Under Review

Out with the New, In with the Old? Supranational Bank Supervision and the Composition of Firm Investment

(with Miguel Ampudia and Thorsten Beck)

Firms borrowing from supranationally supervised banks reduce intangible assets and experience a reduction in productivity, suggesting that financial stability may come at the expense of lower long-term growth.

Resubmitted to the Journal of International Economics (third round).

Quantitative Easing and Corporate Innovation

(with Niklas Grimm and Luc Laeven)

Companies eligible for the ECB's corporate bond purchase program increase significantly their investment in R&D, an effect that is stronger for companies that are financially constrained, less innovative, and more reliant on bond financing.

To be resubmitted to Management Science.

Walking the Talk? Green Politicians and Pollution Patterns

(with Michael Koetter)

Emissions of global (local) pollutants decline when Green politicians are in power at the state (county) level, an effect driven by a reduction of output rather than by more efficient energy use.

To be resubmitted to the European Economic Review.

Heterogeneous Growth Response to Monetary Policy along the Firm-Size Distribution: A Role for Credit Markets?

(with Lea Steininger)

In response to monetary tightening, sales growth declines significantly more for micro and small firms, as do profit margins, investment, employment, and debt, especially in regions with less competitive credit markets.

I (Don't) Owe You: Sovereign Default and Borrowing Behavior

(with Dimitris Georgarakos)

Immigrants who lived through a sovereign default episode are 7% less likely to hold debt relative to otherwise similar immigrants who reside in the same U.S. state and come from the same foreign country but who did not experience a default.

Violent Conflict and Cross-Border Lending

(with Ralph De Haas, Mikhail Mamonov and Iliriana Shala)

Foreign banks reallocate lending from civilian firms to the military sector in countries experiencing violent conflict.

Housing Bust and Long-Term Human Capital Scarring in the U.S.

(with Anna Pestova)

Homeowners' children who came of college age during the housing bust of 2008-11 experienced a significant decline in long-term human capital, income, and employability.

In Progress

Trading with Dictators

(with Claudia Marchini)

In the past 25 years, the EU has sourced an increasing share of its imports from countries with a poor democratic record.

Monetary Policy and Corporate Decisions

(with Alberto Martin and Lea Steininger)

Financial Markets and Innovation

(with Luc Laeven and Conny Olovsson)

Finance and Health

(with Martin Goetz and Iliriana Shala)

Central Bank Influencers

(with Fabio Comazzi, Michael Ehrmann and Klodiana Istrefi)

Forever Young

Centralized Supervision and the Structure of Bank Liabilities

(with Francesca Barbiero and Jean Edouard Colliard)