WORKING PAPERS

Bankruptcy duration, bank credit and loan forbearance   with O. De Jonghe, M. Mariathasan &  A.Scopelliti   (draft coming soon)

Abstract: This paper examines how judicial efficiency in corporate bankruptcy affects banks’ credit decisions. Using Belgian credit registry data and exploiting cross-jurisdictional variation in bankruptcy duration across Business Courts, we show that longer expected bankruptcy resolution is associated with higher collateral haircuts on newly issued secured loans, indicating more conservative collateral valuation in jurisdictions with slower enforcement. This effect is concentrated in real estate and financial collateral. We further find that slower bankruptcy resolution increases the likelihood of loan forbearance for high-risk borrowers, while having limited effects on other loan contract terms. Overall, the results highlight collateral valuation and loan forbearance as key margins through which insolvency efficiency shapes credit outcomes.

Presentations (including scheduled): National Bank of Belgium, HEC Liège (HYRCE 2026),  KU Leuven

WORK IN PROGRESS

Do Ethical Banks Lend Differently? Micro Evidence from Europe

Loan types: instrument combinations for firm financing

POLICY WORK & OTHER CONTRIBUTIONS (pre-PhD)

What drives firms’ investment in climate action?   with F. Kalantzis

(Evidence from the 2021-2022 EIB Investment Survey)

Media: Financial Times

I mutui green tra criticità e opportunità   (in Italian)

Efficienza energetica degli edifici: le sfide legate alla direttiva europea  (in Italian)

Bonus edilizia e cessione dei crediti fiscali: cosa cambia con il nuovo decreto    (in Italian)

(Prometeia SPA insights)