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  1. Directory
  2. Faculty
  3. Kairong Xiao

Kairong Xiao

Roger F. Murray Associate Professor of Business
Finance Division
Kairong Xiao, Associate Professor of Business
Areas of Expertise
Asset Management, Corporate Finance, Financial Institutions
Contact
Office: 741 Kravis
E-mail: kx2139@columbia.edu
Links
Personal Website
Curriculum Vitae

Kairong Xiao is Roger F. Murray Associate Professor of Business at Columbia Business School. His research interests span financial intermediation, corporate finance, monetary economics, industrial organization, and political economy. His research papers have been published in top finance and economics journals, including the Journal of Finance, the Review of Financial Studies, the  Journal of Financial Economics, Econometrica, the Journal of Monetary Economics, and Management Science. He received numerous awards for research excellence, including the Review of Financial Studies Rising Scholar Award, the Journal of Finance Dimensional Fund Advisors Prize for Distinguished Paper, and the Review of Financial Studies Best Paper Award runner-up.

Education
Ph.D., University of British Columbia, Finance 2017; M.A., University of British Columbia, 2011; B.A., University of Hong Kong, Economics and Finance, 2010
Joined CBS
2017

All Activities

  • Research
  • Teaching
  • Achievements
  • Press
  • Authored Works
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Ma, Yiming, Kairong Xiao, and Yao Zeng. “Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity.” (Forthcoming).
Explore Further about Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity
Journal Article
Xiao, Kairong, Adrien Alvero, and Sakai Ando. “Watch what they do, not what they say: Estimating regulatory costs from revealed preferences .”
Review of Financial Studies
(Forthcoming).
Explore Further about Watch what they do, not what they say: Estimating regulatory costs from revealed preferences
Journal Article
Sundaresan, M. Suresh and Kairong Xiao. “Liquidity Regulation and Banks: Theory and Evidence.”
Journal of Financial Economics
vol. 151, (November 10, 2023): 1-24.
Explore Further about Liquidity Regulation and Banks: Theory and Evidence
Download PDF on Liquidity Regulation and Banks: Theory and Evidence
Journal Article
Xiao, Kairong, Yiming Ma, and Yao Zeng. “Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity .”
Review of Financial Studies
(January 01, 2022).
Explore Further about Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity
Journal Article
Xiao, Kairong, Yifei Wang, Toni Whited, and Yufeng Wu. “ Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation .”
Journal of Finance
(January 01, 2022).
Explore Further about Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
Journal Article
Xiao, Kairong, Kent Daniel, and Lorenzo Garlappi. “Monetary Policy and Reaching for Income.”
Journal of Finance
(January 01, 2021).
Explore Further about Monetary Policy and Reaching for Income
Journal Article
Xiao, Kairong, Toni Whited, and Yufeng Wu. “Low Interest Rates and Risk Incentives for Banks with Market Power .”
Journal of Monetary Economics
(January 01, 2021).
Explore Further about Low Interest Rates and Risk Incentives for Banks with Market Power
Working Paper
Xiao, Kairong and Suresh Sundaresan. Liquidity Regulation and Banks: Theory and Evidence. Forthcoming.
Explore Further about Liquidity Regulation and Banks: Theory and Evidence
Working Paper
Xiao, Kairong. The Value of Big Data in a Pandemic,. Forthcoming.
Explore Further about The Value of Big Data in a Pandemic,
Working Paper
Xiao, Kairong, Guangqian Pan, and Zheyao Pan. The Shadow Cost of Collateral. Forthcoming.
Explore Further about The Shadow Cost of Collateral
Working Paper
Xiao, Kairong, Toni Whited, and Yufeng Wu. Will Central Bank Digital Currency Disintermediate Banks? Forthcoming.
Explore Further about Will Central Bank Digital Currency Disintermediate Banks?
Working Paper
Xiao, Kairong and Adrien Alvero. Fuzzy Bunching. Forthcoming.
Explore Further about Fuzzy Bunching
Working Paper
Xiao, Kairong and Suresh Sundaresan. Unintended Consequences of Liquidity Regulation . Forthcoming.
Explore Further about Unintended Consequences of Liquidity Regulation
Working Paper
Xiao, Kairong, Olivier Darmouni,, and Kerry Y. Siani. Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System,. Forthcoming.
Explore Further about Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System,
Working Paper
Xiao, Kairong, Michael Ewens, and Ting Xu. Regulatory Costs of Being Public: Evidence from Bunching Estimation. Forthcoming.
Explore Further about Regulatory Costs of Being Public: Evidence from Bunching Estimation
Working Paper
Ma, Yiming, Kairong Xiao, and Yao Zheng. Bank Debt versus Mutual Fund Equity in Liquidity Provision. February 01, 2021.
Explore Further about Bank Debt versus Mutual Fund Equity in Liquidity Provision
Working Paper
Xiao, Kairong. Monetary Transmission through Shadow Banks. January 01, 2018.
Explore Further about Monetary Transmission through Shadow Banks
Working Paper
Francois, Patrick, Kairong Xiao, and Francesco Trebbi. Factions in Nondemocracies: Theory and Evidence from the Chinese Communist Party . December 17, 2017.
Explore Further about Factions in Nondemocracies: Theory and Evidence from the Chinese Communist Party
Download PDF on Factions in Nondemocracies: Theory and Evidence from the Chinese Communist Party
Newspaper/Magazine Article
Trebbi, Francesco and Kairong Xiao. “Regulation and Market Liquidity.” Management Science. Forthcoming.
Explore Further about Regulation and Market Liquidity
Chapter
Xiao, Kairong. “Saving Lives versus Saving Livelihoods: Can Big Data Technology Solve the Pandemic Dilemma?” In the collective volume of ABFER 2020 Pandemic “Commentaries COVID-19: Collective Learning from the East”, Forthcoming.
Explore Further about Saving Lives versus Saving Livelihoods: Can Big Data Technology Solve the Pandemic Dilemma?
  • Courses
  • Case Studies
Course
B6301: Foundations of Valuation
View Course on Foundations of Valuation
Course
B6302: Corporate Finance (Half-Term)
View Course on Corporate Finance (Half-Term)
Course
B9305: (PhD) Finance Pre-Thesis Seminar
View Course on (PhD) Finance Pre-Thesis Seminar
  • Awards
  • Grants
  • In the Media
  • Articles
In the Media

