Publications

• Financial Contagion, In: Gerard Caprio (ed.), Handbook of Safeguarding Global Financial Stability: Political, Social, Cultural, and Economic Theories and Models, 2013, Vol.2, pp. 139-143. Oxford: Elsevier. (with Robert Kollmann)

• Self-fulfilling Liquidity Dry-ups, Journal of Finance, Vol. 69, pp. 947-970, 2014.

  • Non-technical summary to appear in FAMe. (link)

• Unanimous Rules in the Laboratory, (with Laurent Bouton and Aniol Llorente-Saguer.) Games and Economic Behavior, Vol. 102, pp. 179-198, 2017. 

• Get Rid of Unanimity Rule: The Superiority of Majority Rules with Veto Power, (with Laurent Bouton and Aniol Llorente-Saguer) Journal of Political Economy, 126(1), pp. 107-149, 2018. 

  • Featured in VoxEU and MappingIgnorance.org 

• Optimal Capital Requirements over the Business and Financial Cycles,  American Economic Journal: Macroeconomics, Vol .12, No. 3, pp. 139-174, 2020. 

• The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending (with Saleem Bahaj), Journal of Finance, Vol. 75, pp3013-3053, 2020.  

• Pipeline Risk in Leveraged Loan Syndication (with Max Bruche and Ralf Meisenzahl), Review of Financial Studies, Vol. 33/12, pp5660-5705, 2020. 

  • Featured in VoxEU 

  • The "Musk-Twitter" deal is a stark example of Pipeline Risk. As the Financial Times writes: "Lenders’ commitment to finance Elon Musk’s buyout may cost them hundreds of millions of dollars"

• Beyond Pangloss: Financial Sector Origins of Inefficient Economic Booms (with Michael McMahon), . Online appendix.  Journal of Monetary Economics, Volume 145

July 2024. 

• The Cross-border Effects of Bank Capital Regulation (with Saleem Bahaj). (Also CEPR DP16148). Journal of Financial Economics, Volume 160, October 2024. 

• Bank Capital Requirements and Bank Lending: From Theory to Empirics to Policy (with Saleem Bahaj and Chiara Lattanzio).  2025, Forthcoming in the Handbook of Macroprudential Regulation.

  • Note there is a typo in Equation (4) of the CEPR DP19942 version: a 1/N factor is missing.)

Working papers

• Improving Market-Based Systemic Risk Measures (with Martin Indergand, Eric Jondeau, and Andreas Fuster). Please email me for a draft.

• Within-borrower variation and Equilibrium Credit Supply (with Saleem Bahaj and Chiara Lattanzio), coming soon.

• Market Discipline and Securitization

• What Determines how Banks Respond to Changes in Capital Requirements? (with Saleem Bahaj, Jon Bridges, and Cian O'Neill).