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Working Papers

Revise and Resubmit - Third Round, Review of Financial Studies

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.

Revise and Resubmit, Review of Financial Studies

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

Code and Data, Online Appendix

Selected Work in Progress

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

We investigate academic pay heterogeneity across fields over more than 30 years, and the role of student wages.

Previous version: The Pay of Finance Professors (AFA 2024)

Who Benefits from Bank Charters? Evidence from 19th Century Canada, with Marianne Volle

Publications

Catering to Investors through Security Design: Headline Rate and Complexity, with Boris Vallée

Quarterly Journal of Economics, 2017, Volume 132, Issue 3, Pages 1469–1508.

Returns to Talent and the Finance Wage Premiumwith Boris Vallée

 Review of Financial Studies, 2019, Volume 32, Issue 10, Pages 4005-4040

Bank Branch Supply, Financial Inclusion and Wealth Accumulationwith Adrien Matray

 Review of Financial Studies, 2019, Volume 32, Issue 12, Pages 4767-4809. ​CODE AND DATA

Can Security Design Solve Household Reluctance to Take Risk?with L. Calvet, P. Sodini and B. Vallée

 Journal of Finance, 2023, Volume 78, Issue 4, Pages 1917-1966

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