Adi Sunderam

Assistant Professor of Business Administration

Harvard Business School

Baker Library/Bloomberg Center 359

Soldiers Field Road

Boston, MA 02163

(617) 495-6644




Curriculum Vitae




Adi Sunderam is an assistant professor of business administration in the Finance Unit, and a Faculty Research Fellow at the National Bureau of Economic Research. He teaches Investment Management in the elective curriculum and a Ph.D. course in Empirical Methods. 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 recent work focuses on the organization of financial markets and its effect on asset prices and corporate investment.


Professor Sunderam holds a Ph.D. in business economics and an A.B. in computer science and economics, both from Harvard University.




Who Neglects Risk? Investor Experience and the Credit Boom (with Sergey Chernenko and Sam Hanson), 2016.

Journal of Financial Economics, forthcoming. Internet Appendix Here.


Money Creation and the Shadow Banking System, 2015.

Review of Financial Studies, 28 (4): 939-977. Internet Appendix Here.


Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds (with Sergey Chernenko), 2014.

Review of Financial Studies, 27 (6): 1717-1750.


The Growth and Limits of Arbitrage: Evidence from Short Interest (with Samuel Hanson), 2014.

Review of Financial Studies, 27 (4): 1238-1286. Winner of the RFS Rising Scholar Award, 2014. Internet Appendix Here.


Are there too many safe securities? Securitization and the incentives for information production (with Samuel Hanson), 2013.

Journal of Financial Economics, Vol. 108, No. 3: 565-584. Internet Appendix Here.

The Real Consequences of Market Segmentation (with Sergey Chernenko), 2012.

Review of Financial Studies, 25(7), (2012): 2041-2069. Winner of the RFS Young Researcher Prize, 2012.


The Variance of Non-Parametric Treatment Effect Estimators in the Presence of Clustering (with Samuel Hanson), 2011.

Review of Economics and Statistics, Vol. 94, No. 4: 1197-1201. Stata and Matlab Code Here.


 Working Papers


Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds  (with Sergey Chernenko), February 2016.


The Fed, the Bond Market, and Gradualism in Monetary Policy (with Jeremy Stein), February 2016.


Market Power in Mortgage Lending and the Transmission of Monetary Policy (with David Scharfstein), April 2015.

Revise and resubmit, Journal of Political Economy. Internet Appendix Here.


Fiscal Risk and the Portfolio of Government Programs (with Samuel Hanson and David Scharfstein), September 2014.


The Rise and Fall of Demand for Securitizations (with Sergey Chernenko and Samuel Hanson), December 2014.


Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds (with John Campbell and Luis Viceira), January 2013.

Revise and resubmit, Review of Financial Studies. Internet Appendix Here.


 Book Chapters and Policy Pieces


An Evaluation of Money Market Fund Reform Proposals (with Samuel Hanson and David Scharfstein), May 2014.

Forthcoming, IMF Economic Review.


The Economics of Housing Finance Reform (with David Scharfstein), 2011.

In The Future of Housing Finance, edited by Martin Neil Baily. Brookings Institution Press.