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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

Using historical newspaper archives, we study whether and how bank advertising practices may contribute to racial disparities in financial markets. We focus on the Freedman's Savings Bank - the first bank collecting deposits from African Americans - and consider a charter amendment that deregulated the use of depositor funds. A difference-in-differences analysis shows an increase in advertising volumes post-deregulation, linked to a rise in deposit collection, as well as intensified persuasive messaging. The use of racially targeted prescriptions and false claims in the advertising increases along with the issuance of fraudulent loans, leading to substantial losses for Black depositors.

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

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