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 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. In my recent work, I explore how asset demand—and the influence of regulation—impacts U.S. and global Treasury market dynamics.

Upcoming events: AFA, 5th David Backus Memorial Conference UCLA, MFA, Fed NY (seminar), NYU (VRI seminar), Yale SOM (seminar).

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

 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: Johns Hopkins Carey Finance Conference, Macro-Finance Tepper-LAEF Conference, NBER-OFR meeting, SITE Stanford, Federal Reserve Bank of Chicago, UBC Summer Conference, Valuation Workshop Wharton, Zurich Quantitative Macro Conference, BI-SHoF Asset Pricing Conference, Federal Reserve Bank of San Francisco

Pension Liquidity Risk (Jan 2025)

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

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

Do Teams Alleviate or Exacerbate Overreaction in Beliefs? (Dec 2024)

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

Presentations (main): NBER Behavioral Finance, AFA, SFS Cavalcade.

Published Papers

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 Liquidity 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.

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

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices (Khetan, Li, Neamtu, and Sen)
AFA, 2025

LASH Risk and Interest Rates (Alfaro, Bahaj, Czech, Hazell, and Neamtu)
EFA, 2024

The Market for Inflation Risk (Bahaj, Czech, Ding, and Reis)
EFA 2024

International portfolio frictions (Fontana, Du, Jakubik, Koijen, and Shin)
Seventh annual AWG and MPAG workshop, 2024

The Fickle and the Stable: Global Financial Cycle Transmission via Heterogeneous Investors (Haonan Zhou)
MFA, 2024

Do Pension Funds Cause Capital Market Deepening? (Nielsson, Press, and Rangvid)
MFA, 2024

Dealer Risk Limits and Currency Returns (Barbiero, Brauning, Joaquim, and Stein)
FX Workshop Bank of Canada, 2023

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