Marco Giometti
Marco Giometti
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Ciao! Welcome to my website.
I am an Assistant Professor of Finance in the Business Department at the Universidad Carlos III de Madrid.
I received my PhD in Finance from the Wharton School of the University of Pennsylvania in May 2022.
My research focuses on Banking, Empirical Corporate Finance, and Financial Contracting.
You can download my CV here.
Contact: marco.giometti@uc3m.es | margiometti@gmail.com
Links: Google Scholar | LinkedIn | UC3M Webpage | ORCID
Research
Research
Working Papers
Working Papers
Bank Specialization, Control Rights, and Real Effects (with Ozan Guler and Stefano Pietrosanti). June 2025.
[formerly circulated as "Bank Specialization and the Design of Loan Contracts", FDIC Center for Financial Research Working Paper No. 2022-14]
Relationship Lending when Borrowers Are in Distress. August 2022.
In this paper I investigate whether relationship lending helps borrowers experiencing idiosyncratic financial distress. By constructing a novel dataset on syndicated lending that tracks the availability and pricing of credit for US corporate borrowers over three decades, I conclude that relationship lending benefits borrowers in distress. In particular, I explicitly distinguish loan renegotiations from new originations, and account for the state-contingent provisions on loan pricing often present in credit agreements. I compare loan terms granted to borrowers in distress by relationship and non-relationship lenders. By employing a within-firm approach to alleviate possible selection issues, I find that relationship lenders provide a higher credit amount, charge lower interest rates, and require similar collateral and fees. I show that firms benefit from relationship lending irrespective of their access to outside financing options. Overall, I provide support to theories of implicit commitment and reputational capital in lending relationships.Work in Progress
Digitalization and Credit Markets: Evidence from eInvoicing (with Alejandro Casado, Jose Gutierrez, David Martinez Miera, Alexandra Matyunina, and Tammaro Terracciano).Work in Progress
[Invited for the Review of Finance special conference on "The Future of Payments: CBDC, Digital Assets and Digital Capital Markets"]
Invited Discussions
Invited Discussions
Poison Bonds by Rex Wang Renjie and Shuo Xia, Third Aarhus Workshop on Strategic Interaction in Corporate Finance
Bank Specialization in Lending to New Firms by Diana Bonfim, Ralph De Haas, Alexandra Matyunina, Steven Ongena, 32nd Finance Forum of the Spanish Finance Association
The expert’s edge? Bank lending specialization and informational advantages for credit risk assessment by Mathieu Simoens and Fabio Tamburrini, 9th EFiC Conference in Banking and Corporate Finance
As dry as a bone: how do banks cope with droughts? by Michael Brei, Oskar Kowalewski, Piotr Spiewanowski , Eric Strobl, 31st Finance Forum of the Spanish Finance Association
Court shopping, pro-debtor bias, and bankruptcy outcomes by Kris Boudt, Florencio Lopez-de-Silanes, Rafael Matta, Shilin Zhang, 18th Belgian Financial Research Forum
Concentrating on Bailouts: Government Guarantees and Bank Asset Composition by Christian Eufinger, Juan Pablo Gorostiaga, and Björn Richter, 8th MadBar Workshop on Banking and Corporate Finance
Trust in Banks and Borrower Discouragement by Ali Recayi Ogcem, 30th Finance Forum of the Spanish Finance Association
Bank Competition and Bargaining over Refinancing by Marina Emiris, Francois Koulischer, and Christophe Spaenjers, Finance and Accounting 2023 Annual Research Symposium
How Does Debt Composition Influence Credit Risk? by Caglar Kaya, FMA 2023 European Conference
Bank Political Attitudes and Transaction Costs of Collective Action within Loan Syndicates by Sang Woo Sohn and Jianxin (Donny) Zhao, 12th Financial Markets and Corporate Governance Conference
Other Work
Other Work
Persistence of Innovation and Knowledge Flows in Africa: An Empirical Investigation (with Francesco Lamperti and Roberto Mavilia). Innovation and Development. 2016. 6(2), 235-257. [Link]
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