Tomasz Piskorski

Columbia University - Columbia Business School, Finance

Professor of Finance

3022 Broadway

New York, NY 10027

United States

SCHOLARLY PAPERS

30

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Rank 58

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Top 58

in Total Papers Downloads

164,751

SSRN CITATIONS
Rank 606

SSRN RANKINGS

Top 606

in Total Papers Citations

1,554

CROSSREF CITATIONS

515

Scholarly Papers (30)

Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?

Number of pages: 31 Posted: 24 Mar 2023 Last Revised: 10 Apr 2023
Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 131,922 (6)

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Monetary Tightening, Uninsured Depositors, Runs

Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?

NBER Working Paper No. w31048
Number of pages: 32 Posted: 20 Mar 2023 Last Revised: 03 May 2023
Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 77 (518,381)
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2.

Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening?

Number of pages: 30 Posted: 18 Apr 2023
Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 4,081 (4,282)

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Monetary Tightening, Uninsured Depositors, Bank Runs, Hedging, HTM, AFS

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market

Journal of Finance, Forthcoming, Columbia Business School Research Paper No. 13-7 , Fama-Miller Working Paper, Kreisman Working Papers Series in Housing Law and Policy No. 9
Number of pages: 74 Posted: 13 Feb 2013 Last Revised: 08 Jan 2015
Tomasz Piskorski, Amit Seru and James Witkin
Columbia University - Columbia Business School, Finance, Stanford University and Columbia University - Columbia Business School
Downloads 3,312 (5,998)
Citation 4

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Misrepresentation, Underwriters, Mortgages, Subprime, Crisis, Fraud, Securitization, Banks, Intermediaries

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from Rmbs Market

NBER Working Paper No. w18843
Number of pages: 80 Posted: 12 Mar 2013 Last Revised: 28 Jun 2023
Tomasz Piskorski, Amit Seru and James Witkin
Columbia University - Columbia Business School, Finance, Stanford University and Columbia University - Columbia Business School
Downloads 56 (615,539)
Citation 29

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Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks

Columbia Business School Research Paper No. 17-39, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 83 Posted: 29 Mar 2017 Last Revised: 30 Aug 2018
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
Stanford University Graduate School of Business, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 3,097 (6,688)
Citation 45

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Fintech, Shadow Banks, Regulatory Arbitrage, Lending, Mortgages, FHA

Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks

NBER Working Paper No. w23288
Number of pages: 84 Posted: 27 Mar 2017 Last Revised: 18 Feb 2023
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
Stanford University Graduate School of Business, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 171 (288,739)
Citation 279

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5.

Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis

Chicago Booth School of Business Research Paper No. 09-02, AFA 2010 Atlanta Meetings Paper
Number of pages: 57 Posted: 31 Dec 2008 Last Revised: 20 Aug 2011
Tomasz Piskorski, Amit Seru and Vikrant Vig
Columbia University - Columbia Business School, Finance, Stanford University and London Business School
Downloads 3,169 (6,567)
Citation 79

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Securitization, renegotiation, bargaining, servicing, incentives, subprime, crisis, defaults, mortgages

Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

Journal of Political Economy, Forthcoming, Fisher College of Business Working Paper No. 2012-03-020, Charles A. Dice Center Working Paper No. 2012-20
Number of pages: 63 Posted: 29 Aug 2012 Last Revised: 21 Jul 2016
National University of Singapore, Federal Reserve Bank of Chicago, Ohio State University (OSU) - Department of Finance, Government of the United States of America - Office of the Comptroller of the Currency (OCC), Columbia University - Columbia Business School, Finance and Stanford University
Downloads 2,190 (11,526)
Citation 6

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Government intervention, Debt renegotiation, Mortgage modification, Foreclosures, Housing crisis, HAMP, Servicers

Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

FRB of Chicago Working Paper No. 2013-27, Kreisman Working Papers Series in Housing Law and Policy No. 7
Number of pages: 69 Posted: 28 Jan 2014
National University of Singapore, Federal Reserve Bank of Chicago, Ohio State University (OSU) - Department of Finance, Government of the United States of America - Office of the Comptroller of the Currency (OCC), Columbia University - Columbia Business School, Finance and Stanford University
Downloads 118 (389,163)
Citation 3

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Government intervention, Debt renegotiation, Mortgage modification, Foreclosures, Housing crisis, HAMP, Servicers

Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

NBER Working Paper No. w18311
Number of pages: 63 Posted: 30 Aug 2012 Last Revised: 15 Jul 2023
National University of Singapore, Federal Reserve Bank of Chicago, Ohio State University (OSU) - Department of Finance, Government of the United States of America - Office of the Comptroller of the Currency (OCC), Columbia University - Columbia Business School, Finance and Stanford University
Downloads 41 (706,432)
Citation 115

