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Research Interests
Bank accounting; financial reporting by financial institutions; financial disclosure and financial markets.
Working papers
"Do depositors monitor banks using accounting information? Evidence from the EDGAR log file" (solo-authored)
Abstract: This paper investigates whether depositors monitor banks using accounting information. I develop a novel measure of depositor monitoring based on downloads of banks’ SEC filings traced through the EDGAR log file. Descriptive evidence shows that depositors are the primary users of banks’ f ilings. Moreover, I find that higher depositor monitoring through accounting disclosures (Form 10-K and 10-Q) is associated with a decline in future uninsured deposits, but only when the filings reveal negative news about bank performance. This finding is consistent with the theoretical prediction that depositors are primarily concerned with downside risks and that information about bank fundamentals influences their withdrawal decisions. In addition, I document that the role of depositor monitoring evolved during the Global Financial Crisis, shifting across different phases of the crisis in response to depositors’ changing incentives before and after government interventions. Overall, this study provides direct, large-scale evidence on depositor monitoring via accounting disclosures and its implications for uninsured deposit flows and financial stability
Work in progress
"Private information in public debt contracts" (coauthored with Paul Demere and Francesco Grossetti)
Acknowledgements (Research Assistanship)
Acharya, V., E. Carletti, F. Restoy, and X. Vives (2024). Barcelona 6: Banking Turmoil and Regulatory Reform, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/barcelona-6-banking-turmoil-and-regulatory-reform
Shalev, R., A. Marra, and Pettinicchio, A. K. (2024). Home Sweet Home: CEOs Acquiring Firms in their Birth Countries. Journal of Accounting Research https://doi.org/10.1111/1475-679X.12533
Mayew, W. J., J. Pinto, and X. Wu (2024). As-Reported Corporate Issued Guidance. Available at SSRN: https://ssrn.com/abstract=4405292
Bianchi, P. A., J. R. Francis, A. Marra, and N. Pecchiari (2023). Do Mafia Ties Matter? Accountants with Mafia Connections, and the Quality of their Work as Monitors in the ‘Clean’ Economy. Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3957650
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