Publications

Selected Publications

• (Why) Do Central Banks Care About Their Profits? 

Co-authors: Igor Goncharov and Martin Schmalz  

Journal of Finance, 2023, 78(5), pp. 2991-3045.

• Media: The Economist, May 7 2020

• Collateral Requirements and Adverse Selection in Lending Markets

Co-authors: Nicola Pavanini and Yushi Peng 

Journal of Financial Economics, 2022, 14(1).

• Banks as Patient Lenders: Evidence from a Tax Reform

Co-authors: Elena Carletti, Filippo De Marco, and Enrico Sette

Journal of Financial Economics, 2021,  vol. 141(1), pp. 6-26. 

• Editor's Choice, July 2021

• How do Laws and Institutions Affect Recovery Rates on Collateral? 

Co-authors: Hans Degryse, Jose Liberti, and Jason Sturgess

Review of Corporate Finance Studies, 2020, vol. 9(1), pp. 1-43.  

• Best Paper Award at RCFS & Editor's Choice

• Summary on Harvard Law School, Bankruptcy Roundtable

• Foreigners vs. Natives: Bank Lending Technologies and Loan Pricing

Co-authors: Thorsten Beck and Larissa Schafer

Management Science, 2018, vol. 64(8), pp. 3792-3820.

• Summary on VOX

• On the Non-Exclusivity of Loan Contracts: An Empirical Investigation

Co-authors: Hans Degryse and Erik von Schedvin

Management Science, 2016, vol. 62(12), pp. 3510-3533.

• Reexamining the Empirical Relation between Loan Risk and Collateral: The Role of Collateral Types and Characteristics

Co-authors: Allen Berger and Scott Frame

Journal of Financial Intermediation,  2016, pp. 28-46.

• Monetary Policy, Risk-Taking, and Pricing: Evidence from a Quasi-Natural Experiment 

Co-authors: Steven Ongena and José Luis Peydró

Review of Finance, 2015, vol. 19(1), pp. 95-144.

[Summary on VOX]

• Tests of Ex Ante versus Ex Post Theories of Collateral using Private and Public Information 

Co-authors: Allen Berger and Scott Frame

Journal of Financial Economics, 2011, vol. 100, pp. 85-97.

[Summary on Harvard Law Forum on Corporate Governance and Financial Regulation]

• Time for a Change: Loan Conditions and Bank Behavior When Firms Switch Banks

Co-authors: Steven Ongena

Journal of Finance, 2010, vol. 65, pp. 1847-1878.

• Deposit Insurance and Bank Risk-Taking: Evidence from Internal Loan Ratings

Co-authors: Fabiana Penas

Journal of Financial Intermediation, 2010, vol. 19(1), pp. 95-115.

• Do High Interest Rates Defend Currencies During Speculative Attacks? New Evidence 

Co-authors: Benedikt Goderis

Journal of International Economics, 2008, vol. 74(1), pp. 158-169.

• Does Monetary Policy Affect the Central Bank's Role in Bank Supervision?

Journal of Financial Intermediation, 2005, vol. 14(1), pp. 58-85.