Ankit Kalda
Kelley School of Business Indiana University
1309 East 10th Street
Bloomington, IN 47405
akalda@iu.edu www.ankitkalda.com
+1 (812) 855-1395
Academic Positions
Indiana University – Kelley School of Business Associate Professor of Finance, 2024 – present Jerome Bess Faculty Fellow, 2024 – present Rifkin Family Faculty Fellow, 2022 – 2024 Assistant Professor of Finance, 2019 – 2024
Acting Assistant Professor of Finance, 2018 – 2019
Education
Washington University in St Louis – Olin Business School Ph.D. in Finance, 2019
Indian Institute of Technology (IIT) India Integrated Bachelors and Masters in Economics, 2012 Minors in Mathematics and Computing
Research
Research Interests: Household Finance, Labor and Finance
Research Areas: Household debt, Labor, Technology
Published/Accepted Papers
1. Peer Financial Distress and Individual Leverage
Review of Financial Studies 2020, 33 (7), 3348–3390
- Best Paper Award, CAF Summer Conference 2017
2. Home Equity and Labor Income: The Role of Constrained Mobility, with Radhakrishnan Gopalan, Barton Hamilton and David Sovich
Review of Financial Studies 2021, 34 (10), 4619–4662
3. State Minimum Wage Changes and Employment: Evidence from 2 Million Hourly Wage Workers, with Radhakrishnan Gopalan, Barton Hamilton and David Sovich
June 2024
Journal of Labor Economics 2021, 39 (3), 673-707
- Media: Fox Business, ABC, St Louis Dispatch, St Louis Business Journals, WashU Source - Cited in Congressional Budget Office (CBO) policy report on minimum wage
4. It’s Not So Bad: Director Bankruptcy Experience and Corporate Risk Taking, with Radhakrishnan Gopalan and Todd Gormley
Journal of Financial Economics 2021, 142(1), 261-292
- Media: Harvard Law School Bankruptcy Roundtable, Oxford Business Law Blog
5. Hub-and-Spoke Regulation and Bank Leverage, with Yadav Gopalan and Asaf Manela
Review of Finance 2021, 25(5), 1499-1545
- Media: Columbia Blue Sky Blog
6. Second Chance: Life without Student Debt, with Marco Di Maggio and Vincent Yao
Journal of Finance, forthcoming
- Media: Vox, Forbes, Market Watch, CNBC, Slate, NPR, Inside Higher Ed
7. Gig Labor: Trading Safety Nets for Steering Wheels, with Slava Fos, Naser Hamdi and Jordan Nickerson
Journal of Financial Economics, forthcoming
- Media: Vox, Cato Institute
Working Papers
8. External Labor Market Punishment in Finance, with Naser Hamdi and Avantika Pal
Revise and Resubmit at Review of Financial Studies
9. Who Stays and Who Goes? Aggregate Shocks and Firm Employment, with Naser Hamdi, Rodrigo Moser and David Sovich
10. Between a Rock and a Hard Place: The Costs and Benefits of Expanded Unemployment Insurance, with Naser Hamdi and David Sovich
Revise and Resubmit at Journal of Public Economics
11. The Labor Market Consequences of Student Loan Forbearance, with Naser Hamdi and David Sovich
Revise and Resubmit at Management Science
June 2024
12. The costs of financial fraud victimization, with Naser Hamdi and David Sovich
13. Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection, with Naser Hamdi and Qianfan Wu
14. Smart(phone) Investing?, with Benjamin Loos, Alessandro Previtero and Andreas Hackethal
- Media: Quartz
15. In Short Supply: Efficiency Implications of Rational Attention Allocation, with Xiaoying Li and Jan Schneemeier
Reject and Resubmit at Management Science
- Outstanding Paper Award in Behavioral Finance (Midwest Finance Association conference) - Media: International Financing Review – Thomson Reuters
Seminars & Conference Presentations
* presented by co-author, (pp) paper in program, (s) seminar
