With M. Raissi and A. WeberJournal of International Money and Finance 87(10), pp 150-171, 2018With P. SchazJournal of Financial Economics 140(3), pp 768-788, 2021Review of Finance 25(5), pp 1609-1637, 2021With S. Gissler, J.-L. Peydró and H.-J. VothThe Journal of Finance (forthcoming)
Income Inequality and Job Creation (2022), with T. Drechsel and D. Lee
High-income households save relatively more in stocks and bonds, and relatively less in bank deposits. Rising top income shares therefore channel funds to large firms, but tighten financing conditions for small, bank-dependent firms. In turn, job creation among small firms declines relative to large firms.
Regulatory Sandboxes and Fintech Funding: Evidence from the UK (2021), with G. Cornelli, L. Gambacorta and O. Merrouche
Regulatory sandboxes help fintechs raise funding by reducing regulatory costs and providing information about start-ups’ quality.
R&R at Review of Finance
Young Economist Award @ EEA-ESEM Annual Congress 2018; Young Innovators Award @ Vordenker Forum 2019
Rising real estate prices reduce industry productivity, because they reallocate capital and labor towards inefficient firms (previous title: 'Collateral, Reallocation, and Industry Productivity: Evidence from the U.S. Housing Boom').
Population Aging and Bank Risk-Taking (2022), with G. Kabas and S. Ongena
Population aging leads to an increase in banks' deposits, as well as their loan supply and risk-taking
Replicated for Germany (see here)
Non-bank lending during financial crises (2022), with I. Aldasoro and H. Zhou
Non-banks contract their syndicated lending by more than banks during crises in borrower countries. Differences in borrower characteristics and funding models drive this pattern.
Does IT help? IT in Banking and Entrepreneurship (2022), with T. Ahnert, N. Pierri and Y. Timmer
Local IT adoption by banks could spur entrepreneurship by making the collection and transmission of hard information cheaper.
Mis-allocation within Firms: Internal Finance and International Trade (2020), with D. Marin, D. Suverato and T. Verdier
We show theoretically and empirically that tougher competition reduces capital mis-allocation within firms and thereby the conglomerate discount.