Photo of Jack Bao

Jack Bao

Education

  • Ph.D., Financial Economics, Massachusetts Institute of Technology, 2009
  • B.S., Operations Research, Columbia University, 2003
Current Research Topics
  • Credit Risk, Liquidity, Debt Markets
  • Debt Issuance, M&A, Investment Banks
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2016 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2015 - 2016
  • Economist

    Board of Governors of the Federal Reserve System

    2014 - 2015
  • Assistant Professor of Finance

    Ohio State University, Fisher College of Business

    2009 - 2014
  • Bao, Jack, and Kewei Hou (forthcoming). "De Facto Seniority, Credit Risk, and Corporate Bond Prices," Review of Financial Studies.
  • Bao, Jack, Maureen O'Hara, and Xing (Alex) Zhou (forthcoming). "The Volcker Rule and Corporate Bond Market-Making in Times of Stress," Journal of Financial Economics.
  • Bao, Jack, Kewei Hou, and Shaojun Zhang (2016). "Systemic Default and Return Predictability in the Stock and Bond Markets," Charles A. Dice Center Working Paper 2016-02. Ohio State University.
  • Bao, Jack, Jia Chen, Kewei Hou, and Lei Lu (2015). "Prices and Volatilities in the Corporate Bond Market," Charles A. Dice Center Working Paper 2015-18. Ohio State University.
  • Bao, Jack, Josh David, and Song Han (2015). "The Runnables," FEDS Notes 2015-09-03. Board of Governors of the Federal Reserve System (U.S.).
  • Bao, Jack, and Jun Pan (2013). "Bond Illiquidity and Excess Volatility," Review of Financial Studies, vol. 26, no. 12, pp. 3068-3103.
  • Bao, Jack, and Alex Edmans (2011). "Do Investment Banks Matter for M&A Returns?" Review of Financial Studies, vol. 24, no. 7, pp. 2286-2315.
  • Bao, Jack, Jun Pan, and Jiang Wang (2011). "The Illiquidity of Corporate Bonds," Journal of Finance, vol. 66, no. 3, pp. 911-946.
  • conference

    June 2017

    Financial Intermediation Research Society

    The Volcker Rule and Corporate Bond Market-Making in Times of Stress

  • conference

    April 2017

    Wharton Conference on Financial Regulation and the Rule of Law

    The Volcker Rule and Corporate Bond Market-Making in Times of Stress

  • seminar

    March 2017

    Securities and Exchange Commission

    The Volcker Rule and Corporate Bond Market-Making in Times of Stress

  • discussion

    January 2017

    American Finance Association

    The Cost of Immediacy for Corporate Bonds (Dick-Nielsen and Rossi)

  • conference

    November 2016

    San Francisco Fed Conference on Financial Structure and Regulation

    The Volcker Rule and Market-Making in Times of Stress

  • conference

    October 2016

    Conference on Financial Economics and Accounting

    The Volcker Rule and Market-Making in Times of Stress

  • conference

    March 2016

    UBC Winter Finance Conference

    Systemic Default and Return Predictability in the Stock and Bond Markets

  • discussion

    December 2015

    Atlanta Fed Real Estate Conference

    Why Do Dealers Buy High and Sell Low? An Analysis of Persistent Crossing in Extremely Segmented Markets (Atanasov, Merrick, and Schuster)

  • seminar

    October 2015

    University of Illinois at Chicago

    Why do firms issue secured debt?

