About

Professor João Granja is a Professor of Accounting with research interests in Disclosure Regulation, Banking, and Regulatory Enforcement.

Research topics

• Business
• Accounting
• Political Science
• Economics
• Industrial organization
• Commerce
• Marketing
• Financial system
• Law
• Monetary economics
• Finance
• Market economy

Selected publications

• Bank consolidation and uniform pricing

  Journal of Financial Economics · 2025-11-21 · 4 citations

  article1st authorCorresponding
  PublisherDOI

• Current Expected Credit Losses and consumer loans

  Journal of Accounting and Economics · 2025-03-13 · 3 citations

  article1st authorCorresponding
  PublisherDOI

• The pass-through of corporate tax cuts to consumer loans: Evidence from the TCJA

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Cardioneuroablation in patients with vasovagal syncope: An updated systematic review and meta-analysis

  Heart Rhythm · 2024-07-26 · 28 citations

  review
  PublisherDOI

• Book Value Risk Management of Banks: Limited Hedging, HTM Accounting, and Rising Interest Rates

  SSRN Electronic Journal · 2024-01-01 · 14 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• Book Value Risk Management of Banks: Limited Hedging, HTM Accounting, and Rising Interest Rates

  National Bureau of Economic Research · 2024-03-01 · 8 citations

  reportOpen access1st authorCorresponding

  In the face of rising interest rates in 2022, banks mitigated interest rate exposure of the accounting value of their assets but left the vast majority of their long-duration assets exposed to interest rate risk. Data from call reports and SEC filings shows that only 6% of U.S. banking assets used derivatives to hedge their interest rate risk, and even heavy users of derivatives left most assets unhedged. The banks most vulnerable to asset declines and solvency runs decreased existing hedges, focusing on short-term gains but risking further losses if rates rose. Instead of hedging the market value risk of bank asset declines, banks used accounting reclassification to diminish the impact of interest rate increases on book capital. Banks reclassified $1 trillion in securities as held-to-maturity (HTM) which insulated these assets book values from interest rate fluctuations. More vulnerable banks were more likely to reclassify. Extending Jiang et al.’s (2023) solvency bank run model, we show that capital regulation could address run risk by encouraging capital raising, but its effectiveness depends on the regulatory capital definitions and can by eroded by the use of HTM accounting. Including deposit franchise value in regulatory capital calculations without considering run risk could weaken capital regulation’s ability to prevent runs. Our findings have implications for regulatory capital accounting and risk management practices in the banking sector.

  PublisherDOI

• The death of a regulator: Strict supervision, bank lending, and business activity

  Journal of Financial Economics · 2024-06-07 · 29 citations

  article1st author
  PublisherDOI

• Book Value Risk Management of Banks: Limited Hedging, Htm Accounting, and Rising Interest Rates

  SSRN Electronic Journal · 2024-01-01 · 1 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• How (In)active was Bank Supervision During the 2022 Monetary Tightening?

  SSRN Electronic Journal · 2023-01-01 · 5 citations

  articleOpen accessSenior author
  PublisherDOI

• Current Expected Credit Losses and Consumer Loans

  SSRN Electronic Journal · 2023-01-01 · 10 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Christian Leuz

  66 shared

• Raghuram G. Rajan

  Hoover Institution

  32 shared

• Amit Seru

  14 shared

• Gregor Matvos

  13 shared

• Anna M. Costello

  6 shared

• Christos Makridis

  Allen Institute for Artificial Intelligence

  5 shared

• Joseph Weber

  Massachusetts Institute of Technology

  3 shared

• Constantine Yannelis

  3 shared

Awards & honors

• Distinguished Alumni Award Honorees