PUBLICATIONS

1. “How Private Equity Fuels Non-Bank Lending” (with Haque and Mayer), Review of Financial Studies, Conditionally Accepted. http://dx.doi.org/10.2139/ssrn.4429521

2. “Corporate Mergers and Acquisitions Under Lender Scrutiny” (with Qiu), Journal of Corporate Finance (2025), 102812. Featured in Money Stuff, Matt Levine, 2024. 10.1016/j.jcorpfin.2025.102812

3. “Is a Friend in Need a Friend Indeed? How Relationship Borrowers Fare During the COVID-19 Crisis” (with Berger, Bouwman, Norden, Roman and Udell), Journal of Financial Intermediation (2025), 101150. https://doi.org/10.1016/j.jfi.2025.101150

4. “Piercing through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses During Normal Times and COVID-19 Crisis” (with Berger, Bouwman, Norden, Roman and Udell), Journal of Political Economy (2024), 132(2), 484- 551.  https://www.journals.uchicago.edu/doi/10.1086/726236

5. “Local Banks and the Effects of Oil Price Shocks” (solo-authored), Journal of Banking and Finance (2021): 125, 106069. 10.1016/j.jbankfin.2021.106069

6. “Debt Rollover Risk, CDS Spread and Stock Returns: Evidence from the COVID-19 Crisis” (with Liu and Qiu), Journal of Financial Stability (2021): 53, 100855. 10.1016/j.jfs.2021.100855

7. “Patent Enforcement, Shareholder Value, and Firm Innovations: Evidence from the Supreme Court Ruling on TC Heartland (2017)” (with Law and Qiu), Harvard Business Law Review (2021): 11, 1-26.

Paper link 

8. “Do Bank Bailouts Affect the Provision of Trade Credit?” (with Norden and Udell), Journal of Corporate Finance (2020): 60, 101512. 10.1016/j.jcorpfin.2019.101522

9. “To Build or to Buy? The Role of Local Information in Credit Market Development” (solo-authored), Management Science (2019): 65(12), 5449-5956. Paper Link

10. “Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets” (with Qiu), Journal of Financial and Quantitative Analysis (2018): 53(3), pp.1341-1370. https://doi.org/10.1017/S0022109018000066

11. “The Effects of Corporate Bond Granularity” (with Norden and Roosenboom), Journal of Banking and Finance (2016): 63, 25-34. 10.1016/j.jbankfin.2015.11.001

12. “The Impact of Government Intervention in Banks on Corporate Borrowers’ Stock Returns” (with Norden and Roosenboom), Journal of Financial and Quantitative Analysis (2014): 48(5), 1635-1662. https://doi.org/10.1017/S0022109013000537

 

WORKING PAPERS

1. “More Competition, Better LBOs? When Private Equity Sponsors Compete for Deals” (with Kim, Mayer, and Yannelis).
Presented at the 40th Mitsui Symposium: Private Capital Markets, University of Michigan Ross School of Business, 2026, the European Financial Association (EFA) Annual Meetings 2026.

2. “Leveraged Loans and the Transmission of Monetary Policy” (with Campello, Mayer, and Ross). Will be presented at the Western Finance Association (WFA) Annual Meeting.

3. “If You Don’t Know Me by Now... Information Collection by Banks in Lending to Private Firms” (with Claessens and Ongena), Swiss Finance Institute Research Paper No. 23-01.
Presented at American Financial Association (AEA) Annual Meetings, the European Economic Association (EEA) Meetings, the Northern Financial Association (NFA) Conference (scheduled), and the 7th Conference on the Future of Financial information (INSEAD), the Federal Reserve System Committee Meeting on Financial Institutions,
Regulation and Markets, Banking and Finance Workshop (Tokyo), the BIS, the FRB, the UTA, the FRB Kansas City.

4. “Bank Lending to Nonbanks: Implications for Nonbank Financial Stability” (with Krainer and Vaghefi).
Presented at the IMF, IBEFA Summer Conference, FDIC Bank Research Conference, European Economic Association Annual Meetings, Bank of Ireland Financial System Conference.

5. “Bank Lending Fragility After Mergers” (with Jou and Zhang).
Presented at IBEFA summer conference, Federal Reserve Casework Conference, the FDIC Bank Research Conference, the Financial Management Association (FMA), the Midwest Finance Association (MFA) Annual Meetings.

6. “Credit Union Expansion and Bifurcation in Local Bank Lending” (with Chen, Ramcharan, and Zhang).
Presented at 2024 Community Banking Research Conference, FRB System Banking Conference, Federal Reserve Board, University of Wyoming, AFA Annual Meetings.

7. “Relationship Lending and Monetary Policy Shocks: Evidence from the U.S.” (with Berger, Bouwman, Norden, Roman and Udell). Presented at IBEFA Annual Meetings.

Permanent Working Paper
8. “Credit Rating and Corporate Lending: The Role of Bank Capital” (with Claessens and Law), BIS Working Paper No. 747.

BOOK CHAPTERS

1. “Small Business Lending” (with Norden), in The Oxford Handbook of Banking, 4th edition, 2025.

2. “Trade Credit Supply and Usage During Normal and Crisis Times: A Review of Recent Literature” (with Jou and Li), in F. Allen, M. Qian, and QJ Qian (ed.), Research Handbook on Alternative Finance (2024): 70-83.