RUSTOM M.

IRANI

Gies College of Business Office: 1 (217) 244-2239

University of Illinois at Urbana-Champaign Cell: 1 (347) 266-0542
1206 South Sixth Street Email: rirani@illinois.edu
Champaign, IL 61820 Web: http://business.illinois.edu/rirani

ACADEMIC APPOINTMENTS
Gies College of Business, University of Illinois at Urbana-Champaign
Assistant Professor of Finance 2013–
Julian Simon Faculty Fellow 2018–

Center for Economic Policy Research (CEPR)

Research Affiliate, Financial Economics 2017–

EDUCATION
Leonard N. Stern School of Business, New York University
Ph.D. Business Administration (Economics) 2013

University of Oxford
M.Phil. Economics 2006

London School of Economics

B.Sc. Economics 2004

RESEARCH INTERESTS
Corporate Finance, Financial Intermediation

WORKING PAPERS
“Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level
Data”
(with Sjoerd van Bekkum, Marc Gabarro, and José-Luis Peydró)

“The Rise of Shadow Banking: Evidence from Capital Regulation”

(with Rajkamal Iyer, Ralf R. Meisenzahl, and José-Luis Peydró)

“Creditor Control Rights and Resource Allocation within Firms”

(with Nuri Ersahin and Hanh Le)
Journal of Financial Economics, R&R

“Can Strong Creditors Inhibit Entrepreneurial Activity?”

(with Nuri Ersahin and Katherine Waldock)

PUBLICATIONS
“Collateral Shocks and Corporate Employment”
(with Nuri Ersahin)
Review of Finance, Forthcoming
 “Does a Larger Menu Increase Appetite? Collateral Eligibility and Credit Supply”
(with Sjoerd van Bekkum and Marc Gabarro)
Review of Financial Studies, 2018

“Loan Sales and Bank Liquidity Management: Evidence from a U.S. Credit Register”
(with Ralf R. Meisenzahl)
Review of Financial Studies, 2017

“Analyst Coverage and Real Earnings Management: Quasi-Experimental Evidence”

(with David Oesch)
Journal of Financial and Quantitative Analysis, 2016

“Monitoring and Corporate Disclosure: Evidence from a Natural Experiment”

(with David Oesch)
Journal of Financial Economics, 2013

HONORS AND AWARDS

Selected to List of Teachers Rated as Outstanding, University of Illinois 2017, 2018
Selected to List of Teachers Rated as Excellent, University of Illinois 2014, 2015, 2016
Campus Research Board Award, University of Illinois 2013, 2015
Arnold O. Beckman Research Award, University of Illinois 2013
Lawrence G. Goldberg Prize, NYU Stern School of Business 2013
Paul Willensky Fellowship, NYU Stern School of Business 2011
Commendation for Teaching Excellence, NYU Stern School of Business 2011
Doctoral Fellowship, NYU Stern School of Business 2007

PRESENTATIONS*
2019
American Finance Association (paper and discussion), Federal Reserve Bank of New York, Chicago
Financial Institutions Conference, Fixed Income and Financial Institutions Conference at the Uni-
versity of South Carolina, Financial Intermediation Research Society, 8th MoFiR Workshop on
Banking, RFS Conference on “New Frontiers in Banking Research: from Corporate Governance to
Risk ManagementӠ , Society for Financial Studies Cavalcade (two discussions), Western Finance
Association†

2018
RFS Conference on “New Frontiers in Banking Research: from Corporate Governance to Risk
Management,” NYU Stern-New York Fed Conference on Financial Intermediation, Young Scholars
Finance Consortium, Lancaster University, Bank of Italy/Bocconi University Conference on “Finan-
cial stability and Regulation,” Fixed Income and Financial Institutions Conference at the University
of South Carolina, University of Kentucky Finance Conference, Annual International Journal of Cen-
tral Banking Research Conference, CEPR Third Annual Spring Symposium in Financial Economics,
2nd Workshop on Corporate Debt Markets at Cass Business School, UPF-EuroFIT Workshop on
“Financial Intermediation and Risk,” BIS Research Network meeting on “Assessing the Impact of the
Post-Crisis Financial Regulatory Reforms,” Third European Systemic Risk Board (ESRB) Annual
Conference, Federal Reserve Bank of Philadelphia, Federal Reserve Board, Federal Reserve Sys-
tem Committee on Financial Institutions, Regulation, and Markets Conference, Stockholm School
of Economics, RFS-Yale Program on Financial Stability Conference on “The Financial Crisis Ten
Years Afterwards,” Wabash River Finance Conference at Notre Dame, MSUFCU Conference on Fi-
nancial Institutions and Investments, WFAR-CFAR 15th Annual Conference on Corporate Finance
and Financial Intermediation, Chicago Financial Institutions Conference†,‡ , Financial Intermedia-
tion Research Society‡

