Research

To uncover meaningful economic and policy insights and arrive at conclusions informed by robust empirical evidence, I apply quantitative statistical techniques (e.g., quasi-experimental methods, panel data estimations, and data visualization tools) to critically test research hypotheses using statistical software such as Stata. As part of my data-driven research strategy, I utilize, process and manage large real-world financial and economic datasets.

I research topics in financial intermediation and corporate finance. The first stream of my research examines the effectiveness of regulations and corporate governance in influencing banking sector fragility, bank business models, and credit supply. The second studies how firm ESG policies impact firm valuation and business outcomes. It also investigates how firm ESG policies are shaped.

Financial Intermediation

"Is the fox guarding the henhouse? Bankers in the Federal Reserve, bank leverage and risk-shifting", (with J. Hagendorff & S. Armitage)
Journal of Corporate Finance, 2019, 58, 478-504 

• Assembled new dataset documenting ~30% of US public banks have connections to the Fed, and that connected banks have riskier business models

• Deepens understanding of costs vs benefits of interactions between regulators and banks

"Regulatory Spillovers in Local Mortgage Markets", (with D. D. Nguyen & L. Nguyen)
Review of Corporate Finance Studies, 2022 

• Banks required (not required) to comply with a corporate governance regulation undertook safer (riskier) lending policies

• Findings informs policy debates on effectiveness of regulatory interventions in competitive markets

"The Effects of Regulatory Office Closures on Bank Supervision", (with J. Hagendorff & S. Armitage)
Journal of Money, Credit and Banking, accepted

• Geographically decentralized regulators are more effective at supervising banks and maintaining financial stability

• Cost savings of maintaining a more streamlined regulatory structure should be weighed against the costs of bank distress

"Proximity to Bank Headquarters and Branch Efficiency: Evidence from Mortgage Lending", (with D. D. Nguyen, L. Nguyen & J. Wilson)
Journal of Money, Credit and Banking, accepted

• Bank branches become less efficient the farther they are from their headquarters

• Implications on how best to structure firms as they grow larger and become more globalized

"Hometown Lending", (with D.D. Nguyen)
Journal of Financial and Quantitative Analysis, 2021, 56, 2894-2933

• Banks open more branches and make more lending near their CEOs' hometowns

• Deepens understanding of credit allocation decisions that impact economic development

Corporate Finance

"Analyst Coverage and Corporate Environmental Policies", (with C. Jing, K. Keasey & B. Xu)
Journal of Financial and Quantitative Analysis, 2023, forthcoming

• Increased analyst coverage improves firms' environmental policies (e.g., toxic pollution and green R&D)

• Findings highlight the role financial markets can play in improving firms' green policies

"Gender, Workplace Preferences, and Firm Performance: Looking through the Glass Door", (with J. Chen, C. Jing, K. Keasey & B. Xu)
European Financial Management, 2023, forthcoming

• Glassdoor data reveal female employees, on average, are less satisfied at work compared to men & value work-life balance more

• Firms with smaller gender gaps in work-life balance satisfaction levels are associated with better firm valuation

• Results imply that more equitable firm policies can be socially and economically desirable

"Financial constraints and employee satisfaction", (with C. Jing, K. Keasey & B. Xu)
Economics Letters, 2019, 183, 108599

• Employees become less satisfied as firms become more financially constraint

• Suggest financial constraints can damage firm value through disengaged employees 

"Cyberattacks on Small Banks and the Impact on Local Banking Markets", (with F. Gogolin & F. Vallascas)
Working Paper

• Data breaches from cyberattacks lead to negative outcomes for only small banks, but not large banks

• Reduced small bank competitiveness decreases the supply of credit to small businesses

• Given banks' social responsibility to safeguard publics' confidential data, worthwhile to implement cybersecurity initiatives to aid small banks