Research
Research Fields
Corporate Finance, Entrepreneurship, FinTech, Political Economy
| REFEREED PUBLICATIONS |
| Does Democracy Shape International Merger Activity? with Farooq Ahmad, Jose Martin-Flores, Arthur Romec Journal of International Economics, 2024, 152: 103995. [code, data, reproducibility certificate] |
| Reproducibility in Management Science with Miloš Fišar, Ben Greiner, Christoph Huber, Elena Katok, Ali Ozkes, and 700+ co-authors Management Science, 2024, 70: 1343–1356. [Crowdscience project] |
| Banks, Political Capital, and Growth with Wolf Wagner and Eden Zhang Review of Corporate Finance Studies, 2023, 12: 613-655. [code, data, reproducibility certificate] |
| Liquidity Creation, Investment, and Growth with Thorsten Beck, Robin Döttling and Mathijs van Dijk Journal of Economic Growth, 2023, 28: 297-336. |
| Winning Connections? Special Interests and the Sale of Failed Banks with Deniz Igan, Wolf Wagner and Eden Zhang Journal of Banking and Finance, 2022, 140: 106496. |
| Security Token Offerings with Daniel Liebau and Peter Roosenboom Small Business Economics, 2022, 59: 299–325. |
| Lobbying on Regulatory Enforcement Actions: Evidence from U.S. Commercial and Savings Banks Management Science, 2019, 65: 2545-2572. |
| Collective Bargaining and Mergers and Acquisitions Activity around the World with Farooq Ahmad Journal of Banking and Finance, 2019, 99: 21-40. |
| The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries with Hans Degryse and Armin Schwienbacher Economic Journal, 2018, 128: 1433-1475. |
| Crowdfunding: Tapping the Right Crowd with Paul Belleflamme and Armin Schwienbacher Journal of Business Venturing, 2014, 29: 585-609. [Lead article] |
| CHAPTERS IN BOOKS |
| The Rise of Crowdfunding 2024: Oxford Research Encyclopedia of Economics and Finance (Oxford University Press) |
| Bank Lobbying: Regulatory Capture and Beyond with Deniz Igan, 2019, in Emilios Avgouleas and David Donald, eds.: The Political Economy of Financial Regulation (Cambridge University Press) |
| Endogenous Political Institutions and Financial Development with Paolo Volpin, 2018, in Thorsten Beck and Ross Levine, eds.: Handbook of Finance and Development (Edward Elgar) |
| The Crowd-Entrepreneur Relationship in Startup Financing with Aleksandrina Ralcheva and Peter Roosenboom, 2018, in Douglas Cumming and Lars Hornuf, eds.: The Economics of Crowdfunding (Palgrave Macmillan) |
| Effets de réseau et financement participatif : une analyse empirique with Paul Belleflamme and Armin Schwienbacher, 2018, in François Moreau and Yann Nicolas, eds.: Financement participatif : une voie d’avenir pour la culture ? (Presses de Sciences Po) |
| An Industrial Organization Framework to Understand the Strategies of Crowdfunding Platforms with Paul Belleflamme, 2016, in Jérôme Méric, Isabelle Maque, and Julienne Brabet, eds.: International Perspectives on Crowdfunding (Emerald) |
| BOOKS |
| Comptabilité et analyse des états financiers. Exercices et corrigés with Loic Decaux and Yannick de Harlez, (1st ed.) 2014, (2nd ed.) 2016, (De Boeck) |
| The Politics of the Paycheck Protection Program with Deniz Igan, Prachi Mishra, and Eden Zhang, CEPR Discussion Paper No. 16842 Accepted at the Review of Corporate Finance Studies Presentations: RCFS Winter Conference 2024, AEA2020 May 2025 Does partisanship influence loan allocation through the Paycheck Protection Program? |
| The Populism Liquidity Paradox with Wei-Fong Pan February 2025 Right-wing populism leads firms, particularly those with valuable investment opportunities and riskier cash flows, to reduce cash holdings, while left-wing populism drives firms to expand cash reserves |
| (In)dependent Central Banks with Vasso Ioannidou, Sotirios Kokas, and Alexander Michaelides, CEPR Discussion Paper No. 17802 Presentations: NBER Summer Institute 2024, EFA 2023, CICF 2023 February 2025 Institutional reforms to improve central bank independence are not followed by more independent central bank governor appointments; if anything, governor appointments become more political as central bank operational independence increases |
| Vote Delegation in DeFi Governance with Dion Bongaerts, Daniel Liebau, and Peter Roosenboom Awarded the 2025 Cyrille Bialkiewicz Prize for Research in Decentralized Finance February 2025 Studying the dynamics of vote delegation in Uniswap, we highlight window dressing efforts regarding decentralization |
