Using mostly theoretical models and traditional risk/uncertainty measures (VIX index, panic,
precaution, scary bad news, etc.), the current literature tries to clarify the risk/uncertainty …

This paper employs panel data from 227 prefecture-level cities in China spanning the period
from 2000 to 2020 to investigate the effects and influences of local government debt policies …

Evidence shows that high macroeconomic uncertainty leads to high stock market volatility.
However, the relationship between macroeconomic uncertainty and volatility is much less …

The paper analyses the impact of Open Banking on banking regulation. Open Banking will
create diverse banking models: competitive banks (serving depositors who adopt open …

This dissertation comprises two independent essays in empirical corporate finance, with a
focus on the emerging issues of fintech and finance. In the first chapter, I examine how …

I analyze runs on credit lines in an infinite-horizon banking model, focusing on the strategic
complementarity between bankers and credit line borrowers. Panic drawdowns by …

I examine how traditional depository banks respond to increased competition from fin-tech
firms. My identification strategy exploits the staggered adoption of the regulatory sandbox …

The dissertation consists of three chapters. In the first chapter, I develop a model to study the
production of private safe assets by the banking sector. In response to a shortage of safe …