Asaf Manela

Assistant Professor of Finance
Washington University in St. Louis
Olin Business School
(314) 935-9178


New Regulation of many industries is funded with fees paid by regulated firms. In a new paper with Roni Kisin, we use this feature to gain insight into the regulatory process and measure the effects of this pervasive model of regulation. Using a novel dataset on fees and regulatory enforcement actions in the banking sector, and exploiting multiple kinks in fee schedules as a source of exogenous variation, we find that regulators are more lenient with higher fee paying banks.
Presentations: HBS, UCSD (Rady)

New Best Paper Award, Financial Research Association Meetings 2013
In a paper with Roni Kisin, we estimate the shadow cost of capital requirements for banks using data on their participation in a costly regulatory loophole. We estimate that a one percentage point increase in capital requirements would cost $220 million a year for all banks that exploited the loophole combined, and no more than $370 million for all US banks. The average cost per bank is $14 million, or 0.4 percent of annual profits.
Presentations: UCLA (Anderson), UNC (Kenan-Flagler), INSEAD, Wharton Conference on Liquidity and Financial Crises, FDIC-JFSR Fall Banking Research Conference, FRA Meetings in Las Vegas, FIRS Meetings in Quebec, AFA 2015 Meetings in Boston.

New Named for World's Best 40 Business School Professors Under 40, Poets & Quants

Research interests

Financial Intermediation, Asset Pricing, Information Economics.