| Spillovers in Crowdfunding with Paul Belleflamme and Armin Schwienbacher Accepted at the Journal of Economics & Management Strategy Presentations: Barcelona Summer Forum 2020, ABFER 2019 November 2024 — This paper supersedes “Crowdfunding Dynamics,” CESifo Working Paper No. 7797 Recurrent backers, by boosting funding dynamics within projects and generating positive spillovers across projects, are a major source of competitive advantage for crowdfunding platforms |
| Local Bank Supervision with Di Gong and Wolf Wagner, CEPR Discussion Paper No. 18751 Presentations: EFA 2025, AEA 2024 September 2024 When supervised banks are relatively small the informational benefits of decentralized supervision outweigh the costs of biased incentives due to the pursuit of local interests |
| Crowdfunding Entrepreneurship: Evidence from US Counties with Aleksandrina Ralcheva and Peter Roosenboom Presentation: Barcelona Summer Forum 2023 July 2024 [CASCAD reproducibility certificate] Reward-based crowdfunding activity over the past decade fostered the creation and development of young businesses within US counties |
| Violent Conflict and Cross-Border Lending, by Alexander Popov, Ralph De Haas, Mikhail Mamonov, and Iliriana Shala 2025 EFA Meetings |
| Political Bias in the Coverage of Corporate Misconduct: Effects on Employees and Managers, by Stefan Petry, Maria Teresa Marchica, and Minjia Zhang 2025 Erasmus Corporate Governance Conference |
| The Political Economy of Financial Regulation, by Rainer Haselmann, Arkodipta Sarkar, Shikhar Singla, and Vikrant Vig 2024 MoFiR Workshop on Banking |
| SME Exposure to Inflation Risk, by Vasso Ioannidou, Sudipo Karmakar, Elena Markoska, and Neeltje van Horen 2023 Banque de France Workshop on Empirical Corporate Finance |
| The Economic Effects of Political Polarization: Evidence from the Real Asset Market, by Ran Duchin, Abed El Karim Farroukh, Jarrad Harford, and Tarun Patel 2023 EFA Meetings |
| Political Ideology and International Capital Allocation, by Elisabeth Kempf, Mancy Luo, Larissa Schäfer, and Margarita Tsoutsoura 2022 EFA Meetings |
| Financial Policymaking after Crises: Public vs. Private Interests, by Orkun Saka, Yuemei Ji and Paul De Grauwe 2021 FBF-SAFE-SRB Conference on Bank Crisis Management |
| Debt in Political Campaigns, by Alexei Ovtchinnikov and Philip Valta 2020 Helsinki Workshop on Finance and Politics |
| Who Pays a Visit to Brussels? Cross-Border Firm Value Effects of Meetings with European Commissioners, by Kizkitza Biguri and Joerg Stahl 2019 EFA Meetings |
| Financing Legislators, by Renée Adams and Thomas Mosk 2019 IWH-FIN-FIRE Workshop on Challenges to Financial Stability |
| The Effects of Credit Supply on Wage Inequality between and within Firms, by Christian Moser, Farzad Saidi and Benjamin Wirth 2018 CEPR Endless Summer Conference on Financial Intermediation and Corporate Finance |
| The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment, by John Kandrac and Bernd Schlusche 2018 EFA Meetings |
| Political Lending Cycles and Real Outcomes: Evidence from Turkey, by Cagatay Bircan and Orkun Saka 2018 CEPR Swiss Winter Conference on Financial Intermediation |
| The Value of Offshore Secrets: Evidence from the Panama Papers, by James O’Donovan, Hannes Wagner and Stefan Zeume 2017 EFA Meetings |
| Finance and Inequality: The Distributional Impacts of Bank Credit Rationing, by Ali Choudhary and Anil Jain 2016 EFA Meetings |
| 2025 | Cyrille Bialkiewicz Prize for Research in Decentralized Finance |
| 2025 | NWO SSH Open Competition XS grant (Dutch Research Council) |
| 2025 | TU Dresden Distinguished Research Fellowship |
| 2025 | Research grant on “Reforming Corporate Governance” (Erasmus Initiative Dynamics of Inclusive Prosperity) |
| 2024 | Shortlisted for the NWO VIDI grant (Dutch Research Council) |
| 2021 | Research grant on “Decentralized Exchanges” (Paris-Dauphine FinTech Chair) |
| 2020 | ERIM Award for Outstanding Performance by a Young Researcher |
| 2019 | RSM Funding Award |
| 2019 | NWO Veni grant (Dutch Research Council) |
| 2017 | Emerald Citations of Excellence Award |
| 2016 | Best Paper Award at the Cass Business School Emerging Scholars in Banking and Finance Conference |
| 2016 | Banque de France Foundation Best Thesis in Monetary and Financial Economics Prize |
| 2016 | AFFI–FNEGE Best Finance Thesis Award (French Finance Association) |
| 2016 | EACES Best Thesis Award (European Association for Comparative Economic Studies) |
| 2015 | Research grant on crowdfunding (French Ministry DEPS–Labex ICCA) |
| 2014 | LSM-UCLouvain Research Excellence Award |
| 2014 | Finalist FMA Best Paper Award in Corporate Finance (Financial Management Association) |
| 2013 | FNRS Travel Grant (Belgian Fund for Scientific Research) |