Mahyar Kargar

Assistant Professor of Finance

Contact

435 Wohlers Hall

1206 S Sixth St

Champaign, IL 61820

Listings

Educational Background

PhD, Finance, University of California at Los Angeles, 2019
MBA, Honors, Finance, University of California at Los Angeles, 2013
PhD, Electrical and Computer Engineering, University of California at Irvine, 2009
M.S., Honors, Electrical Engineering, University of Southern California, 2003
Bachelor of Science, Electrical Engineering, Sharif University of Technology, 2001

Positions Held

Instructor of Finance, University of Illinois at Urbana-Champaign, 2019-2019
Assistant Professor of Finance, University of Illinois at Urbana-Champaign, 2019 to present
Research Assistant, National Bureau of Economic Research, 2015-2016
Summer Intern, Research Affiliates, 2013
Principal Scientist, Broadcom Limited, 2009-2013

Recent Publications

Kargar, M., & Mann, W. (2023). The incidence of student loan subsidies: Evidence from the PLUS program. Review of Financial Studies, 36 (4), 1621–1666.
Kargar, M., Lester, B., Lindsay, D., Liu, S., Weill, P., & Zuniga, D. (2021). Corporate Bond Liquidity During the COVID-19 Crisis. Review of Financial Studies, 34 (11), 5352-5401.

Other Publications

Articles

Kargar, M. (2021). Heterogeneous Intermediary Asset Pricing. Journal of Financial Economics, Elsevier. link >

Presentations

Kargar, M. (2023). Sequential Search for Corporate Bonds. NBER Asset Pricing Meeting, Spring 2023, NBER.
Kargar, M. (2023). Liquidity and Risk in OTC Markets: A Theory of Asset Pricing and Portfolio Flows. Caltech’s division of Humanities and Social Sciences, Caltech’s division of Humanities and Social Sciences.
Kargar, M. (2023). Sequential Search for Corporate Bonds. NBER Big Data and Securities Markets, Spring 2023, NBER.
Kargar, M. (2022). Liquidity and Risk in OTC Markets: A Theory of Asset Pricing and Portfolio Flows. Arizona State University Carey School of Business, Arizona State University Carey School of Business.
Kargar, M., & Silva, D. (2021). A Competitive Search Theory of Asset Pricing. SFS Cavalcade North America.
Kargar, M., Schwert, M., Aiello, D., Bernstein, A., & Lewis, R. (2021). The Economic Burden of Pension Shortfalls: Evidence from House Prices. SFS Cavalcade North America.
Kargar, M. (2021). Corporate Bond Liquidity During the COVID-19 Crisis. Midwest Finance Association.
Kargar, M. (2020). Corporate Bond Liquidity During the COVID-19 Crisis. Conference on the Financial Consequences of the COVID-19 Pandemic, Journal of Finance and Fama-Miller Center at the University of Chicago.
Kargar, M., Lester, B., Lindsay, D., Liu, S., Zuniga, D., & Weill, P. (2020). Corporate Bond LIquidity During the COVID-19 Crisis. Conference on financial stability and the coronavirus pandemic, Federal Reserve Bank of Atlanta and Georgia State University.
Kargar, M. (2020). Corporate Bond Liquidity During the COVID-19 Crisis. Workshop on Liquidity in Fixed Income Markets, Search and Matching in Macro and Finance (SaMMF.
Kargar, M. (2020). Inventory, Market Making, and Liquidity: Theory and Application to the Corporate Bond Market. Conference on The Impact of Post-Crisis Regulation on Financial Markets, Federal Reserve Bank of Philadelphia.
Kargar, M. (2020). Heterogeneous Intermediary Asset Pricing. American Finance Association Annual Meeting, AFA.
Kargar, M. (2019). Who Pays for Underfunded Pensions? Evidence From Homeowners. Financial Research Association.

Working Papers

Kargar, M., Silva, D., & Duarte, V. Dissecting the Aggregate Market Elasticity.
Kargar, M., & Duarte, V. Why is Asset Demand Inelastic.
Kargar, M. Sequential Search for Corporate Bonds.
Kargar, M., Lester, B., Weill, P., & Cohen, A. Inventory, Market Making, and Liquidity in OTC Markets.
Aiello, D., Bernstein, A., Kargar, M., Lewis, R., & Schwert, M. The Marginal Value of Public Pension Wealth: Evidence From Border House Prices.
Kargar, M., Wu, Y., & Choi, J. Investor Demand, Firm Investment, and Capital Misallocation.
Kargar, M., Passadore, J., & Silva, D. Liquidity and Risk in OTC Markets: A Theory of Asset Pricing and Portfolio Flows.
Kargar, M., & Dunn, B. Funding Liquidity and the Valuation of Mortgage-Backed Securities.

Honors and Awards

Excellence in teaching award, Center for Innovation in Teaching & Learning, 2022-2022

Grants

Adolph C. Zarbock Research Grants for research in Finance, Department of Finance, University of Illinois, 2023-2023
Gies Grants Research proposal on the “Importance of pre-trade transparency in the corporate bond market", Gies College of Business, 2023 to present
The Adolph C. Zarbock Research Grant for the study of financial markets, Department of Finance, University of Illinois, 2019-2020
8th Macro Finance Society Workshop Student Travel Grant, 2016
American Finance Association (AFA) Doctoral Student Travel Grant, 2014

Service

Session Chair, Midwest Finance Association, 2021-2021
Program Committee Member, European Finance Association, 2021-2021
Program Committee Member, SFS Cavalcade North America Conference, 2020-2021
Session Chair, SFS Cavalcade North America, 2020-2020

Research Interests

Asset Pricing, Macro Finance, Financial Intermediation

Current Courses

Fixed Income Portfolios (FIN 415) Conceptual foundations and implementation of strategies for the selection, evaluation, and revision of portfolios of fixed-income financial assets (bonds).
Financial Derivatives (FIN 512) Introduction to options, futures, swaps and other derivative securities; examination of institutional aspects of the markets; theories of pricing; discussion of simple as well as complicated trading strategies (arbitrage, hedging, and spread); applications for asset and risk management.
Fixed Income Portfolios (FIN 515) Conceptual foundations and implementation of strategies for the selection, evaluation, and revision of portfolios of fixed-income financial assets (bonds); examination of related research.
Individual Study and Research (FIN 590) Directed reading and research.

Contact

435 Wohlers Hall

1206 S Sixth St

Champaign, IL 61820