UTPAL BHATTACHARYA
email: ubhattac@ust.hk
Citizenship: US Citizen
Hong Kong University of Science and Technology (2015-present)
Kelley School of Business, Indiana University (1997-2015)
Associate Professor (untenured), Finance Department, 1997-2000
The University of Chicago Booth School of Business (2010-11)
Massachusetts Institute of Technology (MIT) - Sloan School of Management (Summer 2009, Summer 2008, 2003-04)
College of Business Administration, University of Iowa (1990-93, 1994-97)
Fuqua School of Business, Duke University (1993-94)
Graduate School of Business, Columbia University (1984-90)
* Research Assistant to: Professors Matthew Spiegel, Larry Selden and Alberto Giovannini
* Research Associate in the Center for International Business Cycle Research
Metal Box (India) Limited (1982-84)
Graduate School of Business, Columbia University
Thesis Advisor: Prof. Gur Huberman
* RGC Hong Kong, General Research Fund, Project No 16501022, HK$ 0.423 million, 2022-24
* RGC Hong Kong, General Research Fund, Project No 16505120, HK$ 0.440 million, 2020-23
* RGC Hong Kong, General Research Fund, Project No 16504017, HK$ 0.440 million, 2017-20
* RGC Supported Theme Based Grant, “Contributing to the Development of Hong Kong into a Global Fintech Hub” (Project coordinator: Dean Kar-yan Tam), Project No T31-604/18-N, HK$ 20.959 million total team grant, 2019-22
* RGC Hong Kong, GRF, Project No 16500118, HK$ 0.326 million, 2019-20
* RGC Hong Kong, GRF, Project No 16518816, HK$ 2.010 million, 2016-19
* USAID Grant through the Eurasia Foundation to create a curriculum and then conduct business seminars in Russia -- Summer 1993
* MUCIA (Midwest Universities Consortium for International Activities) travel grant for Russia --Summer 1993
* Keynote Speaker, The 3rd Greater China Area Finance Conference, Xiamen University, December 2020
* Keynote Speaker, 12th Annual Hedge Fund Research Conference, University of Paris-Dauphine, Paris, France, 2020
* Keynote Speaker, India Finance Conference, IIM, Kolkata, India, 2018
* Keynote Speaker, Paris Financial Management Conference, IPAG, Paris, France, 2018
* Keynote Speaker, 9th Professional Asset Management Conference, Erasmus University, Rotterdam, The Netherlands, 2018
* Keynote Speaker, World Banking and Finance Symposium, Hanoi, Vietnam, 2015
* Keynote Speaker, STEI Finance Conference, Bali, Indonesia, 2014
* Research Excellence Award (Best Researcher among Associate Professors), Kelley School of Business, Indiana University, 2013, 2008, 1998
* Post-Luncheon Speaker, China International Conference in Finance, Chongqing, China, 2012
* Keynote Speaker, Conference on "The Development of Stock Exchanges," Santiago, Chile, 2008
* Nominated for the Trustee Teaching Award (Kelley School of Business, Indiana University) five years in a row. Won in 2004 and 2008
* Business Week "Prominent Faculty" in the Kelley School of Business, Indiana University, 2006
* CIBER 2003 First Sabbatical Abroad Award
* Best Paper Award, Conference on the Theories and Practices of Securities and Financial Markets, Taiwan, 2002
* Nominated for the Sauvain Teaching Award (Kelley School of Business, Indiana University) in 2002 and 2001
* Peterson Faculty Research Fellow (Best Researcher in Department), Finance Department, Kelley School of Business, Indiana University, 2001, 2000, 1999, 1998
* Visiting Scholar, Queen's University, Summer 2001
* Research Fellow, The Institute of Contemporary Finance, Shanghai Jiao Tong University (2000-02)
* First Prize for Outstanding Research, International Investment Forum, USA, 1998
* Visiting Scholar, Center for Financial Studies in Frankfurt (1998-99)
* Fellowship, Columbia University (1984-88)
* Dean's List in all the course taking terms at Columbia University. Beta Gamma Sigma (1985)
* Nominated for the Best Teaching Assistant Award at Columbia University (1985)
* First Prize in the National Competition for Young Managers in India (1983). Represented India in the Asian Meet at Kuala Lumpur, Malaysia
* Industrial Scholarship for being in the top 5% of the M.B.A. class in India (1982)
* First Division with Distinction in Engineering in India (1980)
Publications in Refereed Journals
35) “Do Women Receive Worse Financial Advice?” (with Amit Kumar, Sujata Visaria and Jing Zhao). Forthcoming, 2023, Journal of Finance
Was a feature story in Bloomberg (9/5/20)
34) “Spillovers in Prices: The Curious Case of Haunted Houses” (with Daisy Huang and Kasper Nielsen), Review of Finance, 2021, vol 25, 903-935Was a feature story in the Economist (10/31/19)
33) “Follow the Money: Investor Trading Around Investor-Paid Credit Rating Changes” (with Kelsey Wei and Han Xia), Journal of Corporate Finance, 2019, vol 58, 68-91
32) “Nominal Stock Price Anchors: A Global Phenomenon?” (with Kee-Hong Bae, Jisok Kang and S. Ghon Rhee), Journal of Financial Markets, 2019, vol 44, 31-41
