Mahyar Kargar

Mahyar Kargar

Assistant Professor of Finance

University of Illinois at Urbana-Champaign

I am an assistant professor of finance at the Gies College of Business, University of Illinois at Urbana-Champaign. I received my PhD from UCLA Anderson School of Management in 2019.

My research interests are in financial intermediation, asset pricing, financial market liquidity, and public finance.

Download my CV.


Publications and Forthcoming Articles

  1. The Incidence of Student Loan Subsidies: Evidence from the PLUS Program (with William Mann)
    Review of Financial Studies, Forthcoming
    code | published version | summary in Forbes

  2. Corporate Bond Liquidity during the COVID-19 Crisis (with Benjamin Lester, David Lindsay, Shuo Liu, Pierre-Olivier Weill, and Diego Zúñiga)
    Review of Financial Studies (2021), 34(11), 5352–5401
    Internet Appendix | code | slides | published version | NBER WP | presentation video (1h:10-1h:40) | summary

  3. Heterogeneous Intermediary Asset Pricing
    Journal of Financial Economics (2021), 141(2), 505–532
    Internet Appendix | data | slides | published version | Erratum (due to publisher error)
    Xavier Drèze Award for the most outstanding research paper at UCLA Anderson

Working Papers

  1. Liquidity and Risk in OTC Markets: A Theory of Asset Pricing and Portfolio Flows (with Juan Passadore and Dejanir Silva)
    slides | presentation video
    Conferences: SaMMF, SFS Cavalcade 2021, SITE 2021, MFA 2022

  2. The Perceived Value of Pension Funding: Evidence from Border House Prices (with Darren Aiello, Asaf Bernstein, Ryan Lewis, and Michael Schwert)
    slides | NBER WP
    Conferences: SFS Cavalcade 2021, Red Rock 2021, AFA 2022, FIRS 2022, EFA 2022

  3. Funding Liquidity and the Valuation of Mortgage-Backed Securities (with Brett Dunn and Geoffery Zheng)

  4. Investor Demand, Firm Investment, and Capital Misallocation (with Xu Tian, Yufeng Wu, and Jaewon Choi)
    Conferences: WFA 2022, AFA 2023

Work in Progress


University of Illinois


  • MSF Financial Derivatives (Spring 2022)
  • MSF/Undergrad Fixed Income Portfolios (Spring 2020, 2021, 2022)

UCLA Anderson School of Management


  • MFE R/MATLAB Programming Workshop (Fall 2017, 2018)

Teaching Assistant

  • MBA Behavioral Finance, Prof. Avanidhar Subrahmanyam (Spring 2019)
  • MFE Empirical Asset Pricing, Prof. Lars Lochstoer (Winter 2019)
  • MBA Foundations of Finance, Prof. Bruce Carlin (Fall 2018)
  • MFE Data Analytics and Machine Learning, Prof. Lars Lochstoer (Fall 2016)
  • MBA Corporate Finance, Prof. William Mann (Winter 2015, 2016, 2017)
  • Executive Program Corporate Strategy, Prof. David Wessels (May 2015)