Skip Header

Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Center for Financial Research

Manju Puri


Manju Puri
Director of the Center for Financial Research
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429
Phone: 202-898-7205
Fax: 202-898-3500
Email: MPuri@fdic.gov



 Manju Puri Curriculum Vitae - PDF (PDF Help)

  • Publications
  • Working Papers
  • Biography

    Manju Puri is the J. B. Fuqua Professor at the Fuqua School of Business, Duke University, and the Director of the Center for Financial Research at the FDIC. Professor Puri earned her MBA from the Indian Institute of Management, Ahmedabad, and her PhD in Finance from Stern School, New York University, after which she joined the faculty of the Stanford Business School. She moved to Fuqua in 2003.

    Professor Puri's expertise is in the area of empirical corporate finance and financial intermediation, with focus on commercial banks, investment banks, venture capital and entrepreneurship. Her research has won multiple awards including two Western Finance Association best paper awards, and three Fama-DFA best paper awards in Journal of Financial Economics. Professor Puri's research has appeared in publications such as American Economic Review, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. Professor Puri has served as coeditor of the Journal of Financial Intermediation, as well as on the editorial boards of several journals including the Journal of Finance. She is a Research Associate with the National Bureau of Economic Research, and a Senior Fellow of the Asian Bureau of Finance and Economics Research. She has received grants from the FDIC, National Science Foundation, and was selected as an Alfred P. Sloan Foundation Fellow. She currently serves as the President of the Financial Intermediation Research Society.

    Professor Puri has served in a number of regulatory/policy capacities in the U.S. and internationally. She has served on the Financial Advisory Roundtable, as a group of select economists who advise the President of Federal Reserve Bank, New York. She has also served on the Model Validation Council, Board of Governors, Fed,Washington D.C. Professor Puri furthermore serves as Academic Research Council Member, Center for Advanced Financial Research and Learning (CAFRA), Reserve Bank of India. In addition, Professor Puri has served the Government of India, Ministry of Finance, Bose Committee to advise on commission/incentive structure of the distributors of financial products, Professor Puri's work is relevant in understanding bank-firm and bank-depositor relationships, the scope of bank activities, how shocks to banks get transmitted internationally, and factors underlying bank runs, as well as in investigating the role of venture capitalists in startups, and entrepreneurial attitudes.

    Professor Puri teaches an elective she created on "Raising Capital" for the MBA students at Fuqua. She has also taught a Ph.D class on Empirical Corporate Finance and has taught Advanced Corporate Finance, and Venture Capital Financing at Fuqua and Stanford Business School. She has mentored many Ph.D students who have been placed in schools such as Yale, Columbia, MIT, Cornell, Board of Governors, and McKinsey.

  • Publications

    Selected Publications

    Puri, Manju, John Graham and Cam Harvey."A Corporate Beauty Contest." Management Science. 2017, 63, 3044-3058.

    Puri, Manju, Jorg Rocholl and Sascha Steffen. What do a million observations have to say about loan defaults? Opening the black box of relationships. Journal of Financial Intermediation. 2017, 31, 1-15.
            - Lead Article

    Puri, Manju, Thomas Hildebrand and Jorg Rocholl. "Adverse Incentives in Crowdfunding." Management Science. 2017, 63(3), 587-608.
            - Lead Article.


    Puri, Manju, Rajkamal Iyer and Nick Ryan. 2016. "A Tale of Two Runs: Depositor Response to Bank Solvency Risk." Journal of Finance. Vol. 71(6), 2687?2726.


    Puri, Manju, John Graham and Cam Harvey. 2015. "Capital Allocation and Delegation of Decision-Making Authority within Firms." Journal of Financial Economics. Vol. 115, 449-470.


    Puri, Manju, Karthik Krishnan and Debarshi Nandy. 2015. "Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment." Review of Financial Studies. Vol. 28(6), 1768-1809.


