Ezra Daniel
I am a sixth-year PhD candidate in Finance at the Fisher College of Business, The Ohio State University.
My research sits at the intersection of banking and behavioral finance. I study how the beliefs of bank managers are formed, and how belief distortions shape credit supply over the cycle.
I will be on the 2026-2027 job market.
Job Market Paper
Belief Distortions and Lending Cyclicality: Evidence from Industry-Specialized Banks — Download PDF
Banks that specialize in an industry grow overoptimistic about it after a stock market runup, expanding lending and cutting loan loss provisions right before that industry’s performance turns. Loans made in those windows default at rates 62 basis points higher than comparable loans from nonspecialized banks, suggesting that expertise in lending can amplify credit cycles rather than dampen them.