Are You Investing or Gambling? Here’s How to Tell — Plus Advice on How to Find the Right Balance.

MarketWatch
In the Media

The Dot-Com Bubble Burst 25 Years Ago. What Does That History Say about Stocks Today?

Quartz
In the Media

The Dot-Com Bubble Burst 25 Years Ago. What Does That History Say about Stocks Today?

Yahoo! Finance
In the Media

Is Investing Becoming More like Gambling? Yes or No? Betting on the New Retail Trading Craze.

MarketWatch
In the Media

Trump’s SEC Should Be Good for Robinhood. The Platform’s Latest SEC Settlement Is Proof of That.

MarketWatch
In the Media

Big Banks Are No Longer Afraid to Confront Their D.C. Overseers

Yahoo! Finance
In the Media

How ‘Too Big to Fail’ Turned into Billions in Profits for JPMorgan Chase

The Messenger
In the Media

Startup Founder's Alleged $175 Million Fraud Spotlights Inequality in Finance, Experts Said

ABC News
In the Media

Why Almost Everyone Failed to Predict Silicon Valley Bank’s Collapse

CNN Business
In the Media

Regulators ‘Willing to Do Whatever It Takes to Save the Banking System,’ Professor Says

Yahoo! Finance
In the Media

Who to Fire? How the Biggest Companies Plan Mass Lay-Offs

The Financial Times
In the Media

Microsoft’s Industrial Metaverse Aspirations Can Wait

Forbes
In the Media

Even with Reopening, New York Still Faces a Future that Looks Very Different

MarketWatch
In the Media

Even with reopening, New York still faces a future that looks very different

MarketWatch
In the Media

Can Big Data Help Us Save Both Lives And Livelihoods In The COVID-19 Pandemic?

TopMBA
Article

Are Liquidity Regulations Making Banks Safer—or Riskier?

Read More about Are Liquidity Regulations Making Banks Safer—or Riskier?
Article

Avoiding a Future Bank Collapse: Banks Exaggerate Their Regulatory Costs

Read More about Avoiding a Future Bank Collapse: Banks Exaggerate Their Regulatory Costs
Article

After Silicon Valley Bank's Collapse, CBS Experts Weigh In on Causes, Solutions, and the Outlook for the Banking Sector

Read More about After Silicon Valley Bank's Collapse, CBS Experts Weigh In on Causes, Solutions, and the Outlook for the Banking Sector
Article

Is the U.S. in Recession? CBS Experts Weigh in on the Economic Outlook

Read More about Is the U.S. in Recession? CBS Experts Weigh in on the Economic Outlook
Article

Is the U.S. in Recession? CBS Experts Weigh in on the Economic Outlook

Read More about Is the U.S. in Recession? CBS Experts Weigh in on the Economic Outlook
Article

Saving Lives versus Saving Livelihoods: Can Big Data Solve the Pandemic Dilemma?

Read More about Saving Lives versus Saving Livelihoods: Can Big Data Solve the Pandemic Dilemma?
Article

Welcome the New Faculty

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  • Articles
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