Research

1.   Competitors or Partners? Private Credit and the Reorganization of Banking Intermediation 

Job Market Paper 

Presentations. Federal Reserve Board - 20th Financial Markets and Institutions Conference (2027)*, ASSA–IBEFA (2027)*, American Finance Association (AFA) Annual Meeting–Poster (2027)*, Dallas Fed – Banco de Mexico – Banca d'Italia – Norges Bank Workshop (2026)*, 8th Workshop on Entrepreneurial Finance and Innovation (WEFI) - PhD Students Session (2026), Rice University Finance Brown Bag (2026), Financial Management Association (2026), 21st Early Career Women in Finance Conference at the WFA (2026)  

Awards & Grants. American Finance Association PhD Student Travel Grant, Best Paper Award semifinalist at FMA 2026 Annual Meeting, Banco de Mexico Travel Grant 

Abstract. I show that private credit does not simply displace banks, but also changes bank incentives to participate in different segments of credit intermediation. Following deregulation of leverage and disclosure constraints, private credit lenders borrow more and expand lending to firms. In response, small banks compete to defend their markets downstream, while large banks scale back direct lending and fund nonbanks upstream, capturing favorable regulatory risk weights. Greater competition reduces local banking concentration and improves firm access to credit, particularly for small and financially constrained firms. Structural estimates show that the March 2026 proposals to lower risk weights on direct corporate lending increases overall credit availability, but intensifies competition for small banks.  

2.   Resource Curse or Fiscal Gains? Effects of Shale Booms on Municipal Access to Capital 

with Alex Butler and Derrick Liang 

Presentations. Chicago Fed Municipal Markets and Financial Stability Conference (2025), Rice University (2025), Eastern Finance Association (2026)**, HKU Finance PhD Workshop (2026)** 

Abstract. How do capital markets price large revenue windfalls? Using shale booms as a quasi-natural experiment that exploits variation in shale discoveries and drilling viability, we find that resource windfalls improve municipal access to capital markets via lower borrowing costs, improved credit ratings, and greater debt issuance. These effects are driven by greater tax revenue and reduced reliance on intergovernmental transfers, but are partly offset by externalities associated with shale booms. Municipalities with weaker institutional quality see attenuated fiscal benefits of shale booms, supporting the resource curse mechanism in which weak governance induces wasteful spending and inefficient allocation of resources. 

3.   The Private Option: Trade Shocks and Hospital Reliance on Private Healthcare Insurance 

with Cyrus Aghamolla and David Zhang 

Presentations. 10th Caribbean Health Economics Symposium (CHES) (2026)**, Washington Health Economics Symposium at the U.S. Capitol (2026)**, Rice University Finance Breakfast Seminar (2026)  

Awards & Grants. Caribbean Health Economics Symposium Travel Grant ($2,000) 

Abstract. We investigate the impact of trade liberalization on hospital operations, quality, and community access to healthcare. Consistent with the decline in manufacturing employment following trade shocks—and thus a loss of employer-sponsored health insurance among residents in affected communities—we document a reduction in the intake of privately-insured patients at local hospitals. This decline in privately-insured admissions, which typically provide the highest reimbursement rates for hospital services, has a substantial negative impact on hospital finances. Moreover, hospitals in manufacturing-dependent areas are more likely to close or merge with other hospitals and experience a significant decline in quality of care. At the same time, we observe a rise in healthcare insurance premiums in affected areas, indicating that local hospitals raise prices for patient services to improve their financial situations. Our findings suggest that hospitals’ reliance on privately insured patients increases the distributional effects of local economic shocks.