31) "Do Superstitious Traders Lose Money?" (with Wei-Yu Kuo, Tse-Chun Lin and Jing Zhao), Management Science, 2018, vol 64, 3772-3791
Was a feature story in the Economist (8/30/14)
30) "What Affects Innovation More: Policy or Policy Uncertainty?" (with Po-Hsuan Hsu, Xuan Tian and Yan Xu), Journal of Financial and Quantitative Analysis, 2017, vol 52, 1869-1901
Was a feature story in Washington Post (2/19/14)
29) "Abusing ETFs" (with Andreas Hackethal, Benjamin Loos and Steffen Meyer), Review of Finance, 2017, vol 21, 1217-1250
Was a feature story in the Wall Street Journal (2/28/14) and in Reuters (12/18/14)
28) "The Share Repurchase Announcement Puzzle: Theory and Evidence" (with Stacey Jacobsen), Review of Finance, 2016, vol 20, 725-758
27) "Firm Mortality and Natal Financial Care" (with Alexander Borisov and Xiaoyun Yu), Journal of Financial and Quantitative Analysis, 2015, vol 50, 66-88Was a feature story in the Wall Street Journal (5/9/11)
26) "Conflicting Family Values in Mutual Fund Families" (with Jung Hoon Lee and Veronika Krepely Pool), Journal of Finance, 2013, vol 68, 173-200
Upset the USD 11 trillion industry (ICI Viewpoints (4/27/12)) ; presented my findings to the U.S. Securities and Exchange Commission (5/16/12)
25) "Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study?(with Andreas Hackethal, Simon Kaesler, Benjamin Loos and Steffen Meyer), Review of Financial Studies, 2012, vol 25, 975-1032
Was the lead article
24) "Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers" (with Craig Holden and Stacey Jacobsen), Management Science (Special Issue in Behavioral Economics and Finance), 2012, vol 58, 413-431
Was a feature story in the Financial Times (1/31/09) and a feature story in the New York Times (3/23/09)
23) "Do They Do It For The Money?" (with Cassandra Marshall), Journal of Corporate Finance, 2012, vol 18, 92-104
Was a feature story in the Economist (10/27/11), New York Times (6/9/11 and 4/8/09), and a feature story in Bloomberg News (4/9/09)
22) "The Global Rise of the Value-Weighted Portfolio" (with Neal Galpin), Journal of Financial and Quantitative Analysis, 2011, vol 46, 737-756
Was a feature story in the New York Times (1/1/06) and a feature story in the Economist (1/26/06)
21) "When No Law is Better Than a Good Law" (with Hazem Daouk), Review of Finance, 2009, vol 13, 577-627
Was the lead article
20) "Do Japanese CEOs Matter?" (with Sanghoon Ahn, Taehun Jung and Giseok Nam), Pacific-Basin Finance Journal, 2009, vol 17, 628-650
19) "The Role of the Media in the Internet IPO Bubble" (with Neal Galpin, Rina Ray and Xiaoyun Yu), Journal of Financial and Quantitative Analysis, 2009, vol 44, 657-682
Was a feature story in New York Times (3/25/09)
18) "The Causes and Consequences of Recent Financial Market Bubbles: An Introduction," (with Xiaoyun Yu), Review of Financial Studies, 2008, vol 21, 3-10
Was the lead article
17) "Melting Pot or Salad Bowl: Some Evidence from U.S. Investments Abroad," (with Peter Groznik), Journal of Financial Markets, 2008, vol 11, 228-258
Was a feature story in Financial Times (1/30/02)
16) "The Home Court Advantage in International Corporate Litigation," (with Neal Galpin and Bruce Haslem), Journal of Law and Economics, 2007, vol 50, 625-659Was the lead article
Was a front page feature story in Financial Times (12/13/06)
15) "Is CEO Certification of Earnings Numbers Value Relevant?" (with Peter Groznik and Bruce Haslem), Journal of Empirical Finance, 2007, vol 14, 611-635Was a feature story in the Economist (9/26/02), a feature story in Wall Street Journal Online (10/17/02), a feature story in Financial Times (10/31/02), and a feature story in New York Times (3/2/03)
14) "The Role of the Media in the Launch of Internet IPOs," (with Neal Galpin, Rina Ray and Xiaoyun Yu), Betriebswirtschaftliche Forschung und Praxis, 2006, vol 58, 442-456
Was an invited paper for this special issue on IPOs
13) "Financial Liberalization and the Stability of Currency Pegs," Journal of Corporate Finance, 2005, vol 11, 351-374
12) "The World Price of Earnings Opacity," (with Hazem Daouk and Michael Welker), The Accounting Review, 2003, vol 78, 641-678
Was a feature story in Business Week (7/22/02) and a feature story in Money Magazine (9/1/02)
11) "The Optimal Design of Ponzi Schemes in Finite Economies," Journal of Financial Intermediation, 2003, vol 12, 2-24
Was the lead article
Was a feature story in Time (12/17/08)
Popularized in a satire in the New York Times (12/18/08)
10) "The World Price of Insider Trading" (with Hazem Daouk), Journal of Finance, 2002, vol 57, 75-108
Was nominated for the Smith Breeden Award in the Journal of Finance
Was a feature story in the Economist (1/22/00), and a feature story in the Financial Times (4/12/01)
Reprinted in Claessens S. and L. Laeven (ed), 2006, A Reader in International Finance, World Bank, Washington, D.C.
