Welcome!

My name is Kristy Jansen, Assistant Professor of Finance and Business Economics at USC Marshall and affiliated with the Dutch Central Bank.* My research area is at the intersection of institutional investors and asset pricing. I aim to understand the drivers of institutional investors’ asset demand and the role they play in financial markets.

Upcoming events: MFA, Inquire U.K., Kentucky Finance Conference, 3rd Edition Spring Finance Workshop 2024 (co-author), Swiss Conference on Financial Intermediation (co-author), SF FED (Seminar), US dollar Conference, Stockholm 10th BI-SHoF on Asset Pricing and Financial Econometrics, NBER Pension Finance, Wharton Asset Pricing Conference, Erasmus Liquidity Conference (co-author).

* Views expressed are my own and do not necessarily reflect official positions of De Nederlandsche Bank.

 Research

Main Papers

Long-term Investors, Demand Shifts, and Yields (Job Market Paper)

Review of Financial Studies (conditionally Accepted)

Kristy A.E. Jansen

Presentations (main): AEA, Chicago Booth Asset Pricing Conference, EFA, Colorado Finance Summit, FIRS, SoFiE.
Awards: Colorado Finance Summit Best PhD Paper Award, Inquire Europe Research Prize, SoFiE Pre-Conference Best Paper Award, Inquire Europe Research Grant, Finalist at the ECB Young Economists’ Competition.

Pension Liquidity Risk

Kristy A.E. Jansen, Sven Klingler, Angelo Ranaldo, and Patty Duijm

Presentations: NBER Pension Finance, Erasmus Liquidity Conference, Swiss Conference on Financial Intermediation 2024, Kentucky Finance Conference 2024, 3rd Edition Spring Finance Workshop 2024, MFA 2024, Bank of England, St Gallen, BIS, Arizona State University, University of Arizona, EIOPA-ECB Research Workshop on Insurance Companies and Pension Funds, PGGM, USC Marshall, DNB.

Awards: Inquire Europe Research Grant 2023
Media: Investment & Pensions Europe

Which Exchange Rate Matters to Global Investors?

Kristy A.E. Jansen, Hyun Song Shin, and Goetz von Peter

Presentations: Conference on the International Roles of the U.S. Dollar, Joint BIS, BoE, ECB and IMF Spillover Conference, DNB, NFA, BIS.

Do Teams Alleviate or Exacerbate the Extrapolation Bias in the Stock Market?

Ricardo Barahona, Stefano Cassella, and Kristy A.E. Jansen

Presentations (main): NBER BF, AFA, SFS Cavalcade.

The Shadow Costs of Illiquidity

Kristy A.E. Jansen and Bas J.M. Werker, November 2022,
Journal of Financial and Quantitative Analysis, 57(7), 2693-2723

Work-in-Progress

Treasury Demand

Kristy A.E. Jansen, Wenhao Li, and Lukas Schmid

Recipient of the NBER initiative on Market Frictions and Financial Risks Grant

Other papers (peer-reviewed)

A Survey of Institutional Investors’ Investment and Management Decisions on Illiquid Assets 
with Patrick F.A. Tuijp, February 2021, Journal of Portfolio Management, 47(3), 135-153.

Pension Fund’s Illiquid Assets Allocation Under Liquidity and Capital Requirements 
with Broeders, D.W.G.A. & Werker, B.J.M., January 2021, Journal of Pension Economics and Finance, 20(1), 102-124.

 Discussions

Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity (Mittal)
Western Finance Association, 2023

Which Investors Drive Anomaly Returns and How? (Li, Sokolinski, and Tamoni)
Tilburg Finance Summit, 2023

The Value of Arbitrage (Dávila, Graves, Parlatore)
SFS Cavalcade North America, 2023

Life Expectancy and Corporate Debt Markets (Chen, Goyal, Lou, and Zhu)
European Finance Association, 2022

The Rise of Bond Financing in Europe (Darmouni and Papoutsi)
Swiss Winter Conference, 2022