Research

Working Papers

Bank Branch Density and Fragility
(with Efraim Benmelech, Jun Yang, and Michal Zator)
April 2026
Paper
Who Pays for Payments
(with Mark Egan, Gregor Matvos, Amit Seru, and Vincent Yao)
April 2026
Paper | NBER
Regulating Competing Payment Networks
Revise and Resubmit, American Economic Review
(Solo-authored)
March 2025
Paper | Coverage: NYT, The Economist, Kellogg Insight, BBC
Minority Specialized Lenders
(with Erica Jiang, Gregor Matvos, and Amit Seru)
May 2024
Contact for Draft
Financial Supermarkets
(with Shengmao Cao)
Contact for Draft

Resting Papers

Startup Antitrust and Financial Frictions
June 2022
Paper

Work in Progress

Interchange and Informality
(with Sean Higgins)