I am a PhD candidate in the finance area at UCLA Anderson School of Management. My research interests are in macro finance, asset pricing, and financial intermediation. 

My CV is available here.

Abstract: We estimate small marginal costs and large markups at private colleges in the United States, and discuss implications for the design of financial aid. For identification, we exploit a tightening of credit standards in the PLUS loan program, which decreased enrollment, revenues, and expenditures at private colleges with low-income students. We estimate that markups represented more than half of charges for students disqualified by the change. Markups were higher at for-profit schools, and in states with fewer public schools and lower education spending. Our results complement prior evidence on the Bennett Hypothesis, and contrast prior estimates of small markups.

Work in Progress

The Role of Heterogeneous Intermediaries in Asset Prices and the Macroeconomy

Predictive Regressions: A Pricing-Kernel Approach (with Mikhail Chernov)


UCLA Anderson School of Management


  • R/MATLAB Programming Workshop for Master of Financial Engineering (MFE) Program (Fall 2017)

Teaching Assistant

  • MFE Special Topics in Financial Engineering: Data Analytics, Prof. Lars Lochstoer (Fall 2016)

  • MBA Corporate Finance, Prof. William Mann (Winter 2015, 2016, 2017)

  • Executive Program's Corporate Strategy, Prof. David Wessels (May 2015)


UCLA Anderson School of Management

110 Westwood Plaza, Suite C402

Los Angeles, CA 90095-1481

Phone: (310) 406-5859

Email: mahyar.kargar.phd@anderson.ucla.edu

GitHub: mahyarkargar