Utpal Bhattacharya

Education & Professional Experience

Education

Professional Experience

Research

Publications in Refereed Journals

1. The (Missing) Relation Between Acquisition Announcement Returns and Value Creation (with Itzhak Ben-David, Ruidi Huang and Stacey Jacobsen), Journal of Finance, 2026, vol 81, 1263–1320.
2. Rating on a Behavioral Curve (with Janghoon Shon and Yu Zhang), Journal of Corporate Finance, 2025, vol 91.
3. Do Women Receive Worse Financial Advice? (with Amit Kumar, Sujata Visaria and Jing Zhao), Journal of Finance, 2024, vol 79, 3261–3307. Featured in Bloomberg (9/5/20) Camphor Economics Outstanding Paper Award (2025)
4. Spillovers in Prices: The Curious Case of Haunted Houses (with Daisy Huang and Kasper Nielsen), Review of Finance, 2021, vol 25, 903–935. Featured in the Economist (10/31/19) and in the Economist (7/18/24)
5. 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.
6. 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.
7. Do Superstitious Traders Lose Money? (with Wei‑Yu Kuo, Tse‑Chun Lin and Jing Zhao), Management Science, 2018, vol 64, 3772–3791. Featured in the Economist (8/30/14)
8. 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. Featured in Washington Post (2/19/14)
9. Abusing ETFs (with Andreas Hackethal, Benjamin Loos and Steffen Meyer), Review of Finance, 2017, vol 21, 1217–1250. Featured in the Wall Street Journal (2/28/14) and in Reuters (12/18/14)
10. The Share Repurchase Announcement Puzzle: Theory and Evidence (with Stacey Jacobsen), Review of Finance, 2016, vol 20, 725–758.
11. Firm Mortality and Natal Financial Care (with Alexander Borisov and Xiaoyun Yu), Journal of Financial and Quantitative Analysis, 2015, vol 50, 66–88. Featured in the Wall Street Journal (5/9/11)
12. 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)
13. 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. Lead article
14. Penny Wise, Dollar Foolish: Buy‑Sell Imbalances On and Around Round Numbers (with Craig Holden and Stacey Jacobsen), Management Science, 2012, vol 58, 413–431. Featured in the Financial Times (1/31/09) and the New York Times (3/23/09)
15. Do They Do It For The Money? (with Cassandra Marshall), Journal of Corporate Finance, 2012, vol 18, 92–104. Featured in the Economist (10/27/11), New York Times (6/9/11 and 4/8/09), and Bloomberg News (4/9/09)
16. The Global Rise of the Value‑Weighted Portfolio (with Neal Galpin), Journal of Financial and Quantitative Analysis, 2011, vol 46, 737–756. Featured in the New York Times (1/1/06) and the Economist (1/26/06)
17. When No Law is Better Than a Good Law (with Hazem Daouk), Review of Finance, 2009, vol 13, 577–627. Lead article
18. 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. Featured in New York Times (3/25/09)
20. The Causes and Consequences of Recent Financial Market Bubbles: An Introduction (with Xiaoyun Yu), Review of Financial Studies, 2008, vol 21, 3–10. Lead article
21. Melting Pot or Salad Bowl: Some Evidence from U.S. Investments Abroad (with Peter Groznik), Journal of Financial Markets, 2008, vol 11, 228–258. Featured in Financial Times (1/30/02)
22. The Home Court Advantage in International Corporate Litigation (with Neal Galpin and Bruce Haslem), Journal of Law and Economics, 2007, vol 50, 625–659. Lead article Featured (front page) in Financial Times (12/13/06)
23. Is CEO Certification of Earnings Numbers Value Relevant? (with Peter Groznik and Bruce Haslem), Journal of Empirical Finance, 2007, vol 14, 611–635. Featured in the Economist (9/26/02), Wall Street Journal Online (10/17/02), Financial Times (10/31/02), and New York Times (3/2/03)
24. 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. Invited paper (special issue on IPOs)
25. Financial Liberalization and the Stability of Currency Pegs, Journal of Corporate Finance, 2005, vol 11, 351–374.
26. The World Price of Earnings Opacity (with Hazem Daouk and Michael Welker), The Accounting Review, 2003, vol 78, 641–678. Featured in Business Week (7/22/02) and Money Magazine (9/1/02)
27. The Optimal Design of Ponzi Schemes in Finite Economies, Journal of Financial Intermediation, 2003, vol 12, 2–24. Lead article Featured in Time (12/17/08) Popularized in a satire in the New York Times (12/18/08)
28. The World Price of Insider Trading (with Hazem Daouk), Journal of Finance, 2002, vol 57, 75–108. Nominated for the Smith Breeden Award Featured in the Economist (1/22/00), and 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.
29. Capital Markets and the Evolution of Family Businesses (with B. Ravikumar), Journal of Business, 2001, vol 74, 187–220. Lead article
30. 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. Featured in Barron's (2/8/99)
31. To Believe or Not to Believe (with Murgie Krishnan), Journal of Financial Markets, 1999, vol 2, 69–98.
32. Anatomy of a Market Breakdown: NYSE Trading Suspensions (1974–1988) (with Matthew Spiegel), Journal of Business and Economic Statistics, 1998, vol 16, 216–226.
33. Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests, The Review of Financial Studies, 1997, vol 10, 1065–1097.
34. 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
35. Destructive Interference in an Imperfectly Competitive Multi‑Security Market (with Philip Reny and Matthew Spiegel), Journal of Economic Theory, 1995, vol 65, 136–170.
36. In Search of the Right Middleman (with Abdullah Yavas), Economics Letters, 1993, vol 42, 341–347.
37. Insiders, Outsiders, and Market Breakdowns (with Matthew Spiegel), The Review of Financial Studies, 1991, vol 4, 255–282.

