Dr.  Kishore studies how too big to fail institutions (TBTF) can create systemic risk. Since TBTF will be bailed out in case they are in trouble, banks may herd to make similar investments and insure these investments by writing underpriced contracts with a TBTF institution. His research highlights why before the global financial crisis, banks made large investments in the real estate sector and insured them by writing underpriced contracts with AIG which was a TBTF institution.