Amy Wang Huber

About Me

I am an Assistant Professor of Finance at the Wharton School of the University of Pennsylvania.  

Large financial institutions play an outsized role in today’s financial markets.  In my research, I seek to understand how competition and regulations affect the incentives of financial intermediaries such as dealers, money market funds, and insurance companies.  My work applies a variety of empirical methods, including structural estimation, to consider the impact of financial intermediation on asset prices, monetary policy, and international finance.

I hold a Ph.D. in Finance from the Stanford Graduate School of Business, and an A.B. in Economics, magna cum laude, from Harvard College.  Prior to graduate school, I was a consultant at McKinsey & Company’s New York office, and a private equity investor for the U.A.E.’s sovereign wealth fund (ADIA).

I am a CFA charterholder and an external consultant for the Federal Reserve Bank of New York.

RESEARCH

Demand Propagation Through Traded Risk Factors

We jointly analyze FX trading and returns to identify traded risk factors and study how demand shocks propagate through them. We quantify cross-multipliers for 17 currencies and 7 asset classes.

Dollar Asset Holdings and Hedging Around the Globe

Using hand-collected data, we provide the first comprehensive estimates of foreign investors' U.S. dollar securities holdings and currency hedging practices. We show that expected FX returns form a key driver of hedging.

Market Power in Wholesale Funding: A Structural Perspective from the Triparty Repo Market

The Journal of Financial Economics (Editor’s Choice)
I quantify the degree of competition in a key wholesale funding market, finding dealer markdowns in the 25 bps range. Dealers’ market power over Triparty cash-lenders contributes to various funding spreads.

Are Intermediary Constraints Priced?

The Review of Financial Studies
We design a trading strategy to directly measure the price of a new component of the intermediary’s SDF: the risk of intermediary constraints tightening.

Demand Propagation Through Traded Risk Factors

We jointly analyze FX trading and returns to identify traded risk factors and study how demand shocks propagate through them. We quantify cross-multipliers for 17 currencies and 7 asset classes.

Dollar Asset Holdings and Hedging Around the Globe

Using hand-collected data, we provide the first comprehensive estimates of foreign investors' U.S. dollar securities holdings and currency hedging practices. We show that expected FX returns form a key driver of hedging.

Market Power in Wholesale Funding: A Structural Perspective from the Triparty Repo Market

The Journal of Financial Economics (Editor’s Choice)
I quantify the degree of competition in a key wholesale funding market, finding dealer markdowns in the 25 bps range. Dealers’ market power over Triparty cash-lenders contributes to various funding spreads.

Are Intermediary Constraints Priced?

The Review of Financial Studies
We design a trading strategy to directly measure the price of a new component of the intermediary’s SDF: the risk of intermediary constraints tightening.

Discussion

TEACHING

Valuation -- MBA -- FNCE 7070