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Published Papers

The Market for Financial Adviser Misconduct (with M Egan and G Matvos), 2019. Journal of Political Economy, Vol 127, Issue 1, 233-295.

Financial Market Frictions and Diversification (with G Matvos and R Silva), 2018. Journal of Financial Economics, Vol 127, Issue 1, 21-50.

Fintech, Regulatory Arbitrage and the Rise of Shadow Banks (with G Buchak, G Matvos and T Piskorski),  2018. Journal of Financial Economics, Vol 130, Issue 3, 453-483.

Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging” (with Di Maggio, Kermani, Keys, Piskorski, Ramcharan, and Yao), 2017. American Economic Review, Vol 107, Issue 11, 3550-3588.

[Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously Revise & Resubmit at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously Revise and Resubmit at Journal of Political Economy [NBER Digest])]

Regional Redistribution through the US Mortgage Market (with E Hurst, B Keys and J Vavra), 2016. American Economic Review, Vol 106, Issue 10, 2982-3028.

Policy Intervention in Debt Renegotiation: Evidence from Home Affordable Modification Program, (with S Agarwal, G Amromin, I Ben-David, S Chomsisengphet and T Piskorski), Journal of Political Economy, 2017.

Technological Innovation, Resource Allocation and Growth (with L Kogan, D Papanikolaou and N Stoffman), February 2015. Crowell Memorial Prize, Panagora Asset Management,  2017. Quarterly Journal of Economics,  Vol 132, Issue 2, 665-712.

Selling Failed Banks (with J Granja and G Matvos), 2017, Journal of Finance, Vol 72, Issue 4, 1723-1784.

Advertising Expensive Mortgages (with U Gurun and G Matvos), Journal of Finance, 2016.
 
Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market (with T Piskorski and J Witkin), Journal of Finance, 2015 AQR Insight Award [Distinguished Paper]
 
The Failure of Models That Predict Failure: Distance, Incentives and Defaults (with U Rajan and V Vig), Journal of Financial Economics, 2015.
 
The Revolving Door and Worker Flows in Banking Regulation (with D Lucca and F Trebbi), Journal of Monetary Economics, 2014.
 
Inconsistent Regulators: Evidence from Banking (with S Agarwal, D Lucca and F Trebbi). Quarterly Journal of Economics, 2014. Best Conference Paper: Red Rock Conference.
 
 
Firm Boundaries Matter: Evidence from Conglomerates and R&D Activity, Journal of Financial Economics, 2014. (Previously titled: Do Conglomerates Stifle Innovation?) JFE Jensen Award for Corporate Finance and Organizations (First Prize).
 
Mortgage Financing in the Housing Boom and Bust (with B Keys, T Piskorski and V Vig), NBER Chapters, 2013. In: Housing and the Financial Crisis National Bureau of Economic Research, Inc.
 
Internal Capital Markets and Dividend Policy: Evidence From Business Groups (with R Gopalan and V Nanda), Review of Financial Studies, 2013.
 
Lender Screening and Role of Securitization: Evidence from Prime and Subprime Mortgage Markets (with B Keys and V Vig), Review of Financial Studies, 2012, 25(8).

This is an abridged version with many results that appeared in the working paper: 620 FICO, Take II: Securitization and Screening in the Subprime Mortgage Market (with B Keys, T Mukherjee and V Vig)

Are Incentive Contracts Rigged by Powerful CEOs? (with A Morse and V Nanda), Journal of Finance, 2011, 66(5), pp. 1779-1821
 
Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis (with T Piskorski and V Vig). Journal of Financial Economics, 2010, 97(3), pp. 369-397. (Internet Appendix)
 
Statistical Default Models and Incentives (with U Rajan and V Vig). American Economic Review (Papers and Proceedings), 2010, 100(2), pp. 506-510.
 
Did Securitization Lead to Lax Screening? Evidence From Subprime Loans (with B Keys, T Mukherjee and V Vig), Quarterly Journal of Economics, 2010, 125(1), pp. 307-362. Best Conference Paper: European Finance Association, Mitsui Conference, CAF and NISM. Chookaszian Endowed Risk Management prizeSee 620 FICO, Take II for response to critique.
 
Learning By Trading (with N Stoffman and T Shumway), Review of Financial Studies, 2010, 23(2), pp. 705-739.
 
Financial Regulation and Securitization: Evidence From Subprime Loans (with B Keys, T Mukherjee and V Vig), Journal of Monetary Economics, 2009, 56(5), pp. 700-720. (Internet Appendix)
 
Affiliated Firms and Financial Support: Evidence From Indian Business Groups (with R Gopalan and V Nanda), Journal of Financial Economics, 2007, 86(3), pp. 759-795.
 
Fund Manager Use Of Public Information: New Evidence On Managerial Skills (with M Kacperczyk), Journal of Finance, 2007, 62(2), pp. 485-528. Lead Article. Nominated for 2007 Smith Breeden Award.