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Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring

Columbia Business School Research Paper No. 13-26
Number of pages: 56 Posted: 03 Jan 2009 Last Revised: 14 Sep 2016
Tomasz Piskorski and Mark M. Westerfield
Columbia University - Columbia Business School, Finance and University of Washington
Downloads 1,404 (23,017)
Citation 1

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Monitoring, Dynamic Contracts, Managerial Compensation, Moral Hazard, Endogenous Financing Constraints

Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring

Journal of Economic Theory, Forthcoming, Columbia Business School Research Paper No. 16-66
Number of pages: 56 Posted: 14 Sep 2016
Tomasz Piskorski and Mark M. Westerfield
Columbia University - Columbia Business School, Finance and University of Washington
Downloads 90 (470,744)
Citation 7

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Monitoring, Dynamic Contracts, Managerial Compensation, Moral Hazard, Endogenous Financing Constraints

8.

Banking the Unbanked: What do 280 Million New Bank Accounts Reveal about Financial Access?

Columbia Business School Research Paper No. 17-12, Georgetown McDonough School of Business Research Paper No. 2906523, HKUST Finance Symposium 2017, Indian School of Business WP 2906523
Number of pages: 72 Posted: 30 Jan 2017 Last Revised: 22 Sep 2023
National University of Singapore, Indian School of Business (ISB), Hyderabad, Indian Institute of Management (IIMB), Bangalore, State Bank of India, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 1,445 (22,483)
Citation 23

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Banking, Financial Inclusion, Financial Literacy, Big Data, Financial Access, Savings, Spending, Debit Card, Consumer Finance, Household Finance

9.

Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy

Columbia Business School Research Paper No. 18-75
Number of pages: 81 Posted: 15 Oct 2018 Last Revised: 27 Jul 2022
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
Stanford University Graduate School of Business, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 1,389 (23,828)
Citation 5

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Shadow Banks, Balance Sheet Capacity, Market Segmentation, Capital Requirements, Lending, Mortgages, GSEs, Unconventional Monetary Policy

Why is Intermediating Houses so Difficult? Evidence from iBuyers

Number of pages: 94 Posted: 24 Jun 2020 Last Revised: 27 Jul 2022
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
Stanford University Graduate School of Business, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 1,274 (26,572)
Citation 1

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Fintech, Proptech, iBuyers, Real Estate Market, Housing, Liquidity

Why is Intermediating Houses so Difficult? Evidence from Ibuyers

NBER Working Paper No. w28252
Number of pages: 95 Posted: 21 Dec 2020 Last Revised: 03 Aug 2022
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
Stanford University Graduate School of Business, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 60 (594,609)
Citation 2

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Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinance Program

Columbia Business School Research Paper No. 15-85, Kreisman Working Papers Series in Housing Law and Policy No. 27
Number of pages: 77 Posted: 21 Sep 2015 Last Revised: 24 Apr 2020
National University of Singapore, Federal Reserve Bank of Chicago, Government of the United States of America - Office of the Comptroller of the Currency (OCC), University of Pennsylvania - The Wharton School, Columbia University - Columbia Business School, Finance, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 1,109 (32,628)
Citation 12

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Financial Crisis, HARP, Debt, Refinancing, Consumption, Spending, Household Finance, Mortgages, Policy Intervention

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program

NBER Working Paper No. w21512
Number of pages: 78 Posted: 31 Aug 2015 Last Revised: 13 Apr 2023
National University of Singapore, Federal Reserve Bank of Chicago, Government of the United States of America - Office of the Comptroller of the Currency (OCC), Columbia University - Columbia Business School, Finance, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 50 (649,424)
Citation 4

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12.

U.S. Bank Fragility to Credit Risk in 2023: Monetary Tightening and Commercial Real Estate Distress

Number of pages: 18 Posted: 19 Apr 2023
Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 1,146 (31,709)

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Monetary Tightening, Uninsured Depositors, Runs, Commercial Real Estate

13.
Downloads 1,132 (32,199)
Citation 90

Optimal Mortgage Design

Number of pages: 52 Posted: 21 Mar 2007 Last Revised: 20 Aug 2011
Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 888 (44,533)
Citation 10

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optimal mortgage design, dynamic security design, alternative mortgage products, option ARM

Optimal Mortgage Design

NYU Working Paper No. FIN-07-056
Number of pages: 52 Posted: 13 Nov 2008 Last Revised: 20 Aug 2011
Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 244 (207,524)
Citation 15

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optimal mortgage design, dynamic security design, alternative mortgage products, option ARM

14.