Non-Refereed Publications

1. Differences in Financial Advice by Client Gender: Evidence from Hong Kong’s Retail Financial Advisory Market (with Amit Kumar, Sujata Visaria and Jing Zhao), Women and Finance: Policy, Education and Professional Pathways , 2026, ESBN 978 1 0494 1153 8
2. Gender Differences in Financial Advice: Lessons from a Secret Shopper Study (with Amit Kumar, Sujata Visaria and Jing Zhao), The CAPCO Institute Journal of Financial Transformation, 2025, #61, 186–191.
3. The Enforcement of Insider Trading Laws Around the World (1900–2022), in S. Bainbridge (ed.), Research Handbook on Insider Trading (Second Edition), 2024, Edward Elgar Publishing, U.K.
4. Insider Trading Controversies: A Literature Review, in Lo & Merton (eds.), Annual Review of Financial Economics, 2014, vol 6, 385–403.
5. 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). Featured (front page) in the Toronto Star (12/1/07). Featured on Canadian TV (11/23/08), and discussed in the Ontario legislature (12/2/08)
6. From Cronies to Professionals: The Evolution of Family Firms (with B. Ravikumar), in Klein (ed.), Capital Formation, Governance and Banking, 2005, Nova Science Publishers.
7. The Effect of Global Financial Markets on Businesses (with Catherine Bonser‑Neal), in Rugman (ed.), Leadership in International Business Education and Research, Research in Global Strategic Management, vol 8, 2003, Elsevier.
8. Is CEO Certification Credible? (with Peter Groznik and Bruce Haslem), Regulation, 2003, Vol 26, 8–10, Cato Institute.

Working Papers

1. Deposit Insurance: Believers and Doubters (with Thomas Johann, Benjamin Loos and Tilman Rochow).
2. Betting on the CEO (with Yuet Ning Chau and Kasper Nielsen).

