Yiming Ma

Assistant Professor of Finance

Columbia Business School

820 Uris Hall

New York, NY 10027, U.S.

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

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

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)

Review of Financial Studies, R&R
Mentioned in the SEC's proposed rule on Money Market Fund Reforms
Mentioned in the SEC's proposed rule on Open-end Fund Liquidity Risk Management Programs and Swing Pricing
Media mentions: Wharton Initiative on Financial Policy and Regulation

Monetary Policy Transmission in Segmented Markets

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

Journal of Financial Economics, R&R
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
Media mentions: Chicago Booth Review, Central Banking

The Reserve Supply Channel of Unconventional Monetary Policy

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

Journal of Financial Economics, R&R
Media mentions: Wharton Rodney White Center

The Passthrough of Treasury Supply to Bank Deposits

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

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)

Review of Financial Studies, Forthcoming
Replicated for a sample of global funds in the IMF Financial Stability Report
Mentioned in the SEC's proposed rule on Open-end Fund Liquidity Risk Management Programs and Swing Pricing
Mentioned in the SEC's proposed rule on Money Market Fund Reforms
Mentioned in the Federal Reserve's November 2021 Financial Stability Report
Mentioned by Nellie Liang, Under Secretary for Domestic Finance, in her remarks at the Global Banking and Finance Conference
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
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)

Journal of Financial Economics, Forthcoming
AQR Top Finance Graduate Award 2018
Finance Theory Group Best Paper Award (Second Prize)

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