Research Portfolio

Active Working Papers

1. How Do Government Guarantees Affect Deposit Supply? T. Flanagan, E. Kim, S. Kundu, A. Purnanandam 2026.
2. The Economics of Network-Based Deposit Insurance E. Kim, S. Kundu, A. Purnanandam2025. R&R, Review of Financial Studies
3. Shadows on Main Street: Mapping America's Financial Architecture from the Yellow Pages of 20th Century T. Begley, A. Purnanandam, V. Traweek 2026.
4. Judging Bank Risk by the Profits They Report B. Meiselman, S. Nagel, A. Purnanandam 2026. R&R, Journal of Finance
5. Can Cashless Payments Spur Economic Growth? T. S. Dubey, A. Purnanandam 2026.
6. Can Credit Rating Affect Credit Risk: Causal Evidence from an Online Lending Marketplace A. Purnanandam, A. Wirth 2023. R&R, Review of Finance

Published/Forthcoming Papers

1. United They Fall: Bank Risk After the Financial Crisis P. Gandhi, A. Purnanandam 2026. forthcoming, Review of Financial Studies
2. Carbon Emissions and Shareholder Value: Causal Evidence from the U.S. Power Utilities M. Kumar, A. Purnanandam 2026. forthcoming, Journal of Finance
3. Did Banks Pay 'Fair' Returns to Taxpayers on TARP? T. Flanagan, A. Purnanandam Journal of Finance, 2024, 79, 2909-2941. (journal version)
4. Disaster Lending: 'Fair Prices' but 'Unfair Access' T. Begley, U. Gurun, A. Purnanandam, D. Weagley Management Science, 2024, 70(12), 8484-8505. (journal version)
5. 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)
6. Color and Credit: Race, Regulation and the Quality of Financial Services T. Begley, A. Purnanandam Journal of Financial Economics, 2021, 48-65. (journal version)
7. Banks' Risk Dynamics and Distance-to-Default S. Nagel, A. Purnanandam Review of Financial Studies, 2020, 2421-2467. (journal version)
8. Growth Option Exercise and Capital Structure U. Rajan, A. Purnanandam Review of Finance, 2018, 207-241. (journal version)
9. The Strategic Under-reporting of Bank Risk T. Begley, A. Purnanandam, K. Zheng Review of Financial Studies, 2017, 30, 3376-3415. (journal version)
10. 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)
11. 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)
12. Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market D. Weagley, A. Purnanandam Journal of Finance, 2016, 71, 303-334. (journal version)
13. Seasoned Equity Offerings, Corporate Governance, and Investments E. H. Kim, A. Purnanandam Review of Finance, 2014, 18, 1023-1057. (journal version)
14. Originate-to-Distribute Model and the Sub-prime Mortgage Crisis S. Chava, A. Purnanandam Review of Financial Studies, 2011, 24, 1881-1915. (journal version)
15. The effect of banking crisis on bank-dependent borrowers S. Chava, A. Purnanandam Journal of Financial Economics, 2011, 99, 116-135. (journal version)
16. CEOs vs. CFOs: Incentives and Corporate Policies S. Chava, A. Purnanandam Journal of Financial Economics, 2010, 97, 263-278. (journal version)
17. Is Default Risk Negatively Related to Stock Returns? S. Chava, A. Purnanandam Review of Financial Studies, 2010, 23, 2523-2559. (journal version)
18. 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)
19. Financial Distress and Corporate Risk Management: Theory & Evidence A. Purnanandam Journal of Financial Economics, 2008, 87, 706-739. (journal version)
20. Interest Rate Derivatives at Commercial Banks: An Empirical Investigation A. Purnanandam Journal of Monetary Economics, 2007, 54, 1769-1808. (journal version)
21. 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)
22. Are IPOs Really Underpriced? A. Purnanandam, B. Swaminathan Review of Financial Studies, 2004, 17, 811-848. (journal version)
23. Market Pricing of Deposit Insurance A. Purnanandam, D. Duffie, R. Jarrow, W. Yang Journal of Financial Services Research, 2003, 24, 93-119. (journal version)