Publications


Bank Loan Supply during Crises: The Importance of Geographic Diversification (2020), with P. Schaz, Journal of Financial Economics (accepted for publication)

(direct link, BIS Working Paper No 827)


Credit-Supply Shocks and Firm Productivity in Italy (2018), with M. Raissi and A, Weber, Journal of International Money and Finance, Vol 87, p. 155-171

(direct link, IMF Working Paper WP/17/67)

Working Papers


From Finance to Fascism (2020), with S. Gissler, J.L. Peydró and J. Voth

(SSRN, direct link, CEPR Discussion Paper DP12806)

Summary in English on VoxEU.org, summary in German on √Ėkonomenstimme.org.

We collect new data on pre-crisis bank-firm connections and show that Germany's severe banking crisis in 1931 increased support for the Nazi Party. We highlight the importance on non-economic channels for radicalization.


Unintended Side Effects: Stress Tests, Entrepreneurship, and Innovation (2020)

(SSRN, direct link, BIS Working Paper No 823)

Post-crisis US stress tests have negative side effects on entrepreneurship and innovation, because they impose a cost on business-related home equity loans, an important source of financing for entrepreneurs.


Collateral, Reallocation, and Aggregate Productivity: Evidence from the U.S. Housing Boom (2019)

(SSRN, direct link)

Young Economist Award, EEA-ESEM Annual Congress 2018 (short summary), Young Innovators Award, Vordenker Forum 2019 (short summary in German)

Rising real estate prices reduce industry productivity, because they reallocate capital and labor towards inefficient firms.


Mis-allocation within Firms: Internal Finance and International Trade (2020), with D. Marin, D. Suverato and T. Verdier

(SSRN, direct link, CEPR Discussion Paper DP14478)

We develop a novel theory of capital mis-allocation within firms and show that mis-allocation is reflected in the conglomerate discount. We show theoretically and empirically that tougher competition reduces mis-allocation and the conglomerate discount.


Population Aging and Bank Risk-Taking (2020), with G. Kabas

(new draft coming soon)

Banks exposed to aging counties increase their credit supply and risk-taking.

Work in Progress


Regulatory Sandboxes and Start-Up Funding, with G. Cornelli, L. Gambacorta and O. Merrouche