Amit Seru

Senior Fellow

Amit Seru is a Senior Fellow at the Hoover Institution, a Professor of Finance at the Stanford Graduate School of Business, and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER). He formerly taught at the University of Chicago’s Booth School of Business.

Professor Seru’s primary research interest is in corporate finance. He is interested in issues related to financial intermediation and regulation, interaction of internal organization of firms with financing and investment, and incentive provision in firms. His papers in these areas have been published in several journals, including, the American Economic Review, the Quarterly Journal of Economics, the Journal of Political Economy, the Journal of Finance, the Journal of Financial Economics, the Journal and the Review of Financial Studies. He is a Co-Editor of the Journal of Finance and an Associate Editor of the Journal of Political Economy. His research has been featured in major media, including the Wall Street Journal, the New York Times, the Financial Times and the Economist.

Seru earned a bachelor’s degree in electronics and communication and an MBA from the University of Delhi. Subsequently, he received a PhD in finance from the University of Michigan before joining the University of Chicago. He was a senior consultant at Accenture before pursuing his Ph.D. Seru was the recipient of a Rackham Pre-Doctoral Fellowship at University of Michigan and received a Lt. Governor’s gold medal for overall academic excellence at the University of Delhi.

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Recent Commentary

Analysis and Commentary

Arbitration With Uninformed Consumers

by Mark Egan, Amit Seru via Harvard Law School
Monday, January 28, 2019

Arbitration is a private mechanism for resolving disputes outside of the court system. In arbitration the contracting parties present their case to a private arbitrator who then issues a legally-binding resolution to the dispute. When consumers purchase a product or service, the purchase often contains a pre-dispute arbitration provision, which legally mandates that the consumer must resolve any related dispute using arbitration.

Analysis and Commentary

Regulation Of The Mortgage Market Must Consider Shadow Banks

by Amit Seru via Stanford Institute for Economic Policy Research (SIEPR)
Thursday, December 20, 2018

When we think about mortgages, what often comes to mind is a traditional bank or savings institution. The corner banker is seen as the mortgage lender and people get home loans at the same place where they may hold checking or savings accounts. But such a view does not reflect the real nature of the U.S. mortgage market.

Crowd at New York's American Union Bank during a bank run early in the Great Depression.
Analysis and Commentary

Mortgage Market Design: Lessons From The Great Recession

by Tomasz Piskorski, Amit Seru via Brookings Institution
Thursday, March 8, 2018
Rigidity of mortgage contracts and a variety of frictions in design of the market and the intermediation sector hindered efforts to restructure or refinance household debt in the aftermath of the crisis. Using a simple framework that builds on mortgage design literature, we illustrate that automatically indexed mortgage contracts or debt relief policies can reduce borrower’s debt burden during economic downturns, thereby leading to significant welfare gains.
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The Structural Foundations Of Monetary Policy

by Michael D. Bordo, John H. Cochrane, Amit Seru via Hoover Institution Press
Tuesday, March 6, 2018

In The Structural Foundations of Monetary PolicyMichael D. Bordo, John H. Cochrane, and Amit Seru bring together discussions and presentations from the Hoover Institution’s annual monetary policy conference. The conference participants discuss long-run monetary issues facing the world economy, with an emphasis on deep, unresolved structural questions. They explore vital issues affecting the Federal Reserve, the United States’ central bank. They voice concern over the Fed’s independence, governance, and ability to withstand future shocks and analyze the effects of its monetary policies and growing balance sheet in the wake of the 2008 financial crisis.

Analysis and Commentary

Letter To Senators Protesting Parts Of S.2155 - Economic Growth, Regulatory Relief, And Consumer Protection Act

by Amit Seru , Anat R. Admati, Paul Pfleiderervia Bankers New Clothes
Tuesday, March 6, 2018

Excessive and inefficient reliance on debt throughout the financial system was a key cause of the global financial crisis. The crisis exposed the inadequacy, poor design and ineffective enforcement of the regulations in place to prevent this excessive borrowing and the buildup of risk throughout the system.

Analysis and Commentary

Is The NDA Government's Flagship Initiative Jan Dhan Yojana Bearing Fruit On The Ground?

by Sumit Agarwal, Shashwat Alok, Pulak Ghosh, Soumya Ghosh, Tomasz Piskorski, Amit Seru via Economic Times (India)
Thursday, March 9, 2017

There is a big debate about the activity role of financial markets and products in shaping consumer welfare and real economic. In developed economies, there is an increasing discussion that financial sector may have become inefficiently large and products offered to households may have become excessively complex.

The Market for Financial Adviser Misconduct

by Mark Egan, Gregor Matvos, Amit Seru via Economics Working Papers
Tuesday, March 1, 2016

​Economics Working Paper WP16115