2024(including scheduled):NBER Summer Institute Household Finance (pp) ○EuropeanFinance Association (EFA), Bratislava (pp) ○ London Business School Summer Symposium (pp) ○ Red Rock Finance Conference, Utah (pp) ○ Workshop on Household Debt Relief, Stockholm School of Economics (pp) ○ Lape Finest Spring Workshop, Lape (pp) ○ Southern Finance Association, Palm Beach (pp) ○ Wayne State University (s) ○ University of Dayton (s) ○ University of Pittsburgh (s)
2023: Young Scholars Finance Consortium, College Station (pp) ○ CSEF-RCFS Conference on Finance, Labor, and Inequality, Capri (pp) ○ University of Oregon Summer Finance Conference, Eugene (pp*) ○ CAF Summer Finance Conference, ISB (pp) ○ Santiago Finance Workshop, Chile (pp) ○ Wabash conference, early ideas session (pp) ○ Australasian Finance and Banking Conference (pp) ○ Southern Finance Association, Peurto Rico (pp) ○ Maastricht University (s) ○ Tilburg University (s) ○ University of Florida (s) ○ University of Michigan, Ross (s)
2022: SFS Cavalcade, Chapel Hill (pp*) ○ London Business School Summer Symposium (pp) ○ Max Planck/NBER workshop on aging and health, Munich (pp*) ○ Michigan State University Financial Institutions and Investments Conference, East Lansing (pp) ○ Boulder Summer Conference, Colorado (pp*) ○ University of Minnesota Junior conference, Minneapolis (pp) ○ CAF Summer Finance Conference, ISB (pp) ○ CEAR-RSI Household Finance Workshop, Montreal (pp) ○ Fintech: Innovation, Inclusion and Risks Conference, San Francisco (pp) ○ Cardiff Fintech Conference, Cardiff (pp) ○ XKDR-Dvara Research Field Workshop on Household Finance, Mumbai (pp) ○ University of Ottawa (s) ○ Georgia Tech (s) ○ University of Kentucky (s)
2021: NBER Summer Institute Household Finance (pp) ○ NBER Summer Institute Economics of IT and Digitization, virtual (pp) ○ Financial Research Association (FRA) Conference, Las Vegas (pp) ○ AFA, virtual (3×pp) ○ SFS Cavalcade, virtual (pp*) ○ European Finance Association, virtual (pp) ○ ABFER annual conference, virtual (pp) ○ Paris Finance conference, virtual (pp*) ○ China International Conference, CICF (pp*) ○ Georgetown virtual apps day (pp*) ○ Federal Reserve Bank of New York (s) ○ UT Dallas (s) ○
June 2024
University of Zurich/ETH Zurich (s) ○ CEPR Household Finance Seminar Series (s) ○ Arizona State University (s) ○ Emory University (s) ○ Boston College (s) ○ University of Miami (s) ○ University of Washington (s)
2020: NBER Summer Institute Household Finance (pp*) ○ Jackson Hole Finance Group Conference (pp) ○ RCFS Winter Conference, Bahamas (pp) ○ PNC University of Kentucky Finance Conference, Lexington (pp) ○ ITAM Finance Conference, Mexico City (pp*) ○ Northeastern University Finance Conference, Boston (pp*) ○ Boulder Summer Conference, Colorado (pp) ○ UAB Personal Finance Symposium (pp) ○ Napa/Sonoma Finance Conference, Napa (pp) ○ WFA, San Francisco (pp*) ○ Adam Smith Workshop in Asset Pricing and Corporate Finance, France (pp) ○ Finance in the cloud (pp*) ○ Indian School of Business (s)
2019: NBER Corporate Finance Fall Meeting, Stanford (pp) ○ AEA, Atlanta (pp) ○ London Business School Summer Symposium (pp) ○ Labor and Finance Group Conference, Chicago (pp) ○ SFS Cavalcade, Pittsburgh (pp) ○ European Finance Association (EFA), Lisbon (pp) ○ Drexel University Corporate Governance Conference, Philadelphia(pp) ○IndianaUniversity (s) ○CAFSummerFinance Conference,ISB(pp) ○ CSEF-IGIER Symposium on Economics and Institutions, Anacapri (pp*) ○ HKUST Finance Summer Symposium, Hong Kong (pp, cancelled) ○ Northern Finance Association Conference, Vancouver (pp) ○ New Perspectives on Consumer Behavior in Credit and Payment markets, Philadelphia Fed (pp) ○ CEPR European Conference on Household Finance, Greece (pp*) ○ FDIC Consumer Research Symposium, Washington DC (pp) ○ Financial Research Association, Las Vegas (pp*) ○ Cubist Systematic Strategies, New York (s) ○ Louisiana State University (s) ○ Georgetown University (s)