    Puri, Manju, John Graham and Cam Harvey. 2013. "Managerial attitudes and corporate actions." Journal of Financial Economics. Vol. 109(1), 103-121.
            - Jenson prize (tie) for best paper published in Journal of Financial Economics in Corporate Finance and Organizations in 2013.


    Puri, Manju and David Robinson. 2013. "The economic psychology of entrepreneurship and family business." Journal of Economics and Management Strategy. Vol. 22(2), 423-444.


    Puri, Manju and Rebecca Zarutskie. 2012. "On the lifecycle dynamics of venture-capital and non-venture-capital-financed firms." Journal of Finance. 2247-2294.


    Puri, Manju and Rajkamal Iyer. 2012. "Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks." American Economic Review. Vol. 102(4): 1414-1445.


    Puri, Manju, Jorg Rocholl and Sascha Steffen. 2011. "Global retail lending in the aftermath of the U.S. financial crisis: Distinguishing between supply and demand effects." Journal of Financial Economics. Vol. 100(3), 556-578.
            - Best paper award (2nd prize), Business Models in Business conference, Bocconi, Milan, 2009.


    Puri, Manju and Steve Drucker. 2009. "On loan sales, loan contracting and lending relationships." Review of Financial Studies. Vol. 22(7), 2835-2872.


    Puri, Manju and Jorg Rocholl. 2008. "On the importance of retail banking relationships." Journal of Financial Economics. Vol. 89(2), 253-267.


    Puri, Manju, Thomas Hellmann and Laura Lindsey. 2008. "Building relationships early: Banks in venture capital." Review of Financial Studies. Vol. 21(2), 513-541.


    Puri, Manju and David Robinson. 2007. "Optimism and economic choice." Journal of Financial Economics. Vol 86, 71-99.
            - Fama-DFA (runner up) prize for best paper published in Journal of Financial Economics in Capital Markets and Asset Pricing in 2007.


    Puri, Manju and Steve Drucker. 2005. "On the benefits of concurrent lending and underwriting." Journal of Finance. Vol. 60(6), 2763-2800.
            - FMA best paper in Financial Institutions award.


    Puri, Manju and Amar Gande. 2005. "Enhancing security value by ownership restrictions: Evidence from a natural experiment." Financial Management. Vol. 34(4), 35-64.
            - Best paper published in the Financial Management in 2005, Addison-Wesley prize.


    Puri, Manju, Sandeep Dahiya and Anthony Saunders. 2003. "Bank borrowers and loan sales: New evidence on the uniqueness of bank loans." Journal of Business. Vol. 76(4), 563-582.


    Puri, Manju, Dahiya, John and Ramirez. 2003. "Debtor-in-possession financing and bankruptcy resolution: Empirical evidence." Journal of Financial Economics. Vol. 69(1), 259-280.


    Puri, Manju, Kose John and Anthony Lynch. 2003. "Credit ratings, collateral and loan characteristics: Implications for yield." Journal of Business. Vol. 76(3), 371-409.
            - Lead article.


    Puri, Manju and Thomas Hellmann. 2002. "Venture capital and the professionalization of start-up firms: Empirical Evidence." Journal of Finance. Vol. 57 (1), 169-197.
            - Nominated for the Brattle award for best corporate finance paper in Journal of Finance.


    Puri, Manju and Thomas Hellman. 2002. "On the fundamental role of venture capital." Economic Review of the Atlanta Federal Reserve Bank. Vol. 87, No. 4.


    Puri, Manju and R. Aggarwal and N.R. Prabhala. 2002. "Institutional allocation in initial public offerings: Empirical evidence." Journal of Finance. Vol. 57(3), 1421-1442.
            - Nasdaq best paper award at WFA
            - Nominated for the Brattle award for best corporate finance paper in Journal of Finance.


    Puri, Manju and Thomas Hellmann. 2000. "The interaction between product market and financing strategy: The role of venture capital." Review of Financial Studies. Vol. 13(4), 959-984.


    Puri, Manju. 1999. "Commercial banks as underwriters: Implications for the going public process." Journal of Financial Economics. Vol. 54(2), 133-163.
            - Lead article
            - FMA best paper in Financial Institutions award.