9) " Capital Markets and the Evolution of Family Businesses" (with B. Ravikumar), Journal of Business, 2001, vol 74, 187-220
Was the lead article
8) "When an Event is Not an Event: The Curious Case of an Emerging Market" (with Hazem Daouk, Brian Jorgenson and Carl-Heinrich Kehr), Journal of Financial Economics, 2000, vol 55, 69-101
Was a feature story in Barron's (2/8/99)
7) "To Believe or Not to Believe" (with Murgie Krishnan), Journal of Financial Markets, 1999, vol 2, 69-98
6) "Anatomy of a Market Breakdown: NYSE Trading Suspensions (1974-1988)" (with Matthew Spiegel), Journal of Business and Economic Statistics, 1998, vol 16, 216-226
5) "Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests," The Review of Financial Studies, 1997, vol 10, 1065-1097
4) "The Advantage to Hiding One's Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market" (with Paul Weller), Journal of Monetary Economics, 1997, vol 39, 251-277
Reprinted in Eijffinger S. (ed), 1999, Foreign Exchange Intervention: Objectives and Effectiveness , Edward Elgar Publishing, Northampton, MA
3) "Destructive Interference in an Imperfectly Competitive Multi-Security Market" (with Philip Reny and Matthew Spiegel), The Journal of Economic Theory, 1995, vol 65, 136-170
2) "In Search of the Right Middleman" (with Abdullah Yavas), Economics Letters, 1993, vol 42, 341-347
1) "Insiders, Outsiders, and Market Breakdowns" (with Matthew Spiegel), The Review of Financial Studies, 1991, vol 4, 255-282
5) “Insider Trading Controversies: A Literature Review” in Lo, A. and R. Merton (ed.) Annual Reviews of Financial Economics, 2014, vol 6, 385-403
4)
“Enforcement and Its Impact on Cost of Equity and Liquidity of the Market” in Canada Steps Up: Report of the Task Force to Modernize Securities Regulation in Canada,
2006, Strengthening Credibility and Integrity, vol 6, Task Force to Modernize Securities Regulation in Canada,
Toronto, Canada.
Was a front page feature story in the Toronto Star (12/1/07). Was featured on Canadian
TV (11/23/08), and discussed in the Ontario legislature (12/2/08)
3) “From Cronies to Professionals: The Evolution of Family Firms” (with B. Ravikumar) in Klein E. (ed.), Capital Formation, Governance and Banking, 2005, Financial Institutions and Services Series, Nova Science Publishers, Hauppauge, NY.
2) “The Effect of Global Financial Markets on Businesses” (with Catherine Bonser-Neal) in Rugman A. (ed.), Leadership in International Business Education and Research, 2003, Research in Global Strategic Management, vol 8, Elsevier Science, Amsterdam.
1) "Is CEO Certification Credible?" (with Peter Groznik and Bruce Haslem), Regulation, 2003, Vol 26, 8-10, Cato Institute, Washington, D.C.
4) " Do Announcement Returns Predict (Predictable) Merger Outcomes? " (with Itzhak Ben-David, Ruidi Huang and Stacey Jacobsen). Preparing for resubmission (second round) at the Journal of Finance
3) " Rating on a Behavioral Curve" (with Janghoon Shon and Yu Zhang).
2) " Polarization in Reaching for Yield" (with Thomas Johann, Benjamin Loos and Tilman Rochow)
2) " Betting on the CEO" (with Yuet Ning Chau and Kasper Nielsen)
Hong Kong Polytechnic University, Hong Kong, January 2024
Lingnan University, Hong Kong, November 2023
Central Bank of Latvia, Riga, Latvia, August 2023, July 2015
Central Bank of Lithuania, Vilnius, Lithuania, August 2023, July 2015
Riga Business School, Riga, Latvia, August 2023, July 2015
OFR, Department of Treasury, Washington D.C., USA, July 2022
Sabanci University, Istanbul, Turkey, April 2022, June 2005
Central University of Finance and Economics, Beijing, China, October 2021
FIRS Conference, July 2021, May 2004
Indian Institute of Management, Kashipur, India, January 2021
Chulalongkorn Business School, Bangkok, Thailand, January 2021
American Finance Association, USA, January 2021, January 2011, 2008, 2007, 2006, 1999, 1998
Xiamen University, Xiamen, China, December 2020, April 2016
State University of Jakarta, Jakarta, Indonesia, November 2020, June 2014
Indian Institute of Management, Ahmedabad, India, November 2020, July 2013, November 2012
Korea Development Institute, Seoul, Korea, September 2020
Indian Institute of Management, Kolkata, India, January 2020, July 2013, June 2012, January 2000, December 1998
University of Paris at Dauphine, Paris, France, January 2020
ESCP-EAP, Paris, France, January 2020, June 2007, April 2006
Peking University, Beijing, China, September 2019, May 2018, October 2014, May 2000
PBC School of Finance, Tsinghua University, Beijing, China, September 2019, October 2014
Renmin University, Beijing, China, September 2019
Cheong Kong Graduate School of Business, Beijing, China, September 2019, October 2014
Lancaster University, Lancaster, UK, June 2019
ABFER Conference, Singapore, May 2019, May 2018
University of Louisville, Louisville, USA, April 2019
JCF Conference, Hong Kong Polytechnic University, Hong Kong, December 2018
Chinese University of Hong Kong, Shenzhen, China, December 2018
Yunnan University of Finance and Economics, Kunming, China, September 2018
Pontificia Universidad Javierana, Bogota, Colombia, July 2018
Sun Yat-sen University, Zhuhai, China, May 2018
School of Economics and Finance, Tsinghua University, Beijing, China, May 2018
ABFER Conference, Singapore, May 2018
University of Hong Kong, Hong Kong, May 2018, September 2015, March 2014
City University of Hong Kong, Hong Kong, April 2018, October 2015, March 2014
Chinese University of Hong Kong, Hong Kong, April 2018, October 2015, March 2014
Baptist University, Hong Kong, March 2018
Miami Behavioral Finance Conference, Coral Gables, USA, December 2017
CQAsia Conference, Hong Kong, November 2017
