

Banking Is Getting Easier, but Is It Riskier?
Fintech may be generating unintended consequences for consumers and the industry.
{PubDate}Constantine Yannelis is a Visiting Professor of Finance from the University of Cambridge.聽 At Cambridge, he聽is the Janeway Professor of Financial Economics, and he also holds the position of the Deputy Director of the Janeway Institute.聽 Prior to joining the University of Cambridge, Yannelis was first Assistant Professor and then聽Associate Professor of Finance at Chicago Booth.聽 He is also a faculty research fellow at the National Bureau of Economic Research.
Yannelis' research focuses on household finance, corporate finance, public finance, human capital and student loans. His recent research primarily explores repayment, information asymmetries and strategic behavior in the student loan market. Yannelis鈥 academic research has been featured in The Wall Street Journal, Financial Times, The New York Times, The Washington Post, The Economist, Bloomberg, Forbes and other media outlets and has been published in leading academic journals such as the Journal of Financial Economics, the Journal of Finance, the Review of Financial Studies and the American Economic Review. Yannelis won the 2021 AQR Young Researcher Award, recognizing聽 talented new academics producing innovative and impactful research.
Before joining Booth, Yannelis was an Assistant Professor of Finance at New York University Stern School of Business. Prior to his time at NYU Stern, he worked at the United States Department of the Treasury, the Organization for Economic Cooperation and Development, the United Nations and the Federal Reserve Bank of Chicago as an Associate Economist.聽
Yannelis earned a BA in economics and history from the University of Illinois at Urbana-Champaign and an MA in applied mathematics from Universit茅 de Paris I: Panth茅on-Sorbonne. He holds a PhD in economics from Stanford University.
鈥淎 Day Late and a Dollar Short: Subsidies to Human Capital Investment, Credit Constraints and Consumption Smoothing鈥 (with Adam Isen and Sarena Goodman) Journal of Financial Economics, accepted
鈥淟oan Guarantees and Credit Supply鈥 (with Natalie Bachas and Olivia Kim) Journal of Financial Economics, forthcoming
鈥淔inancial Inclusion, Human Capital, and Wealth Accumulation: Evidence from the Freedman鈥檚 Savings Bank鈥 (with Luke Stein) Review of Financial Studies, 33 (11), 5333鈥5377, November 2020
鈥淲hen Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education鈥 (with Charlie Eaton and Sabrina Howell) Review of Financial Studies, 33(9), 4024鈥4060, September 2020
鈥淒oes Climate Change Affect Real Estate Prices? Only If You Believe In It鈥 (with Markus Baldauf and Lorenzo Garlappi) Review of Financial Studies, 33(3), 1256鈥1295, March 2020
鈥淪tudents in Distress: Home Prices and Student Loan Default in the Great Recession鈥 (with Holger M. Mueller) Journal of Financial Economics, (lead article) 131(1), 1-19, January 2019
鈥淭he Real Effects of the Uninsured on Premia鈥 (with Stephen Sun) Journal of the European Economic Association, 14(2), 405-37, April 2016
鈥淚ncome Changes and Consumption: Evidence from the 2013 Federal Government Shutdown鈥 (with Scott Baker) Review of Economic Dynamics, 23(1), 99-124, January 2017
鈥淐redit Constraints and Demand for Higher Education: Evidence from Financial Deregulation鈥 (with Stephen Sun) The Review of Economics and Statistics, 98(1), 12-24, March 2016
鈥淎 Crisis in Student Loans? How Changes in the Characteristics of Borrowers and in the Institutions they Attended Contributed to Rising Loan Defaults鈥 (with Adam Looney)聽Brookings Papers on Economic Activity, (lead article) 2015(2), 1-89, Fall 2015