    Puri, Manju, A. Gande and Anthony Saunders. 1999. "Bank entry, competition and the market for corporate securities underwriting." Journal of Financial Economics. Vol. 54(2), 165-195.
            - Fama - DFA prize for best paper published in Journal of Financial Economics in Capital Markets and Asset Pricing in 1999.


    Puri, Manju, Amar Gande, Anthony Saunders, and Ingo Walter. 1997. "Bank underwriting of debt securities: Modern evidence." Review of Financial Studies. Vol. 10(4), 1175-1202.


    Puri, Manju. 1996. "Commercial banks in investment banking: Conflict of interest or certification role?" Journal of Financial Economics. Vol. 40(3), 373-401.
            - Trefftzs best paper award at the WFA
            - FMA best paper award in Financial Institutions
            - Journal of Financial Economics All-Star paper (one of the two most cited papers in vol40)

    Puri, Manju. 1994. "The long-term default performance of bank underwritten security issues." Journal of Banking and Finance. Vol. 18(2), 397-418.

  • Working Papers

    Working Papers

    Puri, Manju, Tobias Berg, Valentin Burg and Ana Vanjak. "On the rise of FinTechs ? Credit scoring using digital footprints."

    Puri, Manju, Chris Martin and Alex Ufier. ?Deposit Inflows and Outflows in Failing Banks: The Role of Deposit Insurance.?

    Puri, Manju, Tobias Berg and Jorg Rocholl. Loan Office Incentives, Internal Ratings and Default Rates.

  • Presentations

    Presentations

    CONFERENCE
    2018
    NBER Corporate Finance Meetings
    Chicago, IL

    CONFERENCE
    2018
    American Finance Association/ASSA Meetings
    Philadelphia, PA

    CONFERENCE
    2018
    Review of Financial Studies FinTech Conference
    New York, NY

    KEYNOTE ADDRESS
    2017
    Women in Macroeconomics and Finance
    Cologne, France

    KEYNOTE ADDRESS
    2017
    Financial Intermediation Network of European Studies
    5th Anniversary Conference
    Trani, Italy

    KEYNOTE ADDRESS
    2017
    CREDIT Conference
    Venice, Italy

    CONFERENCE
    2017
    NBER Monetary Economics Meetings
    Boston, MA

    CONFERENCE
    2017
    IADI Research Conference
    BIS, Basel, Switzerland

    CONFERENCE
    2017
    Adam Smith Conference
    Paris, France

    CONFERENCE
    2017
    Fixed Income and Financial Institutions Conference
    Univeristy of South Carolina
    Columbia, South Carolina

    CONFERENCE
    2017
    Corporate Finance Conference
    Washington University
    St. Louis, MO

    CONFERENCE
    2017
    EBC/DNB/CEPR Conference
    Amsterdam, Netherlands

    CONFERENCE
    2017
    Financial Intermediation Research Society Conference
    Hong Kong, China

    KEYNOTE ADDRESS
    2016
    Financial Intermediation in Emerging Markets
    Cape Town, South Africa

    CONFERENCE
    2016
    Industrial Organization of the Financial Sector
    University of Chicago
    Chicago, IL

    CONFERENCE
    2016
    Stern School of Business
    New York University
    New York, NY

    CONFERENCE
    2015
    FDIC-JFSR Conference
    Washington, D.C.

    CONFERENCE
    2015
    SME Initiative Conference, CAFRAL
    Mumbai, India

    KEYNOTE ADDRESS
    2014
    4TH India Finance Conference
    IIM Bangalore
    Bangalore, India

    CONFERENCE
    2014
    Western Finance Association Meetings

    CONFERENCE
    2014
    Financial Management Association Meetings
    Nashville, TN

    KEYNOTE ADDRESS
    2013
    Financial Intermediation, Risk, and Liquidity Management
    Barcelona GSE Summer Forum
    Barcelona, Spain

