Ishita Sen

Assistant Professor of Finance

Harvard Business School 

Baker Library/Bloomberg Center 347

(617) 496-0872                

Research areas: Financial Intermediation; Regulation; Insurance Markets; Empirical Asset Pricing     


Harvard Faculty Page


Regulatory Limits to Risk Management

Review of Financial Studies, Volume 36, Issue 6, June 2023, pp. 2175–2223. Lead Article and Editor’s Choice.

* Winner of the RFS Rising Scholar Award, 2024

* Winner of the 2020 Q-Group Jack Treynor Prize

* European Finance Association, Best Paper Prize, 2019.

* MFM Fellowship from the Alfred P. Sloan Foundation, University of Chicago, 2017 & 2018.

* AQR Fellowship Award, Winner, 2018.

Publisher's version   Internet appendix 

Working Papers

When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets. March 2024.

Joint with Pari Sastry and Ana-Maria Tenekedijieva

* Selected presentations: NBER Innovative Data in Household Finance 2023, MFA 2024, Adam Smith Workshop 2024, ASU Sonoran Winter Conference 2024, Baruch College Conference on Climate Finance and ESG, SFS Cavalcade 2024; WFA 2024; Freddie Mac Climate Risk Seminar; NBER Insurance Working Group; NYU Stern/ NY Fed Summer Climate Finance Conference; ECB-FRBNY Workshop on Non-Bank Financial Institutions, EFA 2024, NBER Summer Institute (Corporate Finance) 2024

* Coverage:  Inside Mortgage Finance, The Tampa Bay Times, The Insurance Journal, Newsweek, Bloomberg, MSN, GovTech, Insurance Business Magazine     

Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies. December 2022.

Joint with Sangmin Oh and Ana-Maria Tenekedijieva

Revise & Resubmit, Journal of Finance

* E-axes Forum young scholars research award in macroeconomics and sustainability, 2023. 

* Best Paper Prize in Responsible Finance, European Finance Association, 2022. 

* Research Fellowship,  Center of Insurance Policy Research, NAIC 

* GSSI International Real Estate Review Best Paper Award, AREUEA (Shortlisted) 

* Selected presentations: AFA 2024, NBER Summer Institute (Corporate Finance) 2022, Stanford SITE (Climate Finance) 2022, SFS Cavalcade 2022, EFA 2022, FIRS 2022, Becker Friedman Institute 2022, NBER Insurance Meeting 2021, Stanford SITE (Urban and Housing) 2021

* Coverage:  HBS Working Knowledge; Financial Times; Regulatory Review

Institutional Corporate Bond Pricing. May 2024.

Joint with Lorenzo Bretscher, Lukas Schmid, and Varun Sharma

Revise & Resubmit, Review of Financial Studies

* Inquire Europe Research Grant, 2021

* Selected presentations: NBER Asset Management 2022, AFA 2022, SFS Cavalcade 2022, EFA 2022, FIRS 2022

Joint with Umang Khetan, Jane Li, and Ioana Neamtu 

* Inquire Europe Research Grant, 2024

* Selected presentations: SFS Cavalcade 2024, OFR Rising Scholar Conference 2024, European Summer Symposium in Financial Markets, Columbia Workshop in New Empirical Finance, EFA 2024

Internal Models, Make Believe Prices, and Bond Market Cornering. June 2020.

Joint with Varun Sharma

* Selected presentations: WFA 2021, FIRS 2021, EFA 2021, NBER Insurance Meeting 2020, WFA-CFAR Conference (Washington University in St. Louis) 2020

Capital Regulation and Product Market Outcomes. January 2020.

Joint with David Humphry (Bank of England)

* Selected presentations: AFA 2017, Becker Friedman Institute Macro Finance Summer Session 2017

Policy Reports

Congressional Statement for the Record, Hearing on "Factors Influencing the High Cost of Insurance for Consumers," November 2023.