🔥The 9th Round of Easy Loan, Earn $40 Reward is in progress❗️ ⏰ Promotion Period: January 15th - Feburary 15th, 2025 👉 Register now and check more details at gate.io/campaigns/358

🚨Announcement: Workshop on Demand System Asset Pricing🚨 Together with Motohiro Yogo, we organize a virtual workshop on using asset demand systems to answer questions in asset pricing and macro finance. The workshop will take place on May 8, May 15, and May 22 from 9am-noon EST

We welcome all submissions on non-banks, broadly defined, e.g. mutual funds, ETF, money market funds, insurance companies, pension funds, and stablecoins. Looking forward to reading your interesting work and to an exciting session!

Excited that our work on stablecoin runs is out. We look into the economics of stablecoins like Tether and Circle, estimate how likely there will be a run, and show that issuing dividends would help keeping the peg and avoid runs.

In a structural model of the US banking system, — each dollar of central bank reserves injected by quantitative easing crowds out 8.1 cents of bank lending, from Will Diamond, Zhengyang Jiang, and Yiming Ma nber.org/papers/w31693

Thanks to Goldman Sachs for interviewing me for their Top of Mind brief and podcast. goldmansachs.com/intelligence/p… open.spotify.com/episode/6ESMXD… podcasts.apple.com/us/podcast/com…

🌟Excited to share my JMP! 📱🏦 Mobile apps and websites are now the leading way customers interact with their banks …which is a business that traditionally relied on intangible info collection through local branches… How is this changing the nature of banking?

Nadya and Andrey Malenko and I are organizing the next Finance Theory Group conference. The topic is bridging theory and empirical research in finance. The announcement is here: ssrn.com/index.cfm/en/j…

Tenured. Now that it's no longer tempting fate, let me say this: Be kind to yourself. It's easy on the tenure track to work to the point of negative marginal return. Focused work is hard. If you can work on a proof for four real hours in a day, that is a good day.

Job market update: I am incredibly excited to share that I will be joining Stanford Graduate School of Business as an Assistant Professor of Finance this July! I am so thankful for the support of my committee and everyone Columbia University, and am really looking forward to this next chapter.

1/5 Can foreign exchange markets trade on the blockchain? Excited to share a new paper with Junxuan and Angelo Ranaldo. We focus our attention on EURC/USDC, a stablecoin pair trading on Uniswap. Is this market connected to the traditional EUR/USD market? A short thread

We're back with a super interesting podcast! 🎙️ What keeps #stablecoins stable? What happens when a stablecoin depegs? 🪙💥Tune in to hear Yiming Ma (Columbia Business School) and Anthony Zhang (The University of Chicago) discuss the role of arbitrage and its impact on financial stability. Listen now: 🟢

For a while now, Will Schmitt and I have been tinkering with a monster FT Alphaville post on bond ETFs, examining the growing impact they're having on the underlying fixed income markets. It's Kind of a Big Deal, and it's now completely free to read for everyone:

Excited to finally see this article with Yiming Ma and Zhengyang Jiang in print! We show that each dollar of bank reserves created by QE crowds out 7.7 cents of bank lending, using a supply-and-demand model we identify with several natural experiments. sciencedirect.com/science/articl…

Another fantastic meeting of the Finance Theory Group Group at NYU-Stern. Many thanks to the organizers Cecilia Parlatore, Yiming Ma, and Jane for putting together such a great program, and to Nadya Malenko for leading the panel discussions! Pics 👇

Developing a unified theoretical framework and empirically showing that mutual funds issuing demandable equity provide an economically significant amount of liquidity by insuring against idiosyncratic liquidity shocks, from Yiming Ma, Kairong Xiao, and Yao Zeng

CBS Professor Yiming Ma recently joined NPR's Planet Money podcast to discuss her recent paper, "Stablecoin Runs and the Centralization of Arbitrage." Tune in now to find out what the future may hold for this popular digital currency: n.pr/4mtpkwT

Stablecoins, cryptoassets designed to be pegged to the dollar but are backed by imperfectly liquid USD assets, feature concentrated arbitrage, from Yiming Ma, Yao Zeng, and Johnny 🍌Bananas🍌 nber.org/papers/w33882

Predocs! Philipp Schnabl Philipp Schnabl and I are once again hiring a full-time RA. Come work with us on banking and macro finance. We'll review applications on a rolling basis. Econ RA Listings #EconTwitter

I have a new-ish paper on crypto exchange competition! We argue that crypto market structure is fundamentally different stocks/bonds/etc markets, and resembles instead commodity markets! The reason has to do with fundamental differences between crypto and traditional assets

The Rise in Deposit Flightiness and Its Implications for Financial Stability By Kristian Blickle, Jian Li, Xu Lu, and Yiming Ma >>> nyfed.org/4lPbcNq