• Publications
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Stressed Not Frozen: The Fed Funds Market in the Financial Crisis
This paper examines the impact of the financial crisis of 2008 on the federal funds market, specifically the bankruptcy of Lehman Brothers. Rather than a complete collapse of lending in the presenceExpand
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Performance persistence in entrepreneurship
This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first-time entrepreneursExpand
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Specialization and Success: Evidence from Venture Capital
This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationshipExpand
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Buy local? The geography of venture capital
We document geographic concentration by both venture capital firms and venture capital-financed companies in three metropolitan areas: San Francisco, Boston, and New York. We find that ventureExpand
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Buy Local? the Geography of Successful and Unsuccessful Venture Capital Expansion
We document geographic concentration by both venture capital firms and venture capital-financed companies in three cities - San Francisco, Boston, and New York. We find that firms open new satelliteExpand
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The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking
This article examines the impact of leveraged buyout firms' bank relationships on the terms of their syndicated loans. We examine a sample of 1,590 loans financing private equity sponsored leveragedExpand
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Evaluating the Information in the Federal Reserve Stress Tests
We present evidence that the Federal Reserve stress tests produce information about both the stress-tested bank holding companies and the overall state of the banking industry. Our evidence goesExpand
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Assessing Financial Stability: The Capital and Loss Assessment under Stress Scenarios (CLASS) Model
The CLASS model is a top-down capital stress testing framework that uses public data, simple econometric models, and auxiliary assumptions to project the effect of macroeconomic scenarios on U.S.Expand
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How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007
In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We investigate how banks scrambled for liquidity in response to this freeze and itsExpand
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