Research Interests Bank Lending, Financial Institutions, Information in Markets Publications Zemel, M. and Zhang, T. The Effect of the Liberalization of the Chinese Stock Market on Returns. [forthcoming, Applied Economics Letters] Goel, M. and Zemel, M. 2018. Switching to Bonds When Loans Are Scarce: Evidence From Four U.S. Crises. Journal of Corporate Finance, 52, 1-27. Zemel, M. 2018. The Information Content of Loan Growth in Banks. The Quarterly Journal of Finance, 8(2), 1-32. Working Papers "Firms of a Feather Merge Together: Information Flows, Familiarity Bias, and M&A Outcomes" (with Manaswini Bhalla, Manisha Goel, and Teja Konduri) "Firm Debt Outcomes in Crises: The Role of Lending and Underwriting Relationships" (with Manisha Goel) Work in Progress "Common Factors Affecting IPO and Entrepreneurship Decline" (with Manisha Goel) “Aggregate Loan Performance as a Financial Indicator” "Reference Point Pricing: Evidence from M&A Sales Processes" (with Caleb Stroup and Anna Cox)" "Relationship bank industry expertise and M&A performance of borrowers" (with Gabriela Coiculesu)