
Yiming Ma
Associate Professor of Finance
Email: ym2701@columbia.edu
Columbia Business School
665 West 130th Street
New York, NY 10027, U.S.

I am an Associate Professor of Finance at Columbia Business School. I am interested in understanding the evolving landscape of financial intermediation, where non-banks like mutual funds and ETFs are increasingly engaged in liquidity transformation while the traditional banking sector is transforming less liquidity than before. I study the implications of this trend on asset prices, financial stability, and monetary policy transmission. My work applies a combination of theoretical and empirical methods. In particular, I use structural estimation to consider how the competition and trading between financial institutions affect aggregate outcomes.
I received a Ph.D. in Finance from Stanford Graduate School of Business in 2018 and a B.A. in Economics & Mathematics and Global Affairs from Yale University in 2013.
I am a member of the Finance Theory Group and an external consultant for the European Central Bank.
Working Papers
Stablecoin Runs and the Centralization of Arbitrage
joint with Yao Zeng (Wharton) and Anthony Lee Zhang (Chicago Booth)
Steering a Ship in Illiquid Waters: Active Management of Passive Funds
joint with Naz Koont (Columbia GSB), Lubos Pastor (Chicago Booth), and Yao Zeng (Wharton)
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Media mentions: Financial Times, Financial Times, Barron's, ETF Stream, Becker Friedman Institute, Chicago Booth Review, Knowledge@Wharton
Bank Debt, Fund Equity, and Swing Pricing in Liquidity Provision
joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)
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Review of Financial Studies, R&R
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Mentioned in the SEC's proposed rule on Money Market Fund Reforms
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Mentioned in the SEC's proposed rule on Open-end Fund Liquidity Risk Management Programs and Swing Pricing
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Media mentions: Wharton Initiative on Financial Policy and Regulation
The Reserve Supply Channel of Unconventional Monetary Policy
joint with William Diamond (Wharton) and Zhengyang Jiang (Kellogg)
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Journal of Financial Economics, R&R
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Media mentions: Wharton Rodney White Center
The Passthrough of Treasury Supply to Bank Deposits
joint with Wenhao Li (USC Marshall) and Yang Zhao (Amazon)
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Journal of Financial Economics, R&R
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Arthur Warga Award for Best Paper in Fixed Income at SFS Cavalcade North America
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Media mentions: Central Banking, PR Newswire
Accepted and Published Papers
Monetary Policy Transmission in Segmented Markets
joint with Jens Eisenschmidt (Morgan Stanley) and Anthony Lee Zhang (Chicago Booth)
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Journal of Financial Economics, Accepted
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Mentioned by Isabel Schnabel, Member of the Executive Board of the ECB, in her speech on Shifting Tides in Euro Area Money Markets: From the Global Financial Crisis to the COVID-19 Pandemic
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Media mentions: Chicago Booth Review, Central Banking
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity
joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)
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Review of Financial Studies, 35(10): 4674-711, October 2022
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Replicated for a sample of global funds in the IMF Financial Stability Report
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Mentioned in the SEC's proposed rule on Open-end Fund Liquidity Risk Management Programs and Swing Pricing
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Mentioned in the SEC's proposed rule on Money Market Fund Reforms
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Mentioned in the Federal Reserve's November 2021 Financial Stability Report
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Mentioned by Nellie Liang, Under Secretary for Domestic Finance, in her remarks at the Global Banking and Finance Conference
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Mentioned by Lorie K. Logan, Executive Vice President of the Federal Reserve, in her remarks on Treasury Market Liquidity and Early Lessons from the Pandemic Shock
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Mentioned by the Americans for Financial Reform Education Fund (AFREF) in a Comment on Potential Money Market Fund Reform Measures in the President’s Working Group Report
Intermediation in the Interbank Lending Market
joint with Ben Craig (Cleveland Fed)
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Journal of Financial Economics, 145(2): 179-207, August 2022
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AQR Top Finance Graduate Award 2018
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Finance Theory Group Best Paper Award (Second Prize)
Other
Columbia New Empirical Finance Workshop
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jointly organized with Kairong Xiao and Olivier Darmouni
Junior Macrofinance Workshop
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jointly organized with William Diamond, Gary Gorton, and Arvind Krishnamurthy