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Job Market Paper

I investigate the dispersion in borrowing costs between firms as symptomatic of market frictions. In particular, I focus on imperfect competition and asymmetric information as the sources of this dispersion, and ask to what ex tent they are reflected in lenders’ pricing strategies. Distinguishing between the two has very different implication on the assessment of market efficiency and on policy implications. In the context of the french bank loan market, I start by documenting rate dispersion among similar firms and credit types. I characterize the distribution of rate premia and show that is varies over time and responds to monetary policy shocks. I also show that rate premia contain forward information, namely there is correlation between paying a higher premia and having an ex-post higher default probability, which is consistent with both frictions. Then, I move to specifying the identification strategy, and the last step will be to quantify to which extent these frictions enter the pricing strategy of banks by calibrating a model to the data.



Other work in progress

Banks, Peer-to-Peer lending platforms and the transmission of monetary policy: loan-level evidence from France, with Mattia Girotti (Banque de France) and Andrea Polo (LUISS, Rome) Business lending practices in Europe are quickly evolving as more digital and AI platforms enter the corporate credit market, traditionally dominated by banks. Using loan level data from France, we analyse the different lending behaviour of banks and peer to peer platforms to firms in response to high-frequency monetary policy shocks.



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