I examine the effect that technology has on soft-information lending, and addresses issues within the banking literature on quantifying bank technology. I find that banks engage in less soft-information lending when back-office bank technology is more productive, and that banks engage in less...

When lenders gain control rights in technical default, they influence corporate operating decisions. We develop a novel measure of operational risk-taking that utilizes industry-specific data on corporate operations. Using a regression discontinuity design, we find that borrowers reduce...

We identify an alternative source of ETF shorting related to the market maker liquidity provision and creation/redemption activities. This “operational shorting” arises due to a regulatory exemption, allowing ETF market makers to satisfy excess demand in secondary markets by selling ETF...

We examine the spillover and direct effects of cross-border bank M&As on the systemic risk of banks in the target’s country. We document that higher cross-border bank M&A activity is associated with higher systemic risk for peer banks, while target banks exhibit a decrease in systemic risk...

I examine the relation between Federal Reserve emergency actions and aggregate U.S. systemic risk during the Global Financial Crisis (GFC) and the COVID-19 crisis. I divide these actions in to three categories: lender of last resort (LLR), liquidity provision, and open market operations (OMO)....

This paper examines the impact of the composition of local banking markets on customer satisfaction. I measure customer satisfaction at the county level using complaint data filed with the Consumer Financial Protection Bureau (CFPB) from 2012-2017. I find that there are fewer customer complaints...