Banking
With Viral Acharya, Abhiman Das, Prachi Mishra, and N. R. Prabhala
Journal of Finance, Reject and Resubmit
Deposits of Indian public and private sector banks around the 2008 Lehman bankruptcy
With S. K. Ritadhi, Siddharth Vij, and Kate Waldock
Management Science, 2025
Impact on non-performing loan recognition post bankruptcy laws
With Kim Fe Cramer, Pulak Ghosh, and Nishant Vats
Revise and Resubmit, Journal of Financial Economics
With Yogeshwar Bharat, and Subhadeep Halder
Invited under dual submission to the Review of Financial Studies
Savings deposit rates: Low HHI vs High HHI banks
With Anusha Chari and Lakshita Jain
Revise and Resubmit, European Economic Review
Impact on lending of zombie and non-zombie firms during forbearance
Housing and Mortgage Markets
Homeownership segregation and homeownership rates
With Ulrike Malmendier
Tract-level percentile transformation
With S. K. Ritadhi and Abhay Aneja
Journal of Empirical Legal Studies, 2021
Impact on VAT on plant and machinery
With Bhavya Agarwal and S. K. Ritadhi
The Review of Corporate Finance Studies, 2023
Impact of demonetization on digital transactions
Number of MSAs having a fire sale
With Kaushalendra Kishore and Saurabh Roy
Journal of Corporate Finance, 2025
Aggregate Relationship Between UPI and Credit
With Shashwat Alok, Pulak Ghosh, and, Manju Puri
PRESENTATIONS: ABFER 2017 | CFIC 2017 | CICF 2019 | EEA 2019 (Withdrawn) | University of Oregon Summer Conference 2019
Impact on percentage of zombies post the collateral reform
With Kanika Mahajan and S. K. Ritadhi
Submitted
Inadequate banking infrastructure can exacerbate inequalities across firms. We exploit a place-based policy at scale – India’s nationwide bank expansion policy in 2005 that incentivized banks to open branches in “underbanked” districts – and use a regression discontinuity design to identify substantial increases in capital expenditures and credit growth of manufacturing establishments post-intervention. We find establishments most likely to be credit constrained i.e., small, young and those not publicly listed to drive these effects. Increased physical proximity of lenders to small, informationally opaque borrowers, and the hiring of bank officers are the primary mechanisms explaining the uptick in capital spending.
Impact on credit for private and public sector banks
Uniform pricing policies are often instituted in the name of fairness. I study the unintended consequences of uniform pricing across regions in the US residential mortgage market, which is heavily influenced by the securitization policies of the government sponsored enterprises (GSEs). Exploiting variation in state foreclosure law at state borders I show that, controlling for borrower characteristics, GSE-securitized mortgage rates do not vary across regions. However, regression discontinuity and bunching estimates show that the GSEs "cherry-pick" the better risks leading to greater credit access in lender-friendly areas, but potentially unfairly denying credit access to marginal borrowers in borrower-friendly areas.
Impact of foreclosure law on marginal borrowers in high (low) lender rights areas.