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, financial market liquidity, and public finance.

Download my CV.

Recent Activity


Publications and Forthcoming Articles

  1. The Incidence of Student Loan Subsidies: Evidence from the PLUS Program (with William Mann)
    Review of Financial Studies, Forthcoming
    RFS 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 | RFS 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 | JFE 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, Financial Market Power, and Capital Misallocation (with Jaewon Choi, Xu Tian, and Yufeng Wu)
    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)