Amiyatosh Purnanandam

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Employment: Ross School of Business, University of Michigan, 2004-Present.


  1. Cornell University: M.S. (2003), Ph.D. (2005).
  2. IIM, Lucknow, India: Post Graduate Diploma in Management (MBA), 1995
  3. IIT, Kharagpur, India: B.Tech. in Electrical Engineering, 1993

Research Interests: Banking, Corporate Finance, Credit Risk, Subprime Mortgage Crisis, and IPOs/SEOs.

My research covers a broad range of topics in corporate finance, banking, and credit risk. My recent research work is mostly related to banking, subprime mortgage crisis, and incentives of government agencies. These papers analyze causes and consequences of financial crisis, incentive issues in securitization markets, and the effect of market pressure on bureaucracies' actions. Some of my earlier work has analyzed the effect of default risk on corporate financial policies, and equity returns. In addition, several of my papers focus on corporate financing decisions involving IPOs and SEOs. I analyze the determinants of these decisions, as well as their effects on security returns in financial markets.

Recent Working Papers:

  1. New "A System-wide Approach to Measure Connectivity in the Financial Sector", with Sumanta Basu, Sreyoshi Das, and George Michailidis

  2. "Bank Risk Dynamics and Distance-to-Default", with Stefan Nagel

  3. "The Strategic Under-reporting of Bank Risk", with Taylor Begley and KC Zheng

  4. "Risk-Taking by Banks: What Did We Know and When Did We Know It? ", with Sugato Bhattacharyya

Publications/ Forthcoming Papers:

  1. "Design of Financial Securities: Empirical Evidence from Private-Label RMBS Deals", with Taylor Begley
    Review of Financial Studies, forthcoming.

  2. "Do Short Sellers Trade on Private Information or False Information", with Nejat Seyhun
    Journal of Financial & Quantitative Analysis, forthcoming.

  3. "Growth Option Exercise and Capital Structure", with Uday Rajan
    Review of Finance, forthcoming.

  4. "Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market", with Daniel Weagley
    Journal of Finance, 2016, 71, 303-334.

  5. "Seasoned Equity Offerings, Corporate Governance, and Investments", with Han Kim
    Review of Finance, 2014, 18, 1023-1057.

  6. "Originate-to-Distribute Model and the Sub-prime Mortgage Crisis"
    Review of Financial Studies, 2011, 24, 1881-1915.

  7. "The effect of banking crisis on bank-dependent borrowers", with Sudheer Chava
    Journal of Financial Economics, 2011, 99, 116-135.

  8. "CEOs vs. CFOs: Incentives and Corporate Policies", with Sudheer Chava
    Journal of Financial Economics, 2010, 97, 263-278.

  9. "Is Default Risk Negatively Related to Stock Returns?", with Sudheer Chava
    Review of Financial Studies, 2010, 23, 2523-2559.

  10. "Do Shareholders Rights Affect the Cost of Bank Loans?", with Sudheer Chava and Dmitri Livdan
    Review of Financial Studies, 2009, 22, 2973-3004.

  11. "Financial Distress and Corporate Risk Management: Theory & Evidence"
    Journal of Financial Economics, 2008, 87, 706-739.

  12. "Interest Rate Derivatives at Commercial Banks: An Empirical Investigation",
    Journal of Monetary Economics, 2007, 54, 1769-1808.

  13. "Determinants of the Floating-to-Fixed Rate Debt Structure of Firms", with Sudheer Chava
    Journal of Financial Economics, 2007, 85, 755-786.

  14. "Are IPOs Really Underpriced?", with Bhaskaran Swaminathan.
    Review of Financial Studies, 2004, 17, 811-848.

  15. "Market Pricing of Deposit Insurance", with Darrell Duffie, Robert Jarrow, and Wei Yang.
    Journal of Financial Services Research, 2003, 24, 93-119.


  1. Review of Financial Studies, Associate Editor, 2015-.
  2. Journal of Financial Intermediation, Associate Editor, 2013-.
  3. International Review of Finance, Associate Editor, 2008-.


  1. Valuation (advanced corporate finance class) for MBAs.
  2. Introductory corporate finance for PhDs.
  3. Research Methods in corporate finance for PhDs.
  4. Core finance class for MBAs.

Interesting Links
  1. Multidisciplinary Financial Stability Conference at the University of Michigan

Representative Media coverage
  1. Selected press articles

Contact Address: R5436, 701 Tappan Street, Ross School of Business, University of Michigan, Ann Arbor,MI 48109
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Last Modified: June, 2015