Ishita Sen
Ishita Sen
Assistant Professor of Finance
Harvard Business School
Baker Library/Bloomberg Center 347
(617) 496-0872
Research areas: Financial Intermediation; Regulation; Insurance Markets; Climate and Insurance; Asset Pricing
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Accepted & Published Papers
Accepted & Published Papers
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 | 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
Institutional Corporate Bond Pricing (with Lorenzo Bretscher, Lukas Schmid, and Varun Sharma). September 2024.
Review of Financial Studies, Forthcoming
* Inquire Europe Research Grant, 2021
* Select presentations: NBER New Developments in Long-Term Asset Management, AFA, Cavalcade, EFA
Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies (with Sangmin Oh and Ana-Maria Tenekedijieva). February 2025.
Journal of Finance, Forthcoming
* Best Paper Prize in Responsible Finance, European Finance Association, 2022 | E-axes Forum Research Award in Macroeconomics and Sustainability, 2023
* Select presentations: NBER Summer Institute (Corporate Finance), NBER Insurance, SITE (Climate Finance), SITE (Urban and Housing), AFA, Cavalcade, EFA
* Policy: House Financial Services Committee Statement for the Record, 2024 Congressional Budget Office Climate Report, 2024 FSOC Financial Stability Report
* Media: New York Times, Financial Times, Wall Street Journal, CNN, CNBC, Daily Mail (UK), and more
* Industry: JP Morgan Climate and Insurance Report
Working Papers
Working Papers
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets (with Pari Sastry and Ana-Maria Tenekedijieva). December 2024.
Revise & Resubmit, Quarterly Journal of Economics
* Select presentations: NBER Summer Institute (Corporate Finance) 2024, NBER Innovative Data in Household Finance 2023, NBER Insurance 2024, SITE Financial Regulation 2024, Cavalcade 2024; WFA 2024; Freddie Mac Climate Risk Seminar; EFA 2024, AFA 2025
* Policy: Senate Budget Committee Testimony, Senator Whitehouse's Climate Risk Speech at the US Senate, 2024 Congressional Budget Office Climate Report, 2024 FSOC Financial Stability Report, Treasury Federal Insurance Office 2025 Report on Climate and Insurance
* Congressional memos: 1. Congressional memos to Fannie Mae and Freddie Mac; 2. Congressional memo to the NAIC
* Media: Matt Levine Money Matters, New York Times (1), New York Times (2), Bloomberg, Politico E&E, Washington Post, The New Yorker, and more
The Limits of Insurance Demand and the Growing Protection Gap (with Pari Sastry, Tess Scharlemann, and Ana-Maria Tenekedijieva). February 2025.
* Winner of WFA Best Paper on Financial Institutions, 2025
* Select presentations: SITE Climate Finance & Banking 2025, NBER Insurance Working Group 2025, WFA 2025, SFS Cavalcade 2025, AFA 2026, NYU Stern Climate Finance Conference 2025, Duke-UNC Corporate Finance Conference
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices (with Umang Khetan, Jane Li, and Ioana Neamtu). July 2025.
Revise & Resubmit, Review of Financial Studies
* Winner of Best Paper Prize in Asset Management, Midwest Finance Association 2025 | Inquire Europe Research Grant, 2024
* Select presentations: NBER Financial Market Frictions and Systemic Risks 2025, NBER New Developments in Long-Term Asset Management 2025, AFA 2025, SFS Cavalcade 2024, EFA 2024, FIRS 2025, OFR Rising Scholar Conference 2024
* Media: Bank of England (Underground)
Internal Models, Make Believe Prices, and Bond Market Cornering (with Varun Sharma). June 2020.
* Selected presentations: WFA 2021, FIRS 2021, EFA 2021, NBER Insurance Meeting 2020, WFA-CFAR Conference (Washington University in St. Louis) 2020
Research In Progress
Research In Progress
Measuring Cost and Coverage in Homeowners Insurance (with Pari Sastry, Tess Scharlemann, and Ana-Maria Tenekedijieva). July 2024.
* Select presentations: NBER Conference on Research in Income and Wealth 2025
The Evolution of Insurance Markets: Insurance Provision and Capital Regulation (with Alex Barbu and David Humphry). December 2024.
* Selected presentations: AFA, Becker Friedman Institute Macro Finance Summer Session, CEPR Workshop in Household Finance
* Parts of this paper build on an older working paper titled Capital Regulation and Product Market Outcomes
Hedging with Product Design (with Alex Barbu). June 2024.
* Selected presentations: CEPR European Summer Symposium in Financial Markets
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