Working Papers

Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission [latest draft: Nov 2025]

(with Jessie Jiaxu Wang and Young Soo Jang) 

• Presentations (including coathors):  NBER SI Corporate Finance 2025; University of Florida Finance Seminar; Federal Reserve Bank of New York Finance Seminar Series; NFA;  17th PERC Symposium UNC; System Committee on Financial Institutions, Regulation and Markets; Holden Conference in Finance and Real Estate; CMU-Pitt-PSU conference; Virginia Tech ; ASSA 2026 (scheduled)

• Featured in Bloomberg; Brookings

• NFA 2025 Finalist for best paper award ! 

Private Debt versus Bank Debt in Corporate Borrowing [latest draft: Jan 2026]

(with Irina Stefanescu and Simon Mayer) 

• Presentations (including coauthors): SFS Cavalcade NA 2025 ; FIRS Conference 2025 ; EFA (2025); Mitsui Finance Conference;  Jackson Hole Finance Symposium; MFA 2025; LSE; Chicago Fed; CMU-PSU-Pitt Conference; Bayes Business School; IMF ; UNC Chapel Hill; Fischer-Shain Center Research Conference, Fox School of Business ; Conference on Regulating Financial Markets, Frankfurt School of Finance & Management; European Central Bank conference on Financial Stability and Macroprudential policy; 16th PERC Symposium UNC; Stanford University; University of Maryland, Smith School of Business; CMU Tepper;  CEAR GSU

How Private Equity Fuels Non-Bank Lending [latest draft: Nov 2025]

(with Simon Mayer and Teng Wang) 

• Revise & Resubmit, The Review of Financial Studies 

• Presentations (including coauthors): EFA 2025; OFR Rising Scholars Conference 2024; MFA 2024; RCFS Winter Conference; ITAM Finance Conference; HEC Paris; FRB System Banking Conference 2023; 15th PERC Symposium UNC; 12th Tau Finance Conference; Copenhagen Business School; FRB Finance Forum; FMA 2024; Office of the Comptroller of the Currency (OCC)

From Arm's Length to Arm in Arm: Banks and Municipal Bond Financing [latest draft: Dec 2023]

(with Igor Cunha and Gustavo Cortes) 

• Presentations (including coauthors): Kentucky ; Brookings Municipal Finance Conference;  FGV-EBAPE ; Monash Business School ; University of Dayton ; University of Florida; Virtual Municipal Finance Workshop 

• Featured in Brookings Institution Research 

Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations [latest draft: Dec 2025]

(with Anya Kleymenova)

• Presentations (including coauthors): NBER Summer Institute 2024; American Finance Association 2024; MFA 2024; Federal Reserve Board; LBS Private Capital Symposium; Kansas City Fed; Edinburgh Corporate Finance Conference; IFABS Oxford 2023; FMA; Office of the Comptroller of the Currency (OCC); Wharton-Harvard Corporate Insolvency Seminar; IPC NYC Alternatives Symposium

• 2023 FMA best paper semifinalist in Financial Intermediation & Markets

Private Equity and Corporate Borrowing Constraints: Evidence from Loan-level Data [latest draft: Sep 2023] [Revised draft coming soon!]

(with Young Soo Jang and Simon Mayer)

• Presentations (including coauthors): Federal Reserve Board (2); University of Chicago; Chicago Entrepreneurship Workshop; SKEMA Corporate Restructuring Conference; Private Equity Research Symposium, Oxford Saïd Business School; Erasmus Corporate Governance Conference; Mitsui Finance Conference, Michigan Ross; EFA Annual Meeting 2023 

Publications

Firms' Rollover Risk, Capital Structure and Unequal Exposure to Aggregate Shocks 

(with Richard Varghese) 

Journal of Corporate Finance, 2023: 80

Policy Articles/Notes

Private Credit: Characteristics and Risks (2024)

(with Fang Cai)

FEDS Notes. Washington: Board of Governors of the Federal Reserve System