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

Upcoming events: Stanford SITE, Yale Junior Finance Conference (discussion), NBER-OFR meeting, Macro-Finance Tepper-LAEF Conference, ICPM Discussion Forum, UCLA Macro-Finance Brown Bag, AFA.

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

 Research

Main Papers

Granular Treasury Demand with Arbitrageurs (Aug 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
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

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

Review of Financial Studies (Forthcoming)

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: AFA 2025, NFA 2024, EFA 2024, CEBRA 2024, ESSFM Asset Pricing, 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: ICPM Research Award First Place 2024, 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: AFA 2025, EFA 2024, CEBRA 2024, Conference on the International Roles of the U.S. Dollar 2024, Joint BIS, BoE, ECB and IMF Spillover Conference 2024, 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

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

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