Yueran Ma


Working Papers

Firms and Debt Contracts

100 Years of Rising Corporate Concentration (with Spencer Kwon and Kaspar Zimmermann). May 2022.

Asset Specificity of Nonfinancial Firms (with Amir Kermani). April 2022.

Two Tales of Debt (with Amir Kermani). March 2022.

Going-Concern Debt of Financial Intermediaries (with Jose Scheinkman). September 2021.


Expectations and Bank Lending (with Teodora Paligorova and Jose-Luis Peydro). July 2021.

Overreaction in Expectations: Evidence and Theory (with Hassan Afrouzi, Spencer Kwon, Augustin Landier, and David Thesmar). September 2021.

A Quantitative Analysis of Distortions in Managerial Forecasts (with Tiziano Ropele, David Thesmar and David Sraer). February 2020.

[older] Bank CEO Optimism and the Financial Crisis. Supplementary Appendix.


Corporate Flexibility in a Time of Crisis (with John Barry, Murillo Campello, and John Graham). Journal of Financial Economics (2022).

Anatomy of Corporate Borrowing Constraints (with Chen Lian). Internet Appendix. Quarterly Journal of Economics (2021).

Overreaction in Macroeconomic Expectations (with Pedro Bordalo, Nicola Gennaioli, and Andrei Shleifer). Internet Appendix. American Economic Review (2020).

Nonfinancial Firms as Cross-Market Arbitrageurs. Journal of Finance (2019).

Low Interest Rates and Risk Taking: Evidence from Individual Investment Decisions (with Chen Lian and Carmen Wang). Replicated by the Dutch Authority for the Financial Markets. Review of Financial Studies (2019). Lead article/Editor’s choice.  Internet AppendixSurvey AppendixSlidesUS and Dutch Baseline Results (Summary in VOX).

Low Interest Rates and Investor Behavior: A Behavioral Perspective (with Chen Lian). Prepared for the 62nd Economic Conference at the Federal Reserve Bank of Boston: What Are the Consequences of Long Spells of Low Interest Rates? 2018. [Slides, Video]

What is Different About Urbanization in Rich and Poor Countries? Cities in Brazil, China, India and the United States (with Juan Pablo Chauvin, Edward Glaeser, and Kristina Tobio). Journal of Urban Economics, 2016.

A Real Estate Boom with Chinese Characteristics (with Ed Glaeser and Andrei Shleifer).  Journal of Economic Perspectives, 2016.

Expectations and Investment (with Nicola Gennaioli, and Andrei Shleifer). NBER Macroeconomics Annual, 2015. Internet Appendix.

The Supply of Gender Stereotypes and Discriminatory Beliefs (with Ed Glaeser). In Human Capital in History: The American Record, 2014.