Welcome to my page!
I am currently a fourth-year PhD Candidate in the Finance department.
During my doctoral studies, I worked as a PhD intern in the DG Economics, Statistics and Research at the Bank of Italy. Previously, I was a trainee in the DG Micro-Prudential Supervision at the European Central Bank.
I hold a M.Sc. in Economic and Social Sciences from Bocconi University, and a B.A. in Economics & Business from the University of Pisa.
Abstract: Using data on the US syndicated loan market, we show that banks specialize in lending towards specific industrial sectors. Specialization is persistent over time and common across industries. This contrasts naive interpretations of classical theories of financial intermediation built upon portfolio diversification. Using detailed information on credit agreements, we show that the typical loan contract between a bank specialized in an industry and a firm in the same industry has less restrictive covenants and lower spreads. This, with respect to a loan arranged by the same bank, at the same time, to a firm in another industry in which the bank is not specialized in. This result cannot be fully explained by relationship lending, high propensity to internalize spillovers from credit decisions within an industry, or geographical proximity. Interpreting our findings in light of the information theory of covenants, we suggest that the lending advantage associated with bank specialization is likely to stem from an information advantage in screening and monitoring.
• FNCE 220/732 – International Banking (Undergrad/MBA), Prof. Richard Herring
• FNCE 615 – Introduction to Macroeconomics (MBA), Prof. João Gomes
• FNCE 726 – Advanced Corporate Finance (MBA), Prof, Bulent Gultekin
• WH 299/399 – Wharton Honors Thesis (Undergrad), Prof. Utsav Schurmans
This is an intermediate-level course in macroeconomics and the global economy, including topics in monetary and international economics. The goal is to provide a unified framework for understanding macroeconomic events and policy, which govern the global economic environment of business. The course analyzes the determinants and behavior of employment, production, demand and profits; inflation, interest rates, asset prices, and wages; exchange rates and international flows of goods and assets; including the interaction of the real economy with monetary policy and the financial system. The analysis is applied to current events, both in the US and abroad. Students cannot receive credit for taking both FNCE 101 and ECON 102. Wharton students are required to take FNCE 101.
This course is required for all students except those who, having prior training in macroeconomics, money and banking, and stabilization policy at an intermediate or advanced level, can obtain a waiver by passing an examination. The purpose of the course is to train students to think systematically about the current state of the economy and macroeconomic policy, and to be able to evaluate the economic environment within which business and financial decisions are made. The course emphasizes the use of economic theory to understand the workings of financial markets and the operation and impact of government policies. We will study the determinants of the level of national income, employment, investment, interest rates, the supply of money, inflation, exchange rates, and the formulation and operation of stabilization policies.