Kristy Jansen
 

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 interests are non-bank financial intermediation, asset pricing, and macro-finance. Specifically, I aim to understand the drivers of institutional investors’ asset demand and the role they play in financial markets. A central focus of my recent work is how asset demand—and the influence of policy interventions—affect U.S. and global Treasury market dynamics.

Additionally, I study pension funds as a specific class of institutional investors, focusing on how increasing cash constraints shape their asset demand and feed back into financial markets.

Upcoming events: Fed-WashU Olin Macrofinance Workshop (St. Louis), NBER-OFR meeting (D.C.), Q Group Fall Seminar (Dana Point, CA), CEPR Asset Pricing Symposium (Paris).

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

 
 
 
 

Resume


Academic Appointments

Marshall School of Business, University of Southern California
Assistant Professor in Finance and Business Economics, Fall 2022-current


Education

Tilburg University
Ph.D. in Finance, 2016-2022
Research Master in Finance, 2015-2016
Master Quantitative Finance and Actuarial Science, 2013-2015, Cum Laude
Bachelor Econometrics and Operational Research, 2010-2013, with Distinction

University of Pennsylvania, The Wharton School
Visiting Ph.D., Fall 2017 and Fall 2018


Employment

De Nederlandsche Bank (DNB)
Research Affiliate, 2017 to present
Data Scientist - Data Science Hub, Fall 2020 to Fall 2021

Bank for International Settlements (BIS)
Technical Advisor, August 2021 - June 2022
Senior Associate (visiting Ph.D.), April-July 2021


 
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 Research


Working Papers

Granular Treasury Demand with Arbitrageurs (Nov 2024)

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

Awards: Recipient of the NBER initiative on Market Frictions and Financial Risks Grant 2023/2024, Best Paper Award at the JHU Carey Finance Conference 2024
Presentations (main):
Fed Conference on Fixed-Income Markets, LBS Summer Finance Symposium, NBER Asset Pricing, 5th David Backus Memorial Conference, Johns Hopkins Carey Finance Conference, Macro-Finance Tepper-LAEF Conference, Princeton Macro-Finance Conference, NBER-OFR meeting, SITE Stanford, Zurich Quantitative Macro Conference, BI-SHoF Asset Pricing Conference

Pension Liquidity Risk (Jan 2025)

R&R Review of Financial Studies

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

Awards: ICPM Research Award First Place 2024, Inquire Europe Research Grant 2023.
Presentations (main): AFA, NFA, EFA, CEBRA, ESSFM Asset Pricing, NBER Pension Finance, Kentucky Finance Conference, MFA.
Media: Investment & Pensions Europe

Which Exchange Rate Matters to Global Investors? (Nov 2024)

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

Presentations (main): AFA, NFA, EFA, CEBRA, International Role of the U.S. Dollar.


Published Papers

Do Teams Alleviate or Exacerbate Overreaction in Beliefs?

Ricardo Barahona, Stefano Cassella, Kristy A.E. Jansen, and Vincenzo Pezone, Journal of Financial Economics, Accepted.
Awards: Best Paper Award at 18th International Behavioural Finance Conference

Long-term Investors, Demand Shifts, and Yields

Kristy A.E. Jansen, January 2025, Review of Financial Studies, 38(1), 114-157.
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.

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

Pension Funds and Cash Flow Shocks

Aleksandar Andonov, Kristy A.E. Jansen, and Josh Rauh
Awards: Recipient of the NBER initiative on Market Frictions and Financial Risks Grant 2024/2025


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.
Public version on pages 185-209: https://www.netspar.nl/wp-content/uploads/P20220126_PhD001_Jansen_NTA2021.pdf

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.


Contact

Marshall School of Business, University of Southern California
3670 Trousdale Pkwy
Los Angeles, CA 90089, United States
HOH-704

Email: kjansen [a] marshall [dot] usc [dot] edu

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