Amiyatosh Purnanandam

University of Michigan, Stephen M. Ross School of Business

701 Tappan Street

Ann Arbor, MI MI 48109

United States

SCHOLARLY PAPERS

33

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1,021

CROSSREF CITATIONS

123

Scholarly Papers (33)

Originate-to-Distribute Model and the Subprime Mortgage Crisis

AFA 2010 Atlanta Meetings Paper
Number of pages: 53 Posted: 22 Jul 2008 Last Revised: 20 May 2010
Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business
Downloads 5,608 (2,651)
Citation 96

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Sub-prime crisis, originate-to-distribute, screening, bank loans, risk-management, incentives

Originate-to-Distribute Model and the Subprime Mortgage Crisis

FDIC Working Paper No. 2010-08
Number of pages: 54 Posted: 09 Jan 2012
Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business
Downloads 225 (241,020)
Citation 13

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2.

Are Ipos Really Underpriced?

Review of Financial Studies, Vol. 17, pp. 811-848, 2004
Number of pages: 57 Posted: 26 Aug 2001 Last Revised: 02 Jan 2011
Bhaskaran Swaminathan and Amiyatosh Purnanandam
LSV Asset Management and University of Michigan, Stephen M. Ross School of Business
Downloads 4,024 (4,748)
Citation 84

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IPO Overpricing, Underpricing, Valuation, Multiples, Behavioral, Overconfidence, Long run return

3.

Financial Distress and Corporate Risk Management: Theory & Evidence

Number of pages: 51 Posted: 25 Mar 2005
Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business
Downloads 3,213 (6,920)
Citation 30

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Hedging, financial distress, risk-shifting, derivatives

4.

Interest Rate Derivatives at Commercial Banks: An Empirical Investigation

University of Michigan Working Paper, FDIC Center for Financial Research Working Paper No. 2006-02
Number of pages: 58 Posted: 18 Mar 2005
Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business
Downloads 3,017 (7,631)
Citation 28

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Risk management, hedging, financial distress, derivatives

5.

Risk-Taking by Banks: What Did We Know and When Did We Know It?

AFA 2012 Chicago Meetings Paper
Number of pages: 48 Posted: 03 Jun 2010 Last Revised: 18 Nov 2011
Sugato Bhattacharyya and Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 2,089 (13,711)
Citation 41

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Sub-prime crisis, originate-to-distribute, screening, bank loans, risk-management, incentives

6.
Downloads 1,770 (17,738)
Citation 123

The Effect of Banking Crisis on Bank-Dependent Borrowers

EFA 2006 Zurich Meetings
Number of pages: 52 Posted: 16 Oct 2005 Last Revised: 26 Oct 2015
Sudheer Chava and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 1,581 (20,702)
Citation 13

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Banking Crisis, Russian Default, Bank loans

The Effect of Banking Crisis on Bank-Dependent Borrowers

FDIC Working Paper No. 2010-09
Number of pages: 55 Posted: 09 Jan 2012
Sudheer Chava and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 189 (283,281)
Citation 55

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Banking Crisis, Russian Default, Bank Loans, Credit Crunch

7.

Do Short Sellers Trade on Private Information or False Information?

Number of pages: 51 Posted: 25 Mar 2008 Last Revised: 15 May 2011
Amiyatosh Purnanandam and H. Nejat Seyhun
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 1,696 (18,934)
Citation 4

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Short sell, insider trading

8.

CEOs vs. CFOs: Incentives and Corporate Policies

Number of pages: 46 Posted: 19 Mar 2008 Last Revised: 26 Oct 2015
Sudheer Chava and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 1,266 (29,440)
Citation 51

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Capital Structure, Cash, Debt Maturity, Accrual, Incentives

9.

