Job Market Candidates 2023/24
Ph.D. Program in Economics
Ph.D., Economics, Goethe University Frankfurt, GSEFM program, 2024 (expected)
M.Sc., Economics, University of Bonn, 2017
B.Sc., Economics, University of Bayreuth, 2015
Fields of Specialization
Financial Intermediation, Financial Regulation and Sustainable Finance
Empirical Finance, Banking
Click here to download the CV.
Conditionally accepted at American Economic Journal: Economic Policy
Best Paper Award: Conference on Asia-Pacific Financial Markets 2021
Young Researchers Award: International Risk Management Conference 2021
Abstract: We empirically examine the Capital Purchase Program (CPP) used by the US government to bail out distressed banks and its implications for regulatory policy. We find strong evidence that a feature of the CPP - the government's ability to appoint independent directors on the board of an assisted bank that missed six dividend payments to the Treasury - had a significant effect on bank behavior. Banks were averse to these appointments - the empirical distribution of missed payments exhibits a sharp discontinuity at five. Director appointments by the Treasury led to improved bank performance and lower CEO pay. Political connections did not affect appointment decisions.
Abstract: This paper studies the impact of banks' dividend restrictions on the behavior of banks' institutional investors. Using an identification strategy that relies on the within-investor variation and a difference in difference setup, I find that mutual funds, in particular high dividend paying funds, permanently decrease their ownership shares of treated banks during the 2020 dividend restrictions in the Eurozone. Using data before the introduction of the ban reveals a positive relationship between fund ownership and banks' dividend yield, highlighting the importance of dividends for European banks’ fund investors. This reaction has also pricing implications as suggested by a negative relationship between the dividend restriction announcement day cumulative abnormal returns and the percentage of fund owners per bank.