Research

Publications

  1. Dynamic Intervention and Informational Linkages, with Lin William Cong and Steven R. Grenadier. Journal of Financial Economics, 135: 1-15 January 2020.
  2. Pledgeability, Industry Liquidity, and Financing Cycles, with Douglas Diamond and Raghuram Rajan.  Journal of Finance, 75: 419-461, February 2020.
  3. The Spillovers from Easy Liquidity and the Implications for Multilateralism, with Douglas Diamond and Raghuram Rajan. IMF Economic Review, 68: 4-34, 2020.
  4. A Theory of Zombie Lending, with Felipe Varas. Journal of Finance, no. 4 (2021): 1813-1867. Previously titled “A Dynamic Theory of Learning and Relationship Lending”.
  5. Liquidity, Pledgeability, and the Nature of Lending, with Douglas Diamond and Raghuram Rajan. Journal of Financial Economics, 143(3): pp. 1275-1294, March 2022. Previously titled “Liquidity and the Structure of Intermediation”.
  6. A Dynamic Theory of Bank Lending, Firm Entry, and Investment Fluctuations, Journal of Economic Theory, (2022) 204, 105515.
  7. Counterparty Risk: Implications for Network Linkages and Asset Prices, with Fotis Grigoris and Gill Segal. Review of Financial Studies. 36, no. 2 (2023): 814-858
  8. Banks and financial crises: contributions of Ben Bernanke, Douglas Diamond, and Philip Dybvig, with Zhiguo He. The Scandinavian Journal of Economics, 125, 3, July 2023, 553-583
  9. Borrowing Stigma and Lending-of-Last-Resort Policies, with Hanzhe Zhang. Forthcoming at Journal of Financial and Quantitative Analysis.
  10. Intermediary Financing without Commitment, with Felipe Varas. Journal of Financial Economics, 167 (2025): 104025.
  11. Optimal Ownership and Capital Structure with Agency Conflicts, with Zhaojun Yang and Zhaohui Yang. Forthcoming at Journal of Financial and Quantitative Analysis.

Working Papers

  1. Debt Maturity Management, 04/2025, with Felipe Varas and Chao Ying. R&R at Review of Financial Studies.
  2. Lending Competition and Funding Collaboration, 09/2024, with Pavel Zryumov
  3. The Long and Short of Financial Development, 09/2024, with Douglas Diamond and Raghuram Rajan.
  4. Debt Maturity and Managers’ Voluntary Disclosure, 09/2024, with Wayne Landsman and Frank Hui Xu.