Research Impact

Talks

1. Purdue University, USA, October 2026, November 2007
2. University of Michigan, USA, October 2026
3. University of Southern California, USA, October 2026
4. University of Papua New Guinea, Port Moresby, Papua New Guinea, October 2026
5. Universiti Brunei Darussalam, Brunei, October 2026
6. Bucharest University of Economic Studies, Bucharest, Romania, June 2026
7. Thammasat University, Bangkok, Thailand, February 2026
8. Central Bank of Thailand, Bangkok, Thailand, January 2026
9. FMA Asia-Pacific Conference, Taipei, Taiwan, December 2025
10. Academic Freedom in Asia Conference (Hosted by the University of Chicago), Hong Kong, December 2025
11. Central Bank of Philippines, Manila, Philippines, October 2025
12. Ataneo de Manila University, Manila, Philippines, October 2025
13. University of Science and Technology of China, Hefei, China, September 2025
14. Foreign Trade University, Ho Chi Minh City, Vietnam, August 2025
15. University of Economics, Ho Chi Minh City, Vietnam, August 2025
16. Asia School of Business, Kuala Lumpur, Malaysia, July 2025
17. HKIMR-IMF-BIS Conference, Hong Kong, July 2025
18. Nazarbayev University, Astana, Kazakhstan, June 2025
19. The University of Chicago, Stigler Center, USA, May 2025
20. ABFER Conference, Singapore, May 2025, 2019, 2018
21. National Taiwan University, Taipei, Taiwan, May 2025, July 2011
22. National Chengchi University, Taipei, Taiwan, May 2025, July 2011
23. National University, Jakarta, Indonesia, May 2025
24. State University of Jakarta, Jakarta, Indonesia, May 2025, November 2020, June 2014
25. University of Tokyo, Japan, April 2025, May 2004
26. Waseda University, Japan, April 2025, May 2004
27. Hitotsubashi University, Japan, April 2025, May 2004
28. Washington University, USA, March 2025, November 2006, November 2000
29. University of Hong Kong, Hong Kong, March 2025, May 2018, September 2015, March 2014
30. University of Auckland, Auckland, New Zealand, March 2025, July 2009
31. Seoul National University, Seoul, South Korea, March 2025
32. KAIST, Seoul, South Korea, March 2025
33. University of Technology, Sydney, Australia, December 2024, September 2014
34. University of New South Wales, Sydney, Australia, December 2024, September 2014
35. Bayes Business School, London, U.K., September 2024
36. University of Sydney, Sydney, Australia, June 2024, September 2014
37. Bank for International Settlements, Hong Kong, March 2024
38. Hong Kong Polytechnic University, Hong Kong, January 2024, December 2018
39. Lingnan University, Hong Kong, November 2023
40. Central Bank of Latvia, Riga, Latvia, August 2023, July 2015
41. Central Bank of Lithuania, Vilnius, Lithuania, August 2023, July 2015
42. Riga Business School, Riga, Latvia, August 2023, July 2015
43. OFR, Department of Treasury, Washington D.C., USA, July 2022
44. Sabanci University, Istanbul, Turkey, April 2022, June 2005
45. Central University of Finance and Economics, Beijing, China, October 2021
46. FIRS Conference, July 2021, May 2004
47. Indian Institute of Management, Kashipur, India, January 2021
48. Chulalongkorn Business School, Bangkok, Thailand, January 2021
49. American Finance Association, USA, January 2021, January 2011, 2008, 2007, 2006, 1999, 1998
50. Xiamen University, Xiamen, China, December 2020, April 2016
51. Indian Institute of Management, Ahmedabad, India, November 2020, July 2013, November 2012
52. Korea Development Institute, Seoul, South Korea, September 2020
53. Indian Institute of Management, Kolkata, India, January 2020, July 2013, June 2012, January 2000, December 1998
54. University of Paris at Dauphine, Paris, France, January 2020
55. ESCP-EAP, Paris, France, January 2020, June 2007, April 2006
56. Peking University, Beijing, China, September 2019, May 2018, October 2014, May 2000
57. PBC School of Finance, Tsinghua University, Beijing, China, September 2019, October 2014
58. Renmin University, Beijing, China, September 2019
