Publications

1. Credit-Supply Shocks and Firm Productivity in Italy (ungated version)

2. Geographic diversification and bank lending during crises (ungated version)

3. Stress tests, entrepreneurship and innovation (ungated version)

Working Papers

• From Finance to Fascism (2020), with S. Gissler, J.-L. Peydró and H.-J. Voth (R&R at the Journal of Finance)

  • Germany's banking crisis in 1931 increased support for the Nazi Party. We highlight the synergy between economic and cultural factors for radicalization.

• 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

• 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 (draft coming soon)

• Nothing to hide? Evidence on attitudes towards data sharing (2021), with O. Amantier, J. Frost, A. Fuster and K. Shue (draft coming soon)