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Steven Ongena

Professor of Banking at University of Zurich

SFI Senior Chair at Swiss Finance Institute

Schools

  • Swiss Finance Institute
  • University of Zurich

Links

Biography

University of Zurich

Steven Ongena is a professor of banking in the Department of Banking and Finance at the University of Zurich, a senior chair at the Swiss Finance Institute, a research professor at KU Leuven, and a research fellow in financial economics of CEPR. He is also a research professor at the Deutsche Bundesbank, a regular research visitor at the European Central Bank, and an international collaborator at the NTNU Business School Centre for Banking and Finance. Before moving to Zurich, he taught at CentER-Tilburg University and BI Norwegian Business School and studied at the Universities of Oregon (PhD), Alberta (MA) and KU Leuven (MBA, Hir).

He is publishing in economics, finance, law and management journals, including in the American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Management Science, Review of Finance, and Review of Financial Studies, among other journals.

He co-authored, with Hans Degryse and Moshe Kim, the graduate textbook Microeconometrics of Banking: Methods, Applications and Results published by Oxford University Press.

He is currently a co-editor of Economic Inquiry, the International Journal of Central Banking, the International Review of Finance and the Journal of Financial Services Research, and an associate editor of the Journal of Financial Stability, Economic Notes, the Asian Review of Financial Research, and the Journal of Financial Management, Markets and Institutions. In the past he has served as a co-editor for the Review of Finance and as an associate editor for the Journal of Finance, the Journal of Financial Intermediation, the Journal of Financial Services Research, the European Economic Review and the Journal of Banking and Finance, among other journals.

He is a fellow of CFS and serves on the scientific advisory board of EBES, FINEST, GOLCER, the Halle Institute for Economic Research, IBEFA, the Research Data and Service Centre of the Deutsche Bundesbank and SAFE. Pre-covid he used to be a frequent visitor at central banks around the world.

In 2017 he received an ERC Advanced Grant, in 2012 an NYU-Fordham-RPI Rising Star in Finance Award and in 2009 a Wim Duisenberg Research Fellowship of the European Central Bank.

Selected Publications

  • Bonfim, Diana, Gil Nogueira and Steven Ongena, Forthcoming, “Sorry, We're Closed." Bank branch closures and corporate credit conditions, Review of Finance.
  • Carletti, Elena, Paolo Colla, Mitu G. Gulati and Steven Ongena, Forthcoming, The price of law: The case of the Eurozone Collective Action Clauses, Review of Financial Studies.
  • Braggion Fabio, Mintra Dwarkasing and Steven Ongena, Forthcoming, Household inequality, entrepreneurial dynamism and corporate financing, Review of Financial Studies.
  • Delis, Manthos D., Iftekhar Hasan and Steven Ongena, 2020, Democracy and credit, Journal of Financial Economics, 136 (2), 571-596.
  • De Jonghe, Olivier, Hans Dewachter, Klaas Mulier, Steven Ongena and Glenn Schepens, 2020, Some borrowers are more equal than others: Bank funding shocks and credit reallocation, Review of Finance, 24 (1), 1-43.
  • Gropp, Reint, Thomas Mosk, Steven Ongena and Carlo Wix, 2019, Bank response to higher capital requirements: Evidence from a quasi-natural experiment, Review of Financial Studies, 32 (1), 266-299.
  • Ongena Steven, Günseli Tümer-Alkan and Natalja von Westernhagen, 2018, Do exposures to sagging real estate, subprime or conduits abroad lead to contraction and flight to quality in bank lending at home?, Review of Finance, 22 (4), 1335–1373.
  • Jiménez Gabriel, Steven Ongena, José Luis Peydró and Jesús Saurina, 2017, Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments, Journal of Political Economy, 125 (6), 2126-2177.
  • Rajamani, Anjana, Marieke van der Poel, Abe de Jong and Steven Ongena, 2017, The international diversification of banks and the value of their cross-border M&A advice, Management Science, 63 (7), 2211-2232.
  • Delis Manthos D., Sotirios Kokas and Steven Ongena, 2017, Bank market power and firm performance, Review of Finance, 21 (1), 299-326.
  • Cerqueiro Geraldo, Steven Ongena and Kasper Roszbach, 2016, Collateralization, bank loan rates and monitoring, Journal of Finance, 71 (3), 1295-1322.
  • Ioannidou Vasso, Steven Ongena and José Luis Peydró, 2015, Monetary policy, risk-taking and pricing: Evidence from a quasi-natural experiment, Review of Finance, 19 (1), 95-144.
  • Jiménez Gabriel, Steven Ongena, José Luis Peydró and Jesús Saurina, 2014, Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk?, Econometrica, 82 (2), 463-505.
  • Ongena, Steven, Alexander A. Popov and Gregory F. Udell, 2013, "When the cat’s away the mice will play": Does regulation at home affect bank risk-taking abroad?, Journal of Financial Economics, 18, 727-750.
  • Jiménez Gabriel, Steven Ongena, José Luis Peydró and Jesús Saurina, 2012, Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications, American Economic Review, 102 (5), 2301-2326.
  • Ioannidou Vasso and Steven Ongena, 2010, “Time for a change”: Loan conditions and bank behavior when firms switch banks, Journal of Finance, 65, 1847-1878.
  • Degryse Hans, Luc Laeven and Steven Ongena, 2009, The impact of organizational structure and lending technology on banking competition, Review of Finance, 13 (2), 225-259.
  • Giannetti Mariassunta and Steven Ongena, 2009, Financial integration and entrepreneurial activity: Evidence from foreign bank entry in emerging markets, Review of Finance, 13 (2), 181-223.
  • Karceski Jason, Steven Ongena and David C. Smith, 2005, The impact of bank consolidation on commercial borrower welfare, Journal of Finance, 60:4, 2043-2082.
  • Degryse Hans and Steven Ongena, 2005, Distance, lending relationships, and competition, Journal of Finance, 60:1, 231-266.
  • Ongena Steven, David C. Smith and Dag Michalsen, 2003, Firms and their distressed banks: lessons from the Norwegian banking crisis (1988-1991), Journal of Financial Economics, 67 (1), 81-112.
  • Ongena Steven and David C. Smith, 2001, The duration of bank relationships, Journal of Financial Economics, 61, 449-475.

Swiss Finance Institute

Steven Ongena is Professor of Banking at the University of Zurich. Professor Ongena's papers have been published in leading academic journals in finance and economics. He has received numerous awards for his research and serves as a research consultant for several European central banks.

Expertise

Professor Ongena is focusing on the functioning of banks and their relationship with the economy from various angles. When analyzing the impact of democracy on the credit market, he finds that democratization reduces the cost of loans, which in turn can affect economic growth and development. When looking at climate risks, he shows that banks are exposed to significant stranded asset risk—through their financing of carbon intensive industries—and seemingly underestimate the true cost of this risk. Finally, he demonstrates that when a negative funding shock occurs, banks strategically reallocate their loan portfolio toward sectors where they have high market shares and in which they are more specialized, and toward low-risk firms. Professor Ongena actively participates in SFI Knowledge Exchange activities that focus on banks, households, SME financing, and sustainability.

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