I am thrilled to share that I will join the Department of Finance at the CUHK Business School as an assistant professor. I am incredibly grateful to my advisors at MIT: Rob Townsend, Dave Donaldson, and Tong Liu. I am excited to join a great and growing department in a beautiful location!

In the short term, firms substitute away from temporary contract labor and towards permanent contract labor, but this reverts in the longer term as firms’ labor demand permanently increases. 10/15

FIDCs purchase over 30% of firms’ receivables, while banks purchase the remainder. FIDCs securitize receivables for Brazilian institutional investors, similarly to how trusts securitize mortgage-backed securities in the US. 4/15

In the short term, firms substitute away from temporary contract labor and towards permanent contract labor, but this reverts in the longer term as firms’ labor demand permanently increases. 10/15

In response to a shock that causes a 1-basis-point decrease in the factoring interest rate (for two months, dissipating to 0.5 after three months and 0 after six months), firms’ input expenditure and sales increase 3 to 6 basis points contemporaneously and 1.5 to 2.5 basis points longer-term. 9/15

FIDCs purchase over 30% of firms’ receivables, while banks purchase the remainder. FIDCs securitize receivables for Brazilian institutional investors, similarly to how trusts securitize mortgage-backed securities in the US. 4/15