    CONFERENCE
    2013
    American Finance Association/ASSA Meetings

    CONFERENCE
    2013
    Risk of Financial Institutions Meeting ? NBER Summer Institute

    CONFERENCE
    2013
    Asia Bureau of Financial and Economic Research Meeting

    CONFERENCE
    2013
    SFS Finance Cavalcade
    Miami, FL

    CONFERENCE
    2013
    Financial Intermediation Research Society Conference
    Dubrovnik, Croatia

    CONFERENCE
    2013
    Florida State University Conference

    CONFERENCE
    2013
    Contemporary Issues in Banking and Finance, CAFRAL
    Mumbai, India

    CONFERENCE
    2013
    Understanding Banks in Emerging Markets
    CEPR-EBRD-EBC-EoF
    London, England

    CONFERENCE
    2013
    Corporate Finance Meetings
    NBER

    KEYNOTE ADDRESS
    2012
    University of Bristol Finance Conference
    Bristol, United Kingdom

    CONFERENCE
    2012
    American Finance Association/ASSA Meetings

    CONFERENCE
    2012
    Tel Aviv Finance Conference
    Tel Aviv, Israel

    CONFERENCE
    2012
    Contemporary Issues in Banking and Finance, CAFRAL
    Mumbai, India

    CONFERENCE
    2012
    Centre for Applied Research in Finance Conference
    Milan, Italy

    CONFERENCE
    2012
    Summer Research Conference
    Indian School of Business

    CONFERENCE
    2012
    European Finance Association Meetings

    CONFERENCE
    2012
    Financial Intermediation Research Society Conference
    Minnesota

    KEYNOTE ADDRESS
    2011
    Entrepreneurship Finance Conference
    Tilburg University
    Tilburg, Netherlands

    CONFERENCE
    2011
    American Finance Association/ASSA Meetings

    CONFERENCE
    2011
    European Finance Association Meetings
    Stockholm, Sweden

    CONFERENCE
    2011
    Round Table on Banking and Finance, CAFRAL
    Mumbai, India

    KEYNOTE ADDRESS
    2010
    Success in Entrepreneurship
    CEPR and Copenhagen Business School
    Copenhagen, Denmark

    CONFERENCE
    2010
    American Finance Association/ASSA Meetings

    CONFERENCE
    2010
    Western Finance Association Meetings

    CONFERENCE
    2010
    FDIC Bank Research Conference
    Washington, D.C.

    CONFERENCE
    2010
    Financial Intermediation Research Society Conference
    Florence, Italy

    CONFERENCE
    2010
    Conference on Financial Economics and Accounting
    University of Maryland
    College Park, Maryland

    CONFERENCE
    2010
    Recent Advances in Financial Economics Research
    IDC Herzliya
    Herzliya, Israel

    CONFERENCE
    2010
    Conference on ?Matching Stability with Performance
    University of Bocconi
    Milan, Italy

    CONFERENCE
    2010
    European Finance Association Meetings
    Frankfurt, Germany

    CONFERENCE
    2009
    American Finance Association/ASSA Meetings

    CONFERENCE
    2009
    FDIC Bank Research Conference
    Washington, D.C.

    CONFERENCE
    2009
    Unicredit Group Conference on Banking and Finance
    Rome, Italy

    CONFERENCE
    2009
    Conference on Competition in Banking Markets
    CEPR-EBC-UA
    Antwerp, Belgium

    CONFERENCE
    2009
    Conference on Recent Developments in Customer Credit and Payments
    Federal Reserve Bank of Philadelphia
    Philadelphia, PA

    CONFERENCE
    2009
    CEPR Conference
    Gerzensee, Switzerland

    CONFERENCE
    2009
    Centre for Applied Research in Finance Conference
    Milan, Italy

    CONFERENCE
    2008
    American Finance Association/ASSA Meetings

    CONFERENCE
    2008
    Western Finance Association Meetings

    CONFERENCE
    2008
    Corporate Finance Meetings
    NBER Summer Institute

    CONFERENCE
    2008
    Financial Intermediation and Research Society Conference
    Anchorage, AK

