Tomasz Piskorski

Columbia Business School - Finance and Economics

Associate Professor of Finance and Economics

3022 Broadway

New York, NY 10027

United States

  • Columbia Business School - Finance and Economics

SCHOLARLY PAPERS

23

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395

Scholarly Papers (23)

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1.

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market

Downloads 3,154 ( 3,323)
Citation 63

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 Business School - Finance and Economics, Stanford University and Columbia University - Columbia Business School
Downloads 3,135 (3,288)
Citation 5

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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: 21 Mar 2013
Tomasz Piskorski, Amit Seru and James Witkin
Columbia Business School - Finance and Economics, Stanford University and Columbia University - Columbia Business School
Downloads 19 (543,844)
Citation 2

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2.

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 Business School - Finance and Economics, Stanford University and London Business School
Downloads 3,040 (3,528)
Citation 59

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

3.

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

Downloads 2,110 ( 6,515)
Citation 56

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
Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski and Amit Seru
National University of Singapore, Federal Reserve Bank of Chicago, Ohio State University (OSU) - Department of Finance, Office of the Comptroller of the Currency (OCC), Columbia Business School - Finance and Economics and Stanford University
Downloads 1,982 (7,116)
Citation 2

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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
Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski and Amit Seru
National University of Singapore, Federal Reserve Bank of Chicago, Ohio State University (OSU) - Department of Finance, Office of the Comptroller of the Currency (OCC), Columbia Business School - Finance and Economics and Stanford University
Downloads 111 (246,612)

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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: 05 Sep 2012
Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski and Amit Seru
National University of Singapore, Federal Reserve Bank of Chicago, Ohio State University (OSU) - Department of Finance, Office of the Comptroller of the Currency (OCC), Columbia Business School - Finance and Economics and Stanford University
Downloads 17 (556,785)
Citation 22

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4.

Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks

Downloads 1,960 ( 7,418)
Citation 31

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
University of Chicago, University of Texas at Austin - Department of Finance, Columbia Business School - Finance and Economics and Stanford University
Downloads 1,887 (7,753)
Citation 1

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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
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Chicago, University of Texas at Austin - Department of Finance, Columbia Business School - Finance and Economics and Stanford University
Downloads 73 (323,633)
Citation 4

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5.

Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring

Downloads 1,355 ( 13,547)
Citation 11

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 Business School - Finance and Economics and University of Washington
Downloads 1,306 (14,052)
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 Business School - Finance and Economics and University of Washington
Downloads 49 (396,555)
Citation 1

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

6.

Optimal Mortgage Design

Downloads 1,053 ( 19,886)
Citation 66

Optimal Mortgage Design

Number of pages: 52 Posted: 21 Mar 2007 Last Revised: 20 Aug 2011
Tomasz Piskorski and Alexei Tchistyi
Columbia Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 815 (28,362)
Citation 7

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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 Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 238 (127,280)
Citation 3

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

7.

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 Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 878 (25,977)
Citation 15

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Security design, mortgage backed securities

8.

Mortgage Rates, Household Balance Sheets, and the Real Economy

Downloads 827 ( 28,255)

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 W. Yao
The Wharton School - University of Pennsylvania, Real Estate Department, Columbia Business School - Finance and Economics, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 810 (28,586)

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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
Benjamin J. Keys, Tomasz Piskorski, Amit Seru and Vincent W. Yao
The Wharton School - University of Pennsylvania, Real Estate Department, Columbia Business School - Finance and Economics, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 17 (556,701)

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9.

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

Downloads 767 ( 31,345)
Citation 15

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
Christopher J. Mayer, Edward R. Morrison, Tomasz Piskorski and Arpit Gupta
Columbia Business School - Finance and Economics, Columbia Law School, Columbia Business School - Finance and Economics and NYU Stern School of Business
Downloads 728 (33,118)
Citation 1

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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
Christopher J. Mayer, Edward R. Morrison, Tomasz Piskorski and Arpit Gupta
Columbia Business School - Finance and Economics, Columbia Law School, Columbia Business School - Finance and Economics and NYU Stern School of Business
Downloads 39 (435,452)

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10.

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 Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 715 (34,472)
Citation 6

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subprime mortgages, house appreciation, optimal contract, mortgage modifcation

11.

