I am a Lecturer (Assistant Professor) in Finance at the Department of Finance, University of Technology Sydney (UTS). I completed my PhD at the Department of Finance, Copenhagen Business School (CBS).

My primary research area is empirical financial intermediation, monetary policy, and macrofinance, with a particular focus on the syndicated corporate loan market.

Research

Corporate Loan Spreads and Economic Activity with Anthony Saunders, Sascha Steffen, Daniel Streitz (Accepted at RFS) SSRN

Abstract: We investigate the predictive power of loan spreads for forecasting business cycles, specifically focusing on more constrained, intermediary-reliant firms. We introduce a novel loan-market-based credit spread constructed using secondary corporate loanmarket prices over the 1999 to 2023 period. Loan spreads significantly enhance the prediction of macroeconomic outcomes, outperforming other credit-spread indicators. The paper also explores the underlying mechanisms, differentiating between borrower fundamentals and financial frictions, with evidence suggesting that supply-side frictions are a decisive factor in loan spreads’ forecasting ability.

Market Segmentation and Cross-predictability

Abstract: I examine how information diffuses slowly across financial markets by testing for crosspredictability in asset prices. I find an increase in loan spreads of upstream industries can predict an increase in loan spreads of downstream industries, but only in the post-2010 period. The emergence of predictability coincides with an increase in institutional investor activity in the loan market. Furthermore, I find cross-predictability within equity returns has disappeared over the same period. These results indicate that information diffusion varies across asset classes and this, in part, has been influenced by changes in the structure of markets.

Heterogenous Expectation Formation SSRN

Abstract: I use forecasts from the Wall Street Journal economic survey to study how respondents develop expectations of macroeconomic variables. Existing studies have typically assumed that forecasts from any given firm are coming from the same individual. In reality, employee turnover within surveyed firms is common. By tracking the turnover in survey respondents, I find that the degree of underreaction or overreaction measured in forecasts is influenced by the relative experience of the respondent. Furthermore, I find differences in respondent’s subjective perception of the Federal Reserve’s reaction function. These findings show that heterogeneity amongst respondents cannot be ignored when studying expectation formation.

Other writing

What does the Mineral Resources crisis tell us about the state of corporate governance in Australia? The Conversation