Zheijiang University, Hangzhou, China, August 2017
University of Oulu, Oulu, Finland, August 2017
Aalto University, Helsinki, Finland, August 2017
University of Vaasa, Vaasa, Finland, August 2017
Tallinn University, Tallinn, Estonia, August 2017
University of British Columbia, Vancouver, Canada, July 2017, September 1995
Macquarie Conference, Hong Kong, June 2017
SEM, Harbin Engineering University, Harbin, China, June 2017
Nottingham Business School, Ningbo, China, June 2017
Sun Yat-sen University, Guangzhou, China, May 2017
Monash University, Melbourne, Australia, May 2017
Xi'an Jiaotong University, Xi'an, China, December 2016
Nanjing Audit University, Nanjing, China, October 2016
FMA Asia-Pacific, Sydney, Australia, July 2016
University College Dublin, Dublin, Ireland, June 2016
Queens University, Belfast, Northern Ireland, UK, June 2016
Said Business School, Oxford University, Oxford, UK, June 2016
Imperial College, London, UK, June 2016
KAFA Conference, Seoul, South Korea, June 2016
Keynote Speaker, World Banking and Finance Symposium, Hanoi, Vietnam, December 2015
RSFAS Summer Research Camp, Australian National University, Murramarang Resort, Australia, December 2015
Goethe University, Frankfurt, Germany, July 2015, July 2010, September 2009, January 2005, April 2002, June 1998, July 1996
University of Mannheim, Mannheim, Germany, June 2015, March 2012
FMA Asia-Pacific, Seoul, South Korea, June 2015
China Europe International Business School, Shanghai, China, March 2015
Shanghai University of Finance and Economics, Shanghai, China, March 2015
Fudan University, Shanghai, China, March 2015
Southwestern University of Finance and Economics, Chengdu, China, March 2015
Zhongnan University of Finance and Economics, Wuhan, China, March 2015
Indian School of Business, Hyderabad, India, February 2015, June 2013
Indian Institute of Technology, Kharagpur, India, November 2014, 2012
PHBS, Shenzhen, China, November 2014
Hong Kong University of Science & Technology, Hong Kong, October 2014, February 2012, May 2000
University of New South Wales, Sydney, Australia, September 2014
University of Sydney, Sydney, Australia, September 2014
University of Technology, Sydney, Australia, September 2014
University of Melbourne, Melbourne, Australia, September 2014
NBER Summer Institute (Credit Ratings), USA, July 2014
Udayana University, Bali, Indonesia, June 2014
Keynote Address in STEI Conference, Bali, Indonesia, June 2014
Diponegoro University, Semarang, Indonesia, June 2014
Tama Jagakarsa University, Jakarta, Indonesia, June 2014
Widya Mandala Catholic University, Surabaya, Indonesia, June 2014
Brawijaya University, Malang, Indonesia, June 2014
Indonesia Stock Exchange (IDX), Jakarta, Indonesia, June 2014
University of California at Riverside, USA, April 2014, February 2008
Nanyang Technological University, Singapore, March 2014, July 2012
Yale University, USA, November 2013, April 2000
American University, USA, October 2013
Lehigh University, USA, September 2013
University of Minnesota, USA, September 2013, January 1995
Vanderbilt University, USA, September 2013
IGIDR, Mumbai, India, July 2013
CFA Institute of India, Ahmedabad Chapter, July 2013
IIITD, Delhi, India, July 2013
GAIL Training Institute, Noida, India, July 2013
Management Development Institute, Goregaon, India, July 2013
Indian Institute of Management, Bangalore, India, June 2013
Indian School of Business, Hyderabad, India, June 2013
University of Cincinnati, Cincinnati, USA, April 2013, October 2000
York University, Toronto, Canada, April 2013
George Washington University, USA, April 2013
University of Missouri-Columbia, USA, November 2012, September 2007
University of Texas at Dallas, USA, September 2012, March 2007
Southern Methodist University, USA, September 2012, October 2004
Singapore Management University, Singapore, August 2012
National University of Singapore, Singapore, August 2012
China International Conference in Finance, Chongqing, China, July 2012
Securities and Exchange Commission, USA, May 2012, March 2003
University of Venice, Venice, Italy, March 2012
Catholic University, Milan, Italy, March 2012
Bocconi University, Milan, Italy, March 2012
Boston College, USA, December 2011
University of North Carolina, USA, December 2011
National Taiwan University, Taipei, Taiwan, July 2011
National Chengchi University, Taipei, Taiwan, July 2011
National Sun Yat-sen University, Kaohsiung, Taiwan, July 2011
National Dong Hwa University, Hualein, Taiwan, July 2011
University of Illinois at Chicago, USA, May 2011
Northwestern University, USA, May 2011
DePaul University, USA, May 2011
The University of Chicago Booth School of Business USA, April 2011
Q-Group Spring 2011 Seminar, USA, April 2011
University of Wisconsin at Madison, USA, November 2010, September 1998
University of Houston, USA, October 2010, March 2002
Emory University, USA, September 2010
Georgia Tech, USA, September 2010
CSEF-IGIER Symposium, Capri, Italy, June 2010
University of Colorado at Boulder, USA, November 2009
INFINZ, Auckland and Wellington, New Zealand, July 2009
University of Auckland, Auckland, New Zealand, July 2009
Massey University, Albany, New Zealand, July 2009
Barclays Global Investors, USA, June 2009
University of Notre Dame, USA, April 2009, March 2003
University of South Carolina, USA, February 2009
Louisiana State University, USA, October 2008
Goldman Sachs, USA, September 2008
Universidad de San Andres, Buenos Aires, Argentina, July 2008
Keynote Speaker, Conference on "The Development of Stock Exchanges," Santiago, Chile, June 2008
Universidad Torcuato di Tella, Buenos Aires, Argentina, June 2008
Case Western Reserve University, USA, April 2008, February 1997
