FILIPPO DE MARCO
Assistant Professor of Finance, Bocconi University
Research Affiliate, CEPR (Banking and Corporate Finance)
Research Interests: Financial Intermediation, Corporate Finance
Email: filippo.demarco (at) unibocconi.it
Link to CV and Google Scholar
PUBLICATIONS
7. Customer Data Access and Fintech Entry: Early Evidence from Open Banking, with T. Babina, S. Bahaj, G. Buchak, A. Foulis, F. Mazzola, W. Gornall and T. Yu. Journal of Financial Economics (forthcoming)
Open Banking (OB) policies stimulate investments in fintechs, enable consumers to access financial advice and SMEs to establish new lending relationships. While advice-OB unambiguosly improves welfare, credit-OB may lead higher prices for costlier or privacy-conscious consumers.
6. Bank Competition and Information Production, 2023, with S.Petriconi Journal of Financial and Quantitative Analysis
Positive loan announcement returns decrease when states deregulate interstate branching, consistent with the hypothesis that competition decreases bank information production.
5. Information Technology and Credit: Evidence from Public Guarantees, 2023, with F.Core Management Science
Small business lending remains local even in a setting with online applications and low screening incentives. However, IT partly mitigates the impact of local branch presence.
Winner: 9th SUERF/UniCredit Foundation Prize 2021
4. Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity, December 2021, The Review of Financial Studies, with M.Macchiavelli, and R.Valchev
Consistent with models of costly information acquisition, banks invest more in countries where they have better information, as proxied by the accuracy of their forecasts.
3. The Real Effects of Capital Requirements and Monetary Policy: Evidence from the UK, December 2021, Journal of Banking and Finance, 133 (106237), with C. Kneer and T.Wieladek
The effect of bank regulatory shocks on corporate investment is attenuated by lending relationships.
2. Banks as Patient Lenders: Evidence from a Tax Reform, Journal of Financial Economics (Editor's choice), July 2021, 141(1): 6-26, with E.Carletti, V.Ioannidou, and E.Sette
When their share of demandable debt increases, banks lend more via credit lines and long-term loans.
1. Bank Lending and the European Sovereign Debt Crisis, Journal of Financial and Quantitative Analysis, February 2019, 54(1): 155-182
Marked-to-market losses on bank sovereign debt holdings matter for credit supply because they increase banks' cost of funding.
Winner: Klaus Liebscher Award 2017
WORKING PAPERS
Corporate Runs and Credit Reallocation (coming soon!), 2024, with E.Carletti, V.Ioannidou, and E.Sette
Banks' corporate clients run on both sides of the bank's balance sheet ("deposit and borrower runs") as soon as the bank's distress becomes public. While destabilizing for the distressed banks, these runs carry positive spillover effects on other banks.
NBER Corporate Finance Spring 2024, FIRS 2024, EFA 2024
Lending to Overconfident Borrowers, 2023, with J. Sauvagnat and E.Sette R&R Management Science
Sensitivity of corporate investment to overconfidence is amplified by (collateral-based) bank lending
AFA 2022, Barcelona Summer Forum 2021, SFS Cavalcade NA 2021
Winner (ex-aequo): 11th IBEO Workshop on Financial Intermediation
The Financial Transmission of a Climate Shock: El Niño and US Banks, 2023, with N.Limodio R&R Review of Finance
An unpredictable climate shock (El Niño) leads to lower house prices and mortgage lending in US counties experiencing temperature increases. A machine learning analysis (LASSO) shows that banks with lower operating leverage are more climate resilient.
AFA 2024, Swiss Winter Conference on Financial Intermediation 2023
The El Niño Southern Oscillation and the salinity of land and water, 2023, with I. Dal Barco and N.Limodio
The Political Origin of Home Bias: The Case of Europe, 2015, with M.Macchiavelli
Banks with politically connected member of the board have higher home bias in sovereign debt.
WORK IN PROGRESS
Sharing SME data with Non-Banks, with S.Bahaj, A.Foulis and F.Mazzola
POLICY PAPERS
European Banks’ Response to COVID-19 ‘Quick Fix’ Regulation and Other Measures, October 2021, with Brunella, B. Study for the European Parliament