Publications
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.
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.
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.
A Dynamic Equilibrium Model of Imperfectly Integrated Financial Markets
Harjoat S. Bhamra, Nicolas Coeurdacier, and Stéphane Guibaud. Journal of Economic Theory, 154, 490-542. 2014.
Asset Prices with Heterogeneity in Preferences and Beliefs
Harjoat S. Bhamra and Raman Uppal. Review of Financial Studies, 27, (2), 519-580. 2014.
Monetary Policy and Corporate Default
Harjoat S. Bhamra, Adlai J. Fisher, and Lars-Alexander Kuehn. Journal of Monetary Economics, 58, (5), 480-494. 2011.
The Aggregate Dynamics of Capital Structure and Macroeconomic Risk
Harjoat S. Bhamra, Lars-Alexander Kuehn, and Ilya A. Strebulaev. Review of Financial Studies, 23, (12), 4187-4241. 2010. Lead article.
Long Run Risks, Credit Markets, and Financial Structure
Harjoat S. Bhamra, Lars-Alexander Kuehn, and Ilya A. Strebulaev. American Economic Review (Papers and Proceedings), 100, (2), 547-551. 2010.
The Levered Equity Risk Premium and Credit Spreads: A Unified Framework
Harjoat S. Bhamra, Lars-Alexander Kuehn, and Ilya A. Strebulaev. Review of Financial Studies, 23, (2), 645-703. 2010.
The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns When Agents Differ in Risk Aversion
Harjoat S. Bhamra and Raman Uppal. Review of Financial Studies, 22, (6), 2303-2330. 2009.
The Role of Risk Aversion and Intertemporal Substitution in Dynamic Consumption-Portfolio Choice with Recursive Utility
Harjoat S. Bhamra and Raman Uppal. Journal of Economic Dynamics and Control, 30, (6), 967-991. 2006.
Imitation in Financial Markets
Harjoat S. Bhamra. International Journal of Theoretical and Applied Finance. 2000.
Working Papers
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.
Leverage Dynamics and Learning About Economic Crises
Artur Anschukov, Harjoat S. Bhamra, and Lars-Alexander Kuehn. 2026.
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. .
Psychological Distance and Subjective Beliefs
Harjoat S. Bhamra, Raman Uppal, and Johan Walden. 2022.
Do the Effects of Individual Behavioral Biases Cancel Out?
Harjoat S. Bhamra and Raman Uppal. 2021.
Stock Market Liberalization and the Cost of Capital in Emerging Markets
Harjoat S. Bhamra. 2009.