Harjoat S. Bhamra

Harjoat Bhamra

Professor of Finance
Imperial College Business School

Harjoat Bhamra is Professor of Finance at Imperial College Business School, a CEPR Research Fellow, and a Fellow of the National Institute of Economic and Social Research (NIESR). His research spans asset pricing theory, credit risk, monetary policy, household finance, and macro-finance, with publications in the Review of Financial Studies, American Economic Review, Journal of Economic Theory, and the Journal of Monetary Economics. He received his PhD in Finance from London Business School in 2003. Before LBS he read Mathematics at St. John’s College, Cambridge, including Part III of the Mathematical Tripos, and spent 1996–97 as an interest-rate derivatives trader at First National Bank of Chicago in London prior to entering academia.

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Harjoat S. Bhamra

Research Interests

  • Asset pricing theory
  • Disaster risk
  • Credit risk
  • Monetary policy
  • Household finance
  • Macro-finance

Selected Recent Work

High Inflation: Low Default Risk AND Low Equity Valuations
Harjoat S. Bhamra, Christian Dorion, Alexandre Jeanneret, and Michael Weber. Review of Financial Studies, 36, (3), 1192-1252. 2023.
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Does Household Finance Matter? Small Financial Errors with Large Social Costs
Harjoat S. Bhamra and Raman Uppal. American Economic Review, 109, (3), 1116-1154. 2019.
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Stochastic Idiosyncratic Cash Flow Risk and Real Options: Implications for Stock Returns🏆 Best Paper Award in Business Valuation, Northern Finance Association 2013
Harjoat S. Bhamra and Kyung Hwan Shim. Journal of Economic Theory, 168, 400-431. 2017.
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Small Growth and Distress Returns: Two Sides of the Same Coin?🏆 Best Paper Award in Business Valuation, Northern Finance Association 2014
Harjoat S. Bhamra and Kyung Hwan Shim. 2017.
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Leverage Dynamics and Learning About Economic Crises
Artur Anschukov, Harjoat S. Bhamra, and Lars-Alexander Kuehn. 2026.
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Asset Pricing in a Concentrated Economy🏆 Best Paper Award in Asset Pricing, SAIF Annual Research Conference 2026
Harjoat S. Bhamra, Christian Dorion, Alexandre Jeanneret, and Ali Shirazi. 2026. Previously circulated as “Equity Prices in a Granular Economy” (Abolghasemi, Bhamra, Dorion, Jeanneret). Ali Shirazi (formerly Ali Abolghasemi) at Saint Mary’s University. .

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