Ongoing Research

Working Papers (under review)

Corporate Runs and Credit Reallocation, joint work with Elena Carletti, Filippo De Marco, and Enrico Sette -- Revise & Resubmit, Journal of Finance.
- This study shows that banks' corporate clients run as soon as the bank's impending distress becomes public and they run on both sides of the bank's balance sheet (deposits & loans). While destabilizing for the distressed banks, these runs carry positive spillover effects on other banks.

(In)dependent Central Banks, joint work with Sotirios Kokas, Thomas Lambert, and Alex Michaelides. -- Revise & Resubmit, Journal of Financial Economics.
- This study shows that institutional reforms to improve central bank independence are not followed by more independent central bank governor appointments-- if anything, governor appointments have become more political as central bank operational independence increased.

Corporate Pension Risk-Taking in a Low Interest Rate Environment , joint work with Roberto Pinto and Zexi Wang. -- Revise & Resubmit, Management Science.
- This study shows that when interest rates dropped after the GFC, over 40% of US corporate DB pensions plans targeted a 20% funding deficit and opted for riskier asset allocations. A regulatory change in the pension liabilities discount rate, which exogenously boosted pension funding ratios and reduced their sensitivity to changes in monetary policy, led to a significant reduction in pension risk-taking.

China's Savings Glut and Investors Hunt for Safe Assets, joint work with Angela Gallo and Nicole Gao.
- This study shows that part of the surge in the popularity of wealth management products (WMPs) in China in recent years, aimed to meet the Chinese retail investors’ excess demand for safe assets. We find that government guarantees enable the production of private safe assets by the banking sector.

"Stung into Action? Cyber Risk Management After a Breach", with Emina Ademovic and Thomas Mosk.

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