The Strategic Under-Reporting of Bank Risk

Taylor A. Begley, Amiyatosh Purnanandam, Kuncheng Zheng; The Strategic Underreporting of Bank Risk, The Review of Financial Studies, Volume 30, Issue 10, 1 pp. 337613415, October 2017, DOI: org/10.1093/rfs/hhx036, Ross School of Business Paper No. 1260
Number of pages: 76 Posted: 03 Dec 2014 Last Revised: 13 Sep 2017
Taylor A. Begley, Amiyatosh Purnanandam and Kuncheng (K.C.) Zheng
University of Kentucky, University of Michigan, Stephen M. Ross School of Business and Northeastern University - D’Amore-McKim School of Business
Downloads 1,233 (30,564)
Citation 29

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value-at-risk, risk-based capital requirements, risk measurement, systemic risk

10.
Downloads 1,179 (32,641)
Citation 94

Do Shareholder Rights Affect the Cost of Bank Loans?

EFA 2004 Maastricht Meetings Paper No. 5061
Number of pages: 51 Posted: 03 Aug 2004 Last Revised: 26 Oct 2015
Sudheer Chava, Dmitry Livdan and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business, University of California, Berkeley and University of Michigan, Stephen M. Ross School of Business
Downloads 1,179 (32,141)
Citation 94

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Corporate governance, shareholder rights, investor protection, hostile takeovers, bank loans, loan spreads

Do Shareholder Rights Affect the Cost of Bank Loans?

The Review of Financial Studies, Vol. 22, Issue 8, pp. 2973-3004, 2009
Posted: 05 Aug 2009
Sudheer Chava, Dmitry Livdan and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business, University of California, Berkeley and University of Michigan, Stephen M. Ross School of Business

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G21, G32, G34

11.

Color and Credit: Race, Regulation, and the Quality of Financial Services

Number of pages: 50 Posted: 24 Mar 2017 Last Revised: 07 Aug 2020
Taylor A. Begley and Amiyatosh Purnanandam
University of Kentucky and University of Michigan, Stephen M. Ross School of Business
Downloads 1,012 (40,554)
Citation 9

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discrimination, product quality, financial sophistication, consumer protection, regulation

12.

Design of Financial Securities: Empirical Evidence from Private-Label RMBS Deals

Begley, Taylor A. and Purnanandam, Amiyatosh K., Design of Financial Securities: Empirical Evidence from Private-Label RMBS Deals. Review of Financial Studies, 30 (1): 120-161, 2017, DOI: 10.1093/rfs/hhw056
Number of pages: 61 Posted: 15 Mar 2012 Last Revised: 14 Apr 2017
Taylor A. Begley and Amiyatosh Purnanandam
University of Kentucky and University of Michigan, Stephen M. Ross School of Business
Downloads 974 (42,814)
Citation 27

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Security design, Mortgage-backed securities, Equity tranche, Subprime mortgage crisis

13.
Downloads 907 (47,215)
Citation 63

Is Default Risk Negatively Related to Stock Returns?

Number of pages: 46 Posted: 01 Aug 2007 Last Revised: 26 Oct 2015
Sudheer Chava and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 907 (46,505)
Citation 29

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Default risk, bankruptcy, expected return, realized return, implied cost of capital

Is Default Risk Negatively Related to Stock Returns?

The Review of Financial Studies, Vol. 23, Issue 6, pp. 2523-2559, 2010
Posted: 17 May 2010
Sudheer Chava and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business and University of Michigan, Stephen M. Ross School of Business

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G11, G12, G13, G14, G33

14.

Determinants of the Floating-to-Fixed Rate Debt Structure of Firms

EFA 2006 Zurich Meetings
Number of pages: 47 Posted: 28 Feb 2005
Sudheer Chava and Amiyatosh Purnanandam
Georgia Institute of Technology - Scheller College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 826 (53,771)
Citation 9

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Hedging, floating rate debt, corporate governance, executive compensation

15.

Do Stock Prices Underreact to Seo Announcements? Evidence from Seo Valuation

Number of pages: 43 Posted: 26 Mar 2006
Amiyatosh Purnanandam and Bhaskaran Swaminathan
University of Michigan, Stephen M. Ross School of Business and LSV Asset Management
Downloads 824 (53,954)
Citation 7

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16.

