Bank Loan Supply during Crises: The Importance of Geographic Diversification (2020), with P. Schaz, Journal of Financial Economics (accepted for publication)
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
From Finance to Fascism (2020), with S. Gissler, J.L. Peydró and J. Voth
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)
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)
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
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