Publications

Recent research supported by the Mitsui Center

The Need for Regulation of Private Equity: Evidence from the De-SPAC Transactions
2026
Sureyya Burcu Avci, Sabanci University
Cindy A. Schipani, University of Michigan
H. Nejat Seyhun, University of Michigan

Forthcoming to the Iowa Law Review

Data Regulation in Credit Markets
January 2025
Uday Rajan, University of Michigan
Yan Xiong, University of Hong Kong
When FinTech lenders acquire alternative data, borrowers may manipulate their digital profiles. Regulations on disclosure and on privacy can help.
Read here (SSRN)

Supported by the NTT Fellowship

Insider Trading by Other Means
July 2024
Sureyya Burcu Avci, Sabanci University
Cindy A. Schipani, University of Michigan
H. Nejat Seyhun, University of Michigan
Andrew Verstein, University of California, Los Angeles
When insiders trade stock and inappropriately report it using the code for “other”, they are likely to have found a way to conceal illegal insider trading – until now.
Read here (SSRN)

Why Do Banks Fail Together? Evidence from Executive Compensation
April 2024
Deniz Anginer, Simon Fraser University
Jinjing Liu, Moravian University
Cindy A. Schipani, University of Michigan
H. Nejat Seyhun, University of Michigan
The paper argues that bank executives have incentives to increase systemic risks in order to maximize the benefits of bank bailouts to shareholders
Read here (SSRN)

Published in Fordham Journal of Corporate & Finance Law

Shadows on Main Street: Mapping America’s Financial Architecture from the Yellow Pages of the 20th Century
December 2023
Taylor A. Begley, University of Kentucky
Amiyatosh Purnanandam, University of Michigan
Virginia Traweek, Texas Christian University
Why ignoring shadow banks can skew the measurement of financial development
Read here (Working Paper)

Creditor Rights and Household Debt Renegotiation: Evidence from Unsecured Debt
December 2023
Alexander Wirth, University of Michigan
The influence of creditor rights in bankruptcy on the decision to renegotiate outstanding debt.
Read here (Job Market Paper)

Speculation and Liquidity in Stock and Corporate Bond Markets
November 2023
Paolo Pasquariello, University of Michigan
Mirela Sandulescu, University of Michigan
Effect of the intensity of informed speculation on stock and corporate bond liquidity and price comovement.
Read here

Can Cashless Payments Spur Economic Growth?
February 2023
Tamanna Singh Dubey, University of Michigan
Amiyatosh Purnananadam, University of Michigan
In India, the move to cashless payments had a positive effect on economic growth.
Read here (Working Paper)

Can Credit Rating Affect Credit Risk? Causal Evidence from an Online Lending Marketplace
January 2023
Amiyatosh Purnananadam, University of Michigan
Alexander Wirth, University of Michigan
Credit rating is determined by credit risk. But the converse is also true, is the finding.
Read here (Working Paper)