
Yiming Ma
Assistant Professor of Finance
Email: ym2701@columbia.edu
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)
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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
Monetary Policy Transmission in Segmented Markets
joint with Jens Eisenschmidt (ECB) and Anthony Zhang (Chicago Booth)
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Journal of Financial Economics, R&R
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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
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 (Stanford GSB)
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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
Publications
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, Forthcoming
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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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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