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Adi Sunderam

Adi Sunderam

Professor of Business Administration

Professor of Business Administration

Adi Sunderam is a professor of business administration in the Finance Unit and a Research Associate at the National Bureau of Economic Research. He teaches Investment Management in the MBA elective 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.

Link to Personal Website 
Link to List of Outside Activities

Behavioral Finance and Financial Stability Project

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Adi Sunderam is a professor of business administration in the Finance Unit, and a Research Associate at the National Bureau of Economic Research. He teaches Investment Management in the MBA elective 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.

Link to Personal Website 
Link to List of Outside Activities

Behavioral Finance and Financial Stability Project

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Adi Sunderam
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Publications Awards & Honors

Journal Articles
Journal Articles

  • Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam. "Financial Market Risk Perceptions and the Macroeconomy." Harvard Business School Working Paper, No. 17-040, November 2016. (Revised September 2019. Conditionally accepted at Quarterly Journal of Economics. NBER Working Paper Series, No. 26290, September 2019) 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 Gregory, Adi Sunderam, Jeremy C. Stein, 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
Working Papers

  • 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. "A Quantity-Driven Theory of Term Premia and Exchange Rates." NBER Working Paper Series, No. 27615, July 2020. View Details
  • Egan, Mark, Stefan Lewellen, and Adi Sunderam. "The Cross Section of Bank Value." NBER Working Paper Series, No. 23291, March 2017. (Revise and Resubmit at the Review of Financial Studies.) View Details
  • Chernenko, Sergey, and Aditya Vikram Sunderam. "Corporate Bond Liquidity: A Revealed Preference Approach." Working Paper, March 2018. 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 Aditya Vikram 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
Book Chapters

  • 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
Cases and Teaching Materials

  • 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 2