Jan Keil

Jan Keil is an Assistant Professor of Finance at the Indian School of Business (ISB). His research focuses on disruptive and technology-driven change in financial intermediation, including payments, banking, consumer finance, and money. One current project explores the geopolitical motivations behind central bank digital currencies and their effect on payment firms (revised and resubmitted to the Journal of Finance). Another project analyses the economics of buy-now-pay-later (BNPL) for e-commerce merchants (revised and resubmitted to the Journal of Financial Economics).
Professor Keil has published in the Journal of Financial and Quantitative Analysis and served as a referee for the Review of Financial Studies. He has worked with Manju Puri, Tobias Berg, Thorsten Beck, and Steven Ongena.
He has received research grants from the German National Science Foundation (DFG) and the University of Zurich. Prior to joining ISB, he was affiliated with Humboldt University in Berlin and the University of the West Indies in Kingston, Jamaica. Professor Keil holds a PhD in Economics from the New School for Social Research, New York, and an MA-equivalent diploma in Political Science from Goethe University, Frankfurt.
- PhD in Economics, New School for Social Research, Goethe University, 2013
- MA in Economics, New School for Social Research, Goethe University, 2010
Academic positions
- 2024 - Present: Assistant Professor, Indian School of Business
- 2024 - 2024: Visiting Researcher, Deutsche Bundesbank (German Central Bank)
- 2023 - 2024: Visiting Researcher, House of Finance, Goethe University
- 2019 - 2024: Postdoctoral Research Associate, School of Business and Economics, Humboldt University
- 2013 - 2019: Lecturer, Department of Economics, University of the West Indies
- Keil, Jan., Berg, Tobias., Burg, Valentin., Puri, Manju. (Accepted) "The Economics of "Buy Now, Pay Later": A Merchant’s Perspective", Journal of Financial Economics
- Keil, Jan., Ongena, Steven. (2024) "The demise of branch banking – Technology, consolidation, bank fragility", Journal of Banking & Finance, Volume 158
- Keil, Jan. (2023) "Lending relationships when creditors are in control", Journal of Corporate Finance, Volume 79
- Beck, Thorsten., Keil, Jan. (2022) "Have banks caught corona? Effects of COVID on lending in the U.S.", Journal of Corporate Finance, Volume 72
- Keil, Jan., Müller, Karsten. (2020) "Bank Branching Deregulation and the Syndicated Loan Market", Journal of Financial and Quantitative Analysis, Volume 55 (Issue 4)
- Keil, Jan. (2019) "Is There a Causal Effect of Concentration on Persistent Profitability Differentials?", Industrial and Corporate Change
- Keil, Jan. (2017) "Explaining the Concentration-profitability Paradox", Review of Political Economy
- Keil, Jan. (2017) "The Trouble with Approximating Industry Concentration from Compustat"
- Keil, Jan. (2016) "Depreciated Depreciation Methods? Alternatives to Sraffa’s Take on Fixed Capital", Review of Political Economy