Working papers

• The Impact of Finfluencers on Retail Investment (with Isaiah Hull) 

Abstract: We examine the impact of financial influencers (``finfluencers'') on retail investment using real equity and derivative investments across four Nordic countries. Using an instrument that randomly assigns influencers to followers, we find the following: (1) Investors tend to follow influencers with high Sharpe ratios, frequent trades, a shared country of residence or language, and male gender. (2) Influencers affect followers' portfolios and trading behavior, particularly when they have a large following, a central network position, or participate in group discussions. This effect is strongest for investors who follow fewer influencers, female investors, and when trading passive funds.

Conferences: FIRS 2025, AFA AFFECT Workshop 2025, MFA 2025, 10th Northeastern University Finance Conference, 7th Future of Financial Information Conference, ABFER 12th Annual Conference, CICF 2024

• Financing Suppliers (with Niklas Amberg and Tor Jacobson)

Abstract: Buyers and suppliers have diverging interests about trade-credit maturities: buyers desire long payment periods as a source of cheap funding, while suppliers prefer swift payments to avoid locking up scarce liquidity in idle assets. A fast-growing financial product innovation---supply-chain finance (SCF)---offers to resolve these diverging interests, but its net effect on suppliers is a priori unclear. We study the effects of SCF programs on suppliers using unique invoice-level data from a large Swedish bank. We find that SCF programs relax suppliers’ liquidity constraints and thereby enable them to grow their sales, employment, and investments.

Conferences: INFORMS 2024 (invited session), CICF 2023, FMA 2023

Publications

• Big Broad Banks: How Does Cross-Selling Affect Lending?  Review of Finance, Volume 28, Issue 2, March 2024, Pages 551–592 

Summary: Within bank-firm relationships, profit from non-loan products cross-subsidizes loans and increases both credit supply and lenience in delinquency. 

Conferences: AFA 2021, CICF 2021, EFA 2020, European Central Bank Young Economists’ Competition 2020 

Awards:  Peter Högfeldt Award for Outstanding PhD Thesis 2022,  ECB Young Economists' Competition Finalist 2020, Handelsbanken Doctoral Award 2019, EFA Doctoral Tutorial Best Paper Prize 2019

• Bank Misconduct and Online Lending (with Christoph Bertsch, Isaiah Hull, and Xin Zhang) Journal of Banking and Finance, Volume 116, July 2020  

Summary: Misconduct (mis-selling and hidden fees etc.) in traditional banking sector drives borrowers to online lenders.

Conferences: EFA 2018, CEPR Third European Workshop on Household Finance, 4th IWH-FIN-FIRE Workshop in Halle

Selected work in progress

• Cross-Selling in Retail Banking (with Fatima Adib-Filali, Steffen Andersen, and Kasper Meisner Nielsen)

Permenant working paper

• Cost of Loans and Moral Hazard: Evidence From A Quasi-Experiment in Sweden  (with Clara Fernström)  

Teaching

• Corporate Finance (Copenhagen Business School)

2022 Evaluation: mean = 4.9/5, N = 130 (Bachelor Program in International Business and Politics)

2023 Evaluation: mean = 4.7/5, N = 70 (Bachelor Program in Service and Management)

2024 Evaluation: mean = 4.7/5, N = 124 (Bachelor Program in Service and Management)

Discussions

1. Bank Lending and Firm Internal Capital Markets following a Deglobalization Shock by Imbierowicz, Nagengast, Prieto and Vogel 2023 Slides

2. Are (Nonprofit) Banks Special? The Economic Effects of Banking With Credit Unions by Shahidinejad 2023 Slides

3. How do common owners coordinate—is it the proxy advice industry? by Forsbacka, 2023 Slides

4. Managing Regulatory Pressure: Bank Regulation and its Impact on Corporate Bond Intermediation by Rapp and Waibel, 2023 Slides

5. Is Flood Risk Priced in Bank Returns? by Schubert 2022 Slides

6. Democratization, Leader Education and Growth: Firm-level Evidence from Indonesia by Pelzl and Poelhekke 2022 Slides

7. “There is No Planet B”, but for Banks “There are Countries B to Z”: Domestic Climate Policy and Cross-Border Bank Lending by Banincasa, Kabas and Ongena 2022 Slides

8. Bank Compensation for Penalty-Free Loan Prepayment: Theory and Tests by Eckbo, Su and Thorburn 2021 Slides

9. Creative Destruction? How do Firms Recover From Idiosyncratic Shocks? by Bustos, Engist, Martinsson and Thomann 2021 Slides