Research Portfolio

Working Papers

• How Do Government Guarantees Affect Deposit Supply? T. Flanagan, E. Kim, S. Kundu, A. Purnanandam 2025. [Full Draft Coming Soon]
• The Economics of Network-Based Deposit Insurance E. Kim, S. Kundu, A. Purnanandam2024.
• Shadows on Main Street: Mapping America's Financial Architecture from the Yellow Pages of 20th Century T. Begley, A. Purnanandam, V. Traweek 2023.
• Judging Bank Risk by the Profits They Report B. Meiselman, S. Nagel, A. Purnanandam 2023. R&R, Journal of Finance
• United They Fall: Bank Risk After the Financial Crisis P. Gandhi, A. Purnanandam 2022. R&R, Review of Financial Studies
• Can Cashless Payments Spur Economic Growth? T. S. Dubey, A. Purnanandam 2023.
• Can Credit Rating Affect Credit Risk: Causal Evidence from an Online Lending Marketplace A. Purnanandam, A. Wirth 2023.
• Carbon Emissions and Shareholder Value: Causal Evidence from the U.S. Power Utilities M. Kumar, A. Purnanandam 2022.
• Corporate Bond Purchases After COVID-19: Who Did the Fed Buy and How Did the Markets Respond? T. Flanagan, A. Purnanandam 2022.
• Why do banks hide losses? T. Flanagan, A. Purnanandam 2022.

Published Papers

• Did Banks Pay 'Fair' Returns to Taxpayers on TARP? T. Flanagan, A. Purnanandam Journal of Finance, 2024, 79, 2909-2941. (journal version)
• Disaster Lending: 'Fair Prices' but 'Unfair Access' T. Begley, U. Gurun, A. Purnanandam, D. Weagley Management Science, 2024, 70(12), 8484-8505. (journal version)
• A High-dimensional Approach to Measure Connectivity in the Financial Sector S. Basu, S. Das, G. Michailidis, A. Purnanandam Annals of Applied Statistics, 2024, 18(2): 922-945. (journal version)
• Color and Credit: Race, Regulation and the Quality of Financial Services T. Begley, A. Purnanandam Journal of Financial Economics, 2021, 48-65. (journal version)
• Banks' Risk Dynamics and Distance-to-Default S. Nagel, A. Purnanandam Review of Financial Studies, 2020, 2421-2467. (journal version)
• Growth Option Exercise and Capital Structure U. Rajan, A. Purnanandam Review of Finance, 2018, 207-241. (journal version)
• The Strategic Under-reporting of Bank Risk T. Begley, A. Purnanandam, K. Zheng Review of Financial Studies, 2017, 30, 3376-3415. (journal version)
• Design of Financial Securities: Empirical Evidence from Private-Label RMBS Deals T. Begley, A. Purnanandam Review of Financial Studies, 2017, 30, 120-161. (journal version)
• Do Short Sellers Trade on Private Information or False Information N. Seyhun, A. Purnanandam Journal of Financial & Quantitative Analysis, 2018, 53, 997-1023. (journal version)
• Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market D. Weagley, A. Purnanandam Journal of Finance, 2016, 71, 303-334. (journal version)
• Seasoned Equity Offerings, Corporate Governance, and Investments H. Kim, A. Purnanandam Review of Finance, 2014, 18, 1023-1057. (journal version)
• Originate-to-Distribute Model and the Sub-prime Mortgage Crisis S. Chava, A. Purnanandam Review of Financial Studies, 2011, 24, 1881-1915. (journal version)
• The effect of banking crisis on bank-dependent borrowers S. Chava, A. Purnanandam Journal of Financial Economics, 2011, 99, 116-135. (journal version)
• CEOs vs. CFOs: Incentives and Corporate Policies S. Chava, A. Purnanandam Journal of Financial Economics, 2010, 97, 263-278. (journal version)
• Is Default Risk Negatively Related to Stock Returns? S. Chava, A. Purnanandam Review of Financial Studies, 2010, 23, 2523-2559. (journal version)
• Do Shareholders Rights Affect the Cost of Bank Loans? S. Chava, A. Purnanandam, D. Livdan Review of Financial Studies, 2009, 22, 2973-3004. (journal version)
• Financial Distress and Corporate Risk Management: Theory & Evidence A. Purnanandam Journal of Financial Economics, 2008, 87, 706-739. (journal version)
• Interest Rate Derivatives at Commercial Banks: An Empirical Investigation A. Purnanandam Journal of Monetary Economics, 2007, 54, 1769-1808. (journal version)
• Determinants of the Floating-to-Fixed Rate Debt Structure of Firms S. Chava, A. Purnanandam Journal of Financial Economics, 2007, 85, 755-786. (journal version)
• Are IPOs Really Underpriced? A. Purnanandam, B. Swaminathan Review of Financial Studies, 2004, 17, 811-848. (journal version)
• Market Pricing of Deposit Insurance A. Purnanandam, D. Duffie, R. Jarrow, W. Yang Journal of Financial Services Research, 2003, 24, 93-119. (journal version)