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

Downloads 691 ( 36,141)
Citation 14

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

Columbia Business School Research Paper No. 15-85, Kreisman Working Papers Series in Housing Law and Policy No. 27
Number of pages: 72 Posted: 21 Sep 2015 Last Revised: 29 Oct 2017
Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski, Amit Seru and Vincent W. Yao
National University of Singapore, Federal Reserve Bank of Chicago, Office of the Comptroller of the Currency (OCC), University of Pennsylvania - The Wharton School, Columbia Business School - Finance and Economics, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 677 (36,596)
Citation 4

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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: 73 Posted: 31 Aug 2015 Last Revised: 08 Sep 2015
Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru and Vincent W. Yao
National University of Singapore, Federal Reserve Bank of Chicago, Office of the Comptroller of the Currency (OCC), Columbia Business School - Finance and Economics, Stanford University and Georgia State University - J. Mack Robinson College of Business
Downloads 14 (576,503)
Citation 1

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12.

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

Downloads 623 ( 41,507)
Citation 13

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 Business School - Finance and Economics, Columbia Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 575 (45,508)

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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
Christopher J. Mayer, Tomasz Piskorski and Alexei Tchistyi
Columbia Business School - Finance and Economics, Columbia Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 48 (400,260)
Citation 2

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13.

Banking the Unbanked: What Do 255 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: 76 Posted: 30 Jan 2017 Last Revised: 13 Nov 2017
Sumit Agarwal, Shashwat Alok, Pulak Ghosh, Soumya Ghosh, Tomasz Piskorski and Amit Seru
National University of Singapore, Indian School of Business (ISB), Hyderabad, Indian Institute of Management (IIMB), Bangalore, State Bank of India, Columbia Business School - Finance and Economics and Stanford University
Downloads 577 (45,917)
Citation 7

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

14.

The Limits of Shadow Banks

Columbia Business School Research Paper No. 18-75
Number of pages: 69 Posted: 15 Oct 2018 Last Revised: 22 Nov 2018
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Chicago, University of Texas at Austin - Department of Finance, Columbia Business School - Finance and Economics and Stanford University
Downloads 433 (65,948)

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

15.

Risky Human Capital and Deferred Capital Income Taxation

Downloads 358 ( 82,328)
Citation 14

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 Business School - Finance and Economics
Downloads 209 (144,648)
Citation 2

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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 Business School - Finance and Economics
Downloads 149 (195,983)
Citation 7

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optimal taxation, private information, human capital, deferred tax

16.

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
Christopher J. Mayer, Edward R. Morrison and Tomasz Piskorski
Columbia Business School - Finance and Economics, Columbia Law School and Columbia Business School - Finance and Economics
Downloads 297 (101,351)
Citation 17

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17.

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 Business School - Finance and Economics
Downloads 202 (149,586)
Citation 2

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optimal taxation, human capital, Mirrlees approach

18.

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

Downloads 190 (158,339)
Citation 2

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

Columbia Business School Research Paper No. 17-18
Number of pages: 60 Posted: 25 Jan 2017 Last Revised: 06 Nov 2017
Tomasz Piskorski and Alexei Tchistyi
Columbia Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 185 (162,231)

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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
Tomasz Piskorski and Alexei Tchistyi
Columbia Business School - Finance and Economics and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 5 (639,186)

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19.

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 Business School - Finance and Economics
Downloads 176 (169,673)

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

20.

Debt Relief and Slow Recovery: A Decade after Lehman

Downloads 136 (210,580)

Debt Relief and Slow Recovery: A Decade after Lehman

Number of pages: 63 Posted: 02 Jan 2019
Tomasz Piskorski and Amit Seru
Columbia Business School - Finance and Economics and Stanford University
Downloads 126 (224,379)

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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
Tomasz Piskorski and Amit Seru
Columbia Business School - Finance and Economics and Stanford University
Downloads 10 (603,774)
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21.

The Limits of Shadow Banks

NBER Working Paper No. w25149
Number of pages: 70 Posted: 16 Oct 2018
Greg Buchak, Gregor Matvos, Tomasz Piskorski and Amit Seru
University of Chicago, University of Texas at Austin - Department of Finance, Columbia Business School - Finance and Economics and Stanford University
Downloads 16 (542,640)
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22.

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 Business School - Finance and Economics

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

23.

U.S. Domestic Money, Inflation and Output

Downloads 0 (667,153)

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 Business School - Finance and Economics

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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 Business School - Finance and Economics

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foreign holdings, domestic money, monetary aggregates, information value