Under Review

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 with low leverage and high prior innovation, but not for those with low cash flow or dividend payout ratio.

Revision requested by the American Economic Journal: Macroeconomics.

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.

Revision requested by the Journal of Financial and Quantitative Analysis.

Temperatures and Trust: Survey Evidence on the Role of Climate in Shaping Trust in Institutions People and Institutions

(with Karin Hansson)

Within a country, individuals who experienced higher temperatures when growing up exhibit higher trust in people and in institutions, consistent with neoscientific and social psychology theories whereby physical warmth promotes interpersonal trust and a sense of belonging.

Resubmitted to the Journal of Economic Psychology.

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.

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.

In Progress

Monetary Policy, Firm Size, and Investment

(with Alberto Martin and Lea Steininger)

Financial Markets and Innovation

(with Luc Laeven and Conny Olovsson)

Finance and War

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

Housing Wealth and Inequality

(with Anna Pestova)

Trading with Dictators

(with Claudia Marchini)

Finance and Health

(with Martin Goetz and Iliriana Shala)

Central Bank Innovators

(with Michael Ehrmann and Klodiana Istrefi)

Forever Young

Centralized Supervision and the Structure of Bank Liabilities

(with Francesca Barbiero and Jean Edouard Colliard)