Yiming Ma

Associate Professor of Finance

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)

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

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 (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