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.

My research interests are in financial intermediation, asset pricing, macro finance, and household finance.

Download my CV.


Published or Accepted Papers

Heterogeneous Intermediary Asset Pricing
Journal of Financial Economics, Accepted
Internet Appendix is available here.
Xavier Drèze Award for the most outstanding research paper at UCLA Anderson

Working Papers

A Competitive Search Theory of Asset Pricing
(with Juan Passadore and Dejanir Silva)

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, Revise and Resubmit (2nd round)
A non-technical summary from the UCLA Anderson Review
Presentation Video at the SaMMF Workshop: Liquidity in Fixed Income Markets (from 1h:10 to 1h:40)

The Economic Burden of Pension Shortfalls: Evidence from House Prices
(with Darren Aiello, Asaf Bernstein, Ryan Lewis, and Michael Schwert)

Funding Liquidity and the Valuation of Mortgage-Backed Securities
(with Brett Dunn)

Student Loans, Marginal Costs, and Markups: Estimates From the PLUS Program
(with William Mann)
Review of Financial Studies, Revise and Resubmit
Coverage at

Work in Progress

Inventory, Market Making, and Liquidity: Theory and Application to the Corporate Bond Market
(with Benjamin Lester and Pierre-Olivier Weill)
Presentation Video by Pierre-Olivier Weill at the SaMMF Virtual Seminar Series

The Asset Pricing Implications of Portfolio Flows
(with Victor Duarte and Dejanir Silva)


University of Illinois


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

UCLA Anderson School of Management

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