Yiming Ma

I am an Assistant Professor of Finance at Columbia Business School. My research focuses on financial intermediation, financial stability, and monetary policy. I am interested in understanding the evolving landscape of financial intermediation, where non-banks like mutual funds and ETFs are increasingly engaged in liquidity transformation while the traditional banking sector is transforming less liquidity than before. I study the implications of this trend on asset prices, financial stability, and monetary policy transmission. My work applies a combination of theoretical and empirical methods. In particular, I use structural estimation to consider how the competition and trading between financial institutions affect aggregate outcomes.

I received a Ph.D. in Finance from Stanford Graduate School of Business in 2018 and a B.A. in Economics & Mathematics and Global Affairs from Yale University in 2013.

I am a member of the Finance Theory Group and an external consultant for the European Central Bank.

Research Interests

• Financial Intermediation, Interbank Markets, Financial Stability, Monetary Policy, Structural Estimation

Education

• Doctor of Philosophy (PhD) Stanford University Graduate School of Business (2013 — 2018)
• Bachelor of Arts Yale University (2009 — 2013)
• St. Stephen's Girls' College Hong Kong (2003 — 2009)

Companies

• Assistant Professor Of Finance Columbia Business School (2018)
• Consultant European Central Bank (2018)
• Visiting Scholar Deutsche Bundesbank (2014)
• Head International Ambassador Yale University (2012 — 2013)
• Research Assistant Yale School of Management (2011 — 2013)
• Intern Deutscher Bundestag (2011 — 2011)

Publications

• Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity
  joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)
  Review of Financial Studies, Accepted

• Intermediation in the Interbank Lending Market
  joint with Ben Craig (Cleveland Fed)
  Journal of Financial Economics, Accepted
  Finance Theory Group Best Paper Award
  AQR Top Finance Graduate Award