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Friday, April 25, 2014

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Julapa JagtianiJulapa Jagtiani

Special Advisor, Retail Risk Analysis

Phone: (215) 574-7284
Send an e-mail to Julapa Jagtiani E-mail

Julapa Jagtiani joined the Federal Reserve Bank of Philadelphia as a special advisor in the Supervision, Regulation, and Credit Department in 2008. Previously, she was a senior economist at the Federal Reserve Bank of Kansas City (2001-2008) and the Federal Reserve Bank of Chicago (1998-2001). She was also a professor of finance at the City University of New York (1994-1997), Syracuse University (1990-1994), and the University of Calgary (1989-1990). She has also taught at the NYU Graduate School of Business. Jagtiani has made significant contributions in the fields of financial institutions, financial markets, and bank supervision and regulation. She has published in top finance journals. Her research areas include banking policy-related issues such as too-big-to-fail, Basel II capital regulations, mergers and acquisitions, equity and bond markets, mortgages and home equity issues, corporate governance, and credit risk model and management. Her most recent research has focused on retail credit risk and consumer credit behavior during the financial crisis. She has also been active in community service and has served on the board of directors and the finance committee at nonprofit organizations, including the Center for Practical Bioethics. Jagtiani was awarded the Rockefeller Foundation Fellowship for her graduate studies (1980-1986). She holds a BBA in accounting from Thammasat University (Bangkok, Thailand) and an MBA and Ph.D. in finance from NYU’s Stern School of Business.

Fields of Interest

  • Consumer credit behavior
  • Strategic defaults
  • Mortgage and home equity defaults during the financial crisis
  • Retail critical operations (such as cards, card servicing, mortgage servicing, etc.)
  • Basel II
  • Too-big-to-fail issues
  • Mergers and acquisitions
  • Market discipline in banking
  • Corporate governance
  • Risk management during the financial crisis

Journal Articles

“How Much Did Banks Pay To Become Too-Big-To-Fail and To Become Systemically Important?” Journal of Financial Services Research, forthcoming (2011)

“Strategic Default on First and Second Lien Mortgages during the Financial Crisis,” Journal of Fixed Income (Spring 2011) 7-23. (With W.W. Lang)

“Enhancing Market Discipline in Banking: The Role of Subordinated Debt in Financial Regulatory Reform,” Journal of Economics and Business, 63 (2011), 1-22. (With D. Evanoff)

“The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance,” Atlantic Economic Journal 38 (2010), Number 3, 295-316. (With W.W. Lang)

“Understanding the Impact of the Merger Boom on Community Banks,” Federal Reserve Bank of Kansas City: Economic Review (Quarter 2, 2008), Volume 93, No. 2, 29-48.

“The Role of Bank Advisors in Mergers and Acquisitions,” Journal of Money, Credit, and Banking 36, Number 2 (April 2004) 197-224. (With A. Saunders, L. Allen, and S. Peristiani)

“The Impact of Supervisory Disclosure on the Supervisory Process Effectiveness” in Market Discipline In Banking: theory and Evidence, edited by G. Kaufman in Research in Financial Services 15, Elsevier (December 2003) 33-55. (With R. Feldman and J. Schmidt)

"Merger Advisory Fees and Choice of Merger Advisors," Review of Financial Economics 12 (2003) 65-81. (With W.C. Hunter)

“Early Warning Models for Bank Supervision — Simpler Could Be Better,” Federal Reserve Bank of Chicago Economic Perspectives (September 2003) 49-60. (With J. Kolari and C. Lemieux)

"The Impact of Credit Risk on Bank and BHC Bond Yields: Evidence from the Post-FDICIA Period,” Journal of Financial Research XXV, Number 4 (Winter 2002) 559-575. (With G. Kaufman and C. Lemieux)

"Looking for Trouble: Early Detection of Inadequate Capitalization of U.S. Commercial Banks" International Company and Commerce Law Review, Volume 13, Issue 7 (July 2002) 269-280. (With J. Kolari and C. Lemieux)

"Further Evidence on the Information Content of Bank Examination Ratings: A Study of BHC-to-FHC Conversion Applications,” Journal of Financial Services Research 20, Number 2/3 (October/December 2001) 213-232. (With L. Allen and J. Moser)

"Do Markets React to Regulatory Information?" Chicago Fed Letter, Federal Reserve Bank of Chicago, Number 166 (June 2001). (With J. Moser)

"Market Discipline Prior to Bank Failure,” Journal of Economics and Business 53, Number 2/3 (March/June 2001) 313-324. (With C. Lemieux)

"Bank Mergers in the 1990s,” Federal Reserve Bank of Chicago: Economic Perspectives (March 2000) 2-23. (With E. Brewer, W. Jackson)

"The Risk Effects of Combining Banking, Securities, and Insurance Activities” Journal of Economics and Business 52, Number 6 (November/December 2000) 485-497. (With L. Allen)

"Risk and Market Segmentation in Financial Intermediaries' Returns," Journal of Financial Services Research 12, Number 2/3 (October/December 1997) 159-173. (With L. Allen)

"Interest Rate Risk Subsidization in International Capital Standards,” Journal of Economics and Business 48 (1996) 251-267. (With L. Allen and Y. Landskroner)

"Scale and Scope Economies at Large Banks: Including Off-Balance Sheet Products and Regulatory Effects,” Journal of Banking and Finance 20, No 7 (August 1996) 1271-1287. (With A. Khanthavit)

"Characteristics of Banks That Are More Active in the Swap Market,” Journal of Financial Services Research 10, Number 2 (June 1996) 131-141.

"Scale Economies and Cost Complementarities in Commercial Banks: Including Off-Balance Sheet Activities,” Journal of Banking and Finance 19, Number 7 (October 1995) 1175-1189. (With A. Nathan and G. Sick)

"The Effect of Bank Capital Requirements on Bank Off-Balance Sheet Financial Innovations,” Journal of Banking and Finance 19, Number 3-4 (June 1995) 647-658. (With A. Saunders and G. Udell)

"Foreign Ownership Restrictions and Premiums for International Investments: Some Evidence from the Thai Capital Market” Journal of Financial Economics 36 (August 1994) 57-87. (With W. Bailey)

Working Papers

“Foreclosure Delay and Consumer Credit Performance,” PDF Federal Reserve Bank of Philadelphia Working Paper 14-8, March 2014. (With P. Calem and W. Lang)

“Credit Access and Credit Performance After Consumer Bankruptcy Filing: New Evidence,” PDF Federal Reserve Bank of Philadelphia Working Paper 13-24, May 2013. (With W. Li)

“How Much Did Banks Pay To Become Too-Big-To-Fail and To Become Systemically Important?” PDF Federal Reserve Bank of Philadelphia Working Paper 11-37, September 2011. (With E. Brewer)

“Strategic Default on First and Second Lien Mortgages During the Financial Crisis,” PDF Federal Reserve Bank of Philadelphia Working Paper 11-03, December 2010. (With W. Lang)

“Target’s Corporate Governance and Bank Merger Payoffs,” PDF Federal Reserve Bank of Philadelphia Working Paper 10-26, August 2010. (with E. Brewer and W. Jackson) — this paper has been featured in BNA, Inc. Banking Daily and the Harvard Law School Forum on Corporate Governance.

“Can Banks Circumvent Minimum Capital Requirements? The Case of Mortgage Portfolios Under Basel II,” PDF Federal Reserve Bank of Philadelphia Working Paper 10-17, May 2010. (With C. Henderson) — this paper won the Best Paper Award at the Midwest Finance Association Conference 2011