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. I received my PhD in Finance from Rutgers University, an MA in Economics from Vanderbilt University, and a Bachelor of Arts and Science in Applied Mathematics and Economics from the University of California, Los Angeles.
My research studies how regulation, market structure, and technological change shape risk and capital allocation. I focus on banking, financial intermediation, and corporate finance, with work on bank diversification, political alignment and risk-taking, cryptocurrency markets, and generative AI’s effects on credit markets, investment, and labor. I am particularly interested in how these forces translate into firm behavior and financial stability.
I teach FinTech, Investments, and Corporate Finance at The College of New Jersey and FinTech, AI, Business, Finance, and Economics at Columbia University.
Email: panja@tcnj.edu | CV | SSRN | Google Scholar | LinkedIn
Artificial Intelligence and Corporate Finance
This research agenda studies how generative AI reshapes corporate finance by tracing its impact from credit market pricing to firm investment decisions and ultimately to workforce dynamics, providing a unified view of disruption risk, real adjustment, and underlying mechanisms.
Equity Prices the Opportunity, Debt Prices the Risk: Generative AI and Corporate Credit Spreads
(with Priyank Gandhi, Juntai Lu, Alberto Plazzi, and Jia Wei)
GenAI exposure increases bond spreads, consistent with a disruption channel.
Selected Presentations: EasternFA Early Career Forum (2026)
Generative AI and Corporate Investment
(with Priyank Gandhi, Simi Kedia, Juntai Lu, and Jia Wei)
GenAI exposure reduces CapEx and R&D, consistent with real options under uncertainty.
Generative AI and Corporate Workforce Dynamics
(with Priyank Gandhi, Juntai Lu and Jia Wei)
Examines hiring, turnover, and task reallocation under GenAI adoption.
Banking and Financial Intermediation
Banking and Financial Intermediation
Do Measures of Bank Diversification "Measure Up"?
(with Priyank Gandhi and Darius Palia)
Develops a correlation-adjusted entropy measure predicting profitability and lower risk.
Selected Presentations: AFA Junior Faculty Mentorship Program (2026), MFA (2026), FMA (2025)
Executive Political Alignment and Bank Risk-Taking
(with Priyank Gandhi, Simi Kedia, and Juntai Lu)
Political alignment increases bank risk-taking.
Bank Business Line Diversification and Lending
(with Alan Chernoff and Juntai Lu)
Diversification improves lending resilience during crises.
Financial Market Structure and Digital Assets
Financial Market Structure and Digital Assets
Exchange Heterogeneity in Cryptocurrency Volatility and Price Jumps
(with Alan Chernoff, Le "Tim" Dong, and Juntai Lu) Under Review
Cross-exchange differences driven by liquidity frictions.
Block Size, Miners Discretion, and Blockchain Adoption
(with Le "Tim" Dong) Under Review
Lower throughput increases monitoring, constrains miners, and improves adoption.
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