Jasper Pan, PhD
Jasper Pan, PhD
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I am a tenure-track Assistant Professor of Finance at The College of New Jersey. My research asks how firms and financial markets price, disclose, and adapt to technological disruption, with current work on generative AI's effects on credit spreads, corporate investment, and financial reporting, alongside studies of bank diversification, market structure, and AI regulation. I received my PhD in Finance from Rutgers University, an MA in Economics from Vanderbilt University, and a BAS in Applied Mathematics and Economics from the University of California, Los Angeles.
Research Interests: Corporate Finance; Financial Intermediation; Artificial Intelligence; Law and Finance
Email: panja@tcnj.edu | CV | SSRN | Google Scholar | LinkedIn
Artificial Intelligence and Corporate Finance
Artificial Intelligence and Corporate Finance
Equity Prices the Opportunity, Debt Prices the Risk: Generative AI and Corporate Credit Spreads [LINK]
(with Priyank Gandhi, Juntai Lu, Alberto Plazzi, Jia Wei)
GenAI exposure increases bond spreads, consistent with a disruption channel.
GenAI exposure increases bond spreads, consistent with a disruption channel. Abstract: We show that firms' workforce exposure to generative AI widens corporate bond spreads following the release of ChatGPT, even as it raises equity values. A structural credit-risk model with parameter uncertainty shows that the same exposure shock that prices opportunity in equity prices risk in debt. The effect is concentrated in firms with greater leverage and rollover risk, consistent with a technological-disruption channel rather than a pure productivity gain.
Status: Working Paper (available on SSRN)
Presentations: EasternFA Early Career Forum, Rutgers Camden
Scheduled: ISB Summer Research Conference, Wharton-Chicago-Harvard Insolvency and Restructuring Conference, SFA, RCF-ECGI Corporate Finance and Governance Conference, Fresno State
Awaiting the Prompt: Generative AI Uncertainty and Corporate Investment
(with Priyank Gandhi, Simi Kedia, Juntai Lu, Jia Wei)
GenAI exposure reduces CapEx, R&D, and M&A, consistent with real options under uncertainty.
Status: Working Paper
Scheduled: SFA
Data Readiness and Firm Adjustment to Generative AI
(with Tim Dong)
Data-ready GenAI-exposed firms hire leaner and earn more, consistent with a complements channel that disciplines empire-building.
Status: Working Paper
Technology Risk and Corporate Debt Structure: Lessons from Public Bonds and Syndicated Loans
(with Tim Dong)
GenAI exposure widens public bond spreads but not loan spreads; the loan-market response appears in facility purpose, consistent with private credit defending continuation value rather than repricing risk.
Status: Working Paper
Generative AI and Financial Misreporting
(with Tim Dong)
GenAI-exposed firms manage earnings and mask labor cuts to pool with AI-productivity winners.
Status: Work in Progress
Generative AI and Corporate Workforce Dynamics
(with Priyank Gandhi, Juntai Lu, Jia Wei)
Examines hiring, turnover, and task reallocation under GenAI adoption.
Status: Work in Progress
Banking and Financial Intermediation
Banking and Financial Intermediation
Do Measures of Bank Diversification "Measure Up"?
(with Priyank Gandhi, Darius Palia)
Develops a correlation-adjusted entropy measure predicting profitability and lower risk.
Presentations: AFA Junior Faculty Mentorship Program, MFA, FMA, EasternFA, European University Institute, Financial Markets and Liquidity Conference, PBFEAM Conference, RCF-ECGI Corporate Finance and Governance Conference, Friends of Women in Finance Symposium, Contemporary Issues in Financial Markets and Banking Conference, Sydney Banking and Financial Stability Conference, AUT, CEU, Melbourne, Monash, Rutgers, Sydney, UNSW, Victoria, Sacred Heart, AFA Committee on Racial Diversity, International Moscow Finance Conference
Status: Working Paper (available on SSRN)
Scheduled: SFA
Executive Political Alignment and Bank Risk-Taking
(with Priyank Gandhi, Simi Kedia, Juntai Lu)
Political alignment increases bank risk-taking.
Status: Work in Progress
Bank Business Line Diversification and Lending
(Formerly titled Bank Diversification and Tail Risk)
(with Alan Chernoff, Juntai Lu)
Diversification improves lending resilience during crises.
Presentations: SouthwesternFA, Contemporary Issues in Financial Markets and Banking Conference, Research Symposium on Finance and Economics, Northeast Business and Economics Association, Rutgers, Hofstra, Xavier, TCNJ, UDC, Inter-Finance PhD Seminar
Status: Work in Progress
Information and Financial Markets
Information and Financial Markets
Ambiguous Fedspeak and Risk Allocation in Corporate Bond Markets
(with Tim Dong)
Ambiguous Fed communication shifts bond risk to long-horizon insurers.
Status: Under Review at Journal of Financial Services Research
Financial Market Structure and Digital Assets
Financial Market Structure and Digital Assets
Exchange Heterogeneity in Cryptocurrency Volatility and Price Jumps
(with Alan Chernoff, Tim Dong)
Cross-exchange differences are driven by liquidity and trading frictions.
Status: Revise and Resubmit at Review of Pacific Basin Financial Markets and Policies
Block Size, Miners Discretion, and Blockchain Adoption
(with Tim Dong)
Lower throughput increases monitoring, constrains miners, and improves adoption.
Status: Under Review at Global Finance Journal
Measuring the DeFi Control Layer: Governance, Liquidations, and Lending Flows
(with Tim Dong)
DeFi looks decentralized until you measure who actually controls the votes, liquidations, and leverage.
Status: Under Review at Global Finance Journal
Artificial Intelligence and Law
Artificial Intelligence and Law
Did Generative AI Improve Disclosure Readability? An Empirical Study
(with Uri Benoliel, Tim Dong)
Risk disclosures became harder to read after ChatGPT.
Status: Working Paper
Hard Law, Soft Law, and the Political Economy of AI Regulation
(with Stergios Aidinlis, Tim Dong)
Builds a cross-country taxonomy of AI regulation and shows that clarity drives investment and innovation.
Status: Work in Progress
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