Research

Published and Forthcoming Papers

Incentives and Performance with Optimal Money Management Contracts, Journal of Political Economy, 2023 [article][ssrn version][online appendix][supplemental material]

Risk Aversion with Nothing to Lose, Journal of Economic Theory, 2024 [article][ssrn version][online appendix][earlier paper]

Demand-Driven Bond Financing in the Euro Area (with Mattia Montagna), Journal of Financial and Quantitative Analysis, Accepted [article][ssrn version][online appendix][earlier version]

Working Papers

Borrowing from a Bigtech Platform, with Jian Li [paper]
Revision requested at the Review of Financial Studies

A bigtech platform competes with banks to lend to merchants. In equilibrium, credit markets become partially segmented based on borrowers’ credit quality, and the platform benefits from advantageous screening at the expense of banks, lowering equilibrium welfare for merchants of intermediate credit quality.

ESG Sentiment: A Revealed-Preference Approach, with Antonino Emanuele Rizzo and Rafael Zambrana [paper]

Using fund-holding data, we construct a time-varying firm-level measure of the sentiment of values-oriented investors, which reflects their perception of each firm’s corporate values. An increase in sentiment predicts lower returns and a lower risk of regulatory fines and civil lawsuits in the future.

Permanent Working Papers

Defuse the Bomb: Re-Wiring Interbank Networks, with Matteo Chinazzi and Giorgio Fagiolo [paper]

We show how contagion can propagate under different scenarios when the topology of the financial system, the characteristics of the financial institutions, and capital regulation vary. We also study how liquidity shocks (de)stabilize the system under different market conditions.