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Yiming Ma

Associate Professor of Finance


Curriculum Vitae


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)

Bank Debt, Fund Equity, and Swing Pricing in Liquidity Provision 

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

The Passthrough of Treasury Supply to Bank Deposits 

joint with Wenhao Li (USC Marshall) and Yang Zhao (Amazon)

  • Journal of Financial Economics, R&R

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

  • Media mentions: Central Banking, PR Newswire


Accepted and Published Papers

The Reserve Supply Channel of Unconventional Monetary Policy

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

Monetary Policy Transmission in Segmented Markets

joint with Jens Eisenschmidt (Morgan Stanley) and Anthony Lee Zhang (Chicago Booth)

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)


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 

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