top of page

Household Preferences, Security Design, and Volatility Prices, with Laurent Calvet, Gordon Liao, Boris Vallée

AFA 2024

We investigate the economic drivers of academic pay heterogeneity, and the role of industry-wage spillovers to academia, by focusing on the wage premium of finance professors. 

Review of Financial Studies, Revise and Resubmit

We study how bank advertising practices can affect racial disparities in financial markets. We implement a difference-in-differences methodology exploiting a regulatory change that increased incentives to raise deposits at the Freedman's Savings Bank, the first bank collecting deposits from African Americans post-Emancipation. We document an acute rise in advertising volumes relative to other banks post-deregulation, associated with increased deposit collection. A textual analysis uncovers that the rise in advertising volumes embeds a pronounced increase in persuasive messaging, using racially targeted prescriptions and false claims. The depositor losses resulting from the bank's collapse have rarely been matched in American banking history.

Linking individual data on depositors with a 1% sample of the 1870 census, Stein and Yannelis (2020), SY2020 henceforth, argues that the Freedman's Savings Bank, the first bank collecting deposits from African Americans, had large positive effects on the wealth, literacy, school attendance, income and business ownership of the recently freed population. We show that, in SY2020, (i) the historical statements supporting the assumptions of the identification strategy are incorrect, (ii) the sample has representativeness, replicability, and selection issues, (iii) the linking strategy has a false positive rate higher than 95\%, and (iv) the instrumental variable analysis and placebo tests are not conclusive. Therefore, one cannot draw conclusions on short term effects of the Freedman's Savings Bank from SY2020's empirical setting.

Review of Financial Studies, Revise and Resubmit

CEPR-Reltif Research Project, Code and Data, Online Appendix

We investigate whether fiscal reforms that reduce banks' incentives to leverage also affect banks' portfolio allocation.

Capital Inflows, Credit Growth and Skill Allocation, with Andrada Bilan and Luciana Barbosa

2020 Texas Finance Festival

2019 FIRS Conference, Cavalcade Conference

2016 Lamfalussy Research Grant, Presented at the 2017 EFA, 2017 Paris Finance Conference, Online Appendix

bottom of page