USC Marshall School of Business

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.