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Center for Financial Research

Ajay A. Palvia

Senior Economist
Federal Deposit Insurance Corporation

Last Updated: August 29, 2023
Ajay A. Palvia

Ajay A. Palvia is a Senior Economist at the Center for Financial Research in the Division of Insurance and Research at the Federal Deposit Insurance Corporation. His research interests include financial regulation, market discipline, and banking. Prior to joining the FDIC, he worked in the Policy Analysis Division within the Economics department of the Office of the Comptroller of the Currency (OCC) where he assisted the OCC in evaluating impacts of regulatory rules and policies and participated in various internal and inter-agency working groups. He received his doctorate in economics from Cornell University, masters in computer science from Penn State, and a bachelor’s degree in statistics from Boston University.


Palvia, Ajay A., Emilia Vähämaa and Sami Vähämaa. 2020. “Female leadership and bank risk-taking: Evidence from the effects of real estate shocks on bank lending performance and default risk.” Journal of Business Research.

Palvia, Ajay A., Martin Birn, Olivier de Bandt, Matías Gutiérrez Girault, Simon Firestone, Diana Hancock, Tord Krogh, Hitoshi Mio, Donald P. Morgan, Valerio Scalone, Michael Straughan, Arzu Uluc, Alexander H. von Hafften, and Missaka Warusawitharana. 2020. “The Costs and Benefits of Bank Capital—A Review of the Literature.” Journal of Risk and Financial Management.

Palvia, Ajay A., Bhanu Balasubramnian and Dilip Patro. 2018. “Can the Book-To-Market Ratio Signal Banks’ Earnings and Default Risk? Evidence around the Great Recession.” Journal of Financial Services Research.

Palvia, Ajay A., Itzhak Ben-David and Chester Spatt. 2017. “Banks’ Internal Capital Markets and Deposit Rates.” Journal of Financial and Quantitative Analysis.

Palvia, Ajay A. and Bhanu Balasubramnian. 2016. “Can short sellers inform bank supervision?” Journal of Financial Services Research.

Palvia, Ajay A., Emilia Vähämaa and Sami Vähämaa. 2014. “Are Female CEOs and Chairwomen More Conservative and Risk Averse? Evidence from the Banking Industry during the Financial Crisis.” Journal of Business Ethics.

Palvia, Ajay A. and Irina Barakova. 2014. “Do Banks' Internal Basel Risk Estimates Reflect Risk?” Journal of Financial Stability.

Palvia, Ajay A., Irina Barakova and Dennis Glennon. 2013. “Sample Selection Bias in Acquisition Credit Scoring Models: An Evaluation of the Supplemental-Data Approach.” Journal of Credit Risk. Vol 9 (3).

Palvia, Ajay A. 2012. “Managerial, Turnover, Regulatory Oversight, and Performance: Evidence from Community Banks”, Book chapter in International Research Handbook for Banking and Governance, James R. Barth, Chen Lin and Clas Wihlborg (Editors), Edward Elgar Publishing.

Palvia, Ajay A. and Lewis Gaul. 2013. “Are Regulatory Management Evaluations Informative About Bank Accounting Returns and Risk?” Journal of Economics and Business. Vol 66. March–April 2013, Pages 1–21.

Palvia, Ajay A. February 2011. "Banks and Managerial Discipline: Does Regulatory Monitoring Play a Role?" The Quarterly Review of Economics and Finance. Vol. 51, Issue 1, Pages 56-68.

Palvia, Ajay A. and Irina Barakova. 2010. “Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover” Journal of Financial Economic Policy. Issue 2 (3).