    CONFERENCE
    2008
    UBC Winter Conference
    Whistler, BC, Canada

    CONFERENCE
    2008
    Annual Conference on Bank Structure and Competition
    Federal Reserve Bank of Chicago
    Chicago, IL

    CONFERENCE
    2007
    Western Finance Association Meetings

    CONFERENCE
    2007
    Conference on Financial Intermediation
    New York University and Federal Reserve Bank of New York
    New York, NY

    CONFERENCE
    2007
    Corporate Governance Conference
    Washington University in St. Louis
    St. Louis, MO

    CONFERENCE
    2007
    Financial Contracting: Theory & Evidence
    JFI Conference
    Mannheim, Germany

    CONFERENCE
    2007
    Wharton Conference on India?s Financial System
    Philadelphia, PA

    CONFERENCE
    2007
    Annual Conference on Bank Structure and Competition
    Federal Reserve Bank of Chicago
    Chicago, IL

    CONFERENCE
    2006
    American Finance Association/ASSA

    CONFERENCE
    2006
    Harvard Conference on Entrepreneurship, Venture Capital, and IPO?s
    Cambridge, MA

    CONFERENCE
    2006
    Financial Intermediation Research Society Conference
    Shanghai, China

    CONFERENCE
    2006
    FDIC Bank Research Conference
    Washington, D.C.

    CONFERENCE
    2006
    Journal of Banking and Finance 30th Anniversary Conference
    Beijing, China

    CONFERENCE
    2006
    Conference on Financial Intermediation
    New York University and the Federal Reserve Bank of New York
    New York, NY

    CONFERENCE
    2006
    Entrepreneurship Conference
    London Business School
    London, United Kingdom

    CONFERENCE
    2005
    American Finance Association/ASSA Meetings

    CONFERENCE
    2005
    Western Finance Association Meetings

    CONFERENCE
    2005
    Corporate Finance Meetings
    NBER Summer Institute

    CONFERENCE
    2005
    Entrepreneurship Meetings
    NBER
    Boston, MA

    CONFERENCE
    2005
    Stanford Institute for Theoretical Economics Conference
    Stanford, CA

    CONFERENCE
    2005
    Corporate Governance Conference
    Washington University, St. Louis
    St. Louis, MO

    CONFERENCE
    2005
    Conference on Entry, Entrepreneurship, and Financial Development
    World Bank
    Washington, D.C.

    CONFERENCE
    2005
    Workshop on Innovation, Ownership, and Competition
    Stockholm, Sweden

    CONFERENCE
    2005
    Conference on Corporate Finance
    Hong Kong University
    Hong Kong, China

    CONFERENCE
    2004
    American Finance Association/ASSA Meetings

    CONFERENCE
    2004
    Financial Intermediation Research Society Conference on Banking, Insurance, and Intermediation
    Capri, Italy

    CONFERENCE
    2004
    Annual Conference on Bank Structure and Competition

    CONFERENCE
    2003
    American Finance Association/ASSA Meetings

    CONFERENCE
    2003
    FDIC Bank Research Conference
    Washington, D.C.

    CONFERENCE
    2003
    Financial Management Association Meetings

    CONFERENCE
    2002
    American Finance Association/ASSA Meetings

    CONFERENCE
    2002
    Annual Conference on Bank Structure and Competition

    CONFERENCE
    2002
    Conference on Young Firms
    Yale School of Management
    New Haven, CT

    CONFERENCE
    2001
    American Finance Association/ASSA Meetings

    CONFERENCE
    2001
    Western Finance Association Meetings

    CONFERENCE
    2001
    Annual Conference on Bank Structure and Competition

    CONFERENCE
    2001
    Financial Management Association Meetings

    CONFERENCE
    2001
    Journal of Financial Intermediation Conference

    CONFERENCE
    2000
    Annual Conference on Bank Structure and Competition

    CONFERENCE
    2000
    Financial Management Association Meetings

    CONFERENCE
    2000
    Corporate Finance Meetings
    NBER Summer Institute
    Boston, MA