University of Waterloo, Waterloo, Ontario, Canada, March 2008
McMaster University, Hamilton, Ontario, Canada, March 2008
University of Toronto, Toronto, Ontario, Canada, March 2008
University of Lugano, Lugano, Switzerland, March 2008
Hebrew University, Jerusalem, Israel, March 2008
Tel Aviv University, Tel Aviv, Israel, March 2008
University of Iowa, USA, December 2007
Purdue University, USA, November 2007
University of Alberta, Edmonton, Canada, September 2007
HEC, Paris, France, June 2007, May 1994
Queens University, Kingston, Ontario, Canada, May 2007, July 2001, November 1998
Temple University, USA, April 2007
University of Washington, USA, April 2007, December 2000
Harvard Law School, USA, March 2007
University of Texas at Austin, USA, March 2007
University of Texas at San Antonio, USA, February 2007
Texas A&M University, USA, January 2007
Rice University, USA, January 2007
Washington University, USA, November 2006, 2000
Florida State University, USA, October 2006
Dartmouth College (Tuck School), USA, September 2006
NOVA, Lisbon, Portugal, July 2006
Portuguese Finance Association Meetings, Porto, Portugal, July 2006
Catholic University of Portugal, Lisbon, Portugal, July 2006
ISCTE, Lisbon, Portugal, June 2006
Asset Management Conference, Boston College, USA, June 2006
Global Finance Conference, Brazil, April 2006
Stockholm School of Economics,Sweden, March 2006, October 2004
University of California at Berkeley, USA, March 2006, April 1995
Stanford University, USA, March 2006
McGill University, Montreal, Canada, December 2005
Istanbul Stock Exchange, Istanbul, Turkey, June 2005
KOC University, Istanbul, Turkey, June 2005
World Bank, Washington D.C., USA, May 2005
Conference on Corporate Governance, Shanghai, China, March 2005
Hohenheim University, Stuttgart, Germany, January 2005
Yokohama National University, Japan, June 2004
Development Bank of Japan, Japan, June 2004
Bank of Japan, Japan, May 2004
Osaka University, Japan, May 2004
University of Tokyo, Japan, May 2004
Hitotsubashi University, Japan, May 2004
Tulane University, USA, March 2004, 1997
University of Massachusetts (Amherst), USA, February 2004
Harvard Business School, USA, February 2004
MIT-Sloan, USA, February 2004
Babson College, USA, February 2004
Boston University, USA, November 2003
University of Oklahoma, USA, October 2003
ITAM, Mexico City, Mexico, August 2003
Western Finance Association, USA, June 2003, 1999, 1997, 1995, 1991, 1990
Pennsylvania State University, USA, February 2003
University of Alabama, USA, January 2003
University of Amsterdam, The Netherlands, December 2002, April 2000, July 1997, July 1995
Finance Symposium at the University of Maryland, USA, November 2002, September 1998
New York University, USA, November 2002, November 2001
Conference on "Corporate Control, Corporate Disclosure, " University of Kansas, USA, September 2002
University of Padua, Italy, May 2002
University of Vienna, Austria, May 2002, June 1998
Ljubljana Stock Exchange Conference, Portoroz, Slovenia, May 2002
University of Ljubljana, Slovenia, May 2002
Humboldt University, Berlin, Germany, April 2002
Norwegian School of Management, Sandvika, Norway, April 2002
INSEAD, Fontainebleu, France, February 2002, May 1994
University of Pittsburgh, USA, November 2001
Ibmec, Sao Paulo, Brazil, June 2001
FGV, Sao Paulo, Brazil, June 2001
PUC, Rio De Janeiro, Brazil, May 2001
COPPEAD, Federal University of Rio De Janeiro, Brazil, May 2001
NYSE Conference on "Global Equity Markets in Transition," Hawaii, USA, February 2001
Conference on "Illegal Insider Trading," Milan, Italy, January 2001
University of California at Los Angeles, USA, November 2000
University of Georgia, USA, August 2000
Shanghai Jiao Tong University, Shanghai,China, June 2000
NBER Market Microstructure Conference,USA, May 2000
Georgia State University, USA, January 2000, October 1993
Conference on "Equity Market Development in Emerging and Transition Economies," Amsterdam, The Netherlands, December 1999
Conference on "Reexamining the Regulation of Capital Markets for Debt Securities," Washington D.C., USA (Invited paper), October 1999
Latin American Meeting of the Econometric Society, Mexico (Invited paper), August 1999
Korea Advanced Institute of Science and Technology, Seoul, South Korea, July 1999
Korea Securities Research Institute, Seoul, South Korea, July 1999
University of Florida at Gainesville, USA, January 1999
American Economic Association, USA, January 1999, 1993
International Investment Forum, USA, October 1998
Finance Conference, Tel-Aviv University, Israel (Invited paper), August 1998
University of Heidelberg, Germany, July 1998, 1996
French Finance Association, Lille, France, July 1998
Erasmus University, The Netherlands, July 1997
Tilburg University, The Netherlands, July 1997, 1995
International Monetary Fund, USA, March 1997
University of Illinois at Urbana-Champaign, USA, September 1996, January 1992
University of Munich, Germany, July 1996
Arizona State University (West), USA, March 1996
Ohio State University, USA, February 1996, May 1994
Cornell University, USA, May 1994
Duke University, USA, March 1994
Federal Reserve Bank of New York, USA, March 1994
Conference on "Global Competition in the Market for Markets," Duke University, USA, November 1993
London Business School, UK, June 1993
London School of Economics and Political Science, UK, June 1993
North American Winter Econometric Society, USA, January 1992, December 1989
Southern Finance Association, USA (Invited paper), November 1991
Carnegie Mellon University, USA, September 1991
In academia: Number of citations was 8,430 in Google Scholar. Six papers were lead articles in top journals.
