Adi Sunderam

Adi Sunderam is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 2 in the MBA required curriculum and Ph.D. courses in Corporate Finance and Empirical Methods. Professor Sunderam holds a Ph.D. in business economics and an A.B. in computer science and economics, both from Harvard University. In 2009 and 2010, he served in the U.S. Treasury Department as a special assistant and liaison to the White House National Economic Council. 

Professor Sunderam's research interests are in corporate finance, asset pricing, and financial intermediation. His work focuses on the organization of financial markets and its effect on asset prices and corporate investment. It has appeared in the Quarterly Journal of Economics, the American Economic Review, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He serves as an associate editor for the Journal of Finance and the Review of Financial Studies.

Link to Personal Website 
Link to CV
Link to List of Outside Activities
Behavioral Finance and Financial Stability Project

Journal Articles

• Greenwood, Robin, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "A Quantity-Driven Theory of Term Premia and Exchange Rates." Quarterly Journal of Economics (forthcoming). View Details
• Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam. "Financial Market Risk Perceptions and the Macroeconomy." Quarterly Journal of Economics 135, no. 3 (August 2020). View Details
• Egan, Mark, Stefan Lewellen, and Adi Sunderam. "The Cross Section of Bank Value." Review of Financial Studies 35, no. 5 (May 2022): 2101–2143. View Details
• Schwartzstein, Joshua, and Adi Sunderam. "Using Models to Persuade." American Economic Review 111, no. 1 (January 2021): 276–323. View Details
• Hanson, Samuel G., Jeremy C. Stein, Adi Sunderam, and Eric Zwick. "Business Credit Programs in the Pandemic Era." Brookings Papers on Economic Activity (Fall 2020). View Details
• Chernenko, Sergey, and Adi Sunderam. "Do Fire Sales Create Externalities?" Journal of Financial Economics 135, no. 3 (March 2020): 602–628. View Details
• Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies 32, no. 6 (June 2019): 2341–2382. (Internet Appendix Here.) View Details
• Greenwood, Robin, Samuel Gregory Hanson, Jeremy C. Stein, and Adi Sunderam. "Strengthening and Streamlining Bank Capital Regulation." Brookings Papers on Economic Activity (Fall 2017). (Internet Appendix Here.) View Details
• Stein, Jeremy C., and Adi Sunderam. "The Fed, the Bond Market, and Gradualism in Monetary Policy." Journal of Finance 73, no. 3 (June 2018): 1015–1060. View Details
• Campbell, John Y., Adi Sunderam, and Luis M. Viceira. "Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds." Critical Finance Review 6, no. 2 (2017): 263–301. View Details
• Chernenko, Sergey, Samuel Gregory Hanson, and Adi Sunderam. "Who Neglects Risk? Investor Experience and the Credit Boom." Journal of Financial Economics 122, no. 2 (November 2016): 248–269. (Internet Appendix Here.) View Details
• Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "An Evaluation of Money Market Fund Reform Proposals." IMF Economic Review 63, no. 4 (November 2015): 984–1023. View Details
• Sunderam, Adi. "Money Creation and the Shadow Banking System." Review of Financial Studies 28, no. 4 (April 2015): 939–977. View Details
• Chernenko, Sergey, and Adi Sunderam. "Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds." Review of Financial Studies 27, no. 6 (June 2014): 1717–1750. View Details
• Hanson, Samuel G., and Adi Sunderam. "The Growth and Limits of Arbitrage: Evidence from Short Interest." Review of Financial Studies 27, no. 4 (April 2014): 1238–1286. (Winner of the RFS Rising Scholar Prize 2014. Internet Appendix Here.) View Details
• Hanson, Samuel G., and Adi Sunderam. "Are There Too Many Safe Securities? Securitization and the Incentives for Information Production." Journal of Financial Economics 108, no. 3 (June 2013): 565–584. (Internet Appendix Here.) View Details
• Chernenko, Sergey, and Adi Sunderam. "The Real Consequences of Market Segmentation." Review of Financial Studies 25, no. 7 (July 2012). (Winner of the RFS Young Researcher Prize 2012.) View Details
• Hanson, Samuel G., and Adi Sunderam. "The Variance of Non-Parametric Treatment Effect Estimators in the Presence of Clustering." Review of Economics and Statistics 94, no. 4 (November 2012). (Stata and Matlab Code Here.) View Details

