Adi Sunderam

Marvin Bower Associate Professor

Harvard Business School

Baker Library/Bloomberg Center 359

Soldiers Field Road

Boston, MA 02163

(617) 495-6644


Adi Sunderam is a Marvin Bower associate professor of business administration in the Finance Unit and a Faculty Research Fellow at the National Bureau of Economic Research. He teaches Investment Management in the elective curriculum and Ph.D. courses in Corporate Finance and Empirical Methods. Professor Sunderam holds a Ph.D. in business economics and an A.B. in computer science and economics, both from Harvard University. In 2009 and 2010, he served in the U.S. Treasury Department as a special assistant and liaison to the White House National Economic Council.

Professor Sunderam's research interests are in corporate finance, asset pricing, and financial intermediation. His recent work focuses on the organization of financial markets and its effect on asset prices and corporate investment.


Do Fire Sales Create Externalities? (with Sergey Chernenko), 2018.

Journal of Financial Economics, forthcoming. Internet Appendix Here.

The Fed, the Bond Market, and Gradualism in Monetary Policy (with Jeremy Stein), 2018.

Journal of Finance, 73(3), 1015-1060.

Social Risk, Fiscal Risk and the Portfolio of Government Programs (with Sam Hanson and David Scharfstein), 2018.

Review of Financial Studies, forthcoming. Internet Appendix Here.

Strengthening and Streamlining Bank Capital Regulation (with Robin Greenwood, Sam Hanson, and Jeremy Stein), 2017.

Brookings Papers on Economic Activity, Fall 2017, 479-565. Internet Appendix Here.

Who Neglects Risk? Investor Experience and the Credit Boom (with Sergey Chernenko and Sam Hanson), 2016.

Journal of Financial Economics, 122(2), 248-269. Internet Appendix Here.

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds (with John Campbell and Luis Viceira), 2017.

Critical Finance Review, 6(2) 263-301. Internet Appendix Here.

Money Creation and the Shadow Banking System, 2015.

Review of Financial Studies, 28 (4): 939-977. Internet Appendix Here.

An Evaluation of Money Market Fund Reform Proposals (with Sam Hanson and David Scharfstein), 2015.

IMF Economic Review, 63(4), 984-1023.

Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds (with Sergey Chernenko), 2014.

Review of Financial Studies, 27 (6): 1717-1750.

The Growth and Limits of Arbitrage: Evidence from Short Interest (with Sam Hanson), 2014.

Review of Financial Studies, 27 (4): 1238-1286. Winner of the RFS Rising Scholar Award, 2014. Internet Appendix Here.

Are there too many safe securities? Securitization and the incentives for information production (with Sam Hanson), 2013.

Journal of Financial Economics, Vol. 108, No. 3: 565-584. Internet Appendix Here.

The Real Consequences of Market Segmentation (with Sergey Chernenko), 2012.

Review of Financial Studies, 25(7), (2012): 2041-2069. Winner of the RFS Young Researcher Prize, 2012.

The Variance of Non-Parametric Treatment Effect Estimators in the Presence of Clustering (with Sam Hanson), 2011.

Review of Economics and Statistics, Vol. 94, No. 4: 1197-1201. Stata and Matlab Code Here.

Working Papers

A Measure of Risk Appetite for the Macroeconomy (with Carolin Pflueger and Emil Siriwardane), November 2018.

Revise and resubmit, Quarterly Journal of Economics. Finalist, AQR Insight Award, 2018. Internet Appendix Here. Data Here.

Using Models to Persuade (with Josh Schwartzstein), July 2019.

The Cross Section of Bank Value (with Mark Egan and Stefan Lewellen), August 2018.

Revise and resubmit, Review of Financial Studies.

Corporate Bond Liquidity: A Revealed Preference Approach (with Sergey Chernenko), March 2018.

Market Power in Mortgage Lending and the Transmission of Monetary Policy (with David Scharfstein), April 2017.

Revise and resubmit, Journal of Finance. Internet Appendix Here.

Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds (with Sergey Chernenko), June 2016.

Joint winner of the of the ESRB research prize in memory of Ieke van den Burg.

The Rise and Fall of Demand for Securitizations (with Sergey Chernenko and Sam Hanson), December 2014.

Book Chapters and Policy Pieces

The Financial Regulatory Reform Agenda in 2017 (with Robin Greenwood, Sam Hanson, and Jeremy Stein), 2017.

The Economics of Housing Finance Reform (with David Scharfstein), 2011.

In The Future of Housing Finance, edited by Martin Neil Baily. Brookings Institution Press.