Jonathan L. Wallen
Assistant Professor of Business Administration
Assistant Professor of Business Administration
Finance
Jonathan Wallen is an Assistant Professor of Finance in the Finance Unit and teaches Finance 1 to MBA students.
Professor Wallen’s research centers on financial intermediation and its intersection with asset pricing, currency markets, industrial organization, and banking regulation. He studies the effects of frictions to financial intermediation on asset prices and risk premia. These frictions include bank capital regulations, debt overhang, and imperfect competition.
Professor Wallen earned his Ph.D. in Finance from Stanford Graduate School of Business. He holds a B.S. in Mathematics and Economics from American University.
- Journal Articles
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- Stein, Jeremy C., and Jonathan Wallen. "The Imperfect Intermediation of Money-Like Assets." Journal of Finance (forthcoming). View Details
- Siriwardane, Emil, Adi Sunderam, and Jonathan Wallen. "Segmented Arbitrage." Journal of Finance (forthcoming). View Details
- Working Papers
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- Lu, Lina, and Jonathan Wallen. "What Do Bank Trading Desks Do?" Working Paper, November 2024. View Details
- Lu, Lina, Marco Macchiavelli, and Jonathan Wallen. "Internal and External Capital Markets of Large Banks." Working Paper, November 2024. View Details
- Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022. View Details
- Hatfield, John William, and Jonathan Wallen. "Many Markets Make Good Neighbors: Multimarket Contact and Deposit Banking." Working Paper, January 2022. View Details
- Cases and Teaching Materials
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- Baker, Malcolm, Elisabeth Kempf, and Jonathan Wallen. "Optimalen Capital." Harvard Business School Teaching Note 224-083, May 2024. (Revised May 2024.) View Details
- Baker, Malcolm, Elisabeth Kempf, and Jonathan Wallen. "Optimalen Capital Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 223-715, June 2023. View Details
- Baker, Malcolm, Elisabeth Kempf, and Jonathan Wallen. "Optimalen Capital." Harvard Business School Case 223-099, June 2023. (Revised April 2025.) View Details
- Baker, Malcolm, Ishita Sen, and Jonathan Wallen. "Dicerna." Harvard Business School Case 223-049, November 2022. (Revised May 2023.) View Details
- Baker, Malcolm, Samuel Gregory Hanson, Jonathan Wallen, and Zach Komes. "The Impact Developers Fund." Harvard Business School Case 222-046, January 2022. (Revised January 2022.) View Details
- Additional Information
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Curriculum Vitae