Over the past few years, many large technology companies have started lending in the capital markets, i.e., “TechFin”. How should we modify our existing macro-finance theories to accommodate the rise of this new financial intermediary? This paper introduces both a banking sector and a...

This paper investigates the cross-sectional relationship between corporate market power and cash holdings. To begin with, we empirically show that firms with higher markup tend to have larger cash holdings on their balance sheets. Then we rationalize this empirical finding in a model with risky...

This paper provides both theoretical and empirical analyses of the differences between BigTech lenders and traditional banks in response to monetary policy changes. Our model integrates Knightian uncertainty into portfolio selection and posits that BigTech lenders possess a diminishing...