Publications & Forthcoming Papers

  1. Trends in Corporate Borrowing
    Annual Review of Financial Economics, forthcoming
    Co-authored with T. Berg and A. Saunders
    [Paper SSRN]   [Online Appendix]

    Do-files:
    [Dealscan Data] [Capital IQ Data] 

    [Figure 1 (DebtStructure)] [Figure 2 (CostOfDebt)] [Figure 3 (MaturityCovenants)] [Figure 4 (IGvsLeveraged plusBonds)] 
    [Figure 5 (LoanPurposes)]

  1. Kicking the can down the road: government interventions in the European banking sector 
    Review of Financial Studies, forthcoming
    Co-authored with V. Acharya, L. Borchert and M. Jager​

    [NBER Working Paper No. 27537]  [SSRN]  [Slides]

    Government Bailout Data (xls)

  2. The Wolves of Wall Street? Managerial Attributes and Bank Risk
    Journal of Financial Intermediation, forthcoming
    Co-authored with J. Hagendorff, A. Saunders, and F. Vallascas​
    ​
  3. Lender of Last Resort, Buyer of Last Resort, and a Fear of Fire Sales in the Sovereign Bond Market"
    Financial Markets, Institutions, and Instruments, forthcoming
    Co-authored with V. Acharya and D. Pierret 
    [Paper SSRN]

  4. “Brexit” and the Contraction of Syndicated Lending
    Journal of Financial Economics, 2021, 141 (1), 66-82.
    Co-authored with T. Berg, A. Saunders, and L. Schäfer
    ​
  5. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
    ​Journal of Financial Economics, 2020, 138 (2), 342-365
    Co-authored with V. Acharya, B. Imbierowicz, and D. Teichmann​
    [Online Appendix] [Paper SSRN]

  6. The risk of being a fallen angel and the corporate dash for cash in the midst of COVID
    Review of Corporate Finance Studies, 2020,  9 (3), 430–471
    Co-authored with V. Acharya
    [Paper SSRN]
    ​
  7. The Zero Risk Fallacy  - Banks' Sovereign Exposure and Sovereign Risk Spillovers
    Journal of Financial Stability, 2020.
    Co-authored with K. Kirschenmann and J. Korte
    ​
  8. A Capital Structure Channel of Monetary Policy
    Journal of Financial Economics, 2019, 133 (2), 357-378
    Co-authored with B. Grosse-Rueschkamp and D. Streitz
    [Online Appendix] [Slides] [Paper SSRN]

  9. Syndication, Interconnectedness and Systemic Risk
    Journal of Financial Stability, 2018, 34, 105-120.
    Co-authored with J. Cai, F. Eidam and A. Saunders
    [Paper SSRN]

  10. Covenant Violations and Dynamic Loan Contracting
    Journal of Corporate Finance, 2017, 45, 540-565
    Co-authored with F. Freudenberg, B. Imbierowicz and A. Saunders
    [Paper SSRN]

  11. What do a million observations have to say about loan defaults?
    Opening the black of box of relationships
    Journal of Financial Intermediation, 2017, 31, 1-15 (Lead Article)
    Co-authored with M. Puri and J. Rocholl
    [Paper SSRN]

  12. Mind the Gap: The Difference between US and European Loan Rates 
    Review of Financial Studies, 2017, 30 (3): 948-987
    Co-authored with T. Berg, A. Saunders and D. Streitz
    [Paper SSRN]

  13. The Total Costs of Corporate Borrowing in the Loan Market: Don’t Ignore the Fees 
    Journal of Finance, 2016, 71 (3), 1357-1392
    Co-authored with T. Berg and A. Saunders
    [Paper SSRN] [Online Appendix]

    [Variable descriptions]   [How to extract fee information from Dealscan (do file)] 

    [Hand-collected fee data from SEC filings]   [TCB calculation (do file)]   [TCB measure (stata file)]

  14. The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
    Journal of Financial Economics, 2015, 115 (2), 215-236 (Lead Article)
    Co-authored with V. Acharya​
    ​
  15. Do Information Rents in Loan Spreads Persist over the Business Cycle?
    Journal of Financial Services Research, 2013, 43, 175–195
    Co-authored with J. Mattes and M. Wahrenburg

  16. The Costs of Being Private: Evidence from the Loan Market 
    Review of Financial Studies, 2011, 24 (12), 4091 – 4122
    Co-authored with A. Saunders
    [Online Appendix] [Paper SSRN]

  17. Global Retail Lending in the Aftermath of the US Financial Crisis:
    Distinguishing between Demand and Supply Effects 
    Journal of Financial Economics , 2011, 100 (3), 556 - 578
    Co-authored with M. Puri and J. Rocholl

    [Also mentioned in Gorton, G. and A. Metrick (2012), "Getting Up to Speed on the
    Financial Crisis: A One-Weekend-Reader's Guide", JEL: Vol. 50 No. 1 (March 2012).]

  18. On Syndicate Composition, Corporate Structure and the Certification Effect
    of Credit Ratings
    Journal of Banking and Finance, 2010, 35, 290 - 299
    Co-authored with O. Bosch

Submitted Papers

  1. Government Guarantees and Bank Risk Taking Incentives 
    Journal of Financial Intermediation, 2016, R&R
    Co-authored with M. Fischer, C. Hainz and J. Rocholl

  2. Why did bank stocks crash during COVID-19?
    Co-authored with V. Acharya and R. Engle
    [Paper on SSRN] [NBER]

Working Papers

  1. Corporate loan spreads and economic activity (NEW)
    ​Co-authored with A. Saunders, A. Spina and D. Streitz
    [Paper on SSRN] [Presentation (Nov 2020)]
    ​
  2. ​Capital Misallocation and Innovation (NEW)
    Co-authored with C. Schmidt, Y. Schneider and D. Streitz
    [Paper on SSRN]
    ​
  3. Are risky banks rationed by corporate depositors? (NEW)
    Co-authored with B. Imbierowicz, and A. Saunders
    [Paper on SSRN]
    ​
  4. Similar Investors
    2020
    Co-authored with C. Georg and D. Pierret

  5. Loan Syndication Structures and Price Collusion
    2019,
    Co-authored with J. Cai, F. Eidam, A. Saunders and Y. Schneider  

Work in Progress

  1. Zombie Lending: Theoretical, International, and Historical Perspectives
    ​In preparation for the Annual Review of Financial Economics, 2022
    Co-authored with V. Acharya, M. Crosignani, and T. Eisert