EDUCATION

• 1991-1997  INSEAD (The European Institute of Business Administration)

Ph.D. in Management

• 1991-1993  INSEAD (The European Institute of Business Administration)

M.Sc in Management

• 1987-1989  Indian Institute of Management, Bangalore, India

Post-Graduate Diploma in Management

• 1984-1987  University of Delhi, India

B.Sc (Hons) Chemistry

RESEARCH INTERESTS

Corporate finance, Asset pricing, Information economics, Behavioral finance, Game theory

PEER REVIEWED PUBLICATIONS

BEHAVIORAL FINANCE

•  “Till Death (or Divorce) Do Us Part: Early-life Family Disruption and Investment Behavior” (with A. Betzer, P. Limbach, and Henrik Schürmann), Journal of Banking and Finance, 2021, forthcoming.
• “What doesn’t kill you will only make you more risk-loving: Early life disasters and CEO behavior”, (with G. Bernile and V. Bhagwat), Journal of Finance, 72 (1), 167-206, 2017.
• “Past performance may be an illusion: Performance, flows, and fees in mutual funds”, (with B. Phillips and K. Pukthuanthong), Critical Finance Review, 5, 351-298, 2016.
• “Changing names with style: Mutual fund name changes and their effects on fund flows”, (with M. Cooper and H. Gulen), Journal of Finance, 60 (6), 2825-2858, 2005.
• “Managerial actions in response to a market downturn: Valuation effects of name changes in the dot.com decline”, (with M. Cooper, A. Khorana, I. Osobov, and A. Patel), Journal of Corporate Finance, 11 (1-2), 319-335, 2005.
•  “Investor Reaction to Corporate Event Announcements: Under-reaction or Over-reaction?”, (with P. Kadiyala), Journal of Business, 77 (2), 357-386, 2004.
• “A Rose.com by Any Other Name”, (with M. Cooper and O. Dimitrov), Journal of Finance, 56 (6), 2371-2388, 2001 (Reprinted in The Psychology of World Equity Markets, Werner De Bondt, ed., Edward Elgar Publishing, Cheltenham, UK, Volume II, 500 517).

CORPORATE GOVERNANCE: COMPENSATION

• "An ill wind? Terrorist attacks and CEO compensation", (with Y. Dai, A. Stouraitis, and W. Tan), Journal of Financial Economics, 135 (2), 379-398, 2020.
• "Do compensation consultants enable higher CEO pay? A disclosure rule change as a separating device”, (with J. Chu and J. Faasse), Management Science, 64 (10), 4471-4965, 2018.
• “How do ex ante severance pay contracts fit into optimal executive incentive schemes?”, (with J. Xu), Journal of Accounting Research, 51 (3), 631-671, 2013.

CORPORATE GOVERNANCE: EXPROPRIATION

• "Do bribes generate net benefits for the bribe-paying firm? Evidence from corruption cases worldwide”, (with Y. Cheung and A. Stouraitis), Management Science, 2020, forthcoming.
• “Does the market understand the ex ante risk of expropriation by controlling shareholders?” (with Yan-Leung Cheung, Aris Stouraitis, and Weiqiang Tan), Journal of Corporate Finance 68,  101946, 2021.
• “Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy”, (with M. Bigelli and V. Mehrotra), Journal of Corporate Finance, 17(5), 1619-1635, 2011.
• “The helping hand or the grabbing hand? Central vs. local government shareholders in publicly listed firms in China”, (with Y. Cheung, and A. Stouraitis), Review of Finance, 14 (4), 669-694, 2010.
•  “Buy high, sell low: How listed firms price asset transfers in related party transactions”, (with Y. Cheung, Y. Qi, and A. Stouraitis), Journal of Banking and Finance, 33 (5), 914-924, 2009.
• “Tunneling and propping up: An analysis of related party transactions by Chinese listed companies”, (with Y. Cheung, L. Jing, T. Lu, and A. Stouraitis), Pacific-Basin Finance Journal, 17 (3), 372-393, 2009.
• “Tunneling, propping, and expropriation: Evidence from connected party transactions in Hong Kong”, (with Y. Cheung and A. Stouraitis), Journal of Financial Economics, 82 (2), 343-386, 2006.

CORPORATE FINANCE: ANALYSTS

• “Is there life after the complete loss of analyst coverage?”, (with A. Khorana and S. Mola), The Accounting Review, 88 (2), 667-705, 2013.
•  “Independents' day? Analyst behavior surrounding the Global Settlement”, (with J. Clarke, A. Khorana, and A. Patel), Annals of Finance, 7(4) 529-547, 2011.
• “The impact of all star analyst job changes on their coverage choices and investment banking deal flow”, (with J. Clarke, A. Khorana, and A. Patel), Journal of Financial Economics, 84 (3), 713-737, 2007.