2018: AFA, Philadelphia (2×pp) ○ NYU Household Finance Conference (pp) ○ EFA, Warsaw (pp) ○ FIRS, Barcelona (pp) ○ Boston College (s) ○ Carnegie Mellon University (s) ○ Indiana University (s) ○ Louisiana State University(s) ○Purdue University(s) ○Universityof Chicago(s) ○University of Florida(s) ○University of Minnesota (s) ○ University of North Carolina - Chapel Hill (s) ○ University of Oklahoma (s) ○ Washington University (s)
2017: SFS Cavalcade, Nashville (pp*) ○ FIRS, Hong Kong (pp*) ○ FDIC/JFSR Conference (pp) ○ Chicago Financial Institutions Conference (pp) ○ CAF Summer Finance Conference, ISB (pp) ○ Whitebox Advisors Graduate Student Conference at Yale (pp) ○ Northern Finance Association Conference (pp) ○ AFA Poster Presentation, Chicago (pp) ○ Midwest Finance Association Conference (pp)
2016: Risk Management Conference-Singapore (pp) ○ Research in Behavioral Finance Conference (pp) ○ Washington University (s)
Conference Discussions (including scheduled)
Price Discovery in Labor Markets: Why Do Firms Say They Cannot Find Workers? by Benjamin Friedrich, and Michal Zator (CSEF-RCFS Finance, Labor, and Inequality Conference 2024)
Beliefs, Consumption and Employment Responses Surrounding Student Loan Repayment, by Dmitri Koustas, Michael Weber, and Constantine Yannelis (Midwest Economic Association, SOLE session 2024)
What do unions do? Incentives and investments, by Vojislav Maksimovic, & Liu Yang (Finance, Markets and Organizations Conference, Yale 2023)
Dynastic Home Equity, by Matteo Benetton, Marianna Kudlyak, and John Mondragon (Holden Conference 2023)
June 2024
Effects of Capital Requirements on Banks’ Balance Sheets: Causal Evidence from Restrictions on Trust-Preferred Securities, by Pietro Bonaldi, Pierre Liang, & Lavender Yang (Western Finance Association 2023)
Cyclical Transactions and Wealth Inequality, by Jung Sakong (Western Finance Association 2023)
Skin in the Game: Colleges’ Financial Incentives and Student Outcomes, by Nano Barahona, Cauê Dobbin, Hanson Ho, Sebastián Otero, & Constantine Yannelis (UNC/Duke Corporate Finance conference 2023)
Can Human Capital Explain Income-based Disparities in Financial Services? by Ruidi Huang, James Linck, Erik Mayer, & Chris Parsons (MFA 2023)
Entrepreneurship and the Platform Economy: Evidence from U.S. Tax Returns, by Matthew Denes, Spyridon Lagaras, & Margarita Tsoutsoura (RCFS Winter Conference 2022)
Workplace Inequality in the U.S.: Evidence from Pay Growth, by Jie He, Lei Li, & Tao Shu (MFA 2022)
Shocks and Technology Adoption: Evidence from Electronic Payment Systems, by Apoorv Gupta, Filippo Mezzanotti & Nicolas Crouzet (MFA 2021)
The Employee Clientele of Corporate Leverage: Evidence from Family Labor Income Diversification, by Jie He, Tao Shu & Huan Yang (Western Finance Association 2020)
Unemployment Insurance as a Subsidy to Risky Firms, by Janis Skrastins, Bernardus van Doornik, Dimas Fazio & David Schoenherr (European Finance Association 2020)
Financing Public Investments, by Hanyi Yi (MFA 2020)
Spillover Effects of the Opioid Epidemic on Consumer Finance, by Mark Jansen (FIRS, Savannah 2019)
