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I am a Senior Economist at the Board of Governors of the Federal Reserve System. Before joining the Board, I received a Ph.D. in Finance from Tilburg University (The Netherlands).

My research interest lies in the microstructure of decentralized over-the-counter (OTC) bond markets. In my papers liquidity, trading frictions, and dealer intermediation take center stage. In particular, I study corporate bond dealers in their role as liquidity providers and how they interact with institutional investors.

Federal Reserve Board


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Working Papers

Bond Market Illiquidity: Is Portfolio Trading the Solution?

  joint with Jessica Shi Li, Maureen O'Hara, and Xing (Alex) Zhou

Under Review: R&R

The Value of Value Investors

  joint with Maureen O'Hara, and Xing (Alex) Zhou

Under Review: R&R

  Media: Institutional Money

The Green Corporate Bond Issuance Premium

  joint with John Caramichael

Under Review: R&R

  Media: Financial Times Moral Money, Bloomberg Money Stuff, Financial Times, Bloomberg News

Managing Regulatory Pressure: Bank Regulation and its Impact on Corporate Bond Intermediation

  joint with Martin Waibel

Intermediary Balance Sheet Constraints, Bond Mutual Funds' Strategies, and Bond Returns

  joint with Mariassunta Giannetti, Chotibhak Jotikasthira, and Martin Waibel

Work in Progress

Middlemen Matter: Corporate Bond Market Liquidity and Dealer Inventory Funding

[Online Appendix]

[This paper is being revised and updated]

Downgrades, Dealer Funding Constraints, and Bond Price Pressure

[This paper is being revised and updated]

Global Credit Shocks and Real Economic Acticity Spillovers

  joint with Edith X. Liu

Research Fields

  • Market Microstructure
  • Financial Intermediation and Dealers
  • Liquidity and Trading Frictions
  • Over-the-counter (OTC) Bond Markets


Federal Reserve Board
20th and Constitution Ave, NW
Washington, DC, 20551 USA

Disclaimer: The views expressed on this website are my sole responsibility and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or any other person associated with the Federal Reserve System.