Research

Published and Forthcoming

• Pirates without Borders: the Propagation of Cyberattacks through Firms' Supply Chains

with M. Crosignani and A. Silva, Journal of Financial Economics (2023), Editor's Choice.

• Bank Lending Networks and the Propagation of Natural Disasters

with I. Ivanov and J. Santos, Financial Management (2022).

• Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity

with F. De Marco and R. Valchev, Review of Financial Studies (2022).

• Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective

with A. Zhou, Management Science (2022).

• Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds

with L. Li, Y. Li, and A. Zhou, Review of Financial Studies (2021). 

• Liquidity Regulation and Financial Intermediaries

with  L. Pettit, Journal of Financial and Quantitative Analysis (2021).

• Emergency Loans and Collateral Upgrades: How Broker-Dealers used Federal Reserve Credit during the 2008 Financial Crisis

with M. Carlson, Journal of Financial Economics (2020).

• Private Supply of Safe Assets: Shadow Banks Versus Traditional Banks

with S. Gissler and B. Narajabad, American Economic Association Papers and Proceedings (2020).

• Endogenous Debt Maturity and Rollover Risk

with E. Brancati, Financial Management (2020).

• The Information Sensitivity of Debt in Good and Bad Times

with E. Brancati, Journal of Financial Economics (2019).

Working Papers & Work in Progress

• City Hall Has Been Hacked! The Financial Costs of Lax Cybersecurity, with F. Curti, I. Ivanov, and T. Zimmermann
  Revise & Resubmit at the Review of Financial Studies

• Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relations, with M. Kruttli, P. Monin, and A. Zhou

• Internal and External Capital Markets of Large Banks, with Lina Lu and Jonathan Wallen

• Providing Safety in a Rush: How did Shadow Banks Respond to a $1 Trillion Shock?, with S. Gissler and B. Narajabad         

• Geopolitical Risk and Decoupling: Evidence from Export Controls, with M. Crosignani, L. Han, and A. Silva

• Stolen Secrets: The Effect of Trade Secret Theft on Corporate Innovation, with F. Curti, A. Mihov, and K. Pisciotta 

• Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?, with K. Anadu, P. Azar, M. Cipriani, T. Eisenbach, C. Huang, M. Landoni, G. La Spada, A. Malfroy-Camine, and C. Wang

Permanent Working Papers

• Primary Dealers During the 2007-08 Crisis: Assessing Risks and Vulnerabilities

• Interest on Reserves and Arbitrage in Post-Crisis Money Markets, with T. Keating, FEDS Working Paper No. 2017-124.

• The Political Origin of Home Bias: the Case of Europe, with F. De Marco, FEDS Working Paper No. 2016-060.

Other Publications

• The Anatomy of Export Controls, with M. Crosignani, L. Han, and A. Silva, Liberty Street Blog.

• Runs on Stablecoins, with K. Anadu, P. Azar, M. Cipriani, T. Eisenbach, C. Huang, M. Landoni, G. La Spada, A. Malfroy-Camine, and C. Wang, Liberty Street Blog

• Cyberattacks and Supply Chain Disruptions, with M. Crosignani and A. Silva, Liberty Street Blog.

• Primary Markets for Short-Term Debt and the Stabilizing Effects of the PDCF, with M. Carlson, FEDS Notes.

• The Impact of Natural Disaters on the Corporate Loan Market, with I. Ivanov and J. Santos, Liberty Street Blog.

• Shining a Light on the Shadows: Dealer Funding and Internalization, with L. Pettit, FEDS Notes.

• Primary Dealers' Behavior during the 2007-08 Crisis: Part I, Repo Runs, with R. Iyer, FEDS Notes.

• Primary Dealers' Behavior during the 2007-08 Crisis: Part II, Deleveraging, with R. Iyer, FEDS Notes.     

• The Systemic Nature of Settlement Fails, with R. Iyer, FEDS Notes.       

• Interest on Reserves and Arbitrage in Post-Crisis Money Markets, with T. Keating, FEDS Notes.

Substack Blog Posts

• Economic Espionage and the U.S.-China Geopolitical Conflict, October 2023.

• From First Principles: What is National Security?, September 2023.

• The Basics: Single Points of Failure, Economic Leverage, and Hybrid Warfare, September 2023.

• Unintended Consequences of the New Money Fund Reform, August 2023.

• How to Reform Money Markets in 5 Easy Steps, July 2023.

• Digesting the New Money Market Fund Reform, July 2023.