Research

Working papers

1. "Information Acquisition and Bank Fragility: Evidence from the EDGAR log file" 

• • I use SEC EDGAR IP-traced download data as a novel measure of depositor information acquisition. I show that depositors actively acquire information from banks' disclosures and that greater information acquisition is associated with outflows of uninsured deposits, especially for poor performing and more fragile banks.

2. "The Information Content of Loan Contract Disclosures" (with Paul Demeré and Francesco Grossetti).

• We use natural language processing to extract latent topics from public loan contracts and show that these topics and other loan terms are predictive of future borrower outcomes, such as borrower performance, investment, bankruptcy, and stock return volatility, incremental to standard prediction variables. Our results indicate that loan contracts contain substantial information content of value to many corporate stakeholders and highlight the richness of unstructured legal text in loan contracts. 

Work in progress

"The Economic Consequences of Centralizing Bank Regulatory Disclosures" (with Ferdinand Elfers).