2017
American Finance Association (two papers and discussion), American Economic Association, Eu-
ropean Finance Association, Society for Financial Studies Cavalcade, Financial Intermediation Re-
search Society (paper and two discussions), CEPR Second Annual Spring Symposium in Financial
Economics (x2), 6th MoFiR Workshop on Banking, SUNY Binghamton (SOM), Cornell (Johnson),
Chicago Financial Institutions Conference† , Fixed Income and Financial Institutions Conference
at the University of South Carolina† , Western Finance Association† , USC Lusk Annual Research
Symposium on “Real Estate and the American Economy”†

2016
American Finance Association, European Finance Association (x2), Society for Financial Studies
Cavalcade, Financial Intermediation Research Society, Day Ahead Conference at the Federal Reserve
Bank of San Francisco, Midwest Finance Association (paper and discussion), Vienna University, Eu-
ropean Winter Finance Summit, Chicago Financial Institutions Conference, Dutch National Bank
(x2), Drexel University Corporate Governance Conference, International Banking, Economics and
Finance Association (IBEFA) Summer Meetings (paper and discussion), NYU Stern-New York Fed
Conference on Financial Intermediation, Financial Management Association, 5th MoFiR Workshop
on Banking, Barcelona GSE Summer Forum, SIFR Conference on Credit Markets, CSEF-EIEF-
SITE Conference on Finance and Labor, Yale Program on Financial Stability, University of Zurich,
BAFFI-CAREFIN Annual International Banking Conference, 8th European Banking Center Net-
work Conference, ECB-IMF Workshop on Money Markets, Monetary Policy Implementation and
Infrastructures, German Finance Association (DGF), CenFIS-CEAR Conference on the Impact of
Extraordinary Monetary Policy on the Financial Sector, Swedish National Bank, Fixed Income and
Financial Institutions Conference at the University of South Carolina†

2015
Western Finance Association, European Finance Association, Federal Reserve System Commit-
tee Meeting on Financial Structure and Regulation, GSU-CEAR Conference on Bank Capital Re-
quirements and Liquidity Risk, University of Illinois at Urbana-Champaign (Gies) [x3], Wabash
River Finance Conference at Purdue University, Federal Reserve Bank of Boston, Erasmus School
of Economics, Free University Rotterdam, Midwest Finance Association† , Financial Management
Association† , Swiss Winter Finance Conference on Financial Intermediation† , London Business
School (EuroFIT Workshop)† , Society for Financial Studies Cavalcade‡

2014
European Finance Association, University of Pennsylvania (Wharton), University of Mannheim, Fed-
eral Reserve Board, Federal Reserve Bank of Boston/New York Workshop on the Risks of Wholesale
Funding, 6th Financial Stability Conference at Tilburg University, FDIC-JFSR 14th Annual Bank
Research Conference, Federal Deposit Insurance Corporation, 27th Australasian Finance and Bank-
ing Conference, London Business School (EuroFIT Workshop), German Finance Association (DGF),
Financial Intermediation Research Society‡

2013
NYU (Stern), LMU Munich, Technical University of Munich, University of Zurich, 2013 Accounting
Conference at Temple University

2012
Dartmouth (Tuck), Federal Reserve (Board, Boston, Chicago, Philadelphia), INSEAD, University of
Maryland (Smith), University of Illinois at Urbana-Champaign (Gies), University of North Carolina
at Chapel Hill (Kenan-Flager), University of Washington (Foster)

2011
NYU (Stern), Hofstra University
 *Includes scheduled and co-author presentations; † Discussant; ‡ Session chair

TEACHING
Gies College of Business, University of Illinois at Urbana-Champaign
Financial Intermediation (B.S., M.S.) 2013–
Empirical Corporate Finance (Ph.D.) 2014, 2015, 2017, 2018

Leonard N. Stern School of Business, New York University

Math Prep (Ph.D.) 2010, 2011

PROFESSIONAL ACTIVITY
University Service
Department Executive Committee, 2018–2019; Bailey Finance Seminar Committee, 2015–2016; Col-
lege Library Committee, 2014–2015; Faculty Recruiting Committee, 2013–2014

Program Committee
Financial Intermediation Research Society, 2019, 2018; MoFiR Workshop on Banking, 2019, 2018,
2017; Society for Financial Studies Cavalcade Asia-Pacific, 2017; Society for Financial Studies Cav-
alcade North America, 2019, 2018, 2017; Fixed Income and Financial Institutions Conference at
the University of South Carolina, 2018, 2017; Midwest Finance Association, 2019, 2016; Financial
Management Association, 2019, 2018, 2016; European Finance Association, 2018

Dissertation Committee
Nuri Ersahin (2018, Michigan State University, chair)

Ad Hoc Referee
Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Fi-
nancial and Quantitative Analysis, Management Science, Review of Finance, Journal of Financial
Intermediation, Journal of Banking and Finance, Financial Management, European Financial Man-
agement, Journal of Empirical Finance, Swiss National Science Foundation

Professional Membership
American Finance Association, American Economic Association, Western Finance Association, Eu-
ropean Finance Association, Society for Financial Studies, Financial Management Association

ADDITIONAL INFORMATION
Industry Experience
Morgan Stanley, London 2006–2007
Office of Fair Trading, London 2006
Lloyd’s Private Banking, London 2001

Security Clearance
Special Sworn Status, U.S. Census Bureau

Citizenship
United Kingdom, United States