59. Cheong Kong Graduate School of Business, Beijing, China, September 2019, October 2014
60. Lancaster University, Lancaster, UK, June 2019
61. University of Louisville, Louisville, USA, April 2019
62. JCF Conference, Hong Kong Polytechnic University, Hong Kong, December 2018
63. Chinese University of Hong Kong, Shenzhen, China, December 2018
64. Yunnan University of Finance and Economics, Kunming, China, September 2018
65. Pontificia Universidad Javierana, Bogota, Colombia, July 2018
66. University of Amsterdam, The Netherlands, June 2018, December 2002, April 2000, July 1997, July 1995
67. Erasmus University, The Netherlands, June 2018, July 1997
68. Sun Yat-sen University, Zhuhai, China, May 2018
69. School of Economics and Finance, Tsinghua University, Beijing, China, May 2018
70. ABFER Conference, Singapore, May 2018
71. City University of Hong Kong, Hong Kong, April 2018, October 2015, March 2014
72. Chinese University of Hong Kong, Hong Kong, April 2018, October 2015, March 2014
73. Baptist University, Hong Kong, March 2018
74. Miami Behavioral Finance Conference, Coral Gables, USA, December 2017
75. CQAsia Conference, Hong Kong, November 2017
76. Zheijiang University, Hangzhou, China, August 2017
77. University of Oulu, Oulu, Finland, August 2017
78. Aalto University, Helsinki, Finland, August 2017
79. University of Vaasa, Vaasa, Finland, August 2017
80. Tallinn University, Tallinn, Estonia, August 2017
81. University of British Columbia, Vancouver, Canada, July 2017, September 2000, September 1995
82. Macquarie Conference, Hong Kong, June 2017
83. SEM, Harbin Engineering University, Harbin, China, June 2017
84. Nottingham Business School, Ningbo, China, June 2017
85. Sun Yat-sen University, Guangzhou, China, May 2017
86. Monash University, Melbourne, Australia, May 2017
87. Xi'an Jiaotong University, Xi'an, China, December 2016
88. Nanjing Audit University, Nanjing, China, October 2016
89. FMA Asia-Pacific, Sydney, Australia, July 2016
90. University College Dublin, Dublin, Ireland, June 2016
91. Queens University, Belfast, Northern Ireland, UK, June 2016
92. Said Business School, Oxford University, Oxford, UK, June 2016
93. Imperial College, London, UK, June 2016
94. KAFA Conference, Seoul, South Korea, June 2016
95. Keynote Speaker, World Banking and Finance Symposium, Hanoi, Vietnam, December 2015
96. RSFAS Summer Research Camp, Australian National University, Murramarang Resort, Australia, December 2015
97. Goethe University, Frankfurt, Germany, July 2015, July 2010, September 2009, January 2005, April 2002, June 1998, July 1996
98. University of Mannheim, Mannheim, Germany, June 2015, March 2012
99. FMA Asia-Pacific, Seoul, South Korea, June 2015
100. China Europe International Business School, Shanghai, China, March 2015
101. Shanghai University of Finance and Economics, Shanghai, China, March 2015
102. Fudan University, Shanghai, China, March 2015
103. Southwestern University of Finance and Economics, Chengdu, China, March 2015
104. Zhongnan University of Finance and Economics, Wuhan, China, March 2015
105. Indian School of Business, Hyderabad, India, February 2015, June 2013
106. Indian Institute of Technology, Kharagpur, India, November 2014, 2012
107. PHBS, Shenzhen, China, November 2014
108. Hong Kong University of Science & Technology, Hong Kong, October 2014, February 2012, May 2000
109. University of Melbourne, Melbourne, Australia, September 2014
110. NBER Summer Institute (Credit Ratings), USA, July 2014
111. Udayana University, Bali, Indonesia, June 2014
112. Keynote Address in STEI Conference, Bali, Indonesia, June 2014
113. Diponegoro University, Semarang, Indonesia, June 2014
114. Tama Jagakarsa University, Jakarta, Indonesia, June 2014
115. Widya Mandala Catholic University, Surabaya, Indonesia, June 2014
116. Brawijaya University, Malang, Indonesia, June 2014
117. Indonesia Stock Exchange (IDX), Jakarta, Indonesia, June 2014
