Geographic diversification and bank lending during crises (2020), with P. Schaz, Journal of Financial Economics, accepted for publication (online appendix)
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)
From Finance to Fascism (2020), with S. Gissler, J.L. Peydró and J. Voth
Young Economist Award, EEA-ESEM Annual Congress 2018; Young Innovators Award, Vordenker Forum 2019 (summary in German)
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').
Top Incomes, Financial Intermediation, and Small Firms (2020), with T. Drechsel and D. Lee
Rising top income shares reduce job creation by small firms, because they reduce bank deposits and hence available funding for small firms.
Population Aging and Bank Risk-Taking (2020), with G. Kabas and S. Ongena
Population aging leads to an increase in bank deposits, as well as their loan supply and risk-taking
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.
Inside the Regulatory Sandbox: Effects on Fintech Funding (2020), 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.
Mis-allocation within Firms: Internal Finance and International Trade (2020), with D. Marin, D. Suverato and T. Verdier
Summary on VoxEU.org
We show theoretically and empirically that tougher competition reduces capital mis-allocation within firms and the conglomerate discount.
Work in Progress
The Fintech Gender Gap, with S. Chen, J. Frost, L. Gambacorta and H.S. Shin
Nothing to Hide? Survey Evidence on Who Shares Personal Data, with O. Armantier, J. Frost, A. Fuster and K. Shue