Research clusters
Research interests
- Firm dynamics
- Macroeconomics
- Financial Economics
My current research focuses on firm entry and exit, and the role of firm aging in determining macroeconomic outcomes. I am also studying how immigrants affect aggregate productivity. In the past, I have worked on power of return predictability tests, and how deposit insurance design affects risk-taking incentives for banks.
Key publications | Publications by category | Publications by year
Publications by category
Journal articles
Hopenhayn H, Neira J, Singhania R (2022). From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share.
ECONOMETRICA,
90(4), 1879-1914.
Author URL.
DOI.
LeRoy SF, Singhania R (2022). Size and power in tests of return predictability.
Quantitative Finance,
22(6), 1153-1167.
DOI.
Neira J, Singhania R (2022). The role of corporate taxes in the decline of the startup rate.
Economic Inquiry,
60(3), 1277-1295.
Abstract:
The role of corporate taxes in the decline of the startup rate
The US has experienced a joint decline in corporate tax rates and startup rates in recent decades. We study how changes in corporate taxes affect startup rates in a firm dynamics model with occupational choice. A change in profit taxes has ambiguous effects on firm selection, and therefore on the startup rate. Quantitatively, the observed fall in US corporate tax rates generates, at most, one-fifth of the startup rate decline. Sensitivity analysis suggests that this number is best interpreted as an upper bound, indicating that corporate taxes did not play a major role in the startup rate decline.
Abstract.
DOI.
LeRoy SF, Singhania R (2020). Deposit insurance and the coexistence of commercial and shadow banks.
Annals of Finance,
16(2), 159-194.
Abstract:
Deposit insurance and the coexistence of commercial and shadow banks
AbstractWe investigate how deposit insurance affects the structure of the financial system in a general equilibrium setting in which a government insurer guarantees deposits at commercial banks, but not at shadow banks. With deposit-based or risky-asset-based insurance premia, price distortions induced by subsidized deposit insurance benefit shadow banks, by allowing these banks to trade to their advantage. Insured commercial banks and uninsured shadow banks coexist under subsidized deposit insurance. Capital requirements on commercial banks make shadow banking more attractive. The asset price distortion is eliminated when the aggregate subsidy to unsuccessful commercial banks equals the aggregate penalty to successful banks.
Abstract.
DOI.
Publications by year
2022
Hopenhayn H, Neira J, Singhania R (2022). From Population Growth to Firm Demographics: Implications for Concentration, Entrepreneurship and the Labor Share.
ECONOMETRICA,
90(4), 1879-1914.
Author URL.
DOI.
LeRoy SF, Singhania R (2022). Size and power in tests of return predictability.
Quantitative Finance,
22(6), 1153-1167.
DOI.
Neira J, Singhania R (2022). The role of corporate taxes in the decline of the startup rate.
Economic Inquiry,
60(3), 1277-1295.
Abstract:
The role of corporate taxes in the decline of the startup rate
The US has experienced a joint decline in corporate tax rates and startup rates in recent decades. We study how changes in corporate taxes affect startup rates in a firm dynamics model with occupational choice. A change in profit taxes has ambiguous effects on firm selection, and therefore on the startup rate. Quantitatively, the observed fall in US corporate tax rates generates, at most, one-fifth of the startup rate decline. Sensitivity analysis suggests that this number is best interpreted as an upper bound, indicating that corporate taxes did not play a major role in the startup rate decline.
Abstract.
DOI.
2020
LeRoy SF, Singhania R (2020). Deposit insurance and the coexistence of commercial and shadow banks.
Annals of Finance,
16(2), 159-194.
Abstract:
Deposit insurance and the coexistence of commercial and shadow banks
AbstractWe investigate how deposit insurance affects the structure of the financial system in a general equilibrium setting in which a government insurer guarantees deposits at commercial banks, but not at shadow banks. With deposit-based or risky-asset-based insurance premia, price distortions induced by subsidized deposit insurance benefit shadow banks, by allowing these banks to trade to their advantage. Insured commercial banks and uninsured shadow banks coexist under subsidized deposit insurance. Capital requirements on commercial banks make shadow banking more attractive. The asset price distortion is eliminated when the aggregate subsidy to unsuccessful commercial banks equals the aggregate penalty to successful banks.
Abstract.
DOI.
2015
Singhania H (2015). Pricing Default Risk in Mortgage Backed Securities.