118. University of California at Riverside, USA, April 2014, February 2008
119. Nanyang Technological University, Singapore, March 2014, July 2012
120. Yale University, USA, November 2013, April 2000
121. American University, USA, October 2013
122. Lehigh University, USA, September 2013
123. University of Minnesota, USA, September 2013, January 1995
124. Vanderbilt University, USA, September 2013
125. IGIDR, Mumbai, India, July 2013
126. CFA Institute of India, Ahmedabad Chapter, July 2013
127. IIITD, Delhi, India, July 2013
128. GAIL Training Institute, Noida, India, July 2013
129. Management Development Institute, Goregaon, India, July 2013
130. Indian Institute of Management, Bangalore, India, June 2013
131. Indian School of Business, Hyderabad, India, June 2013
132. University of Cincinnati, Cincinnati, USA, April 2013, October 2000
133. York University, Toronto, Canada, April 2013
134. George Washington University, USA, April 2013
135. University of Missouri-Columbia, USA, November 2012, September 2007
136. University of Texas at Dallas, USA, September 2012, March 2007
137. Southern Methodist University, USA, September 2012, October 2004
138. Singapore Management University, Singapore, August 2012
139. National University of Singapore, Singapore, August 2012
140. China International Conference in Finance, Chongqing, China, July 2012
141. Securities and Exchange Commission, USA, May 2012, March 2003
142. University of Venice, Venice, Italy, March 2012
143. Catholic University, Milan, Italy, March 2012
144. Bocconi University, Milan, Italy, March 2012
145. Boston College, USA, December 2011
146. University of North Carolina, USA, December 2011
147. National Sun Yat-sen University, Kaohsiung, Taiwan, July 2011
148. National Dong Hwa University, Hualein, Taiwan, July 2011
149. University of Illinois at Chicago, USA, May 2011, December 2000
150. Northwestern University, USA, May 2011
151. DePaul University, USA, May 2011
152. The University of Chicago Booth School of Business, USA, April 2011
153. Q-Group Spring 2011 Seminar, USA, April 2011
154. University of Wisconsin at Madison, USA, November 2010, September 1998
155. University of Houston, USA, October 2010, March 2002
156. Emory University, USA, September 2010
157. Georgia Tech, USA, September 2010
158. CSEF-IGIER Symposium, Capri, Italy, June 2010
159. University of Colorado at Boulder, USA, November 2009
160. INFINZ, Auckland and Wellington, New Zealand, July 2009
161. Massey University, Albany, New Zealand, July 2009
162. Barclays Global Investors, USA, June 2009
163. University of Notre Dame, USA, April 2009, March 2003
164. University of South Carolina, USA, February 2009
165. Louisiana State University, USA, October 2008
166. Goldman Sachs, USA, September 2008
167. Universidad de San Andres, Buenos Aires, Argentina, July 2008
168. Keynote Speaker, Conference on "The Development of Stock Exchanges," Santiago, Chile, June 2008
169. Universidad Torcuato di Tella, Buenos Aires, Argentina, June 2008
170. Case Western Reserve University, USA, April 2008, February 1997
171. University of Waterloo, Waterloo, Ontario, Canada, March 2008
172. McMaster University, Hamilton, Ontario, Canada, March 2008
173. University of Toronto, Toronto, Ontario, Canada, March 2008
174. University of Lugano, Lugano, Switzerland, March 2008
175. Hebrew University, Jerusalem, Israel, March 2008
176. Tel Aviv University, Tel Aviv, Israel, March 2008
177. University of Iowa, USA, December 2007
178. University of Alberta, Edmonton, Canada, September 2007
179. HEC, Paris, France, June 2007, May 1994
180. Queens University, Kingston, Ontario, Canada, May 2007, July 2001, November 1998
181. Temple University, USA, April 2007
182. University of Washington, USA, April 2007, December 2000
183. Harvard Law School, USA, March 2007
184. University of Texas at Austin, USA, March 2007
185. University of Texas at San Antonio, USA, February 2007
186. Texas A&M University, USA, January 2007