Corporate Hedging, Investment and Value

EFA 2008 Athens Meetings Paper, FEDS Working Paper No. 2008-16
Number of pages: 44 Posted: 19 Mar 2008 Last Revised: 26 Jan 2011
Jose M. Berrospide, Amiyatosh Purnanandam and Uday Rajan
Board of Governors of the Federal Reserve System, University of Michigan, Stephen M. Ross School of Business and Stephen M. Ross School of Business, University of Michigan
Downloads 805 (55,717)
Citation 9

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Currency derivatives, firm value, underinvestment, debt capacity, cost of capital

17.

Can Cashless Payments Spur Economic Growth?

Number of pages: 64 Posted: 04 Mar 2023 Last Revised: 07 Dec 2023
Tamanna Singh Dubey and Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 720 (64,977)

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FinTech, Digital Payment, Cashless Payment, India

18.

Seasoned Equity Offerings, Corporate Governance, and Investments

Review of Finance, Forthcoming
Number of pages: 42 Posted: 27 Apr 2011 Last Revised: 29 Mar 2013
E. Han Kim and Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 716 (65,097)
Citation 10

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Governance, Equity Issuance, Business Combination Statutes, Managerial Incentives, Signaling, Adverse Selection Problem

19.

Judging Banks' Risk by the Profits They Report

Number of pages: 47 Posted: 10 May 2018 Last Revised: 21 Aug 2023
Ben S. Meiselman, Stefan Nagel and Amiyatosh Purnanandam
U.S. Department of the Treasury, University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 699 (67,086)
Citation 8

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Risk of Financial Institutions, Systemic Risk, Risk Measurement

20.

Disaster Lending: 'Fair' Prices, but 'Unfair' Access

Georgia Tech Scheller College of Business Research Paper No. 18-6, Finance Down Under 2019 Building on the Best from the Cellars of Finance
Number of pages: 74 Posted: 22 Mar 2018 Last Revised: 04 May 2023
Taylor A. Begley, Umit G. Gurun, Amiyatosh Purnanandam and Daniel Weagley
University of Kentucky, University of Texas at Dallas, University of Michigan, Stephen M. Ross School of Business and Georgia Institute of Technology - Scheller College of Business
Downloads 555 (89,787)
Citation 2

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credit access, discrimination, income inequality, government lending, unintended consequences

21.

Growth Option Exercise and Capital Structure

Number of pages: 47 Posted: 17 Nov 2011 Last Revised: 01 Jan 2015
Amiyatosh Purnanandam and Uday Rajan
University of Michigan, Stephen M. Ross School of Business and Stephen M. Ross School of Business, University of Michigan
Downloads 548 (91,227)
Citation 3

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Growth Option, Capital Structure

22.

Did Banks Pay Fair Returns to Taxpayers on TARP?

Journal of Finance, Forthcoming
Number of pages: 48 Posted: 26 May 2020 Last Revised: 13 Oct 2023
Thomas Flanagan and Amiyatosh Purnanandam
Ohio State University (OSU) - Fisher College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 513 (98,983)

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Bailout, TARP, CPP, preferred equity

23.

Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market

Journal of Finance, Forthcoming
Number of pages: 46 Posted: 31 Aug 2012 Last Revised: 26 Oct 2015
Amiyatosh Purnanandam and Daniel Weagley
University of Michigan, Stephen M. Ross School of Business and Georgia Institute of Technology - Scheller College of Business
Downloads 498 (102,636)
Citation 6

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24.

Corporate Bond Purchases After COVID-19: Who Did the Fed Buy and How Did the Markets Respond?

Number of pages: 48 Posted: 10 Aug 2020 Last Revised: 02 Nov 2020
Thomas Flanagan and Amiyatosh Purnanandam
Ohio State University (OSU) - Fisher College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 445 (117,361)
Citation 5

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SMCCF, Fed-Treasury SPV, Repo

25.