Optimal Securitization with Moral Hazard

Number of pages: 46 Posted: 01 Apr 2009 Last Revised: 20 Aug 2011
Barney Hartman-Glaser, Tomasz Piskorski and Alexei Tchistyi
University of California, Los Angeles (UCLA) - Anderson School of Management, Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 939 (41,861)
Citation 24

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Security design, mortgage backed securities

Mortgage Rates, Household Balance Sheets, and the Real Economy

Columbia Business School Research Paper No. 14-53
Number of pages: 61 Posted: 06 Oct 2014 Last Revised: 07 Nov 2014
Benjamin J. Keys, Tomasz Piskorski, Amit Seru and Vincent Yao
The Wharton School - University of Pennsylvania, Real Estate Department, Columbia University - Columbia Business School, Finance, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 884 (44,802)

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Household Leverage, Crisis, Deleveraging, Monetary Policy, Mortgage Rates, Household Consumption, Adjustable-Rate Mortgages

Mortgage Rates, Household Balance Sheets, and the Real Economy

NBER Working Paper No. w20561
Number of pages: 62 Posted: 06 Oct 2014 Last Revised: 08 Mar 2023
Benjamin J. Keys, Tomasz Piskorski, Amit Seru and Vincent Yao
The Wharton School - University of Pennsylvania, Real Estate Department, Columbia University - Columbia Business School, Finance, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 39 (720,411)

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Banking Without Deposits: Evidence from Shadow Bank Call Reports

Number of pages: 97 Posted: 21 May 2020 Last Revised: 13 Sep 2023
Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 701 (61,450)

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Banking, Capital Structure, Debt, Shadow Banks, Deposits, Capital Requirements, Lending, Mortgages, GSEs

Banking Without Deposits: Evidence from Shadow Bank Call Reports

NBER Working Paper No. w26903
Number of pages: 98 Posted: 30 Mar 2020 Last Revised: 06 Jul 2023
Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 196 (255,499)
Citation 2

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Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide

Columbia Law and Economics Working Paper No. 404, Kreisman Working Papers Series in Housing Law and Policy No. 4
Number of pages: 59 Posted: 16 May 2011 Last Revised: 08 Jan 2015
Columbia University - Columbia Business School, Finance, Columbia Law School, Columbia University - Columbia Business School, Finance and NYU Stern School of Business
Downloads 817 (50,024)
Citation 20

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Strategic behavior, mortgage modification, default, foreclosure crisis, Countrywide

Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide

NBER Working Paper No. w17065
Number of pages: 58 Posted: 23 May 2011 Last Revised: 17 May 2023
Columbia University - Columbia Business School, Finance, Columbia Law School, Columbia University - Columbia Business School, Finance and NYU Stern School of Business
Downloads 63 (580,069)
Citation 47

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18.

Stochastic House Appreciation and Optimal Mortgage Lending

AFA 2009 San Francisco Meetings Paper
Number of pages: 59 Posted: 25 Mar 2008 Last Revised: 20 Aug 2011
Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 750 (56,841)
Citation 21

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subprime mortgages, house appreciation, optimal contract, mortgage modifcation

The Inefficiency of Refinancing: Why Prepayment Penalties are Good for Risky Borrowers

Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 06 Sep 2012
Christopher J. Mayer, Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance, Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 587 (76,996)

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Inefficiency of refinancing, prepayment penalties, risky borrowers, mortgages

The Inefficiency of Refinancing: Why Prepayment Penalties are Good for Risky Borrowers

NBER Working Paper No. w16586
Number of pages: 54 Posted: 06 Dec 2010 Last Revised: 28 Apr 2023
Christopher J. Mayer, Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance, Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 74 (530,636)
Citation 4

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Government and Private Household Debt Relief during COVID-19

Number of pages: 81 Posted: 21 Jan 2021
Stanford University, University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 440 (109,536)
Citation 1

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Forbearance, Moratoria, COVID, CARES Act

Government and Private Household Debt Relief During Covid-19

NBER Working Paper No. w28357
Number of pages: 82 Posted: 19 Jan 2021 Last Revised: 01 Jul 2022
Stanford University, University of Southern California, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 84 (491,794)
Citation 2

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21.
Downloads 384 (129,544)
Citation 9

Debt Relief and Slow Recovery: A Decade after Lehman

Number of pages: 63 Posted: 02 Jan 2019
Tomasz Piskorski and Amit Seru
Columbia University - Columbia Business School, Finance and Stanford University
Downloads 371 (133,550)

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Great Recession, slow recovery, debt relief, refinancing, consumption, house prices, default, foreclosures, unemployment, mortgages, government intervention, monetary policy pass-through

