Accepted/Published Papers

 - with Sudheer Chava, Rohan Ganduri, and Linghang Zeng

The Review of Financial Studies, Accepted

Key Takeaway: The funding structure of banks has implications for aggregate consumption, with significant long-term distributional consequences.

Presentations: Indian School of Business; Western Finance Association (Virtual); Chicago Financial Institutions Conference (Chicago); Financial Intermediation Research Society (Savannah); European Finance Association (Lisbon); Northern Finance Association (Vancouver); Financial Systems of the Future Conference (FRB Atlanta); Financial Stability Conference (FRB Cleveland); International Moscow Finance Conference (Moscow); CFPB Research Conference (Washington, D.C.); Centre for Advanced Financial Research and Learning (CAFRAL) (Mumbai); Emory University; University of Massachusetts - Amherst; University of Georgia

 - with Sudheer Chava, Rohan Ganduri, and Yafei Zhang

Journal of Financial Economics 142(3), December 2021, 1186-1208

Key Takeaway: Borrowers on marketplace lending (MPL) platforms have lower long-run credit scores and higher long-run default propensities compared to observably similar bank loan applicants, which suggests that MPL lenders face greater information asymmetries vis-a-vis their borrowers than traditional banks. 

Award/Grant: 2017 Think Forward Initiate (TFI) Research Challenge

Media: American Banker (December 2018), CrowdFund Insider (July 2018)

Presentations: Consumer Financial Protection Bureau (Washington, D.C.); American Finance Association (Atlanta); Peking FinTech Workshop (Beijing); Workshop on Credit Card Lending and Payments (FRB Philadelphia); Conference on the Financial Stability Implications of New Technology (FRB Atlanta); Northern Finance Association (Charlevoix); FDIC/JFSR Conference (Arlington); European Finance Association (Warsaw); Summer Institute of Finance Conference (Shanghai); Cambridge Conference on Alternative Finance (Cambridge); Summer Conference on Consumer Financial Decision Making - Poster Session (UC Boulder); Think Forward Initiative (TFI) Summit (Amsterdam); Office of the Comptroller of the Currency (Washington D.C.); Georgia State University

Working Papers

1. Reducing Risk or Reaching for Yield? Impact of Stress Tests on Credit Card Lending

Key Takeaway: Higher capital requirements can induce higher bank risk-taking, with significant distributional impact on consumer creditworthiness.

Presentations: Georgetown University; University of Texas at Dallas; Texas A&M University; Virginia Tech; University of Michigan - Ann Arbor; University of Georgia; University of Arkansas; FRB New York; Securities & Exchange Commission, Washington D.C.; Office of Financial Research, Washington D.C.; University of Miami; Georgia Tech (x2); Northern Finance Association (Virtual)

 - with Sudheer Chava and Wendi Du

Key Takeaway: The discussion of emerging technologies in firms' earnings conference calls conveys credible information to investors. 

Presentations: Eastern Finance Association (Washington, D.C.); Midwest Finance Association (Chicago); China International Conference in Finance (Shanghai); Georgia Tech; University of Nevada - Las Vegas

Key Takeaway: High investor inattention in December, possibly due to holiday season travel, affects the stock market reaction towards unscheduled firm news, such as credit rating downgrades and 8-K filings, released in December.

Award: BlackRock Prize for Best Paper on Capital Markets/Funds Management/Mutual Funds (2017 Australasian Finance and Banking Conference)

Presentations: American Finance Association (AFA) PhD Poster Session (Philadelphia); Australasian Finance and Banking Conference (Sydney); Auckland Finance Meeting (Auckland)