Yiming Ma

Assistant Professor of Finance

 

Curriculum Vitae

Email: ym2701@columbia.edu

Columbia Business School

820 Uris Hall

New York, NY 10027, U.S.

yimingmaphoto2.jpg

I am an Assistant 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

Steering a Ship in Illiquid Waters: Active Management of Passive Funds (May 2022) 

joint with Naz Koont (Columbia GSB), Lubos Pastor (Chicago Booth), and Yao Zeng (Wharton)

Bank Debt versus Mutual Fund Equity in Liquidity Provision (Jun 2022)

joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)

Monetary Policy Transmission in Segmented Markets (Apr 2022) 

joint with Jens Eisenschmidt (ECB) and Anthony Zhang (Chicago Booth)

The Reserve Supply Channel of Unconventional Monetary Policy (May 2022) 

joint with William Diamond (Wharton) and Zhengyang Jiang (Kellogg)

The Passthrough of Treasury Supply to Bank Deposits (Dec 2021) 

joint with Wenhao Li (USC Marshall) and Yang Zhao (Stanford GSB)

  • Review of Financial Studies, R&R

  • Arthur Warga Award for Best Paper in Fixed Income at SFS Cavalcade North America

  • Media mentions: Central Banking, PR Newswire

 

Publications

Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity 

joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)

Intermediation in the Interbank Lending Market

joint with Ben Craig (Cleveland Fed)

Other 

Columbia New Empirical Finance Workshop

  • jointly organized with Kairong Xiao and Olivier Darmouni

Junior Macrofinance Workshop

  • jointly organized with William Diamond, Gary Gorton, and Arvind Krishnamurthy