Amiyatosh Purnanandam

Amiyatosh Purnanandam

  • Michael Stark Professor of Finance
  • Chair of Finance
Education
  • PhD Cornell University 2005
  • PGDM (MBA) Indian Institute of Management 1995
  • BTech Indian Institute of Technology 1993

Contact Information

Phone
(734) 764-6886
Email
Room
R5436
Research

Amiyatosh's research covers a wide range of topics in banking, real estate, corporate finance and credit risk. His recent research work is mostly related to banking, subprime crisis, mortgage finance, and racial differences in access to finance. These papers analyze causes and consequences of financial crisis, measurement and reporting of risk in banking sector, design of mortgage-backed-securities, and incentive issues in securitization markets. His research has been published in leading journals such as Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Review of Finance, and Journal of Monetary Economics. He has served (or currently serves) on the editorial board of a number of finance journals, including the Journal of Finance, Review of Finance, Review of Financial Studies, Journal of Financial Intermediation, and Journal of Banking and Finance.

Executive Leadership
Amiyatosh Purnanandam is an Associate Professor of Finance at the Ross School of Business (RSB), University of Michigan. He graduated from the Johnson Graduate School of Management, Cornell University, in 2005 with a Ph.D. in Finance. He also holds a PGDM (MBA) from the Indian Institute of Management, Lucknow and B.S. (Electrical Engineering) from the Indian Institute of Technology, Kharagpur. Prior to joining the academia, Amiyatosh worked as an Assistant Vice President at ICICI Ltd., a leading bank of India. Purnanandam has published extensively in the top journals in Finance and Economics on topics covering a wide spectrum of finance. His main research interests are in banking, risk-management, investments and credit risk. He was awarded the Lehman Brother's 2003 fellowship for Research Excellence in Finance for his dissertation work on risk-management. He was awarded the Bank One Chair in 2008-2009 by the Ross School of Business in recognition of his research contributions. He has won numerous grants from the FDIC for his work on banking and the connection between the banking and the real sector of the economy. His research has been widely cited by academics and policymakers. Purnanandam's current research focuses on mortgage-backed-securities and incentive conflicts in the financial sector.   His main teaching interests are in the fields of corporate financial policies and firm valuation. He has taught courses at the undergraduate, MBA, and PhD levels.  He has been nominated for teaching excellence awards by both MBA and PhD students at Ross.

Bank risk dynamics and distance-to-default

Authors
Stefan Nagel, and Amiyatosh Purnanandam
Published Date
05/2020

Source

The Review of Financial Studies (RFS)
Volume: 
33
Issue: 
6
Pages: 
2421–2467

Do Short Sellers Trade on Private Information of False Information

Authors
Amiyatosh Purnanandam & Nejat Sehyun
Published Date
2018

Source

Journal of Financial and Quantitative Analysis
Volume: 
53
Issue: 
3
Pages: 
997-1023

Growth Option Exercise and Capital Structure

Authors
Amiyatosh Purnanandam & Uday Rajan
Published Date
1/2018

Source

Review of Finance
Volume: 
22
Issue: 
1
Pages: 
207-241

Design of Financial Securities: Empirical Evidence from Private Label RMBS Deals

Authors
Amiyatosh Purnanandam & Taylor Begley
Published Date
01/2017

Source

The Review of Financial Studies (RFS)
Volume: 
30
Issue: 
1
Pages: 
120-161

The strategic under-reporting of bank risk

Authors
Amiyatosh Purnanandam, Taylor Begley, and KC Zheng
Published Date
05/2017

Source

The Review of Financial Studies (RFS)
Volume: 
30
Issue: 
10
Pages: 
3376-3415

Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market

Authors
Amiyatosh Purnanandam and Daniel Weagley
Published Date
2016

Source

Journal of Finance
Volume: 
71
Issue: 
1
Pages: 
303-334

Seasoned Equity Offerings, Corporate Governance, and Investments

Authors
Amiyatosh Purnanandam & E Han Kim
Published Date
07/2014

Source

Review of Finance
Volume: 
18
Issue: 
3
Pages: 
1023-1057
Authors
Amiyatosh Purnanandam
Published Date
2011

Source

The Review of Financial Studies (RFS)
Volume: 
0
Issue: 
0
Pages: 
0

The effect of banking crisis on bank-dependent borrowers

Authors
Amiyatosh Purnanandam
Published Date
01/2011

Source

Journal of Financial Economics
Volume: 
99
Issue: 
1
Pages: 
116-135

CEOs vs. CFOs: Incentives and Corporate Policies

Authors
Amiyatosh Purnanandam
Published Date
2010

Source

Journal of Financial Economics
Volume: 
97
Issue: 
2
Pages: 
263-278

Is Default Risk Negatively Related to Stock Returns?

Authors
Amiyatosh Purnanandam
Published Date
2010

Source

The Review of Financial Studies (RFS)
Volume: 
23
Issue: 
6
Pages: 
2523-2559

Do Shareholder Rights affect the Cost of Bank Loans?

Authors
Amiyatosh Purnanandam
Published Date
2009

Source

The Review of Financial Studies (RFS)
Volume: 
22
Issue: 
8
Pages: 
2973-3004