Research Areas

Financial Institutions (Empirical and Theory), Corporate Governance

 

Education

Ph.D. Finance, University of Amsterdam, 2007

M.Phil. Economics, University of Cambridge, 2003

 

Publications

The Real Effect of Bank Branching Deregulation:
Comparing Contiguous Counties Across U.S. State Borders
Journal of Financial Economics, Vol.87(3)(March 2008):678-705

Working paper version: includes a list of U.S. counties used in the study

How do we reconcile the results with Jayaratne and Strahan (1996)?  

Tolerance of Uncertainty and the Growth of Informationally Opaque Industries
Journal of Development Economics, Vol.87(2)(October 2008): 333-353

Featured in The Guardian (UK newspaper) " Lunchers lurch behind lean, mean machine" (March 28, 2005)  

Distance and Trade: Disentangling Unfamiliarity Effects and Transport Costs Effects  European Economic Review Vol.51(1)(January 2007):161-181

 

Working Papers

How Committed Are Bank Lines of Credit? Evidence from the Subprime Mortgage Crisis

Internal Capital Markets: The Bright Side of Corporate Politics
(with Zacharias Sautner, University of Amsterdam, and Martijn Cremers, Yale)
 presented at New York Fed/NYU Stern Conference on Financial Intermediation, University of Amsterdam, University of Utah, Swiss National Bank "Swiss Banking and Finance Conference", Florida State University

The Dark Side of Bank Wholesale Funding (requested for revision at JFI)
(with Lev Ratnovski, IMF)
presented at  Cleveland Fed conference on Identifying and Resolving Financial Crises, Basel Committee.CEPR.JFI workshop on Risk Transfer Mechanisms and Financial Stability, RUG.DNB.JFS conference on Micro and Macro Perspectives on Financial Stability, CREDIT conference (Venice), IMF.World Bank conference on Risk Analysis and Risk Management, Bank of Canada workshop on Securitized Instruments, CesIfo-Bundesbank conference on Risk Transfer, and Federal Reserve System Committee on Financial Structure and Regulation, Tinbergen Institute conference "Crashes and Systemic Crises in Financial Markets" (Rotterdam)

CWhy Are Canadian Banks More Resilient During the Crisis?  (IMF Working Paper Series)
(with Lev Ratnovski, IMF)
We identify bank's funding structure (depoist vs wholesale funding) as the most important determinant of bank performance during the crisis, based on a sample of large commerical banks in OECD countries.

The Effect of Monetary Tightening on Local Banks (under review)

presented at Bank of Canada, Bank of England, Bank of Sweden, Deutsche Bundesbank, Atlanta Fed, San Francisco Fed, and Kansas City Fed.

 

Work in Progress

Did Bank CEOs See It Coming? Executive Compensation and Risk-Taking
(with Vidhi Chhaochharia, University of Miami)

A Theory of Bankers as Both Salesmen and Risk Managers (with Lev Ratnovski, IMF)

CEO Compensation and the Outrage Constraint

Bank Directors

Secured and Unsecured Credits in the Interbank Market (with Lev Ratnovski)

Bank Lines of Credit and Product Market Competition (with Brandon Lockhart, U. Florida)

 

Federal Reserve publications that I currently supervise

Banking Legislation and Policy (quarterly publication)- Banking Legislation & Policy summarizes and updates pending banking and financial legislation, regulation, and judicial activity at the federal level and for the Third District states (Pennsylvania, New Jersey, and Delaware). Authored by Bob O'Loughlin (Research Analyst).

Banking Brief (quarterly publication) - Banking Brief analyzes recent banking market conditions in the tri-state region of Pennsylvania, New Jersey, and Delaware as well as in the nation. Authored by Jim DiSalvo (Banking Structure Specialist)

 

Unpublisehd Manuscripts

Bank Disclosure Index: Global Assessment of Bank Disclosure Practices 
(World Bank policy work)

  

Online Resources for Financial Research

Finance Department Seminars Around the World

Who's Who of Banking Guys: Economists Working on Financial Institutions Topics

List of research Economists in the Federal Reserve System