dallas- CEMLA Annual Research Conference.
The nonbank sector, including fintech firms, has experienced significant growth lately, and a major driving force behind this growth has been financing from banks. The increase in bank funding to nonbanks raises policy concerns because of the inherent fragility at the nonbanks due to their lack of access to low-cost deposits and vulnerability to the runs. Is funding from banks a reliable source for nonbanks? And does bank regulation push risk to the shadows? This paper finds that bank lending to nonbanks is resilient, even in times of distress. Interestingly, nonbanks relying on bank funding continued lending to the economy and avoided loan sales during times of stress, indicating their reliability as financial intermediaries.
Credit Union Expansion and Bifurcation in Local Bank Lending - with J. Chen, T. Zhang, and R. Ramcharan
Federal Reserve System Committee Meeting on Banking, Federal Reserve Board, University of Wyoming, FDIC Banking Research Conference, Federal Reserve Community Banking Research Conference, American Finance Association Annual Meetings 2026.
In the U.S., credit unions are often a pivotal competitor to regional banks. In this paper, we ask the question: can competition from credit unions help improve consumer welfare? This paper provides comprehensive, multi-dimensional evidence that ranges from credit supply to loan fees and charges and shows that consumer credit markets become more segmented geographically after a NCUA's regulatory reform, which ultimately improves lending outcomes in the local and underserved community.
with I. Hansan, J. Kong, D. Liu, and B. Qiu
Permanent Working Paper
Credit Rating and Corporate Lending, the Role of Bank Capital - with S. Claessens and A. Law
Bank for International Settlements Working Paper Series, 747