187. Rice University, USA, January 2007
188. Florida State University, USA, October 2006
189. Dartmouth College (Tuck School), USA, September 2006
190. NOVA, Lisbon, Portugal, July 2006
191. Portuguese Finance Association Meetings, Porto, Portugal, July 2006
192. Catholic University of Portugal, Lisbon, Portugal, July 2006
193. ISCTE, Lisbon, Portugal, June 2006
194. Asset Management Conference, Boston College, USA, June 2006
195. Global Finance Conference, Brazil, April 2006
196. Stockholm School of Economics, Sweden, March 2006, October 2004
197. University of California at Berkeley, USA, March 2006, April 1995
198. Stanford University, USA, March 2006
199. McGill University, Montreal, Canada, December 2005
200. Istanbul Stock Exchange, Istanbul, Turkey, June 2005
201. KOC University, Istanbul, Turkey, June 2005
202. World Bank, Washington D.C., USA, May 2005
203. Conference on Corporate Governance, Shanghai, China, March 2005
204. Hohenheim University, Stuttgart, Germany, January 2005
205. Yokohama National University, Japan, June 2004
206. Development Bank of Japan, Japan, June 2004
207. Bank of Japan, Japan, May 2004
208. Osaka University, Japan, May 2004
209. Tulane University, USA, March 2004, 1997
210. University of Massachusetts (Amherst), USA, February 2004
211. Harvard Business School, USA, February 2004
212. MIT-Sloan, USA, February 2004
213. Babson College, USA, February 2004
214. Boston University, USA, November 2003
215. University of Oklahoma, USA, October 2003
216. ITAM, Mexico City, Mexico, August 2003
217. Western Finance Association, USA, June 2003, 1999, 1997, 1995, 1991, 1990
218. Pennsylvania State University, USA, February 2003
219. University of Alabama, USA, January 2003
220. Finance Symposium at the University of Maryland, USA, November 2002, September 1998
221. New York University, USA, November 2002, November 2001
222. Conference on "Corporate Control, Corporate Disclosure," University of Kansas, USA, September 2002
223. University of Padua, Italy, May 2002
224. University of Vienna, Austria, May 2002, June 1998
225. Ljubljana Stock Exchange Conference, Portoroz, Slovenia, May 2002
226. University of Ljubljana, Slovenia, May 2002
227. Humboldt University, Berlin, Germany, April 2002
228. Norwegian School of Management, Sandvika, Norway, April 2002
229. INSEAD, Fontainebleu, France, February 2002, May 1994
230. University of Pittsburgh, USA, November 2001
231. Ibmec, Sao Paulo, Brazil, June 2001
232. FGV, Sao Paulo, Brazil, June 2001
233. PUC, Rio De Janeiro, Brazil, May 2001
234. COPPEAD, Federal University of Rio De Janeiro, Brazil, May 2001
235. NYSE Conference on "Global Equity Markets in Transition," Hawaii, USA, February 2001
236. Conference on "Illegal Insider Trading," Milan, Italy, January 2001
237. University of California at Los Angeles, USA, November 2000
238. University of Georgia, USA, August 2000
239. Arizona State University, USA, September 2000
240. University of Heidelberg, Germany, July 1998, 1996
241. French Finance Association, Lille, France, July 1998
242. Tilburg University, The Netherlands, July 1997, 1995
243. International Monetary Fund, USA, March 1997
244. University of Illinois at Urbana-Champaign, USA, September 1996, January 1992
245. University of Munich, Germany, July 1996
246. Arizona State University (West), USA, March 1996
247. Ohio State University, USA, February 1996, May 1994
248. Cornell University, USA, May 1994
249. Duke University, USA, March 1994
250. Federal Reserve Bank of New York, USA, March 1994
251. Conference on "Global Competition in the Market for Markets," Duke University, USA, November 1993
252. London Business School, UK, June 1993
253. London School of Economics and Political Science, UK, June 1993
254. North American Winter Econometric Society, USA, January 1992, December 1989
255. Southern Finance Association, USA (Invited paper), November 1991
256. Carnegie Mellon University, USA, September 1991

