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, Management Science, and the Journal of Law and Economics.

[CV] [Google Scholar] [Rochester] [Email1] [Email2]

This figure measures the rising burden of federal paperwork requirements over time, based on two complementary indexes developed in Regulatory Intensity and Firm-Specific Exposure (2023). The blue line captures the cumulative number of regulatory mandates (“How many rules?”), while the red line reflects the total estimated compliance time in hours (“How many hours does it take to comply?”). Labels indicate presidential administrations. This is an updated version of the original figure, current through June 30, 2025.

This figure tracks the volume of regulations under development by federal agencies, based on the indexes developed in Follow the Pipeline (2023). The solid blue line reflects the total rulemaking activity across all agencies, while the dashed red line isolates financial regulations. Labels mark presidential administrations. This version updates the original dataset through September 30, 2024.

PUBLICATIONS:

Closing the Revolving Door (with Siddharth Vij & Kairong Xiao). Journal of Finance, forthcoming (2025). Slides; Gupta Governance Institute; The Visible Hand; ProMarket; Best Paper Award (FMCG)
Regulatory Risk Perception and Small Business Lending (with Siddharth Vij). Management Science, forthcoming (2025). Data; Slides; John W. Ryan Award; Video
Regulatory Fragmentation (with Michelle Lowry & Kate Volkova). Journal of Finance, 80(2), April 2025, Pages 1081-1126. 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; Bloomberg; Data; Slides.

WORKING PAPERS:

(I do not disclose R&R status)

The Deep State and the Liberal Drift of Financial Regulators (with Denis Sosyura & Jason Chen). Slides
When Diversity Rules (with Abhinav Gupta, Ravi Ranjan, & Kairong Xiao). Slides
Contagious Deregulation (with Jakub Hajda & Billy Xu). Slides
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; ECGI Blog
Much Ado About Nothing? Overreaction to Random Regulatory Audits (with Sam Antill). Slides
Follow the Pipeline (with Suzanne Chang, Jakub Hajda, & Alejandro Lopez-Lira). Data; Slides; Best Paper Award (Sydney Banking Conference)
Does Regulatory Exposure Create M&A Synergies? (with Eli Fich & Tom Griffin). Slides
The Environmental Consequences of Pay Inequality (with Jason Chen). Slides

PRESENTATIONS (2025):

(including scheduled & by co-authors)

NBER Regulation; Finance, Organizations, and Markets (FOM); PCAOB; Northern Finance Association (NFA); European Finance Association (EFA); American Law & Economics Association (ALEA); UT Dallas; Haskell & White Conference; Erasmus Corporate Governance Conference (ECGC) (X2); City University of Hong Kong (International Finance Conference); University of Connecticut Finance Conference; Forensic Finance (UT Austin); Drexel Corporate Governance Conference; Swiss Society for Financial Market Research; UNC Duke Corporate Finance; Young Scholars TAMU; Finance Down Under; Southern Finance Association (SFA); Eastern Finance Association (EFA) (X2); Midwest Finance Association (MFA); Bretton Woods Accounting and Finance Ski Conference; Southwestern Finance Association (SWFA); Fordham University; Florida State University; University of Texas Austin (McCombs); Babson College; Bentley; New York University

OTHER MATERIALS:

Understanding the Regulatory Landscape (August 2025) - China Advisory Council: slides
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

Note to Google: my academic name is Joseph Kalmenovitz. My first name can be spelled Yosef or Yoseph, and my last name Kalmenoviz, Kalmenovitch, Kalmanovitz, Kalmanoviz, or Kalmanovitch. In Hebrew, my native language, it is spelled יוסף קלמנוביץ

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