VITALY BORD https://scholar.harvard.edu/vbord

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HARVARD UNIVERSITY

VITALY BORD

vbord@fas.harvard.edu

Placement Director: John Campbell Placement Director: Nathan Hendren Graduate Administrator: Brenda Piquet

JOHN_CAMPBELL@FAS.HARVARD.EDU NHENDREN@HARVARD.EDU

BPIQUET@FAS.HARVARD.EDU

617-496-6448 617-496-3588 617-495-8927

Office Contact Information Harvard Business School, Baker Library Boston, MA 02163 646-319-4834

Personal Information: Date of birth: April 3, 1987; Citizenship: U.S.A.

Academic Employment: Behavioral Finance and Financial Stability Project, Harvard Business School Post-Doctoral Fellow, July 2018 - present

Harvard University Economics Department Visiting Scholar, July 2018 ? present

References: Professor David Scharfstein Harvard Business School, Baker Library 617-496-5067, dscharfstein@hbs.edu

Professor Victoria Ivashina Harvard Business School, Baker Library 617-495-8018, vivashina@hbs.edu

Professor Adi Sunderam Harvard Business School, Baker Library 617-495-6644, asunderam@hbs.edu

Doctoral Studies: Ph.D., Business Economics, Harvard University, May 2018 Thesis Title: Essays in Financial Intermediation

Prior Studies: B.A., Economics and Mathematics, Columbia University, summa cum laude, May 2009 M.A., Statistics, Columbia University, May 2012

Teaching and Research Fields: Primary fields: Financial Intermediation, Corporate Finance Secondary fields: Consumer Finance

Prior Employment: 2009-2012

Federal Reserve Bank of New York, Research Associate, Assistant Economist, and Economist Level C

Teaching Experience: Spring 2015, 2016, and Fall 2018

Econ 970, "Economics of Risk and Uncertainty," Harvard University Main Instructor (designed and taught sophomore tutorial)

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Honors, Scholarships, and Fellowships:

2012-2018

Graduate School of Arts and Sciences Fellowship, Harvard University

2015, 2016

Certificate of Distinction in Teaching

Research Papers: "Bank Consolidation and Financial Inclusion: The Adverse Effects of Bank Mergers on Depositors" (Job Market Paper)

I document that large banks have higher fees and higher minimum required balances on deposit accounts relative to small banks. As a result, bank consolidation makes it relatively more expensive for low-income households to maintain bank accounts. Using a difference-in-differences methodology to estimate a causal impact, I show that following acquisitions of small banks by large banks, deposit account fees and minimum required balances increase, and deposit outflow is almost 2% per year higher, relative to acquisitions by other small banks. The effect of consolidation on deposit outflow is stronger in areas with a higher proportion of low-income households. Areas in which large banks acquired small banks subsequently experience faster growth in non-bank financial services such as check-cashing facilities, consistent with some of the outflow corresponding to depositors who leave the banking system altogether. Moreover, households in areas affected by bank consolidation are more likely to accrue unpaid debts and to experience evictions after personal financial shocks, in line with these households facing difficulty in accumulating emergency savings without bank accounts.

"Large Banks and Small Firm Lending" (with Victoria Ivashina and Ryan D. Taliaferro, Submitted)

We show that since 2007, there has been a large and persistent shift in the composition of lenders to small firms. Large banks impacted by the collapse of real estate prices systematically contracted their credit to all small firms throughout the U.S.. However, healthy banks expanded their operations and entered new banking markets. The market share gain of these banks is a standard deviation above the long-run historical market share growth and persists for years following the financial crisis. Despite this offsetting expansion, the net effect of the contraction in credit is negative, with lower aggregate credit and deposits growth, and lower entrepreneurial activity through 2015.

Research Papers in Progress: "Risk, Lending, and Organizational Form: Lessons from Small Lenders"

"Bank Pricing and Cross-Selling of Products"

"Industry Consolidation and Small Business Lending"

Publications: Bord, V.M. and J.A.C. Santos. (2015). "Does Securitization of Corporate Loans Lead to Riskier Lending?" Journal of Money, Credit, and Banking. 47(2-3), 415-444.

Bord, V.M. and J.A.C. Santos. (2014). "Bank Liquidity and the Cost of Liquidity to Corporations." Journal of Money, Credit, and Banking. 46(1), 13-45.

Bord, V.M. and J.A.C. Santos. (2012). "Banks' Originate to Distribute Model and the Rise of Shadow Banking." Federal Reserve Bank of New York Economic Policy Review. July 2012: 1-14.

Invited Presentations: 2017 2015

Eastern Finance Association Annual Meeting European Finance Association Annual Meeting

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