Working Papers

• Bauer, Michael D., Carolin Pflueger, and Adi Sunderam. "Perceptions about Monetary Policy." NBER Working Paper Series, No. 30480, September 2022. View Details
• Frame, W. Scott, Ruidi Huang, Erik J. Mayer, and Adi Sunderam. "The Impact of Minority Representation at Mortgage Lenders." NBER Working Paper Series, No. 30125, June 2022. View Details
• Siriwardane, Emil, Adi Sunderam, and Jonathan L. Wallen. "Segmented Arbitrage." NBER Working Paper Series, No. 30561. View Details
• Schwartzstein, Joshua, and Adi Sunderam. "Shared Models in Networks, Organizations, and Groups." NBER Working Paper Series, No. 30642, November 2022. View Details
• Bartik, Alexander, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton, and Adi Sunderam. "The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses." Harvard Business School Working Paper, No. 21-021, August 2020. View Details
• Chernenko, Sergey, and Adi Sunderam. "Measuring the Perceived Liquidity of the Corporate Bond Market." NBER Working Paper Series, No. 27092, May 2020. View Details
• Blank, Michael, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?" Hutchins Center Working Paper, No. 63, June 2020. View Details
• Greenwood, Robin, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "The Financial Regulatory Reform Agenda in 2017." Working Paper, February 2017. View Details
• Chernenko, Sergey, and Adi Sunderam. "Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds." Harvard Business School Project on Behavioral Finance and Financial Stability Working Paper, No. 2016-01, July 2016. (NBER Working Paper Series, No. 22391, July 2016.) View Details
• Chernenko, Sergey, Samuel G. Hanson, and Adi Sunderam. "The Rise and Fall of Demand for Securitizations." NBER Working Paper Series, No. 20777, December 2014. View Details
• Scharfstein, David S., and Adi Sunderam. "Market Power in Mortgage Lending and the Transmission of Monetary Policy." April 2015. Mimeo. View Details

Book Chapters

• Chodorow-Reich, Gabriel, Benjamin Iverson, and Adi Sunderam. "Lessons Learned from Support to Business during COVID-19." Chap. 4 in Recession Remedies: Lessons Learned from the U.S. Economic Policy Response to COVID-19, edited by Wendy Edelberg, Louise Sheiner, and David Wessel, 123–162. Brookings Institution Press, 2022. View Details
• Hanson, Samuel Gregory, Adi Sunderam, and Eric Zwick. "Business Continuity Insurance in the Next Disaster." In Rebuilding the Post-Pandemic Economy, edited by Melissa S. Kearney and Amy Ganz, 52–77. Washington, DC: Aspen Institute, 2021. View Details
• Scharfstein, David S., and Adi Sunderam. "The Economics of Housing Finance Reform." In The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market, edited by Martin Neil Baily. Brookings Institution Press, 2011. View Details

