Financial Economists
Ping McLemore
Senior Financial Economist
Ping McLemore is a senior financial economist in Banking Supervision. Her work focuses on financial institution quantitative surveillance and supervisory model development. Ping specializes in operational risk and wholesale credit risk. Her research interests include banking supervision, mutual funds, and behavior finance.
Ping joined the Richmond Fed in 2015 after earning her doctoral degree in finance from the University of Arizona.
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Federal Reserve Publications
Liberty Street Economics, May 17, 2019
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Publications
“Back-Tests of the Dividend Discount Model Using Time-Varying Cost of Equity” 2015, with George Woodward and Tom Zwirlein, Journal of Applied Finance 25, 75-94.
“Industry Costs of Equity: Incorporating Prior Information” 2018, The Financial Review 53, 153-183.
“Innovation: The Interplay between Demand-Side Shock and Supply-Side Environment” 2018, with Ivalina Kalcheva and Shagun Pant, Research Policy 47, 440-461.
- “Iowa Now” by Tom Snee, January 23, 2018
- “Business Record” January 24, 2018
- “UCR Today” by Omar Shamout, February 1, 2018
“Do Mutual Funds Have Decreasing Returns to Scale? Evidence from Fund Mergers” 2019, Journal of Financial and Quantitative Analysis 54: 1683-1711.
“Economic Policy Uncertainty and Self-Control: Evidence from Unhealthy Choices'' 2020, with Ivalina Kalcheva and Richard Sias, accepted at the Journal of Financial and Quantitative Analysis.
“Active Technological Proximity and Mutual Fund Performance” 2021, with Richard Sias, Chi Wan, and Zafer Yuksel. Journal of Financial and Quantitative Analysis accepted.
“Global Banks and Systemic Risk: The Dark Side of Country Financial Connectedness” 2022, with Atanas Mihov and Leandro Sanz, Journal of International Money and Finance 129: 102734.
“Intermediaries’ Incentives across Share Classes in the Same Funds” 2023, with Ivalina Kalcheva, Financial Analysts Journal 79: 41–63.
“Disaggregation Quality, Stock Returns, and Institutional Demand” 2024, George Jiang, David Kenchington, and Zafer Yuksel, Finance Research Letters 62, Part B.
“Mutual Fund Partial Liquidation and Future Performance” 2024, George Jiang and Ao Wang, Journal of Financial Research Forthcoming.
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Working Papers
“Operational Loss Recoveries and the Macroeconomic Environment: Evidence from the U.S. Banking Sector,” with Scott Frame, Nika Lazaryan, and Atanas Mihov.
“Haste Makes Waste: Banking Organization Growth and Operational Risk,” with Scott Frame and Atanas Mihov.
“Risk Externalities of Financial Innovation: Evidence from Operational Losses at Large U.S. Bank Holding Companies,” with Scott Frame and Atanas Mihov.
“Monetary Policy and Corporate Investment: The Equity Financing Channel,” with Mehdi Beyhaghi, Murray Frank, and Ali Sanati.
“Adviser Misconduct and Economic Policy Uncertainty,” with Tyler Hull and Chi Wan.
“Fund Size and Managers’ Risk-Shifting: Evidence from Fund Mergers,” with George Jiang and Ao Wang.
“Disagreement and Market Risk Premium: Evidence from Institutional Investors’ Portfolio Churn Rate,” with Onur Bayar, Ivalina Kalcheva, and Zafer Yuksel.