RESEARCH
(WORKING PAPERS/REFERRED PUBLICATIONS/POLICY PAPERS)
WORK IN PROGRESS
"Market Power in Banking" (with Agnese Leonello and Robert Marquez), prepared for the Annual Review of Financial Economics
"Common Owenership and Climate Lending" (with Anja Duranovic, Irene Monasterolo and Steven Ongena)
“The Interdependence between Capital and Liquidity” (with Agnese Leonello and Itay Goldstein)
REFEREED PUBLICATIONS
“Loan guarantees, bank underwriting policies and financial stability” (with Agnese Leonello and Robert Marquez), forthcoming, Journal of Financial Economics
“Banks as Patient Lenders: Evidence from an Italian Tax Reform” (with Filippo De Marco, Vasso Ioannidou and Enrico Sette), Journal of Financial Economics, 2021, 141, Issue 1, Pages 6-26
"Cover your Assets: Non-Performing Loans and Coverage Ratios in Europe", (with Alessi, Lucia & Bruno, Brunella, Neugebauer, Katja & Wolfskiel, Isabella ), Economic Policy. 2021, 36(108), 685-733
"The COVID-19 Shock and Equity Shortfall: Firm-Level Evidence from Italy" (With Tommaso Oliviero, Marco Pagano, Loriana Pelizzon, Marti G Subrahmanyam), The Review of Corporate Finance Studies, 2020. Volume 9, Issue 3, Pages 534–568.
“The Price of Law: The Case of the Eurozone Collective Action Clauses” (with Paolo Colla, Mitu Gulati and Steven Ongena), Review of Financial Studies, 2020. hhaa140.
“Improving Access to Banking: Evidence from Kenya” (with Franklin Allen, Robert Cull, Jun Qian, Lemma Senbet, and Patricio Valenzuela), Review of Finance, 2020. rfaa024.
“The Redistributive Effects of Bank Capital Regulation” (with Robert Marquez and Silvio Petriconi), Journal of Financial Economics. 2020, 136(3), Pages 743-759
“Supervisory Incentives in a Banking Union” (with Giovanni Dell’Ariccia and Robert Marquez), Management Science. 2020 Vol. 67, No. 1
“Credit Market Competition and Liquidity Crises” (with Agnese Leonello), Review of Finance. 2019. 23(5), Pages 855-892
"Government Guarantees and Financial Stability” (with Franklin Allen, Itay Goldstein and Agnese Leonello), Journal of Economic Theory, 2018, 177, 518-577
“The Economic Impact of Merger Control” (with Philipp Hartmann and Steven Ongena), International Review of Law and Economics, forthcoming
“Deposits and Bank Capital Structure” (with Franklin Allen and Robert Marquez), Journal of Financial Economics, 2015, 118(3), 601-619
“Moral Hazard and Government Guarantees in the Banking Industry” (with Franklin Allen, Itay Goldstein and Agnese Leonello), Journal of Financial Regulation, 2015, 1(1), 30-50
“Stakeholder, Governance, Competition, and Firm Value” (with Franklin Allen and Robert Marquez), Review of Finance, 2015, 19 (3), 1315-1346
“The African Financial Development and Financial Inclusion Gaps” (with Franklin Allen, Robert Cull, Jun "QJ" Qian, Patricio Valenzuela and Lemma Senbet), Journal of African Economies, 2014, 23(5), 614-642
“Money, Financial Stability and Efficiency” (with Franklin Allen and Douglas Gale), Journal of Economic Theory, 2014, 149, 100-127
“What’s Systemic Risk?” (with Franklin Allen), Journal of Money, Credit and Banking, 2013, 45(1), 121-127
“Asset Commonality, Debt Maturity and Systemic Risk” (with Franklin Allen and Ana Babus), Journal of Financial Economics, 2012, 104(3), 519-534
“Deposit Insurance and Risk Taking” (with Franklin Allen and Agnese Leonello), Oxford Review of Economic Policy, 2011, 27(3), 464-478
“New Theories to Underpin Financial Reform” (with Franklin Allen), Journal of Financial Stability, 2013, 9(2), 242-249
