Working Papers
"The Impact of the Dodd-Frank Act on Small U.S. Banks" (new version!). Revise and resubmit at Journal of Money, Credit and Banking
Best Paper Awards in Financial Markets & Institutions Semifinalist, FMA 2022
Media coverage: The Arkansas Banker, Spring 2024
Summary: I develop and estimate a dynamic banking model to quantify the impact of the Dodd-Frank Act on small banks and bank entry in the U.S. The model features a bank portfolio-choice problem with a risk-return trade-off in the loan market. My counterfactual experiments uncover a novel regulatory dis-synergy: while tighter capital requirements mitigate bank risk, higher compliance costs create a risk-seeking incentive for banks. The interaction of the two creates a strong destabilizing effect that aggravates bank failures in the short run. Additionally, I find that increases in regulatory burdens explain about 70% of the collapse of bank entry since 2010.
"On Balance Sheet Spillovers from Nonbanks to Banks"(with Dean Corbae and Pablo D'Erasmo).
AFA 2024, SAET 2025*
"Bank Financial Transparency and the Lending Channel of Monetary Policy Transmission" (with Yingtong Xie )
Liberal Arts Macro (2025)*
"Private Firm Debt Structure" (with Ikuo Takei)
FMA 2022
Summary: Utilizing firm credit registry data from Japan, this paper conducts large-sample analyses on the debt structure of private firms.
Work in Progress
"Corporate Market Power and Bank Loan Pricing"(with Adam Spencer).
MFA 2025
"Composition of External Finance, Information, and Firm Ownership"(with Dean Corbae and Katya Kazakova)
Summary: U.S. Census research projects that utilize confidential data on detailed balance sheet and income statement information of private and public corporations in the U.S.