Working papers

• Supply-Chain Finance: An Empirical Evaluation of Supplier Outcomes (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: CICF 2023

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

Abstract:   We document the effects of higher borrowing cost on private firms in the presence of financial frictions by exploiting a quasi-experiment and a unique and comprehensive dataset from Sweden. In June 2010, the central bank of Sweden increased the repo rate unexpectedly and exposed firms with long term loan maturing right before or after the hike to different cost of borrowing. Consistent with the debt overhang theory, we find that higher cost of borrowing has a significant negative effect on investment, but more for highly levered firms. These results are robust to carefully controlling for firms' credit demand. Our findings highlight the importance of balance sheet heterogeneity in the responsiveness of firms to interest rate shocks.

Conferences: CEPR Second Annual Spring Symposium in Financial Economics (PhD poster session)

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

Teaching

• Corporate Finance (Copenhagen Business School)

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

2023 Evaluation: median = 5/5, mean = 4.7/5, N = 70 (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