Working Papers

Bank Local Specialisation (with Anne Duquerroy, Clément Mazet-Sonilhac, Jean-Stéphane Mésonnier, and Daniel Paravisini)

Using micro-data on bank-SME relationships in France, we show that banks specialize locally by industry and that this specialization shapes the equilibrium amount of lending. We use the reallocation of firms’ accounts from closed branches to nearby branches of the same bank, as a source of quasi-random variation in the match between a firm’s industry and the industry of specialization of its bank. Reallocation is associated with a significant and persistent drop in credit, the magnitude of which doubles for firms transferred to a branch less specialized in their industry.

Captive Steering under Zero Emission Vehicle Mandates

Electric vehicle mandates propagate to the car financing market through manufacturers’ vertically integrated lenders. In a staggered triple differences design, loan terms worsened for vehicle models that were excluded from qualifying for the sales quota, while financing for the most substitutable models with conventional combustion vehicles improved. These effects are heterogeneous across manufacturers depending on their distance to the non-compliance threshold. Manufacturers that sell fewer qualifying vehicles improve credit terms more than over-complying manufacturers. These adjustments highlight a causal driver of the financing wedge between electric and combustion vehicles that is unrelated to the riskiness of the borrower and collateral.

Work in Progress

• Collateral Lock-in (with Angela Maddaloni)

• Maturity Markups (with Nuno Clara and Arthur Taburet)

Teaching

Awards: LSE Class Teacher Award 2023-2024 & 2025-2026, LSESU Outstanding Teacher of the Year Nomination 2024-2025

Courses:

• FM101: Finance (2023-2026, latest teaching evaluation)

• FM212: Principles of Finance (2022-2023)

Executive Education: Sustainable Finance and Impact Investing (2023-2025)