Ongoing Research
Ongoing Research
AI Adoption and Big Data in Supply Chains (with Mingze Gao, Jiaying Li and Ruiqi Mao), 2025
Umbrella Effects and Employment: Evidence from Cartel Investigations (with Jiaying Li and Paolo Volpin), 2024
Consistent with umbrella effects of cartels, cartel investigations temporarily reduce profits for firms in the affected industry that are not under investigation, while increasing their customers' profits. In contrast to the investigated firms, non-investigated firms undertake mass layoffs and reduce employment when the cartel cases are opened.
A Model of Trade Credit and Product Pricing (with Giacomo Calzolari and Vincenzo Denicolo’), 2024, in progress
Widespread trade credit arrangements can have important competition effects in the suppliers' product market.
Employment Protection and Organizational Structure (with Jiajun Tao and Francisco Urzua), 2024
Employment protection regulation affects corporate groups differently from stand-alone companies. We provide causal evidence for the longstanding claim that labor market frictions shape organizational structure, favoring the emergence of business groups.
Bypassing Labor Market Frictions in Bad Times: The Role of Internal Labor Markets (with Chiara Fumagalli, Francis Kramarz and Giovanni Pica), 2021
Group-affiliated firms rely on Internal Labor Markets when responding to adverse shocks, thus bypassing firing frictions. Hence, ILMs provide an insurance mechanism between firms in a group, and provide job stability to employees as a by-product.
The Design of Syndicates in Venture Capital (joint with Josh Lerner and Lucy White), 2014
The process whereby a venture capital syndicate is formed is characterized by two-sided asymmetric information, as the profitability signals held by different VCs are non-verifiable and manipulable. We analyze the optimal design of cash-flow rights in VC syndicates, and show that the incentive costs of syndication vary with the VCs' expertise in evaluating entrepreneurial projects. The results have implications for how lead VCs should choose their syndication partners.