Amiyatosh Purnanandam

University of Michigan, Stephen M. Ross School of Business

701 Tappan Street

Ann Arbor, MI MI 48109

United States

  • University of Michigan, Stephen M. Ross School of Business

SCHOLARLY PAPERS

34

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41,237

TOTAL CITATIONS
Rank 1,349

SSRN RANKINGS

Top 1,349

in Total Papers Citations

710

Scholarly Papers (34)

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1.

Originate-to-Distribute Model and the Subprime Mortgage Crisis

Downloads 5,917 ( 2,905)
Citation 109

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 5,669 (3,078)
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 248 (256,964)
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
Compassion AI, LLC and University of Michigan, Stephen M. Ross School of Business
Downloads 4,174 (5,292)
Citation 88

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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 3,386 (7,468)
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 3,118 (8,517)
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 2,170 (15,135)
Citation 41

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

6.

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 2,035 (16,772)
Citation 9

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

7.

The Effect of Banking Crisis on Bank-Dependent Borrowers

Downloads 1,852 (19,496)
Citation 68

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 1,606 (23,805)
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 246 (259,051)
Citation 55

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Banking Crisis, Russian Default, Bank Loans, Credit Crunch

8.

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 1,771 (20,894)
Citation 4

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Short sell, insider trading

9.

Can Cashless Payments Spur Economic Growth?

Number of pages: 68 Posted: 04 Mar 2023 Last Revised: 07 May 2024
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 1,442 (28,531)
Citation 3

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FinTech, Digital Payment, Cashless Payment, India

10.

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 1,310 (32,837)
Citation 51

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Capital Structure, Cash, Debt Maturity, Accrual, Incentives

11.

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 1,289 (33,620)
Citation 29

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

12.

Do Shareholder Rights Affect the Cost of Bank Loans?

Downloads 1,242 (35,447)
Citation 105

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 1,242 (34,862)
Citation 105

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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

13.

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 1,008 (47,917)
Citation 29

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

14.

Is Default Risk Negatively Related to Stock Returns?

Downloads 986 (49,407)
Citation 29

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 986 (48,605)
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

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 Compassion AI, LLC
Downloads 870 (58,724)
Citation 7

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16.

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 854 (60,177)
Citation 9

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Hedging, floating rate debt, corporate governance, executive compensation

17.

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 837 (61,930)
Citation 12

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

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 810 (64,677)
Citation 11

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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 779 (68,135)
Citation 8

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Risk of Financial Institutions, Systemic Risk, Risk Measurement

20.

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 691 (79,544)

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Bailout, TARP, CPP, preferred equity

21.

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 University of Tennessee, Knoxville
Downloads 672 (82,457)
Citation 2

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

22.

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 570 (101,735)
Citation 3

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Growth Option, Capital Structure

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 University of Tennessee, Knoxville
Downloads 520 (114,018)
Citation 7

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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 504 (118,379)
Citation 5

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SMCCF, Fed-Treasury SPV, Repo

25.

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 442 (138,711)
Citation 2

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26.

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 416 (148,749)
Citation 8

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Systemic Risk, Financial Networks, Lasso, Vector Autoregression

27.

The Economics of Network-Based Deposit Insurance

Number of pages: 64 Posted: 01 May 2024 Last Revised: 08 Feb 2025
Edward T. Kim, Shohini Kundu and Amiyatosh Purnanandam
University of Michigan, Stephen M. Ross School of Business, University of California, Los Angeles (UCLA) - Anderson School of Management and University of Michigan, Stephen M. Ross School of Business
Downloads 341 (185,621)

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Deposit Insurance, Reciprocal Deposits, Financial Stability, Bank Risk, Moral Hazard, Public Deposits

28.

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

Number of pages: 44 Posted: 17 Jan 2023 Last Revised: 17 Feb 2025
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 321 (197,897)
Citation 2

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Credit Ratings, Credit Reports, FinTech Lending

29.

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

Number of pages: 55 Posted: 22 Nov 2022 Last Revised: 09 May 2024
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 264 (242,739)
Citation 1

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

30.

Bank Risk Dynamics and Distance to Default

Downloads 215 (296,757)
Citation 8

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 130 (460,249)

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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 84 (630,429)
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 1 (1,360,132)
Citation 7
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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 187 (337,937)

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Banking, Shadow Banks, Financial Intermediation, Measurement Error

32.

Judging Banks’ Risk by the Profits They Report

Downloads 159 (389,660)

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 144 (423,453)

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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 15 (1,209,253)
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33.

Why Do Banks Hide Losses?

Number of pages: 58 Posted: 27 Feb 2019 Last Revised: 12 Dec 2024
Thomas Flanagan and Amiyatosh Purnanandam
Ohio State University (OSU) - Fisher College of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 85 (618,089)
Citation 2

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foreign institutional investor, underreporting, monitoring, incentives

34.

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