Born in China, raised in Canada, educated in the U.S., I lived and worked in the U.A.E before coming to grad school for a Ph.D in Finance.
My experiences around the globe let me see the disproportionate influence wielded by large institutions. My research therefore examines the impact of large financial intermediaries on asset prices, employing both traditional asset pricing theories and tools from industrial organization.
Leveraging my knowledge of the financial markets, I help executives and companies navigate issues in corporate finance and capital markets.
Outside of research, I’m a triathlon enthusiast, long-time piano player, and happy wife of fellow economist Stefan Huber.DOWNLOAD MY CV
Magna cum laude. Phi Beta Kappa. 3x John Harvard Scholar.
Completed all 3 levels of CFA exams in 2 years while working full-time.
Financial intermediation. International asset pricing. Macro-finance. Structural estimation.
Cash flow modeling and scenario planning. Strategy revamp. Project management.
ADIA-wide portfolio allocation. Primary and secondary fund investments. Direct investments.
Financial product feasibility analysis. Board presentation design. Middle East business opportunity introductions.
Violations of no-arbitrage conditions measure the shadow cost of intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that the risk of these constraints tightening is priced. We describe a “forward CIP trading strategy” that bets on CIP violations shrinking and show that its returns help identify the price of this risk. This strategy yields the highest returns for currency pairs associated with the carry trade. The strategy’s risk contributes substantially to the volatility of the stochastic discount factor, is correlated with both other near-arbitrages and intermediary wealth measures, and appears to be priced consistently across various asset classes.
I model and structurally estimate the equilibrium rates and volumes on the Triparty repo market to study the monetary transmission to this key financial market. I show that even within this highly liquid and sophisticated market, financial intermediaries hold substantial market power and command about 85% of the total surplus. I further show through counterfactual exercises that the Federal Reserve’s Reverse Repo Facility was instrumental in keeping the Triparty repo rate above policy target: without it, intermediaries' markdown would widen, leaving the Triparty repo rate about 12 bps (34%) below policy target and lower the passthrough rate to the broader financial market by about 6 bps.
I do sports because steadily working toward the next milestone is how I live my life.
I remember my anxiety the first time I swam in the ocean, cycled up Mount Fig, and decided to run a marthon; and I relish emerging on the other side, a better person.
I co-founded OpenDoors Foundation after living and volunteering in South Africa. The Foundation lowered barriers to education for the underprivileged is now part of The Masipumelele Library.
I co-founded Veritas@Stanford, affiliated with the national Veritas Forum, to promote interfaith dialogues on the college campus.
I believe in the power of education, engagement, and exploration.
I’ve been playing the piano for 22+ years, and I’m the proud guardian of a 99-year-old vintage piano named Wolfgang.
I started dancing (ballroom, fusion, modern) in college, and picked up Improv in grad school.
I love the way that thoughts and emotions are expressed through arts.
KM RAN IN GRAD SCHOOL
NIGHTS OF GIRL SCOUNT CAMPING