In the US media: research featured in full-length stories in Barron's, Bloomberg News, Boston Globe, Business Week, Chicago Tribune, Dow Jones Newswire, Investors Business Daily, Money Magazine, MSNBC, New York Times, Wall Street Journal and the Washington Post
In the foreign media: research featured in full-length stories in Corriere della Sera (Italy), Delo (Slovenia), Dominion Post (New Zealand), the Economist (UK), El Mercurio (Chile), El Universal (Mexico), Exame (Brazil, Portugal), Financial Post (Canada), FinFacts (Ireland), Financial Times (UK), Globe and Mail (Canada), HP/De Tijd (Netherlands), La Nacion (Argentina), O Globo (Brazil), Proceso (Mexico), Reuters (UK), Sondagsavisen (Denmark), South China Morning Post (Hong Kong), Spiegel (Germany), Sunday Star Times (New Zealand), Sydney Morning Herald (Australia), Toronto Star (Canada) and Verslo Zilnius (Lithuania)
Cases Published in Refereed Journals
Summer 2023: Finance to Finance Teaching Faculty at Riga Business School, Riga, LATVIA
Summer 2022: Finance to Ph.D. students at Ton Duc Thang University, Ho Chi Minh City, VIETNAM
Summer 2019: Finance to Ph.D. students at Lancaster University, Lancaster, UK
Summer 2018: Finance to Masters students at Pontificia Universidad Javierana, Bogota, COLOMBIA
Summer 2017: Finance to Ph.D. students at Aalto University, Helsinki, FINLAND. Rating: 4.75/5
Summer 2016: Finance to Ph.D. students at University College Dublin, Dublin, IRELAND
Summer 2015: Finance to students from the Bank of Lithuania and Vilnius University, Vilnius, LITHUANIA. Rating: 5.66/6
Summer 2014: Pedagogical course to finance faculty from 20 Indonesian universities, Jakarta,INDONESIA
Spring 2014: Finance to Ph.D. students at the University of Hong Kong, HONG KONG
Summer 2013: Investments to MBA students at Indian Institute of Management, Ahmedabad, INDIA
Summer 2012: Finance to Ph.D. students at National University of Singapore, SINGAPORE
Summer 2011: Corporate Finance to Ph.D. students at National Taiwan University, Taipei,TAIWAN
Summer 2010: Corporate Finance to Masters students in the Capri Summer School, University of Naples, ITALY
Summer 2009: Doctoral Seminar to Ph.D. students, University of Auckland and Massey University, NEW ZEALAND
Summer 2008: Market Microstructure in the Master of Finance Program in Universidad Torcuato Di Tella, Buenos Aires, ARGENTINA
Summer 2007: International Finance in the Master's Program in ESCP-EAP (European School of Management,) Paris, FRANCE
Summer 2006: Market Microstructure to Ph.D. students and International Finance to MBA students at Universidade Nova de Lisboa, Lisbon, PORTUGAL
Summer 2005: International Finance to Executive MBA students at Sabanci University, Istanbul, TURKEY. Rating: 5/5
Summer 2004: Capital Markets to MBA students and Financial Markets to undergraduate students at Hitotsubashi University, Tokyo, JAPAN
Summer 2003: International Finance to MBA students in ITAM, Mexico City, MEXICO
Summer 2002: Investments to MBA students at the School of Economics, University of Ljubljana, Ljubljana, SLOVENIA
Summer 2001: Corporate Finance to Ph.D. students at COPPEAD, the Graduate School of Business Administration of the Federal University of Rio De Janeiro, Rio De Janeiro, BRAZIL
Summer 2000: Global Financial Markets to MBA students at Guanghua School of Management, Peking University, Beijing, CHINA. Rating: 6.5/7
Summer 1999: Global Financial Markets to MBA students at the Korea Advanced Institute of Science and Technology, Seoul, SOUTH KOREA. Rating: 6.2/7
Summer 1997: Security Design to Ph.D. students at the Tinbergen Institute, Amsterdam, THE NETHERLANDS
Summer 1996: Corporate Finance to Ph.D. students and Investments to diploma students at Goethe University, Frankfurt, GERMANY
Summer 1995: Market Microstructure to Ph.D. students at the Tinbergen Institute, Amsterdam, THE NETHERLANDS
Summer 1994: Law, Accounting and Finance to mid-level executives in St. Petersburg, RUSSIA (under the auspices of the Duke University Executive Education Programs.) Rating: 4.84/5
Summer 1993: Business seminars to Russian academics and entrepreneurs in Stavropol, RUSSIA
2019-22: Amit Kumar (now tenure-track faculty at Singapore Management Institute, Singapore)
2017-19: Dr. Yu Zhang (now in industry in Hong Kong)
2015-16: Prof. Manpreet Singh (now tenure-track faculty at Georgia Institute of Technology, USA)
2009-11: Prof. Cassandra Marshall (now tenured Associate at University of Richmond, USA)
2007-11: Prof. Stacey Jacobsen (now tenured Associate at Southern Methodist University, USA)
2005-06: Prof. Neal Galpin (now tenured Associate Monash University, Australia)
2004-05: Prof. Joon Ho Hwang (now tenured Associate at Korea University, South Korea)
2002-04: Prof. Bruce Haslem (now tenured Associate at Southern Utah University, USA)
2002-03: Prof. Peter Groznik (now tenured faculty at the University of Ljubljana, Slovenia)Co-chair of dissertation committee of:
