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.
Presented: NBER, Corporate Finance, April 2024; FIRS, Berlin, May 2024; EFA, Bratislava, August 2024
(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.
Presented: NBER SI, Boston July 10, 2024
Media: VOX column; The Banker; Financial Times
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.
Presented: Barcelona Summer Forum, June 10 2024
Graduating from Group to Individual Loans, with the Help of Personal Guarantees , with Sheng Li, Mrinal Mishra, and Steven Ongena
"Cyber Security Investment of Firms: Theory and Evidence", Emina Ademovic, Toni Ahnert, Michael Brolley, David Cimon, Thomas Mosk, and Ryan Riordan