Joseph Kalmenovitz
I am an Assistant Professor of Finance at the Simon Business School (University of Rochester).
Before joining Simon, I was a faculty member at Drexel University and a senior law clerk at the Supreme Court of Israel. I graduated from New York University in May 2020 with a PhD in Finance.
I study the economics of regulation: how regulation is formed and how regulation affects economic decisions. I use advanced empirical methods and novel data sets. My papers have been published in the Journal of Finance, the Review of Financial Studies, and the Journal of Law and Economics. I received the Rising Scholar Award (2022) and the John W. Ryan Award (2023).
[CV] [Google Scholar] [Rochester] [Email1] [Email2]
Burden of all federal paperwork regulations, measured in terms of regulations ("how many rules?") and hours ("how many hours does it take to comply?"). I developed the indexes in my paper "Regulatory Intensity and Firm-Specific Exposure" (2021). This figure is an UPDATED version, as of December 31, 2024.
PUBLICATIONS:
Regulatory Fragmentation (with Michelle Lowry & Kate Volkova). Journal of Finance, forthcoming. Data; Slides; FinReg Blog; Best Paper Award (FMARC); Best Paper Award (Korean Securities Association)
Regulatory Similarity (with Jason Chen). Journal of Law and Economics, 67(3), August 2024, Pages 691-730. Data; Slides
Regulatory Intensity and Firm-Specific Exposure. Review of Financial Studies, 36(8), August 2023, Pages 3311-3347. Data; Slides; Harvard Law School
Incentivizing Financial Regulators. Review of Financial Studies, 34(10), October 2021, Pages 4745–4784. RFS Rising Scholar Award. Data; Slides.
WORKING PAPERS:
(I do not disclose R&R status)
Contagious Deregulation (with Jakub Hajda & Billy Xu)
Between Boardrooms and the Beltway: The Career Paths of Senior Regulators (with Ran Duchin & Jeffery Wang)
Escaping Pay-for-Performance (with Jason Chen & Jakub Hajda). Slides; Best Paper Award (Wellington Finance Summit); ProMarket
Much Ado About Nothing? Overreaction to Random Regulatory Audits (with Sam Antill). Slides
Follow the Pipeline (with Suzanne Chang & Alejandro Lopez-Lira). Data; Slides; Best Paper Award (Sydney Banking Conference)
Closing the Revolving Door (with Siddharth Vij & Kairong Xiao). Slides; Gupta Governance Institute; The Visible Hand; ProMarket; Best Paper Award (FMCG)
Regulatory Risk Perception and Small Business Lending (with Siddharth Vij). Data; Slides; John W. Ryan Award; Video
The Environmental Consequences of Pay Inequality (with Jason Chen). Slides
Does Regulatory Exposure Create M&A Synergies? (with Eli Fich & Tom Griffin). Slides
PRESENTATIONS (2025):
(including scheduled & by co-authors)
Drexel Corporate Governance Conference; Swiss Society for Financial Market Research; UNC Duke Corporate Finance; Young Scholars TAMU; Finance Down Under; Eastern Finance Association (EFA) (X2); Midwest Finance Association (MFA); Bretton Woods Accounting and Finance Ski Conference; Southwestern Finance Association (SWFA); New York University
OTHER MATERIALS:
An Introduction to Regulatory Economics: slides
A quick guide for the perplexed PhD student (teaching notes): slides
A non-technical summary of my work: article; slides; YouTube