University of Southern California

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Daniel Carvalho
Assistant Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0804

PhD, MA, Harvard University; MS, BA, PUC-Rio


Daniel Carvalho is an economist who studies corporate finance, financial intermediation, and organizational economics. His researchfocuses on understanding how frictions at financial intermediaries matter for firms and the real economy. Some of his work has examined how government control over banks can lead to a substantial influence of political considerations over the real decisions of firms. Other work has examined how banking sector distress imposes costs on non-financial firms and has emphasized the importance of lending relationships between firms and their banks.


Carvalho, D. R., Phillips, G. M., and Bai, J. (2015) "The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity,".
Carvalho, D. R. (2015) "Uncertainty, Real Options, and Firm Inaction: Evidence from Monthly Plant-Level Data,".
Carvalho, D. R. (2015) "Financing Constraints and the Amplification of Aggregate Downturns," Review of Financial Studies, 28 (9).
Carvalho, D. R. (2014) "Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2008 Financial Crisis," Journal of Financial and Quantitative Analysis, Forthcoming.
Carvalho, D. R. (2014) "The Real Effects of Government-Owned Banks: Evidence from an Emerging Market," Journal of Finance, 69 (2).