Debt Relief and Slow Recovery: A Decade after Lehman

NBER Working Paper No. w25403
Number of pages: 64 Posted: 31 Dec 2018 Last Revised: 31 May 2023
Tomasz Piskorski and Amit Seru
Columbia University - Columbia Business School, Finance and Stanford University
Downloads 13 (949,092)
Citation 1

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Risky Human Capital and Deferred Capital Income Taxation

Journal of Economic Theory, Vol. 145, No. 3, pp. 908-943, 2010
Number of pages: 36 Posted: 27 Oct 2011
Borys Grochulski and Tomasz Piskorski
Federal Reserve Banks - Federal Reserve Bank of Richmond and Columbia University - Columbia Business School, Finance
Downloads 212 (237,648)
Citation 4

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Risky Human Capital and Deferred Capital Income Taxation

FRB Richmond Working Paper No. 06-13
Number of pages: 66 Posted: 07 Dec 2012
Borys Grochulski and Tomasz Piskorski
Federal Reserve Banks - Federal Reserve Bank of Richmond and Columbia University - Columbia Business School, Finance
Downloads 154 (315,693)
Citation 8

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optimal taxation, private information, human capital, deferred tax

23.

Essay: A New Proposal for Loan Modifications

Yale Journal on Regulation, Vol. 26, No. 2, pp. 417-429, 2009
Number of pages: 13 Posted: 26 Oct 2011
Columbia University - Columbia Business School, Finance, Columbia Law School and Columbia University - Columbia Business School, Finance
Downloads 308 (164,448)
Citation 18

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An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts

Columbia Business School Research Paper No. 17-18
Number of pages: 72 Posted: 25 Jan 2017 Last Revised: 10 Jan 2022
Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 268 (188,939)

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State-contingent lending contracts, mortgage design, home equity insurance, asymmetric information, housing market, general equilibrium

An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts

NBER Working Paper No. w23452
Number of pages: 56 Posted: 30 May 2017 Last Revised: 30 Jan 2022
Tomasz Piskorski and Alexei Tchistyi
Columbia University - Columbia Business School, Finance and Cornell SC Johnson College of Business
Downloads 19 (888,039)
Citation 1

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25.

Optimal Wealth Taxes with Risky Human Capital

FRB Richmond Working Paper No. 05-13
Number of pages: 46 Posted: 06 Dec 2012
Borys Grochulski and Tomasz Piskorski
Federal Reserve Banks - Federal Reserve Bank of Richmond and Columbia University - Columbia Business School, Finance
Downloads 206 (244,587)
Citation 2

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optimal taxation, human capital, Mirrlees approach

26.

U.S. Domestic Money, Inflation and Output

Birkbeck Working Papers in Economics and Finance
Number of pages: 26 Posted: 13 Nov 2001 Last Revised: 19 Mar 2014
Yunus Aksoy and Tomasz Piskorski
Birkbeck University of London and Columbia University - Columbia Business School, Finance
Downloads 202 (249,077)
Citation 1

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foreign holdings, US monetary aggregates, information value, Friedman-Schwartz's evidence

27.

Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy

NBER Working Paper No. w25149
Number of pages: 83 Posted: 16 Oct 2018 Last Revised: 20 Mar 2023
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Chicago, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 80 (501,253)
Citation 1

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28.

Aggregate Lending and Modern Financial Intermediation: Why Bank Balance Sheet Models are Miscalibrated

NBER Working Paper No. w31484
Number of pages: 53 Posted: 24 Jul 2023 Last Revised: 25 Jul 2023
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
Stanford University Graduate School of Business, Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Stanford University
Downloads 11 (936,246)
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US Domestic Currency in Forecast Error Variance Decompositions of Inflation and Output

Economics Letters, Vol. 86, 2005
Posted: 21 Mar 2014
Yunus Aksoy and Tomasz Piskorski
Birkbeck University of London and Columbia University - Columbia Business School, Finance

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Foreign holdings, US monetary aggregates, Information value, Domestic money

U.S. Domestic Money, Inflation and Output

Journal of Monetary Economics, Vol. 53, No. 2, pp.183-197, 2006
Posted: 19 Jul 2010 Last Revised: 20 Aug 2011
Yunus Aksoy and Tomasz Piskorski
Birkbeck University of London and Columbia University - Columbia Business School, Finance

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Foreign holdings, Domestic money, Monetary aggregates, Information value

U.S. Domestic Money, Inflation and Output

Journal of Monetary Economics, Vol. 53, pp. 183-197, March 2006
Posted: 09 May 2007 Last Revised: 19 Mar 2014
Yunus Aksoy and Tomasz Piskorski
Birkbeck University of London and Columbia University - Columbia Business School, Finance

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foreign holdings, domestic money, monetary aggregates, information value