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Thursday, November 27, 2014

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Julapa JagtianiJulapa Jagtiani

Special Advisor, Supervision, Regulation & Credit

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 & Credit Department in 2008. In this role, she has conducted research and participated in several supervisory policy and implementation projects, including bank stress testing, bank recovery and resolution plans, and Basel II qualification reviews, focusing on consumer credit such as mortgage and home equity products.

Previously, Jagtiani was a senior economist at the Federal Reserve Banks of Kansas City and Chicago. Prior to joining the Federal Reserve System in 1998, she was associate professor in the Finance Department at Baruch College, the City University of New York. Jagtiani has made significant contributions in the fields of financial institutions, financial markets, and bank supervision and regulation. She has published articles in top finance journals. Her research areas include banking policy-related issues, including 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.

Jagtiani has been active in the community and has served on the board of directors and finance committees at various organizations, including the Center for Practical Bioethics. She also serves on the Parents Council at Johns Hopkins University and belongs to the Union League of Philadelphia. Jagtiani was a Rockefeller Foundation Fellowship recipient. She has a Ph.D. in finance and an M.B.A. from New York University's Stern School of Business. She is also a fellow member of the Wharton Financial Institutions Center.

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

“Can Banks Circumvent Minimum Capital Requirements? The Case of Mortgage Portfolio Under Basel II” with C. Henderson, Journal of Mathematical Finance, 3 (2013), 60-68.

“How Much Did Banks Pay To Become Too-Big-To-Fail and to Become Systemically Important?” with E. Brewer, Journal of Financial Services Research, 43 (2013), 1-35.

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

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

“The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance” (with W. Lang), Atlantic Economic Journal 38 (2010), No. 3, 295-316.

“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” (with A. Saunders, L. Allen, and S. Peristiani), Journal of Money, Credit, and Banking 36, No. 2 (April 2004), 197-224.

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

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

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

“The Impact of Credit Risk on Bank and BHC Bond Yields: Evidence from the Post-FDICIA Period” (with G. Kaufman and C. Lemieux), Journal of Financial Research XXV, No. 4 (Winter 2002), 559-575.

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

“Further Evidence on the Information Content of Bank Examination Ratings: A Study of BHC-to-FHC Conversion Applications” (with L. Allen and J. Moser), Journal of Financial Services Research 20, No. 2/3 (October/December 2001), 213-232.

“Do Markets React to Regulatory Information?” (with J. Moser), Chicago Fed Letter, Federal Reserve Bank of Chicago, No. 166 (June 2001).

“Market Discipline Prior to Bank Failure” (with C. Lemieux), Journal of Economics and Business 53, No. 2/3 (March/June 2001), 313-324.

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

“The Risk Effects of Combining Banking, Securities, and Insurance Activities” (with L. Allen), Journal of Economics and Business 52, No. 6 (November/December 2000), 485-497.

“Risk and Market Segmentation in Financial Intermediaries' Returns” (with L. Allen), Journal of Financial Services Research 12, No. 2/3 (October/December 1997), 159-173.

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

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

“Characteristics of Banks That Are More Active in the Swap Market” Journal of Financial Services Research 10, No. 2 (June 1996), 131-141.

“Scale Economies and Cost Complementarities in Commercial Banks: Including Off-Balance Sheet Activities” (with A. Nathan and G. Sick), Journal of Banking and Finance 19, No. 7 (October 1995), 1175-1189.

“The Effect of Bank Capital Requirements on Bank Off-Balance Sheet Financial Innovations” (with A. Saunders and G. Udell), Journal of Banking and Finance 19, No. 3-4 (June 1995), 647-658.

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

Working Papers

“Credit Access and Credit Performance After Consumer Bankruptcy Filing: New Evidence” PDF (with W. Li), Federal Reserve Bank of Philadelphia Working Paper 14-25, September 2014.

“The Evolution of U.S. Community Banks and Its Impact on Small Business Lending” PDF (with I. Kotliar and R.Q. Maingi), Federal Reserve Bank of Philadelphia Working Paper 14-16/R, September 2014.

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

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

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

“Target’s Corporate Governance and Bank Merger Payoffs” PDF (with E. Brewer and W. Jackson), Federal Reserve Bank of Philadelphia Working Paper 10-26, August 2010. This paper has been featured in the 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 (with C. Henderson), Federal Reserve Bank of Philadelphia Working Paper 10-17, May 2010. This paper won the Best Paper Award at the Midwest Finance Association Conference 2011