Cases and Teaching Materials

• Schwartzstein, Joshua, and Adi Sunderam. "Managing Science Communication at Bayer." Harvard Business School Case 921-045, March 2021. (Revised May 2021.) View Details
• Sunderam, Adi. "Liquidity Management." Harvard Business School Module Note 219-088, January 2019. View Details
• Sunderam, Adi, Luis M. Viceira, and Shawn O'Brien. "Puerto Rico's COFINA Bonds: Hold or Fold?" Harvard Business School Teaching Note 219-070, December 2018. View Details
• Sunderam, Adi, Luis M. Viceira, and Shawn O'Brien. "Baupost Group: Finding a Margin of Safety in London Real Estate." Harvard Business School Teaching Note 219-068, December 2018. View Details
• Hanson, Samuel G., Robin Greenwood, David Scharfstein, and Adi Sunderam. "The Financial Crisis: Timothy Geithner and the Stress Tests." Harvard Business School Case 219-038, October 2018. (Revised January 2019.) View Details
• Sunderam, Adi, Robin Greenwood, Sam Hanson, and David Scharfstein. "The Financial Crisis: Hank Paulson in 2008." Harvard Business School Case 219-037, October 2018. (Revised January 2019.) View Details
• Sunderam, Adi, Luis M. Viceira, Shawn O'Brien, Sam Merkel, and Franklin Muanankese. "Baupost Group: Finding a Margin of Safety in London Real Estate." Harvard Business School Case 218-126, May 2018. (Revised December 2018.) View Details
• Sunderam, Aditya Vikram, and Luis M. Viceira. "Prudential Financial and Asset-Liability Management." Harvard Business School Spreadsheet Supplement 219-726, September 2018. View Details
• Seasholes, Mark S., Adi Sunderam, Luis Viceira, and Shawn O'Brien. "Prudential Financial and Asset-Liability Management." Harvard Business School Teaching Note 218-121, June 2018. (Revised June 2018.) View Details
• Sunderam, Adi. "Investing in Commodities at Global Endowment Management." Harvard Business School Teaching Note 218-118, June 2018. (Revised January 2019.) View Details
• Sunderam, Adi, and Shawn O'Brien. "Closed-End Funds at Saba Capital Management." Harvard Business School Teaching Note 218-105, March 2018. (Revised December 2018.) View Details
• Fleiss, Sara, Adi Sunderam, Luis M. Viceira, and Caitlin Carmichael. "Quantopian: A New Model for Active Management." Harvard Business School Case 218-046, October 2017. View Details
• Sunderam, Adi, Luis M. Viceira, and Aldo Sesia. "Puerto Rico's COFINA Bonds: Hold or Fold?" Harvard Business School Case 218-023, September 2017. (Revised January 2018.) View Details
• Sunderam, Adi, and Sara Fleiss. "Investing in Commodities at Global Endowment Management." Harvard Business School Case 218-005, August 2017. View Details
• Fleiss, Sara, and Adi Sunderam. "Closed-End Funds at Saba Capital Management." Harvard Business School Case 218-015, July 2017. (Revised August 2017.) View Details
• Sunderam, Adi, Luis Viceira, and Zhihan Ma. "Investing in Volatility at Evanston Capital Management." Harvard Business School Case 217-089, June 2017. (Revised February 2019.) View Details
• Sunderam, Adi, and David Biery. "Diversified Alpha at Acadian Asset Management." Harvard Business School Teaching Note 217-077, May 2017. View Details
• Sunderam, Adi, and David Biery. "Raising Capital at ShawSpring Partners." Harvard Business School Teaching Note 217-076, May 2017. (Revised December 2018.) View Details
• Sunderam, Adi. "Diversified Alpha at Acadian Asset Management." Harvard Business School Case 217-036, October 2016. (Revised March 2017.) View Details
• Sunderam, Adi. "Raising Capital at ShawSpring Partners." Harvard Business School Case 217-002, July 2016. (Revised November 2020.) View Details
• Seasholes, Mark S., Adi Sunderam, Luis M. Viceira, and Emily A. Chien. "Prudential Financial and Asset-Liability Management." Harvard Business School Case 216-076, June 2016. (Revised March 2017.) View Details
• Sunderam, Adi, Luis Viceira, and Allison Ciechanover. "The Vanguard Group, Inc. in 2015: Celebrating 40." Harvard Business School Case 216-026, October 2015. (Revised May 2017.) View Details
• Sunderam, Adi. "Evanston Capital Management." Harvard Business School Teaching Note 215-042, January 2015. (Revised March 2015.) View Details
• Baker, Malcolm, and Adi Sunderam. "Restructuring JAL." Harvard Business School Teaching Note 215-041, January 2015. View Details
• Stafford, Erik, and Aditya Vikram Sunderam. "Evanston Capital Management Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 215-702, September 2014. View Details
• Stafford, Erik, and Adi Sunderam. "Evanston Capital Management." Harvard Business School Case 215-016, September 2014. View Details
• Scharfstein, David, Adi Sunderam, and Hafiz Chagani. "Leader Bank, N.A." Harvard Business School Case 214-076, January 2014. View Details
• Scharfstein, David, Adi Sunderam, John Ference, and Philip Roane. "Lending Club: Time to Join?" Harvard Business School Case 214-046, January 2014. (Revised November 2014.) View Details
• Baker, Malcolm, Adi Sunderam, Nobuo Sato, and Akiko Kanno. "Restructuring JAL." Harvard Business School Case 214-055, November 2013. (Revised January 2015.) View Details
• Greenwood, Robin, Adi Sunderam, and Jared Dourdeville. "Assured Guaranty." Harvard Business School Teaching Note 213-131, June 2013. (Revised February 2015.) View Details
• Greenwood, Robin, Adi Sunderam, and Jared Dourdeville. "Assured Guaranty (CW)." Harvard Business School Spreadsheet Supplement 213-724, March 2013. (Revised December 2016.) View Details
• Greenwood, Robin, Adi Sunderam, and Jared Dourdeville. "Assured Guaranty." Harvard Business School Case 213-100, February 2013. (Revised November 2016.) View Details

Awards & Honors

Joint winner of the Ieke van den Burg Prize for Research on Systemic Risk awarded by the European Systemic Risk Board (ESRB) for “Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds” (with Sergey Chernenko).

Winner of the 2014 Rising Scholar Award from The Review of Financial Studies for his paper with Samuel G. Hanson, “The Growth and Limits of Arbitrage: Evidence from Short Interest.”

Won the 2012 Young Researcher Prize from The Review of Financial Studies for his paper with Sergey Chernenko, "The Real Consequences of Market Segmentation."

Additional Information

• Curriculum Vitae
• Personal Website
• Outside Activities

Areas of Interest

• asset pricing
• capital markets
• corporate finance
• financial institutions
• financial intermediaries
Additional Topics
• behavioral finance
• capital structure
• debt financing
• equity financing
• hedge funds
• institutional investing
• investment banking
• investment management
• market institutions
• mutual funds
Industries
• asset management
• banking
• brokerage
• federal government
• financial services
• investment banking industry