Returns to Community Lending, by Indraneel Chakraborty, Vidhi Chhaochharia, Rong Hai & Prithu Vatsa (ISB Summer Research Conference 2019)
The Effect of Social Connections on Capital Structure in Supplier-Customer Relationships, by Tomas Jandik & Tatiana Salikhova (MFA 2019)
Do Directors use information from their committee memberships to manage their directorships? by Murali Jagannathan, Srinivasan Krishnamurthy & Joshua Spizman (MFA 2017)
Selected Awards and Honors
Best Paper Award, London Business School Summer Symposium, 2024
Nominated for Outstanding Junior Faculty Award, Indiana University Vice Provost Awards, 2023 Runner-up for Best Paper Award, ISB Summer Conference, 2022 & 2023
Best Paper Award, CAF Summer Conference, 2017 Outstanding Paper Award in Behavioral Finance, MFA, 2017 AFA Travel Grant Award, 2017
Moog Scholar Award, Olin Business School, Washington University in St Louis, 2017
June 2024
Doctoral Fellowship, Olin Business School, Washington University in St Louis, 2013-2018 Rank Certificate (3rd), Indian Institute of Technology (IIT), Kharagpur, 2012
National Talent Scholarship (NTS), Government of India, 2004
Professional Service
• Ad Hoc Referee:
American Economic Review, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Economics and Statistics, American Economic Review: Insights, Management Science, Review of Finance, Journal of Public Economics, Journal of Labor Economics, Journal of Financial and Quantitative Analysis,NSF grant reviewer,The Accounting Review, Review of Corporate Finance Studies, Journal of Human Resources, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, The Financial Review
• Program Committee:
o Western Finance Association (2021, 2022, 2023, 2024) o European Finance Association (2021, 2022, 2023, 2024) o ISB Summer Finance Conference (2022, 2023, 2024)
o Conference on Financial Economics and Accounting (2021, 2022) o Midwest Finance Association (2019, 2022, 2023, 2024)
o Southern Finance Association (2024)
o Financial Management Association (2021)
o Craig Holden Memorial Conference (2022, 2023, 2024) o Research Symposium in Finance and Economics (2024)
• Session Chair/Moderator:
o Midwest Finance Association Conference (2017, 2021) o Craig Holden Memorial Conference (2022)
o Southern Finance Association (2023)
o Research Symposium in Finance and Economics (2024)
• Doctoral Student Advising/Committees:
o Qianfan Wu, Finance, dissertation committee, current
o Navid Neshatomidvaran, Finance, dissertation committee, current
o Avantika Pal, Finance – Washington University in St Louis, dissertation committee, first placement: University of Illinois at Urbana Champaign (UIUC)
o Yaying Zhou, Business Economics, examination committee, first placement: University of Queensland
o Mukul Kaushik (Pre-doctoral student), Finance–Indian Schoolof Business, Researchadvisor, PhD placement: University of North Carolina (UNC) Chapel Hill
• School Committees & Service:
o Organizer of first, second, and third Indiana University Junior Finance Conference (2019, 2020, 2022)
o Recruitment Committee Chair (2023-24)
o Recruitment Committee Member (2021-22, 2022-23, 2023-24) o External Seminar Series Coordinator (2022-23, 2023-24)
o Undergraduate Student Advising/Mentoring:
June 2024
Aashray Kaudinya, Finance, Research Assistant, Graduate placement: Queen’s university (Research focused MSc program)
o Undergraduate Program Committee Member (2022-23, 2023-24) o Business Futurecast Committee (2023-24)
o Panelist – Kelley Research Week (Fall 2022)
June 2024