Working Papers
Resource Curse or Fiscal Windfalls: The Consequences of Shale Booms on Municipal Finance [Paper] [Slides]
with Alex Butler and Derrick Liang
Abstract. Using temporal and geographical variation in shale discoveries and drilling incentives, we show that municipalities with greater fracking activity experience lower municipal borrowing costs and improved creditworthiness. Weaker institutions face credit rating downgrades and greater bond issuance, supporting the resource-curse view of weak governance and inefficient use of resource windfalls. We document four channels behind these effects: higher tax revenues, increased municipal spending, worsened air quality, and no systematic increase in crime. Increased fiscal surplus from fracking enable local governments to reduce reliance on debt financing, particularly in economically disadvantage municipalities where the marginal value of fiscal windfalls is greater.
Presentations. Federal Reserve Bank of Chicago (2025), Rice University's Finance Breakfast Club (2025)
Creditor Rights, Debtholder Conflicts, and Fragile Borrowers [Paper] [Slides]
Ph.D. Third-Year Paper
FMA 2025 Best Paper Award semifinalist in Corporate Finance
Abstract. I show that granting excessive rights to one class of creditors redistributes bargaining power and credit access across creditors and borrowers. I use the staggered introduction of anti-recharacterization laws, which protect secured creditors’ rights to repossess collateral by prohibiting courts from recharacterizing assets in special purpose entities as disguised loans. I find that unsecured credit provision weakens along both pricing and availability margins. Interest rate spreads and underwriting fees on unsecured loans increase, while lending to high-risk and collateral-constrained borrowers declines. This tightening of credit generates real economic consequences by inhibiting business entry and growth, particularly in low-income and financially constrained communities.
Presentations. Financial Management Association (2025), Eastern Finance Association (2025), Southern Finance Association (2025), Rice University's Finance Breakfast Club (2024)
Works in Progress
Why Boycott Us? Evidence from Capital Markets and Corporate Behavior
Job Market Paper
U.S. Migration Networks and the Provision of Hospital Finance
with Cyrus Aghamolla and David Zhang