Research

Publications 

• Bank Competition Amid Digital Disruption: Implications for Financial Inclusion (08/2024)[SSRN]

with Gloria Yu and Jinyuan Zhang

• • Forthcoming, Journal of Finance

  • Duke The FinReg Blog [Link], UCLA Anderson Review [Link]

• Financing Competitors: Shadow Banks' Funding and Mortgage Market Competition [SSRN][Link to Publication]

  • Review of Financial Studies, 2023, Lead Article, Editor's Choice

  • WFA Cubist Systematic Strategies PhD Candidate Award for Outstanding Research 2020

  • Tommy Talk on my shadow bank research

• Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? [SSRN][NBER][Link to Publication][Replication Package]

with Gregor Matvos, Tomasz Piskorski, and Amit Seru

• Journal of Financial Economics, 2024

• Featured in NBER Digest [Link]

• Press (see Media & Policy for a more comprehensive list): Wall Street Journal [Link], The Economist [Link][Link][Link], Financial Times [Link][Link], Washington Post [Link],  Bloomberg [Link], MarketWatch [Link], DailyMail [Link]

• Collateral Value Uncertainty and Mortgage Credit Provision [SSRN][Link to Publication]

with Anthony Lee Zhang

• Journal of Financial Economics, 2025

• Chicago Booth Review [Link]

• Monetary Tightening, Commercial Real Estate Distress, and US Bank Fragility [SSRN]

with Gregor Matvos, Tomasz Piskorski, and Amit Seru

• Journal of Political Economy - Macroeconomics, Accepted

• Press: New York Times [Link], BBC [Link], Commercial Observer [Link], Yahoo Finance [Link], NPR Planet Money [Link], Bloomberg [Link], New York Post [Link], GlobeSt [Link], MarketPlace [Link], BISNow [Link], Quartz [Link], MarketWatch [Link]

• The Impact of Minority Representation at Mortgage Lenders [Link to Publication]

with Scott Frame, Ruidi Huang, Yeonjoon Lee, Will Liu, Erik Mayer, and Adi Sunderam 

• Journal of Finance, 2025

• This paper combines the working papers “Reducing Racial Disparities in Consumer Credit: The Role of Minority Loan Officers in the Era of Algorithmic Underwriting” by Jiang, Lee, and Liu and “The Impact of Minority Representation at Mortgage Lenders” by Frame, Huang, Mayer, and Sunderam.

• SSRN link to the working paper version: [SSRN]

• World Bank All About Finance Blog [Link]

• Government and Private Household Debt Relief during COVID-19 [SSRN][NBER][Link to Publication]

with Susan Cherry, Gregor Matvos, Tomasz Piskorski and Amit Seru

• Brookings Papers on Economic Activity, 2022 

• Press: NBER Digest  [Link], USC Marshall Feature Article [Link], Fortune [Link], Money Magazine [Link], Brookings [Link]

• INET Debt Talks: The Case for Household Debt Relief 

• Shadow Bank Distress and Household Debt Relief: Evidence from the CARES Act [Link to Publication]

with Susan Cherry, Gregor Matvos, Tomasz Piskorski and Amit Seru

• • AEA Papers and Proceedings, 2022

Working Papers

• Branching Out Inequality: The Impact of Credit Equality Policies (01/2024) [SSRN]

with Jacelly Cespedes, Carlos Parra, and Jinyuan Zhang

• Presentation (including scheduled): CEPR Paris Symposium 2024 - Banking and Corporate Finance, 2024 Community Banking Research Conference, Cary Finance Conference, Holden Conference in Finance and Real Estate, Mortgage Market Research Conference, New York Fed/NYU Stern Conference on Financial Intermediation, NBER Corporate Spring Meeting, USC, BYU, Federal Reserve Bank - Boston, Minnesota Junior Finance Conference, Federal Reserve Bank - Kansas City, MIT Sloan, HEC-McGill Winter Finance Conference, CFPB Research Conference, UNC Conference on Market-Based Solutions For Reducing Wealth Inequality,  Fed Board, Fed Dallas, UC Berkeley Hass, BI Oslo, Fudan University, BoE/Imperial/LSE Conference on Non-Banks, Fed Richmond CORE week

• The Rise of Non-Banks in Servicing Household Debt (08/2025) [SSRN] 

with Naser Hamdi, Brittany Lewis, Manisha Padi, and Avantika Pal

• • Part of the NBER grant, "Shadow Banks and Financial Distress in Minority Communities: The Debt Servicing Channel," Co-PI with Brittany Lewis and Manisha Padi 

  • Presentation (including scheduled): SITE Financial Regulation, Red Rock Conference, UW-Madison Junior Finance Conference,  FSC Conference, SAET Conference, WashU Olin, Fed Board, Colorado Boulder, CEPR Household Finance Conference, Chicago Booth Empirical Finance Conference

• Which Banks are (Over) Levered? Insights from Shadow Banks and Uninsured Leverage (05/2024) [SSRN][NBER] 

 with Gregor Matvos, Tomasz Piskorski, and Amit Seru

• Previousely circulated under the title "Banking without Deposits: Evidence from Shadow Bank Call Reports"

• Press: MarketScreener [Link]

• Book Value Risk Management of Banks: Limited Hedging, HTM Accounting, and Rising Interest Rates (03/2024) [SSRN] [NBER]

with João Granja, Gregor Matvos, Tomasz Piskorski, and Amit Seru

• This paper subsumes prior papers by Granja (2023) “Bank Fragility and Reclassification of Securities into HTM” and Jiang, Matvos, Piskorski, and Seru (2023) “Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening?” [SSRN]

• Press: Financial Times [Link], Wall Street Journal [Link], Forbes [Link]

• The Pricing of Property Tax Revenue  (04/2025) [SSRN]

with Baiyun Jing and Anthony Lee Zhang