Working Papers

• Bank Competition Amid Digital Disruption: Implications for Financial Inclusion (08/2023)[SSRN]

with Gloria Yu and Jinyuan Zhang

• • Revise and Resubmit, Journal of Finance

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

• Collateral Value Uncertainty and Mortgage Credit Provision (03/2023) [SSRN]

with Anthony Lee Zhang

• Revise and Resubmit, Journal of Financial Economics

• Chicago Booth Review [Link]

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

with Jacelly Cespedes, Carlos Parra, and Jinyuan Zhang

• Presentation (including scheduled): 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

• Capital Regulation and Asset Allocation Amidst Agency Conflicts: Evidence From Mortgage Servicing (New Draft Coming Soon)

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

• • Previously circulated under the title "The Rise of Non-Banks in Servicing Household Debt"

  • Part of the NBER grant proposal, "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, EFMA Conference

• Banking without Deposits: Evidence from Shadow Bank Call Reports (09/2023 updated) [SSRN][NBER]

 with Gregor Matvos, Tomasz Piskorski, and Amit Seru

• Press: MarketScreener [Link]

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

• Monetary Tightening, Commercial Real Estate Distress, and US Bank Fragility (12/2023 updated) [SSRN]

with Gregor Matvos, Tomasz Piskorski, and Amit Seru

• Press: New York Times [Link], BBC [Link], Commercial Observer [Link], Yahoo Finance [Link], NPR Planet Money [Link]

• The Pricing of Property Tax Revenue  (04/2024) [SSRN]

with Baiyun Jing and Anthony Lee Zhang 

• • A research note on the nature of property tax and implications for local governments' interest rate risk exposure and investment incentives