Research

Working Paper

An Empirical Analysis of the Cost of Borrowing
We examine borrowing costs for firms using a security-level database with bank loans and corporate bonds issued by U.S. companies. We find significant within-firm dispersion in borrowing rates, even after controlling for security and firm observable characteristics. Obtaining a bank loan is 132 basis points cheaper than issuing a bond, after accounting for observable factors. Changes in borrowing costs have persistent negative impacts on firm-level outcomes, such as investment and borrowing, and these effects vary across sectors. These findings contribute to our understanding of borrowing costs and their implications for corporate policies and performance.
with Miguel Faria-e-Castro and Julian Kozlowski

Publications

Pandemic Labor Force Participation and Net Worth Fluctuations
Federal Reserve Bank of St. Louis Review, 2024
with Miguel Faria-e-Castro, mentions: Hutchins Roundup– Brookings, Bloomberg, Yahoo Finance

Undergraduate Thesis

The Evolution of the Earnings Differential Between Paid and Self-Employment