  • discussion

    October 2015

    Financial Management Association

    Does Hiring M&A Advisors Matter for Private Sellers? (Agrawal, Cooper, Lian, and Wang)

  • discussion

    May 2015

    Financial Intermediation Research Society

    On the demand for high beta stocks: Evidence from mutual funds (Christoffersen and Simutin)

  • conference

    January 2015

    American Finance Association

    Prices and Volatilities in the Corporate Bond Market

  • discussion

    June 2014

    Western Finance Association

    Liquidity premia in CDS markets (Kamga and Wilde)

  • discussion

    June 2014

    Western Finance Association

    Liquidity Risk in Credit Default Swap Markets (Junge and Trolle)

  • discussion

    June 2014

    Western Finance Association

    Did Liquidity Providers Become Liquidity Seekers?: Evidence from the CDS-Bond Basis during the 2008 Financial Crisis (Choi and Shachar)

  • conference

    June 2014

    City University of Hong Kong Finance Symposium

    Prices and Volatilities in the Corporate Bond Market

  • discussion

    June 2014

    City University of Hong Kong Finance Symposium

    What Drives the CDS Basis in the Credit Market? (Man, Wang, and Wu)

  • seminar

    February 2014

    North Carolina State University

    Comovement of Corporate Bonds and Equities

  • discussion

    January 2014

    American Finance Association

    Liquidity, Transparency and Disclosure in the Securitized Product Market (Friewald, Jankowitsch, and Subrahmanyam)

  • seminar

    December 2013

    University of South Carolina

    Comovement of Corporate Bonds and Equities

  • seminar

    December 2013

    Federal Reserve Board of Governors

    Comovement of Corporate Bonds and Equities

  • seminar

    December 2013

    Boston University

    Comovement of Corporate Bonds and Equities

  • seminar

    November 2013

    Rutgers

    Comovement of Corporate Bonds and Equities

  • seminar

    November 2013

    Baruch

    Comovement of Corporate Bonds and Equities

  • seminar

    November 2013

    Texas A&M

    Comovement of Corporate Bonds and Equities

  • conference

    August 2013

    European Finance Association

    Comovement of Corporate Bonds and Equities

  • discussion

    August 2013

    European Finance Association

    Liquidity Premium in the Eye of the Beholder: An Analysis of the Clientele Effect in the Corporate Bond Market (Huang, Sun, Yao, and Yu)

  • conference

    August 2013

    Inquire UK

    Comovement of Corporate Bonds and Equities

  • conference

    April 2013

    South Carolina Fixed Income Conference

    Comovement of Corporate Bonds and Equities

  • discussion

    June 2012

    Western Finance Association

    Pricing Liquidity Risk with Heterogeneous Investment Horizons (Beber, Driessen, and Tuijp)

  • conference

    April 2012

    South Carolina Fixed Income Conference

    Excess Volatility of Corporate Bonds

  • discussion

    August 2011

    European Finance Association

    The Effects of Quantitative Easing on Interest Rates (Krishnamurthy and Vissing-Jorgensen)

  • discussion

    October 2009

    Financial Management Association

    Risk-Based Capital and Credit Insurance Portfolios (Lai and Soumare)

  • conference

    June 2009

    Western Finance Association

    Liquidity of Corporate Bonds

Awards
  • 2012

    Ohio State University, Fisher College of Business

    Outstanding SMF Professor

Conference Organization
  • 2017 | Chicago, IL

    Midwest Finance Association

    Session Chair

  • 2011-2016

    European Finance Association

    Program Commitee

  • 2013-2014, 2016-2017

    Western Finance Association

    Program Committee

  • 2013-2017

    Midwest Finance Association

    Program Committee

  • 2011 | Stockholm, Sweden

    European Finance Association

    Session Chair

Editor
  • Associate Editor, Journal of Empirical Finance, 2017 - Present
Referee
  • Econometrica
  • European Financial Management
  • Financial Management
  • International Finance
  • Journal of Banking & Finance
  • Journal of Corporate Finance
  • Journal of Empirical Finance
  • Journal of Finance
  • Journal of Financial Intermediation
  • Journal of Financial Markets
  • Journal of Financial & Quantitative Analysis
  • Journal of Risk and Financial Management
  • Management Science
  • Review of Asset Pricing Studies
  • Review of Finance
  • Review of Financial Studies
Last update: July 31, 2017