Publications

Climate Regulation, Firm Emissions, and Green Takeovers

with O. De Jonghe, K. Mulier, and L. Stimpfle

Journal of Money, Credit and Banking (forthcoming)

Higher EU ETS carbon prices lead firms to cut emissions. In manufacturing, part of the reduction runs through green takeovers.

Liquidation value and loan pricing

with F. Barbiero and J-D. Sigaux

Journal of Finance (2024)

Borrowers pay a premium when their default risk correlates with collateral risk, and internalize this when selecting collateral.

Banks and negative interest rates

with F. Heider and F. Saidi

Annual Review of Financial Economics (2021)

Review article on the transmission of negative policy rates.

Some borrowers are more equal than others: Bank funding shocks and credit reallocation

with O. De Jonghe, H. Dewachter, K. Mulier, and S. Ongena

Review of Finance (2020)

Banks reallocate credit by sector presence, specialization, and borrower risk when facing funding constraints.

Life below zero: Bank lending under negative policy rates

with F. Heider and F. Saidi

Review of Financial Studies (2019)

Deposit-reliant banks increase risky lending when facing negative rates due to deposit funding cost pressures.

Identifying credit supply shocks with bank-firm data: Methods and applications

with O. De Jonghe, H. Degryse, S. Jakovljevic, and K. Mulier

Journal of Financial Intermediation (2019)

This paper documents the benefits of replacing firm-time fixed effects as controls for firm-demand in loan-level regressions with industry–location–size–time (ILST) fixed effects.

Taxes and bank capital structure

Journal of Financial Economics (2016)

Equal tax treatment of debt and equity raises bank capital ratios through retained earnings and reduces risk.

Banks' size, scope and systemic risk: What role for conflicts of interest?

with O. De Jonghe and M. Diepstraten

Journal of Banking and Finance (2015)

Diversification effects on systemic risk depend on bank size and institutional environment characteristics.

Bank competition and stability: Cross-country heterogeneity

with Thorsten Beck and Olivier De Jonghe

Journal of Financial Intermediation (2013)

Competition's impact on bank fragility varies significantly based on regulatory and market structures.

Bank/sovereign risk spillovers during the European debt crisis

with V. De Bruyckere, M. Gerhardt, and R. Vander Vennet

Journal of Banking and Finance (2013)

Weakly capitalized banks face greater contagion; capital injections prove most effective at reducing spillovers.

The climate and the economy

with J. Breckenfelder, B. Mackowiak, D. Marques, C. Olovsson, A. Popov, and D. Porcellacchia

ECB Discussion Paper (2023)

Money markets, central bank balance sheet and regulation

with S. Corradin, J. Eisenschmidt, M. Hoerova, T. Linzert, and J-D. Sigaux

ECB Discussion Paper (2020)

Benefits and costs of liquidity regulation

with M. Hoerova, C. Mendicino, K. Nikolov, and S. Van den Heuvel

ECB Discussion Paper (2018)

Loans to non-financial corporations: what can we learn from credit condition surveys?

with S. Ferrari and P. Van Roy

Financial Stability Review, National Bank of Belgium (2013)

Bank reactions after capital shortfalls

with C. Kok

ECB Working Paper (2013)

Bank business models, performance and governance

with G. De Rudder, G. Elaut, and R. Vander Vennet

Bank-en Financienwezen - Revue Bancaire et Financiere (2011)