How Do Regulators Influence Mortgage Risk: Evidence from an Emerging Market

John Y. Campbell, Tarun Ramadorai, Benjamin Ranish

NBER Working Paper No. 18394
Issued in September 2012, Revised in July 2013

---- Acknowledgements ----

We gratefully acknowledge an Indian mortgage provider for providing us with the data, and many employees of the Indian mortgage provider, Santosh Anagol, Amit Bubna, Jishnu Das, Jennifer Huang, Ajay Shah, S. Sridhar, Usha Thorat, R. V. Verma, and Vikrant Vig for useful conversations and discussions. We thank seminar participants at the Econometric Society/European Economics Association Malaga Conference, the NBER Household Finance Summer Institute, IIM Bangalore, the World Bank, the Oxford-Man Institute of Quantitative Finance, Saïd Business School, the HKUST Household Finance Symposium, the NUS-IRES Real Estate Symposium, the NHB-CAFRAL Conference, and the NIPFP-DEA Conference on International Capital Flows for comments, the International Growth Centre and the Sloan Foundation for financial support, and Vimal Balasubramaniam for able research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for John Y. Campbell ----

John Y. Campbell

Outside Activities Since 2006

A. Compensated Activities1

Asset Management

Founding partner since 1999, Arrowstreet Capital, LP:

Commissioned Research

Alfred P. Sloan Foundation: grant for international comparative studies of household finance, 2011-2014

Brookings Institution: paper with Robert Shiller and Luis M. Viceira, “Understanding

Inflation-Indexed Bond Markets”, Brookings Papers on Economic Activity 79-120, Spring


Conference Organization

National Bureau of Economic Research, conference on Asset Prices and Monetary Policy,


Speaking Engagements

Journal of Investment Management, 2007

Mellon Global Investments, Brazil, 2007

Real Colegio Complutense, 2007 and 2008

Pension Real Estate Association, 2008

International Conference on Economics, Finance, and Accounting, National Taiwan

University, 2009

China International Conference in Finance, Beijing, 2010

Forum for the Future of Higher Education, Aspen, 2011

Karl Borch Lecture, NHH, Bergen, Norway, 2011

David Kinley Lecture, University of Illinois, 2012

Purvis Lecture, Canadian Economic Association, 2012

Morgan Stanley Lecture, New Economic School, Moscow, 2012

International Monetary Fund, Washington, DC, 2012

B. Significant Non-Compensated Activities

American Economic Journal Macroeconomics: Editorial Board, 2007-09

Econometric Society: Council, 2002-09; Investments Committee, 2006-10

Harvard Management Company: Board, 2004-11

International Atlantic Economic Society: President, 2008-09

Journal of Financial Econometrics: Advisory Board, 2001-present

Journal of Financial Economics: Associate Editor, 2007-present

Journal of Money, Credit, and Banking: Advisory Board, 2001-present

Oxford-Man Institute: Academic Advisory Board, 2012-present

Board of Trustees, Andover Newton Theological School, 2012-present

Academic Research Council, Consumer Financial Protection Bureau, 2012-present

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