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.
Taxing Bank Leverage: The Effects on Bank Portfolio Allocation, with Thomas Kick and Steven Ongena
Revise and Resubmit, Review of Financial Studies
We investigate whether fiscal reforms that reduce banks' incentives to leverage also affect banks' portfolio allocation.
Selected Work in Progress
Household Preferences, Security Design, and Volatility Prices, with Laurent Calvet, Gordon Liao, Boris Vallée
Market Forces in Academia: Student Future Earnings and Academic Pay across Fields, with Boris Vallée and Alexey Vasilenko
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 Premium, with Boris Vallée
Review of Financial Studies, 2019, Volume 32, Issue 10, Pages 4005-4040
Bank Branch Supply, Financial Inclusion and Wealth Accumulation, with 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