    CONFERENCE
    2000
    Journal of Financial Economics Conference
    Dartmouth University
    Hanover, New Hanpshire

    CONFERENCE
    2000
    Journal of Financial Intermediation Conference

    CONFERENCE
    2000
    Finance Conference
    University of Maryland
    College Park, MD

    CONFERENCE
    2000
    Annual Financial Economics and Accounting Conference

    CONFERENCE
    2000
    Law and Entrepreneurship Conference
    Northwestern School of Law
    Evanston, IL

    CONFERENCE
    2000
    International Finance Conference
    Atlanta, GA

    CONFERENCE
    2000
    Texas Finance Festival
    San Antonio, TX

    CONFERENCE
    1999
    American Finance Association/ASSA Meetings

    CONFERENCE
    1999
    Western Finance Association Meetings

    CONFERENCE
    1999
    Annual Conference on Bank Structure and Competition

    CONFERENCE
    1998
    Western Finance Association Meetings

    CONFERENCE
    1998
    Finance Conference
    University of Maryland
    College Park, MD

    CONFERENCE
    1998
    Annual Financial Economics and Accounting Conference

    CONFERENCE
    1997
    Financial Management Association Meetings

    CONFERENCE
    1997
    Annual Financial Economics and Accounting Conference

    CONFERENCE
    1996
    American Finance Association/ASSA Meetings

    CONFERENCE
    1996
    Western Finance Association Meetings

    CONFERENCE
    1995
    American Finance Association/ASSA Meetings

    CONFERENCE
    1995
    Annual Conference on Bank Structure and Competition

    CONFERENCE
    1995
    Financial Management Association Meetings

    CONFERENCE
    1995
    Annual Financial Economics and Accounting Conference

    CONFERENCE
    1994
    Western Finance Association Meetings

    CONFERENCE
    1994
    Financial Management Association Meetings

    Academic Seminar Presentations

    Aalto University, Helsinki, Arizona State University, Bank of Canada, Carnegie Mellon University, Case Western Reserve University (2), Cheung Kong Graduate School of Business, Beijing, Columbia University (3), Cornell University (2), Dartmouth University, Drexel University, Duke University (2), Erasmus University, Rotterdam, ESMT, Berlin (2), European Central Bank, Federal Board of Governors, Federal Reserve Bank at Chicago, Federal Reserve Bank at Kansas, Federal Reserve Bank at New York (3), Federal Reserve Bank at Philadelphia, Federal Reserve Bank at San Francisco (2), Federal Deposit Insurance Corporation, Georgetown University, Georgia Tech University (2), Harvard University (2), HEC Lausanne, HEC Paris, Indiana University, Indian School of Business, INSEAD (2), Lingnan University, London Business School (2), London School of Economics, Massachusetts Institute of Technology (3), Michigan State University, National Institute of Public Finance and Policy, New Delhi, New University of Lisbon, Northwestern University (2), New York University (3), Ohio State University (2), Ohio University, Purdue University (3), Riksbank, Rutgers University (2), Shanghai Institute of Advanced Finance, Stanford University (Business School), Stanford University (Economics), Tilburg University, Tulane University (2), University of Amsterdam (2), University of Arizona, University of British Columbia, University of California at Berkeley (2), University of California at Los Angeles (2), University of Chicago, University of Copenhagen, University of Florida, University of Houston (2), University of Illinois at Urbana-Champaign, University of Mannheim, University of Massachusetts at Amherst, University of Michigan (3), University of New South Wales, Sydney, University of North Carolina, University of Notre Dame, University of Oklahoma, Universite Paris Dauphine, University of Pittsburgh, University of Rochester, University of Southern California, University of Texas, Austin(2), University of Toronto, University of Utah, University of Virginia, Darden, University of Wisconsin, Madison, Vanderbilt University, Virginia Tech University, Washington University, St. Louis (2), Wharton School (2), Yale University (2), York University.

Skip Footer back to content