Teaching

Cases Published in Refereed Journals

• "Ace Company (B): The Option Value of Waiting and Capital Budgeting" (with Ramji Balakrishnan), Issues in Accounting Education, 1997, vol 12, 399–411

International

• Summer 2026: Behavioral Finance to Ph.D. students at Bucharest University of Economic Studies, Bucharest, ROMANIA
• Summer 2025: Behavioral Finance to Masters students at Nazarbayev University, Astana, KAZAKHSTAN
• Summer 2024: Finance to Ph.D. students at University of Sydney, Sydney, AUSTRALIA
• 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, 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: Finance to Ph.D. students at Queen's University, Kingston, Ontario, CANADA
• Spring 2001: Corporate Finance to Ph.D. students at COPPEAD, Federal University of 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 KAIST, 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 (Duke Executive Education). Rating: 4.84/5
• Summer 1993: Business seminars to Russian academics and entrepreneurs in Stavropol, RUSSIA

Ph.D.

• Spring 2018, Spring 2017, Spring 2016, Spring 2015: Theoretical Corporate Finance (HKUST). Ratings: 87.5/100, 100/100, 87.5/100, 88.9/100
• Fall 2013, Fall 2012, Fall 2011, Fall 2009, Fall 2008, Fall 2007, Fall 2006, Fall 2005, Fall 2004, Fall 2002: Research Seminar in Finance (Indiana University). Ratings: 7.00/7, 7.00/7, 6.38/7, 7.00/7, 6.33/7, 6.81/7, 6.00/7, 6.06/7, 6.55/7, 6.28/7
• Fall 2005, Fall 2002, Fall 2001, Fall 2000: Corporate Finance (Indiana University). Ratings: 6.40/7, 6.84/7, 6.38/7, 6.30/7
• Fall 1996, Fall 1995, Fall 1994: Advanced Corporate Finance (University of Iowa). Ratings: 5.50/6, 5.33/6, 5.57/6

Dissertation Committees

Chair

• 2019–22: Prof. 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 Full Professor at Monash University, Australia)
• 2004–05: Prof. Joon Ho Hwang (now tenured Full Professor at Korea University, South Korea)
• 2002–04: Prof. Bruce Haslem (now tenured Associate at Southern Utah University, USA)
• 2002–03: Prof. Peter Groznik (tenured at the University of Ljubljana, Slovenia; now in industry)

Co‑chair

• 2009–12: Prof. Alexander Borisov (now tenured Associate at University of Cincinnati, USA)
• 1999–01: Prof. Hazem Daouk (tenured at Cornell University, USA; now in industry)

Member

• 2020–23: Prof. Janghoon Shon (now tenure-track faculty at University of New South Wales, Australia)
• 2019–20: Prof. S. Lakshmi Naaraayanan (now tenure-track faculty at London Business School, U.K.)
• 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)

Doctor of Business Administration

• Spring 2026, Spring 2024: Behavioral Finance (HKUST DBA). Ratings: 5/5, 4.3/5

Masters

• Spring 2026, Spring 2025, Spring 2024, Spring 2023, Spring 2022, Spring 2021, Winter 2020, Winter 2019, Winter 2018: Asset Allocation (HKUST MSGF). Ratings: 6.38/7, 6.69/7, 6.05/7, 6.54/7, 6.52/7, 6.06/7, 6.26/7, 6.61/7, 6.25/7
• Spring 2026, Spring 2025, Spring 2024, Spring 2023, Fall 2021, Spring 2021, Fall 2015, Spring 2015: Market Microstructure (HKUST MSc). Ratings: 4.47/5, 4.77/5, 4.87/5, 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). Ratings: 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 (Chicago Booth). Ratings: 2.1/5 and 3.17/5
• Summer 2009: Finance Theory (MIT Master of Finance). Rating: 4.22/5
• Summer 2008: Financial Management (MIT Sloan Fellows). 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