“Credit Market Competition and Capital Regulation” (with Franklin Allen and Robert Marquez), Review of Financial Studies, 2011, 24(4), 983–1018, lead article
“An Overview of the Crisis: Causes, Consequences and Solutions” (with Franklin Allen), International Review of Finance, 2010, 10(1), 1–26
“Financial Crises: Theory and Evidence” (with Franklin Allen and Ana Babus), Annual Review of Financial Economics, 2009, 1, 97–116
“Interbank Market Liquidity and Central Bank Intervention” (with Franklin Allen and Douglas Gale), Journal of Monetary Economics, 2009, 56(5), 639–652
“Mark-to-Market Accounting and Liquidity Pricing” (with Franklin Allen), Journal of Accounting and Economics, 2008, 45(2-3), 358–378
“Multiple-bank Lending: Diversification and Free-riding in Monitoring” (with Vittoria Cerasi and Sonja Daltung), Journal of Financial Intermediation, 2007, 16, 425–451
“Bank Mergers, Competition and Liquidity” (with Philipp Hartmann and Giancarlo Spagnolo), Journal of Money, Credit and Banking, 2007, 39(5), 1067–1107
“Credit Risk Transfer and Contagion” (with Franklin Allen), Journal of Monetary Economics, 2006, 53, 89–111
“The Privatization of Italian Savings Banks – A Role for Germany?” (with Hendrik Hakenes and Isabel Schnabel), DIW Quarterly Journal for Economic Research (Vierteljahrshefte zur Wirtschaftsforschung), 2005, 74, 32–50
“The Structure of Bank Relationships, Endogenous Monitoring and Loan Rates,” Journal of Financial Intermediation, 2004, 13, 58–86
POLICY PAPERS
“When and how to unwind COVID support measures to the banking system?” (with Thorsten Beck and Brunella Bruno), In-Depth Analysis- requested by the European Parliament ECON committee, March 2021.
“Corona and banking - A financial crisis in slow motion? An evaluation of the policy options”, (with Boot, A, H-H Kotz, J P Krahnen, L Pelizzon and M Subrahmanyam). SAFE White Paper 79. January 2021.
"What drives bank coverage ratios: Evidence from the euro area," (with Alessi, Lucia & Bruno, Brunella & Neugebauer, Katja) . JRC Working Papers in Economics and Finance 2019-14, Joint Research Centre, European Commission. June 2020.
"Cover your Assets: Non-Performing Loans and Coverage Ratios in Europe", (with Alessi, Lucia & Bruno, Brunella, Neugebauer, Katja & Wolfskiel, Isabella ). 72nd Economic Policy Panel Meeting . October 2020.
"The Bank Business Model in the Post-Covid-19 World", (with Stijn Claessens, Antonio Fatás and Xavier Vives), Centre for Economic Policy Research. The Future of Banking 2. June 2020.
"Main factors for the subdued profitability of significant banks in the Banking Union", (with Brunella Bruno). In-Depth Analysis-requested by the European Parliament ECON committee, Dec 2019.
"The next SSM term: supervisory challenges ahead", (with Brunella Bruno). In-Depth Analysis-requested by the European Parliament ECON committee, March 2019.
"How demanding and consistent is the 2018 stress test design in comparison to previous exercises?", (with Brunella Bruno). In-Depth Analysis-requested by the European Parliament ECON committee, June 2018.
"Provisioning policies for non-performing loans: How to best ensure a “clean balance sheet”? (with Brunella Bruno). In-Depth Analysis-requested by the European Parliament ECON committee, Oct 2017.
"Fines for Misconduct in the Banking Sector – What Is the Situation in the EU?". In-Depth Analysis-requested by the European Parliament ECON committee, March 2017.