Schnabl, Philipp

Associate Professor of Finance
Ph.D., Harvard University

NBER, Faculty Research Fellow
CEPR, Research Affiliate

Areas of Research:

Financial Intermediation, Corporate Finance

Working Papers:

Banking on Deposits: Maturity Transformation without Interest Rate Risk (with Itamar Drechsler and Alexi Savov)
March 2017, [U.S. Call Report Data]

Specialization in Bank Lending: Evidence from Exporting Firms (with Daniel Paravisini and Veronica Rappoport)
May 2017


The Deposit Channel of Monetary Policy (with Itamar Drechsler and Alexi Savov)
Quarterly Journal of Economics, forthcoming, [Appendix], [U.S. Call Report Data]
       - SFS Cavalcde 2015, Best Paper in Corporate Finance
       - Glucksman Institute Research Prize for Best Paper in Finance at NYU Stern, 2016

A Model of Monetary Policy and Risk Premia (with Itamar Drechsler and Alexi Savov)
Journal of Finance, forthcoming

Who Borrows From the Lender of Last Resort? (with Itamar Drechsler, Thomas Drechsel, and David Marques), Lead Article
Journal of Finance, 71(5), October 2016, 1933-1974
       - Lead Article

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data (with Daniel Paravisini, Veronica Rappoport, and Daniel Wolfenzon)
Review of Economic Studies, 82 (1), January 2015, 333-359, [Appendix]
       - Rothschild Caesarea Center Annual Academic Conference Best Paper Award 2011

A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk (with Viral Acharya and Itamar Drechsler)
Journal of Finance, 69(9), December 2014, 2689-2739, [Appendix]
       - Glucksman Institute Research Prize for best paper in finance at NYU Stern, 2012

How Safe are Money Market Funds? (with Marcin Kacperczyk)
Quarterly Journal of Economics, 128 (3), August 2013, 1073-1122

Securitization Without Risk Transfer (with Viral Acharya and Gustavo Suarez)
Journal of Financial Economics, 107(3), March 2013, 515-536, [Data]
       - Lead Article

Efficient Recapitalization (with Thomas Philippon)
Journal of Finance, 68(1), February 2013, 1-42, [Appendix]
       - Lead Article

The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market
Journal of Finance, 67(3), June 2012, 897-932, [Appendix]
       - Winner, 2012 Brattle Prize, First Prize Paper for the best corporate finance paper published in the Journal of Finance

When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009 (with Marcin Kacperczyk)
Journal of Economic Perspectives, Winter 2010, 24(1), 29-50

Other Publications:

Do Global Banks Spread Global Imbalances? Asset-Backed Commercial Paper during the Financial Crisis of 2007-2009 (with Viral Acharya)
IMF Economic Review, 58(1), 37-73, August 2010, [Data]

Book Chapters, Conference Proceedings, and Non-refereed Publications:

A Tale of Two Overhangs: The Nexus of Financial Sector and Sovereign Credit Risks
Banque de France Financial Stability Review, 16, April 2012

An Example of Efficient Recapitalization under Debt Overhang
In 46th Annual Conference on Bank Structure and Competition, Conference Proceedings, Federal Reserve Bank of Chicago, May 2010

Money Market Funds: How to Avoid Breaking the Buck (with Marcin Kacperczyk)
In Regulating Wall Street, Eds. Viral Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter, John Wiley & Sons, November 2010

Does Less Market Entry Regulation Generate More Entrepreneurs? Evidence from a Regulatory Reform in Peru (with Sendhil Mullainathan)
In International Differences in Entrepreneurship, Eds. Joshua Lerner and Antoinette Schoar, University of Chicago Press, 2010

How Banks Played the Leverage Game (with Viral Acharya)
In Restoring Financial Stability: How to Repair a Failed System, Eds. Viral Acharya and Matthew Richardson, John Wiley & Sons, March 2009

New Evidence on the International Bank Lending Channel
44th Annual Conference on Bank Structure and Competition, Conference Proceedings, May 2008, Federal Reserve Bank of Chicago

Note: Materials provided are for educational use only. All articles are the sole copyright of their respective publishers.



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