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 municipal bond investors perceive the fiscal benefits of fracking as outweighing its externalities. Municipalities exposed to shale booms experience lower borrowing costs, improved credit ratings, larger fiscal surpluses, and reduced reliance on debt financing. Four mechanisms drive these effects: higher tax revenues, increased municipal spending, worsened air quality, and no systematic change in public safety. The marginal value of resource windfalls is greater in economically disadvantage municipalities. Weaker institutions face credit rating downgrades and greater bond issuance, supporting the resource-curse view of weak governance and inefficient use of revenues.
Presentations. Federal Reserve Bank of Chicago (2025); Rice University Finance Breakfast Club (2025)
Creditor Rights, Debtholder Conflicts, and Fragile Borrowers [Paper] [Slides]
Ph.D. Third-Year Paper
Abstract. I show that laws protecting creditor rights may impose undesired consequences. Following the staggered introduction of anti-recharacterization laws, which prohibit courts from reclassifying Special Purpose Entity assets as part of parent firms’ estates, small businesses and startups face tighter credit conditions. Two mechanisms drive this effect: higher costs of unsecured debt and reduced lending under CRA and SBA programs. Counties with larger minority populations and limited local financial supply exacerbate the effect, highlighting racial disparities in startup financing. My findings suggest that strengthening protections for certain corporate creditors tightens credit in other sectors and crowds out borrowers reliant on those channels.
Presentations. Financial Management Association (2025); Eastern Finance Association (2025); Southern Finance Association (2025); Rice University Finance Seminar (2024)
Awards. Best Paper Award (semi-finalist) - Financial Management Association 2025
Works in Progress
Drafts coming soon!