2009-12: Prof. Alexander Borisov (now tenured Associate at University of Cincinnati, USA)
1999-01: Prof. Hazem Daouk (now tenured Associate at Cornell University, USA)
2019-20: S. Lakshmi Naaraayanan (now tenure-track faculty at London Business School)
2005-07: Prof. Reeyarn Li (now tenure-track faculty at the University of Mannheim, Germany)
2005-07: Prof. Diego Agudelo (now tenured faculty at EAFIT University, Colombia)
2001-02: Prof. Pankaj Jain (now tenured Professor at the University of Memphis, USA)
1999-01: Prof. Chad Zutter (now tenured Associate at the University of Pittsburgh, USA)
1998-00: Prof. Andrew Waisburd (now in industry in the USA)
1996-99: Dr. Pieter van Hasselt (runs his own securities trading business in Switzerland)
1995-97: Prof. Gabriele Camera (now Henry B. Tippie Research Professor in Economics at the University of Iowa, USA)
1995-97: Prof. Ayhan Kose (now at the International Monetary Fund, USA)
1995-97: Prof. Mukarram Attari (now in industry in the USA)
1994-96: Dr. Aniruddha Bagchi (now in industry in the USA)
1992-93: Prof. Michael Welker (now Professor and KMPG Faculty Fellow at Queens University, Canada)
1990-91: Prof. Abdullah Yavas (now the UW Real Estate Program Distinguished Professor at the University of Wisconsin at Madison, USA)
1990-91: Prof. Anil Arya (now the Dean’s Distinguished Research Professor at Ohio State University, USA)
Spring 2023, Spring 2022, Spring 2021, Winter 2020, Winter 2019, Winter 2018: Asset Allocation (HKUST MSGF)
Rating:
6.54/7, 6.52/7, 6.06/7, 6.26/7, 6.61/7, 6.25/7
Spring 2023, Fall 2021, Spring 2021, Fall 2015, Spring 2015: Market Microstructure (HKUST MSc)
Rating:
4.53/5, 4.50/5, 4.40/5, 97.7/100, 92.9/100
Spring 2020, Spring 2019, Spring 2018: Fintech: Algorithmic Trading (HKUST MSc and HKUST M.Fintech)
Rating:
80.8/100, 72.1/100, 81.5/100, 91.7/100
Fall 2012: Asset Valuation and Strategy (Indiana University MBA)
Rating:
5.15/7
Spring 2011 and Fall 2010: Corporation Finance (University of Chicago Booth School of Business)
Ratings:
2.1/5 and 3.17/5
Summer 2009: Finance Theory (MIT - Master of Finance Program)
Rating:
4.22/5
Summer 2008: Financial Management (MIT - Sloan Fellows Program)
Ratings:
3.36/5 and 2.87/5
Fall 2003: Finance Theory I (MIT - Sloan MBA)
Ratings:
4.86/5 and 4.57/5
Spring 1997, Fall 1996, Spring 1996,
Fall 1995, Spring 1995, Fall 1994: Investment Management (University of
Iowa MBA)
Ratings: 4.17/6, 4.60/6,
4.48/6, 5.33/6, 5.13/6, 5.14/6
Spring 1994: Investment Management (Duke
University MBA)
Ratings: 5.98/7, 5.99/7
Fall 1993: Financial Management to WMBA's
and EMBA's (Duke University)
Ratings: 5.60/7, 5.00/7
Spring 1993, Fall 1992, Spring 1992, Fall
1991, Spring 1991, Fall 1990: Managerial Finance (University of Iowa MBA)
Ratings: 4.96/6, 4.96/6,
5.07/6, 5.71/6, 5.33/6, 5.60/6, 5.22/6, 4.31/6, 4.97/6, 4.94/6, 5.44/6
Spring 2023, Fall 2021, Spring 2021, Spring 2020, Fall 2018, Spring 2018, Spring 2017, Spring 2016: Intermediate Investment (HKUST)
Ratings:
4.31/5, 4.35/5, 4.47/5, 3.82/5, 4.22/5, 69.7/100, 67.7/100, 66.7/100, 89.3/100, 82.5/100, 88.7/100, 86.6/100, 74.1/100
Fall 2009: Intermediate Corporate Finance (Indiana University)
Ratings: 6.33/7, 5.20/7, 5.11/7
Fall 2008, Fall 2007, Fall 2004: Intermediate Investments (Indiana University)
Ratings: 6.59/7, 6.42/7, 6.32/7, 6.39/7, 6.31/7, 6.38/7, 6.36/7
Fall 1999, Spring 1999, Fall 1998, Spring 1998, Fall 1997: Intermediate Finance (Indiana University)
Honors Thesis Advisor of:
2006-07: Brandon Henry
2005-06: Gregory Buhay
2003-04: Jonathan Harari
2002-03: Joseph Matthews
2000-01: Brett Kaufman
To the Profession
Executive Editor of: Financial Management (October 2016-October 2022)
Associate Editor of:
* Review of Financial Studies (2005-08) Co-organizer of the Indiana University-Review of Financial Studies Conference on "The Causes and Consequences of Recent Financial Market Bubbles,"
2005 Member of "Task Force to Modernize Securities Regulation in Canada,"
2006 * The Accounting Review
* American Economic Review
* The Annual Review of Financial Economics
* Contemporary Accounting Research
* Econometrica
* The Economic Journal
* Economic Notes
* Engineering Economist
* European Economic Review
* Finance Research Letters
* Financial Management
* Financial Review
* International Economic Review
* International Journal of Theoreticaland Applied Finance
* International Review of Economics and Finance
* Journal of Accounting and Economics
* Journal of Economics and Management Strategy
* Journal of Empirical Finance
* Journal of Empirical Legal Studies
* Journal of Finance
* Journal of Financial and Quantitative Analysis
* Journal of Financial Economics
* Journal of Financial Intermediation
* Journal of Financial Markets
* Journal of International Economics
* Journal of International Money and Finance
* Journal of Political Economy
* Management Science
* National Science Foundation U.S.A.
