Marco Giometti

• Marco Giometti and Stefano Pietrosanti (Draft), Bank Specialization and the Design of Loan Contracts. Abstract

  We study bank specialization in lending in the US corporate loan market. We document that banks specialize in lending to specific industries. Specialization is persistent over time and common across industries. Using detailed information on credit agreements, we show that the typical loan contract between a bank specialized in an industry and a firm in the same industry has less restrictive financial covenants and no higher spreads, relative to other industries. These results are not explained by relationship lending, high industry market shares, or geographical proximity, and are robust to using default shocks on lenders’ loan portfolios as a source of variation in banks’ self-assessment of screening abilities. We suggest that banks specialize in lending because of information advantages in monitoring specific industries.

• Marco Giometti (Draft), Relationship Lending when Borrowers are in Distress. Abstract

  In this paper I investigate whether relationship lending helps borrowers experiencing idiosyncratic financial distress. By constructing a novel dataset on syndicated lending that tracks the availability and pricing of credit for US corporate borrowers over three decades, I conclude that relationship lending benefits borrowers in distress. In particular, I explicitly distinguish loan renegotiations from new originations, and account for the state-contingent provisions on loan pricing present in a large fraction of credit agreements. I compare loan terms granted to borrowers in distress by relationship and non-relationship lenders. By employing a within-firm approach to alleviate possible selection issues, I find that relationship lenders provide a higher credit amount, charge lower interest rates, and require similar collateral and fees. I also show that firms benefit from relationship lending irrespective of their access to outside financing options. Overall, my findings provide support to theories of implicit commitment and reputational capital in lending relationships.

Instructor, The Wharton School

• FNCE 101/613 – Monetary Economics & Global Economy (Undergrad/MBA)

Teaching Assistant, The Wharton School

• FNCE 101/613 – Monetary Economics & Global Economy (Undergrad/MBA), Dr. T. Shabbir
• FNCE 232/732 – International Banking (Undergrad/MBA), Prof. Richard Herring
• FNCE 615 – Introduction to Macroeconomics (MBA), Prof. João Gomes
• FNCE 726 – Advanced Corporate Finance (MBA), Prof, Bulent Gultekin
• WH 299/399 – Wharton Honors Thesis (Undergrad), Prof. Utsav Schurmans

Past Courses

• FNCE1010 - Monetary Econ & Glob Eco

  This is an intermediate-level course in macroeconomics and the global economy, including topics in monetary and international economics. The goal is to provide a unified framework for understanding macroeconomic events and policy, which govern the global economic environment of business. The course analyzes the determinants and behavior of employment, production, demand and profits; inflation, interest rates, asset prices, and wages; exchange rates and international flows of goods and assets; including the interaction of the real economy with monetary policy and the financial system. The analysis is applied to current events, both in the US and abroad. Students cannot receive credit for taking both FNCE 1010 and ECON 2200. Wharton students are required to take FNCE 1010.

• FNCE6130 - Macroecn & Global Econom

  This course is required for all students except those who, having prior training in macroeconomics, money and banking, and stabilization policy at an intermediate or advanced level, can obtain a waiver by passing an examination. The purpose of the course is to train students to think systematically about the current state of the economy and macroeconomic policy, and to be able to evaluate the economic environment within which business and financial decisions are made. The course emphasizes the use of economic theory to understand the workings of financial markets and the operation and impact of government policies. We will study the determinants of the level of national income, employment, investment, interest rates, the supply of money, inflation, exchange rates, and the formulation and operation of stabilization policies.

• Research Grant, Rodney L. White Center for Financial Research
• Mack Institute Research Fellowship, Mack Institute for Innovation Management
• Research Grant, Wharton Political Risk Lab
• PhD Fellowship, The Wharton School, University of Pennsylvania. 2016 – 2021.
• Bonaldo Stringher Fellowship, nominated “Particularly Deserving”, Bank of Italy. 2015.
• Unicredit MasterScholarship for graduate studies at Barcelona GSE (declined). 2015.
• Bocconi Graduate Merit Award, Bocconi University. 2012 – 2014.
• Official Member of the Italian Delegation, 2013 Y20 Summit, St. Petersburg, Russia.

Knowledge @ Wharton

• College Football Playoffs with Bill Connelly, Knowledge @ Wharton - 01/08/2025
• The Real Estate Market Survived Until 2025. What’s Next?, Knowledge @ Wharton - 01/07/2025
• AI in 2025: What Challenges Lie Ahead?, Knowledge @ Wharton - 01/07/2025
• Jeremy Siegel: 2025 Outlook for Stocks and the Economy, Knowledge @ Wharton - 01/07/2025
• What’s Ahead for Real Estate in 2025?, Knowledge @ Wharton - 01/07/2025
• Confidence in Cryptocurrency | David Reibstein and John Zhang (Part 1), Knowledge @ Wharton - 01/07/2025
• What’s Ahead for the Economy in 2025, Knowledge @ Wharton - 01/06/2025
• How Did AI Grow in 2024 and What’s in Store for 2025?, Knowledge @ Wharton - 01/02/2025
• NFL Data Science with Tom Bliss, Knowledge @ Wharton - 12/25/2024
• Overwhelmed by Too Many Choices When Shopping? Wharton Retail Expert Weighs In, Knowledge @ Wharton - 12/19/2024