Working papers, research notes, and longer projects.
Current project
Research on how bank liquidity differs from the conventional marketability of assets, and how collateral eligibility, encumbrance, haircuts, pre-positioning, and access to funding channels shape the liquidity a bank can obtain under stress.
Selected work
01
Equity research report on Bank OZK, focused on its CRE exposure, asset quality, funding, diversification through CIB, and valuation. I argue that the market may be overpricing a concentrated set of RESG credit problems, with a base-case price target of $68.57.
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Equity research report on Synchrony Financial (NYSE: SYF), covering its business model, credit performance, funding and liquidity, valuation, capital returns, and principal risks.
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