* The Quarterly Review of Economics and Finance
* Rand Journal of Economics
* Research Grants Council of Hong Kong
* Review of Economic Studies
* Review of Finance
* Review of Financial Studies
* European Finance Association (2003-)
* Financial Intermediation Research Society (2003-)
* Various Financial Management Association Conferences (2016-)
* Journal of Financial Markets (2001-16)
Ad hoc referee for
Program committee for:
* Western Finance Association (1999-)
To the Department
* Chair, Departmental Search and Appointments Committee, HKUST (2016-)
* Chair, Departmental Faculty Recruiting Committee, HKUST (2016-2017)
* Chair, Departmental Ph.D. Committee, HKUST (2015-2016)
* Department Coordinator, DBA, HKUST (2021-)
* Member, Departmental Faculty Recruiting Committee, HKUST (2015-2016)
* Member, Departmental Executive/Resource/Planning Committee, HKUST (2015-present)
* Member, Departmental Merit Salary Review Committee, HKUST (2015-present)
* FINA Department Representative, RAE 2020, HKUST (2018-2019)
* Faculty Mentor to Assistant Professor, HKUST (2017-present)
* Member, Faculty Recruiting Committee, Indiana (2011-14)
* Brown-bag seminar coordinator, Indiana (2011-13)
* Co-chair, Faculty Recruiting Committee, Indiana (2009-10)
* Chair, Ph.D. Committee, Indiana (2002-06)
* Ph.D. Committee, Indiana (2000-11)
* Chair, Faculty Recruiting Committee, Indiana (2000-02)
* Outside Workshop Coordinator, Indiana(1999-2002)
* Committee to explore the feasibility of offering a degree program in Mathematical Finance, Indiana (1998-99)
* Undergraduate Committee, Indiana (1997-99)
* Undergraduate Review Committee, Iowa (1995-96)
* Committee to explore the feasibility of offering a degree program in Quantitative Finance, Iowa (1995-96)
* MBA Review Committee, Iowa (1992-93)
* Ph.D. Review Committee, Iowa (1992-93)
* Internal Workshop Coordinator, Iowa(1991-93)
* Chair, School Appointments and Substantiation Committee, HKUST (2020-2021)
* Member, School Appointments and Substantiation Committee, HKUST (2019-2020, 2015-2017)
* Finance Head Search Committee, HKUST (2018, 2015)
* Business Insight Talk, HKUST, 2018, 2015
* Global Foundations Core Advisory Committee, Indiana (2013-14)
* Undergraduate Policy Committee, Indiana (2012-13)
* Doctoral Policy Committee, Indiana (2002-06, 2011-12)
* CIBER Advisory Committee, Indiana (2009-10)
* Academic Fairness Committee, Indiana (2008-09)
* Coordinator, Honors I-Core, Indiana (2004-06)
* Kelley Scholars and Honors Program Committee, Indiana (1999-2008)
* Mentor, Kelley Scholars Program, Indiana(1999-2003)
* Technology Strategy Committee, Indiana (2000-01)
* Kelley Commentator in the TV program "Indiana Business This Week," Indiana (on February 9, 1999 and on August 11, 2000)
* MBA Committee, Iowa (1992-93)
* Faculty Advisor to the MBA Association, Iowa (1991-93)
* Member, University Appointments and Substantiation Committee, HKUST (2021-)
* HKUST Senate (2019-2021)
* HKUST Senate Research Committee (2019-)
* HKUST Investigation Panel of Alleged Academic Misconduct Case (2020)
* Institute of Emerging Market Studies, HKUST (Faculty Associate, 2016-present; Executive Committee, 2018-2020)
* Member, Staff Grievance Procedures Committee, HKUST (2017-present)
* Advisor to Cox Research Scholar, Indiana (2006-07, 2013-14)
* Interviewer, Wells Scholars Program, Indiana (2005-12)
* Faculty, Mini University, Indiana (Summer 2009, 2012)
* Mentor, McNair Scholars Program, Indiana (2000-01)
* FASE Mentoring Program for Minority Students, Indiana (1998-2000)
* Panel Member, Business Studies, Research Grants Council of Hong Kong (2018-2023)
Vita updated on February 1, 2024