Viral Acharya

Positions Held (Selected)

Conditional Member, Climate-related Financial Risk Advisory Committee (CFRAC), Financial Stability Oversight Council, 2023-

Member of the Financial Advisory Roundtable (FAR) of the Federal Reserve Bank of New York, 2020-

Deputy Governor, Reserve Bank of India, 23 January 2017 – 23 July 2019 (in charge of Monetary Policy, Financial Markets, Financial Stability and Research)

Alexandre Lamfalussy Senior Research Fellowship, Bank for International Settlements (BIS), Summer 2017

Professor of Finance (2008-2011), New York University Stern School of Business

Initiative on Global Markets (IGM) Visitor (May 2009), University of Chicago, Booth School of Business

Research Associate, National Bureau of Economic Research (NBER) in Corporate Finance, 2009-

Professor of Finance (2007-2008), London Business School Visiting Professor of Finance (Winter 2007), Graduate School of Business, Stanford University

Associate Professor of Finance with tenure (2005-2006), London Business School Assistant

Professor of Finance (2001-2005), London Business School

Advisory (Selected)

Academic Expert, Task Force on Evaluations of the Basel Committee of Banking Supervision for evaluating Basel III Capital Reforms, 2021-

Advisory Board Member, World Development Report, World Bank, 2022

Academic Advisor to the Federal Reserve Bank of New York and Philadelphia, 2020.

Member of the Advisory Council of the Reserve Bank of India (RBI) Academy, 2016-2019.

Member of International Advisory Board of the Securities and Exchange Board of India (SEBI), 2011-2016

Advisory Council, Bombay (Mumbai) Stock Exchange (BSE) Training Institute, 2011-14

Academic Advisor to the Federal Reserve Bank of New York (Jan 2009-2016) and past Member of the Liquidity Working Group, Philadelphia (Jan 2009-2060), Chicago (Fall 2011- 2016), Cleveland (May 2009-2016), Board of Governors (Fall 2010-2016)

Academic Advisor to the Bank of Canada, May-June 2011, Norges Bank, 2009-2011

Academic Advisor, World Economic Forum project on Sustainable Leverage and Council on Banking and Capital Markets, 2010

Academic Advisor to the Bank of England, Dec 2004-June 2008

Publications (Selected)

“Foreign Fund Flows and Equity Prices During COVID: Evidence from India”, with Ravi Anshuman and Kiran Kumar, forthcoming, Emerging Markets Finance and Trade. – Based on working papers “Information and Price Pressure Effects of Unexpected Foreign Fund Flows” and “Foreign Funds Flows and Stock Returns: Evidence from an Emerging Market”.

“The Anatomy of the Transmission of Macroprudential Policies” with Katherine Bergant, Matteo Crosignani, Tim Eisert and Fergal J. McCann, Journal of Finance, 77(5), October 2022, 2533-2575 (lead article).

“Zombie Lending; Theoretical, International and Historical Perspectives” with Matteo Crosignani, Tim Eisert and Sascha Steffen, Annual Review of Financial Economics, 14, 2022.

“Dividends and Bank Capital in the Financial Crisis of 2007-09” with Irvind Gujral, Nirupama Kulkarni and Hyun-Song Shin, Journal of Financial Crises, 4(2), 2022, 1-39.

“Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives” with Yalin Gunduz and Timothy Johnson, Journal of Financial Intermediation, 50, April 2022.

"Kicking the Can Down the Road: Government Interventions in the European Banking Sector" with Lea Borchert, Maximilian Jager and Sascha Steffen, Review of Financial Studies, Volume 34, Issue 9, September 2021, Pages 4090–4131.

“Competition for Managers and Corporate Governance” with Marc Gabarro and Paolo Volpin, Journal of Law, Finance, and Accounting: 2021, Vol. 6: No. 1, pp 179-219.

“Credit Lines and the Liquidity Insurance Channel” with Heitor Almeida, Filippo Ippolito and Ander Perez, Journal of Money, Credit and Banking, 2021, 53(5), 901-938.

“Lender of Last Resort versus Buyer of Last Resort – Evidence from the European Sovereign Debt Crisis” with Diane Pierret and Sascha Steffen, Financial Markets, Institutions and Instruments, May 2021.

“The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID” with Sascha Steffen, The Review of Corporate Finance Studies, Volume 9, Issue 3, November 2020, Pages 430–471.

“Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?” with Bjorn Imbierowicz, Sascha Steffen and Daniel Teichmann, Journal of Financial Economics, 138(2), November 2020, Pages 342-365.

“Bank Lines of Credit as Contingent Liquidity: Covenant Violations and their Implications” with Heitor Almeida, Filippo Ippolito and Ander Perez, Journal of Financial Intermediation, October 2020, Vol. 44.

“Risk-Sharing and the Creation of Systemic Risk” with Aaditya Iyer and Rangarajan K. Sundaram, Journal of Risk and Financial Management, 2020, 13(8), 183.

“Quest for Restoring Financial Stability in India”. SAGE Publications India. 2020.

“Economics with Market Liquidity Risk” with Lasse Pedersen, Critical Financial Review, 2019, 8(1-2), 111-125.