Undergraduate

• Spring 2026, Spring 2025, Spring 2024, Spring 2023, Fall 2021, Spring 2021, Spring 2020, Fall 2018, Spring 2018, Spring 2017, Spring 2016: Intermediate Investment (HKUST). Ratings: 3.94/5, 4.14/5, 4.31/5, 4.39/5, 4.20/5, 4.15/5, 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 2013, Fall 2012: Equity and Fixed Income Investment (Indiana University). Ratings: 6.30/7, 6.02/7, 5.83/7, 5.81/7
• Fall 2011, Fall 2006, Fall 2005, Fall 2004, Fall 2002, Fall 2001, Fall 2000, Fall 1999: Honors Financial Management (Indiana University). Ratings: 6.10/7, 5.64/7, 5.42/7, 6.48/7, 6.23/7, 5.79/7, 6.34/7, 6.04/7, 6.46/7, 6.24/7, 6.41/7, 6.01/7, 6.19/7, 6.03/7, 6.24/7, 5.65/7, 5.44/7
• 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). Ratings: 6.42/7, 6.05/7, 6.03/7, 5.46/7, 5.79/7, 6.04/7, 6.24/7, 5.92/7, 5.97/7, 5.61/7, 5.73/7
• Spring 1997, Spring 1996, Spring 1995: Investments (University of Iowa). Ratings: 5.66/6, 5.34/6, 5.50/6

Honors Thesis Advisor

• 2006–07: Brandon Henry
• 2005–06: Gregory Buhay
• 2003–04: Jonathan Harari
• 2002–03: Joseph Matthews
• 2000–01: Brett Kaufman

Service

To the Profession

• Executive Editor: Financial Management (October 2016–October 2022)
• Associate Editor:
  • Journal of Financial Markets (2001–16)
  • Review of Financial Studies (2005–08)
• Co‑organizer: Indiana University–Review of Financial Studies Conference on “The Causes and Consequences of Recent Financial Market Bubbles,” 2005
• Member: Task Force to Modernize Securities Regulation in Canada, 2006
• Ad hoc referee for: 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 Theoretical and 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.); 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
• Program committee for: Western Finance Association (1999–); European Finance Association (2003–); Financial Intermediation Research Society (2003–); various Financial Management Association Conferences (2016–)

To the Department

• Chair, Departmental Search and Appointments Committee, HKUST (2016–)
• Chair, Teaching Faculty Appointments Committee, HKUST (2021–)
• Chair, Departmental Substantiation and Promotion Committee, HKUST (2015–2020, 2021–2024)
• Chair, Departmental Merit Salary Review Committee, HKUST (2015–2024)
• Chair, Departmental Faculty Recruiting Committee, HKUST (2016–2017)
• Chair, Departmental Ph.D. Committee, HKUST (2015–2016)
• Department Coordinator, DBA Program, HKUST (2021–)
• Member, Departmental Faculty Recruiting Committee, HKUST (2015–2016)
• Member, Departmental Executive/Resource/Planning Committee, HKUST (2015–)
• FINA Department Representative, RAE 2020, HKUST (2018–2019)
• Faculty Mentor to Assistant Professors, HKUST (2017–)
• 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)

To the College

• Member, DBA Committee, HKUST (2023–)
• 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, 2023, 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 TV program “Indiana Business This Week,” Indiana (Feb 9, 1999; Aug 11, 2000)
• MBA Committee, Iowa (1992–93)
• Faculty Advisor to the MBA Association, Iowa (1991–93)

To the University

• Member, University Appointments and Substantiation Committee, HKUST (2021–2024)
• HKUST Senate Research Committee (2019–2025)
• HKUST Senate (2019–2021)
• HKUST Investigation Panel of Alleged Academic Misconduct Case (2020)
• Institute of Emerging Market Studies, HKUST (Faculty Associate, 2016–; Executive Committee, 2018–2020)
• Member, Staff Grievance Procedures Committee, HKUST (2017–2023)
• 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)

To the Government

• Panel Member, Business Studies, Research Grants Council of Hong Kong (2018–2023)

Media