Biography

Kairong Xiao is Roger F. Murray Associate Professor of Business at Columbia Business School and a Research Associate at the National Bureau of Economic Research (NBER). His research interests span financial intermediation, corporate finance, monetary economics, industrial organization, and political economy. His research papers have been published in top finance and economics journals, including the Journal of Finance, the Review of Financial Studies, the  Journal of Financial Economics, Econometrica, the Journal of Monetary Economics, and Management Science. He received numerous awards for research excellence, including the Review of Financial Studies Rising Scholar Award, the Journal of Finance Dimensional Fund Advisors Prize for Distinguished Paper, and the Review of Financial Studies Best Paper Award runner-up.

Working papers

When Diversity Rules, with Abhinav Gupta, Ravi Ranjan, and Joseph Kalmenovitz

What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission? with Chuck Fang

Will Central Bank Digital Currency Disintermediate Banks? with Toni M. Whited, and Yufeng Wu, Revise&Resubmit, Review of Financial Studies

Unintended Consequences of Post-Crisis Liquidity Regulation, with Suresh Sundaresan, FMA Conference Best Paper Awards: semi-finalist 

Fuzzy Bunching, With Adrien Alvero

Published and accepted papers

14. Closing the Revolving Door,  with Joseph Kalmenovitz and Siddharth Vij, Journal of Finance, forthcoming (2025), Best Paper Award at the Financial Markets and Corporate Governance Conference

13. Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System,  with Olivier Darmouni and  Kerry Siani,  Journal of Finance,  forthcoming (2025)

12. Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision, With Yiming Ma and Yao Zeng, Review of Financial Studies, forthcoming, (2025)

11.The Shadow Cost of Collateral, With Guangqian Pan and Zheyao Pan, Review of Financial Studies (2025), Best Paper Award at the FMA 2022

10. Regulatory Costs of Being Public: Evidence from Bunching Estimation, With Michael Ewens and Ting Xu, Journal of Financial Economics, (2024), Best Paper Award at the Utah Winter Finance Conference 2022, Best Paper Award at the CICF 2021, Featured in Columbia Law School Blue Sky Blog, Public float data

9. Liquidity Regulation and Banks: Theory and Evidence, with Suresh Sundaresan, Journal of Financial Economics, (2024)

8. Factions in Nondemocracies: Theory and Evidence from the Chinese Communist Party  (NBER WP NO. 22775), with Patrick Francois and Francesco Trebbi, Econometrica, (2023)

7. Watch what they do, not what they say: Estimating regulatory costs from revealed preferences, With Adrien Alvero and Sakai Ando, Review of Financial Studies, 2023

6. Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity, with Yiming Ma and Yao Zeng, Review of Financial Studies, 2022

5. Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation, with Yifei Wang, Toni Whited, and Yufeng Wu, Journal of Finance, 2022, Winner of the XiYue Award for Best Paper at CICF 2019, Utah Winter Finance Conference presentation video

4. Monetary Policy and Reaching for Income, with Kent Daniel and Lorenzo Garlappi, Journal of Finance, 2021, Best Paper Prize at the Wharton--Rodney L. White Center 2019 conference, Featured in March 2019 NBER Digest, "Retail Investors Reach for Income when Interest Rates Fall". Utah Winter Finance Conference presentation video

3. Monetary Transmission through Shadow Banks previously titled "Shadow Banks, Deposit Competition, and Monetary Policy", Review of Financial Studies, 2020, Lead Article, Editor's Choice, The RFS Rising Scholar Award, Runner up of the RFS Best Paper Award, the WFA Cubist Award for Outstanding Ph.D. Research, Utah Winter Finance Conference presentation video

2. Low Interest Rates and Risk Incentives for Banks with Market Power, with Toni Whited, and Yufeng Wu, Journal of Monetary Economics, 2021

1. Regulation and Market Liquidity (NBER WP NO. 21739), with Francesco Trebbi, Management Science, 2017

Miscellaneous