Research
Publications
1. Credit-Supply Shocks and Firm Productivity in Italy (PDF, SSRN)
With M. Raissi and A. WeberJournal of International Money and Finance 87(10), pp 150-171, 20182. Geographic diversification and bank lending during crises (PDF, SSRN)
With P. SchazJournal of Financial Economics 140(3), pp 768-788, 20213. Stress tests, entrepreneurship and innovation (PDF, SSRN)
Review of Finance 25(5), pp 1609-1637, 20214. Financial crises and political radicalization: How failing banks paved Hitler's path to power
With S. Gissler, J.-L. Peydró and H.-J. VothThe Journal of Finance (forthcoming)5. Technological capacity and firms' recovery from Covid-19 (PDF, SSRN)
With M. Erdem, G. Franco, L. Gambacorta and A. IllesEconomics Letters 209(110102), 2021Working Papers
Income Inequality, Financial Intermediation, and Small Firms (2021), with T. Drechsel and D. Lee
Rising top incomes reduce job creation by small firms, because they reduce bank deposits and hence available funding for small 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.
Housing Booms, Reallocation, and Productivity (2020)
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 (2020), 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)
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.
The fintech gender gap (2021), with S. Chen, J. Frost, L. Gambacorta and H.S. Shin
Survey data from 28 countries shows a large fintech gender gap: men are more likely to use fintech products and services than women in almost every country
Does IT help? IT in Banking and Entrepreneurship (2021), 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.
Nothing to hide? Evidence on attitudes towards data sharing (2021), with O. Amantier, J. Frost, A. Fuster and K. Shue (draft coming soon)