A System-Wide Approach to Measure Connectivity in the Financial Sector

Number of pages: 72 Posted: 11 Aug 2016 Last Revised: 17 Jul 2020
Sumanta Basu, Sreyoshi Das, George Michailidis and Amiyatosh Purnanandam
Cornell University, University of Michigan at Ann Arbor - Department of Economics, University of Michigan at Ann Arbor and University of Michigan, Stephen M. Ross School of Business
Downloads 349 (154,854)
Citation 7

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Systemic Risk, Financial Networks, Lasso, Vector Autoregression

26.

United They Fall: Bank Risk after the Financial Crisis

Number of pages: 61 Posted: 13 Jun 2022 Last Revised: 09 Aug 2023
Priyank Gandhi and Amiyatosh Purnanandam
Rutgers University, New Brunswick and University of Michigan, Stephen M. Ross School of Business
Downloads 292 (186,702)
Citation 2

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27.

Can Credit Rating Affect Credit Risk? Causal Evidence from an Online Lending Marketplace

Number of pages: 43 Posted: 17 Jan 2023 Last Revised: 13 Dec 2023
Amiyatosh Purnanandam and Alexander Wirth
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 209 (259,064)

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Credit Ratings, Credit Reports, FinTech Lending

28.
Downloads 173 (306,824)
Citation 33

Bank Risk Dynamics and Distance to Default

NBER Working Paper No. w25807
Number of pages: 58 Posted: 07 May 2019 Last Revised: 08 Jul 2023
Stefan Nagel and Amiyatosh Purnanandam
University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 101 (469,839)

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Bank Risk Dynamics and Distance to Default

CESifo Working Paper No. 7637
Number of pages: 59 Posted: 23 Jul 2019
Stefan Nagel and Amiyatosh Purnanandam
University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 72 (581,823)
Citation 1

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Bank Risk Dynamics and Distance to Default

CEPR Discussion Paper No. DP13715
Number of pages: 60 Posted: 07 May 2019
Stefan Nagel and Amiyatosh Purnanandam
University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 0
Citation 7
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Judging Banks’ Risk by the Profits They Report

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-115
Number of pages: 49 Posted: 05 Sep 2023
Ben S. Meiselman, Stefan Nagel and Amiyatosh Purnanandam
U.S. Department of the Treasury, University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 121 (413,260)

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Judging Banks’ Risk by the Profits They Report

NBER Working Paper No. w31635
Number of pages: 48 Posted: 05 Sep 2023
Ben S. Meiselman, Stefan Nagel and Amiyatosh Purnanandam
U.S. Department of the Treasury, University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 11 (1,039,898)
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30.

Carbon Emissions and Shareholder Value: Causal Evidence from the U.S. Power Utilities

Number of pages: 55 Posted: 22 Nov 2022 Last Revised: 23 Oct 2023
Mayank Kumar and Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 114 (427,579)
Citation 1

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cap-and-trade, carbon emissions, pollution, stakeholder capitalism, shareholder value

31.

Shadows on Main Street: Mapping America's Financial Architecture from the Yellow Pages of the 20th Century

Number of pages: 40 Posted: 01 Dec 2023
Taylor A. Begley, Amiyatosh Purnanandam and Virginia Traweek
University of Kentucky, University of Michigan, Stephen M. Ross School of Business and Texas Christian University
Downloads 98 (476,160)

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Banking, Shadow Banks, Financial Intermediation, Measurement Error

32.

Why Do Banks Hide Losses?

Number of pages: 54 Posted: 27 Feb 2019 Last Revised: 11 Jun 2023
Thomas Flanagan and Amiyatosh Purnanandam
Ohio State University (OSU) - Fisher College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 29 (833,887)
Citation 2

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foreign institutional investor, underreporting, monitoring, incentives

33.

Market Pricing of Deposit Insurance

Posted: 17 Feb 2004
Darrell Duffie, Robert A. Jarrow and Amiyatosh Purnanandam
Stanford University - Graduate School of Business, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Michigan, Stephen M. Ross School of Business

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Deposit insurance pricing, risk-neutral default probability, bank failure