"Capital Flow Management with Multiple Instruments" with Arvind Krishnamurthy, 2019, in Álvaro Aguirre & Markus Brunnermeier & Diego Saravia (ed.), Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, Edition 1, 26(6), 169-203, Central Bank of Chile.

“Whatever It Takes: The Real Effects of Unconventional Monetary Policy” with Tim Eisert, Christian Eufinger and Christian Hirsch, Review of Financial Studies, 2019, 32(9): 3366-3411.

“On Reaching for Yield and the Coexistence of Bubbles and Negative Bubbles” with Hassan Naqvi, Journal of Financial Intermediation, 2019, 38:1-10 (lead article).

“Real Effects of the Sovereign Debt Crises in Europe: Evidence from Syndicated Loans” with Tim Eisert, Christian Eufinger and Christian Hirsch, Review of Financial Studies, 2018, 31(8), 2855-2896 (lead article).

“Lending Implications of U.S. Bank Stress Tests: Costs or Benefits?” with Allen Berger and Raluca Roman, Journal of Financial Intermediation, 2018, Vol. 34, 58-90.

“Bank Capital and Dividend Externalities” with Hanh Le and Hyun-Song Shin, Review of Financial Studies, 2017, 30(3), 988-1018.

“Financial Dependence and Innovation: The Case of Public versus Private Firms” with Zhaoxia Xu, Journal of Financial Economics, 2017, 124(2), 223-243 (lead article).

“How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007” with Gara Afonso and Anna Kovner, Journal of Financial Intermediation, 2017, 30:1-34 (lead article).

“Dealer Financial Conditions and Lender of Last Resort Facilities” with Michael Fleming, Warren Hrung and Asani Sarkar, Journal of Financial Economics, 2017, 123(1), 81-107.

“Banks’ Financial Reporting and Financial System Stability”, with Stephen Ryan, Journal of Accounting Research., 2016, 54(2): 277-340 (lead article).

“The Dark Side of Liquidity Creation: Leverage and Systemic Risk” with Anjan Thakor, Journal of Financial Intermediation, 2016, 28:4-21 (lead article).

Editorial

Editor – Journal of Law, Finance and Accounting (2014-2016, 2020-), Journal of Financial Intermediation (2009-2012)

Member of the Editorial Committee – Annual Review of Financial Economics (2022-, Guest Editor - 2020)

Member of the Editorial Board, COVID Economics – Real Time Journal (2020-21);

Associate Editor –Review of Corporate Finance Studies (RCFS, 2011-2016) Review of Finance (2006-2016), Journal of Financial Stability (2004-2016), Journal of Financial Services Research (2007-2016), Journal of Finance (2011-2014), Management Science (2009-2010), Review of Financial Studies (2005-2008), Journal of Financial Intermediation (2005-2008), International Journal of Central Banking (2004-2006);

Advisory Board Member, Review of Finance (2014-2016); Journal of Risk and Financial Management (2020-)

Courses Taught

Topics in Credit Risk (MBA/Undergraduate)

Topics in Credit Risk

Financial Theory II – Part 2 (PhD Corporate Finance)

Nexus Between Financial and Sovereign Credit Risks (PhD Course)

Credit Risk – Contemporary Issues; TRIUM program

Business, Economy and Policy in the Midst of COVID-19, with Richard Berner

Measuring Global Financial Systemic Risk, CKGSB, Summer 2016; Exec Ed Custom Program for the Academy of Certified Portfolio Managers, May 2022.

Awards (Selected)

Clarivate Analytics Highly Cited Researcher, 2020, 2021.

The 2022 Jack Treynor Prize (one of three), sponsored by the Q-Group (The Institute for Quantitative Research in Finance) - “Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress”.

The 2020 Journal of Financial Intermediation (JFI) Best Paper Award – “Bank Lines of Credit as Contingent Liquidity: Covenant Violations and their Implications” with Heitor Almeida, Filippo Ippolito and Ander Perez.

The ERIM Top Article Award for 2020 – “Whatever It Takes: The Real Effects of Unconventional Monetary Policy”.

The 2014 TCFA (The Chinese Finance Association) Award for the Best Paper on Global Financial Markets – “The Greatest Carry Trade Ever? Understanding Eurozone Bank Risks”.

NSE (National Stock Exchange of India) Best Paper Award at the Summer Research Conference of the Center for Analytical Finance (CAF) at Indian School of Business, 2012 – “Sovereign Debt, Government Myopia and the Financial Sector”.

The inaugural Banque de France – Toulouse School of Economics Junior Prize in Monetary Economics and Finance, 2011 (awarded annually to two economists below the age of 40, one affiliated with a European-based institution and one with an institution outside Europe).

Excellence in Refereeing Award, American Economic Review, 2013, 2010, 2009.

Meritorious Service Award, Management Science, 2010.

Distinguished Referee Award, Review of Financial Studies, 2009. .

Outstanding Referee Award, Review of Financial Studies, 2003.

COVID Innovation Teaching Award (with Richard Berner), NYU Stern, 2020-21, for the course “Business, Economy and Policy in the Midst of COVID-19”, with Richard Berner

Deutsche Bank Curriculum Development Grant, NYU Stern, 2010-11.

Runner-up for Best Teacher in Masters in Finance at London Business School, 2006-07