Capital regulation could address run risk by encouraging capital raising, but its effectiveness depends on the regulatory capital definitions and can be eroded by the use of held-to-maturity accounting, from Granja, Erica Xuewei Jiang, Matvos, Piskorski, and Seru nber.org/papers/w32293

Call for Papers:  Columbia & RFS AI in Finance Conference!

The conference features optional dual submission to RFS. Submission deadline: April 7, 2024.

I am organizing this with Ansgar Walther. RFS sponsoring editors: Itay Goldstein, Tarun Ramadorai.

sites.google.com/view/ai-financ…

If you are into fintech, come to our #ASSA #AFA session today at 2.30 pm at Marriott Watercenter, Grand Ballroom Salon I.

Thanks Nadya Malenko for organizing and discussants Paul Beaumont, Erica Xuewei Jiang, Deeksha Gupta, Emily Williams for taking the time to provide feedback on papers!

A framework to analyze the effects of credit risk on the solvency of US banks in the rising interest rate environment, from Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski, and Amit Seru nber.org/papers/w31970

We finally finished revising our paper on technology and labor displacement. Like the ship of Theseus, most of the paper has changed dramatically, yet the core message remains the same.

This year’s economic sciences laureate Claudia Goldin showed that female participation in the labour market did not have an upward trend over a 200 year period, but instead forms a U-shaped curve.

The participation of married women decreased with the transition from an agrarian…

BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Claudia Goldin “for having advanced our understanding of women’s labour market outcomes.”

#NobelPrize

Nice episode! It covers risk in the private credit market and risk about CRE; as part of the latter, it talks about CRE loan default risk for banks.

This is a very nice issue helping understand the recent banking turmoil, covering academic papers that contribute to this debate from different angles

It is also important to understand the risk to the rest of the #banking system in the U.S.

Amit Seru, Erica Xuewei Jiang, Gregor Matvos, and Tomasz Piskorski calculate the risk of further bank failures if uninsured depositors withdraw their funds. ms.spr.ly/6016g4q4a

I am delighted to see my paper published in the Journal of Financial Economics economics! I am very grateful for the comments from the reviewing team and great experience at the JFE. authors.elsevier.com/sd/article/S03…

.UCLA Anderson School of Management's Jinyuan Zhang along with USC Marshall School of Business's Erica Xuewei Jiang, & Singapore Management University's Gloria Yang Yu show that uneven adoption of mobile banking across demographic groups triggers operational shifts by banks that can disadvantage older & lower-income consumers.
anderson-review.ucla.edu/mobile-banking…

An observation: labor union seems to mean poorer service quality in practice. But union existed to protect workers? Ideally we want to see union leading to well paid workers delivering good services? Why don’t we see that often in reality? (Lack of) competition?

Lots of disagreement about the nature of banks' business model in our finance experts panel (also evident in participants' more detailed responses - follow link to see those). Plenty of work to do for academic research on the topic!

If banks are in the business of loading up on interest rate risk, they should do so with more equity capital, and not with cheap taxpayer-subsidized deposit funding. says Amit Seru in the FT today. That sounds right to me. 🧵

For insolvent banks, short-term liquidity measures are unlikely to salvage the situation.

Thanks @DavidAutor for a great interview and a refreshing optimism on our ability as economists to change the world for the better

capitalisnt.com/episodes/can-l…

Want to know which major companies’ workforce is most and least exposed to ChatGPT? Check out this new paper by Andrea Eisfeldt Gregor Schubert and me on “Generative AI and Firm Values”. #EconTwitter

Fun fact: IBM is #1 most GPT-exposed, and IBM reacted

papers.ssrn.com/sol3/papers.cf…