Research

Working papers

1. "Information Acquisition and Financial Stability: Evidence from SEC EDGAR Downloads of Banks' Filings"

Solo-authored.

• I study how market participants acquire information from banks' financial disclosures and what this means for financial stability. Using a novel, large-sample measure of information acquisition constructed from SEC EDGAR server logs, I identify who accesses which bank filings and when. The evidence highlights the role of information acquisition, beyond information disclosure, in shaping financial stability outcomes.

2. "The Information Content of Loan Contract Disclosures"

Coauthored 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"

Coauthored with Jannis Bischof and Ferdinand Elfers.