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]
Demand-Driven Bond Financing in the Euro Area, with Mattia Montagna, Journal of Financial and Quantitative Analysis, 2025 [article][ssrn version][online appendix]
Borrowing from a Bigtech Platform, with Jian Li, Review of Financial Studies, accepted [paper]
Working Papers
Democratizing Illiquid Assets: Liquidity Transformation and Performance in Interval Funds, with Sophie Shive and Rafael Zambrana [paper]
We study the performance and design of interval funds, a fast-growing class of semi-liquid investment vehicles designed for retail investors. Interval funds outperform ETFs in illiquid, information-insensitive asset classes but underperform in liquid, information-sensitive ones, highlighting trade-offs between liquidity transformation and managerial incentives.
Corporate Misconduct and the Capital Allocation of Prosocial Investors, with Antonino Emanuele Rizzo and Rafael Zambrana [paper]
We show that institutional investors allocate capital based on the prosocial preferences of their clients and their forward-looking information about corporate misconduct. Using prosocial funds’ holdings, we construct a stock-level measure of “prosocial overweight”, which predicts future indicators of corporate misconduct.
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.