email: ubhattac@ust.hk
Citizenship: US Citizen

"The Dark Side of Finance," an Indiana University 54-minute video of my research philosophy

Read my satire in the New York Times about fraudster Madoff

See me in Canadian TV (Minute 4:00 to Minute 7:30)



Hong Kong University of Science and Technology (2015-present)

Kelley School of Business, Indiana University (1997-2015)

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)

Metal Box (India) Limited (1982-84)


Graduate School of Business, Columbia University

Indian Institute of Management, Ahmedabad, India Indian Institute of Technology, Kanpur, India

* 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


Publications in Refereed Journals

Research Impact
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

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

    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

    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

    Chair of dissertation committee of:
    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)
    Member of dissertation committee of:

    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 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 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:

      * Journal of Financial Markets (2001-16)

      * 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

    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 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

    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 Substantiation and Promotion Committee, HKUST (2015-2020, 2021-)

    * 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)

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, 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)

To the University

    * 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)

 To the Government

    * Panel Member, Business Studies, Research Grants Council of Hong Kong (2018-2023)

Vita updated on February 1, 2024