CORPORATE FINANCE: MERGERS

• “Patterns in the timing of corporate event waves”, (with A. Stouraitis), Journal of Financial and Quantitative Analysis, 46 (1), 209-246, 2011.
•  “Investment Bank Market Share, Contingent Fee Payments, and the Performance of Acquiring Firms”, Journal of Financial Economics, 56 (2), 293-324, 2000.
• “Glamour, Value and the Post-Acquisition Performance of Acquiring Firms”, (with T. Vermaelen), Journal of Financial Economics, 49 (2), 223-253, 1998 (Reprinted in Corporate Restructuring, David J. Denis and John McConnell eds., Edward Elgar Publishing).

CORPORATE FINANCE: OTHER

•  “Supply-chain power and the cost of debt: Evidence from uncertainty shocks” (with M. Rahaman and A. Zaman), Journal of Banking and Finance, 114 (2), 2020.
•  “Why do firms go public through debt instead of equity?” (with D. Glushkov, A. Khorana, and J. Zhang), Critical Finance Review, 7(1), 85-110, 2018.
•  “Do board interlocks increase innovation? Evidence from a corporate governance reform in India”, (with C. Helmers and M. Patnam), Journal of Banking and Finance, 80, 51-70, 2017.
• “Regulation, Taxes, and Share Repurchases in the U.K.”, (with T. Vermaelen), Journal of Business, 75 (2), 245-282, 2002.

MUTUAL FUNDS

• ““Size doesn’t matter: Diseconomies of scale in the mutual fund industry revisited” (with B. Phillips, and K. Pukthuanthong), Journal of Banking and Finance, 88, 357-365, 2018.
• “Do hedge fund managers dynamically manage systematic risk?” (with E. Namvar, B. Phillips, and K. Pukthuanthong), Journal of Banking and Finance, 64, 1-15, 2016 (lead article).
•  “Detecting superior mutual fund managers: Evidence from copycats”, (with B. Phillips and K. Pukthuanthong), Review of Asset Pricing Studies, 4(2), 286-321, 2014.
• Good stewards, cheap talkers, or family men? The impact of mutual fund closures on fund managers, flows, fees, and performance”, (with A. Bris, H. Gulen, and P. Kadiyala), Review of Financial Studies, 20 (3), 953-982, 2007.

OTHER PUBLICATIONS

• “Determinants of the market share of investment banks that advise M&A deals”, Corporate Finance Review, 18-25, November-December 2003.
• “Management of Information Technology: The Indian Experience”, (with H.R.Rao), Journal of Information Science and Technology, 2 (3), 288-296, 1993
• “Introducing a Multi-Plant Information System at Indian Oil”, (with V. Shekhar, and H.R. Rao), Long Range Planning, 25 (2), 89-96, 1992.

BOOKS

• “A short introduction to corporate finance”, Cambridge University Press, 2017.

SURVEYS

• “Social networks and financial outcomes”, Current Opinion in Behavioral Sciences, 18, 75-78, 2017.
• “Executive compensation”, Foundations and Trends in Finance, 10 (3-4), 181-363, 2015, Now Publishers.

BOOK CHAPTERS

• “Transparency and executive compensation”, Chapter 20 in The Oxford Handbook of Economic and Institutional Transparency, edited by Jens Forssbaeck and Lars Oxelheim, Oxford University Press: New York, NY 2014.
• “Market inefficiency”, Chapter 18 in Behavioral Finance: Investors, Corporations, and Markets, edited by H. Kent Baker and John Nofsinger, 333-349, John Wiley & Sons, Inc.: Hoboken, NJ, 2010.
• “Financial Economics” (with J. Ni), edited by Shunfeng Song and Zuohong Pan, 146-179, Chapter 7 in Beida Series   Economics/Peking University Press, 2008.
• “The empirical evidence on mergers”, in Mergers, acquisitions, and corporate restructuring, edited by Chandrashekar Krishnamurthi and S.R. Vishwanath, 212-247, Sage University Press, 2008.
• “The dotcom premium: Rational valuation or irrational exuberance?”, (with M. Cooper) in Venture capital contracting and the valuation of high tech firms, edited by J. McCahery and L. D. R. Renneboog, 297-317, Oxford University Press, 2003.

PRESENTATIONS AT PROFESSIONAL MEETINGS

• NBER Conference on the Causes and Consequences of Corporate Culture, Boston, 2011.
• NBER summer institute, Boston, 2011.
• American Finance Association, New Orleans, 2001; Atlanta 2002; Boston 2006; San Francisco 2009, Chicago 2011.
• Western Finance Association, Sunriver, 1996; San Diego, 1997; Los Cabos, 2003; Seattle, 2015; Park City, 2016; San Francisco, 2020.
• European Finance Association, Oslo, 1996; Vienna, 1997; Fontainebleau, 1998; Helsinki, 1999; London, 2000; Glasgow, 2003; Maastricht, 2004; Moscow, 2005; Athens, 2008; Copenhagen, 2012, Cambridge, 2013, Lugano, 2014, Vienna, 2015.
• UBC Summer Finance conference, 2014.
• University of Alberta Frontiers of Finance conference, Banff, 2014.
• Utah Winter Finance Conference, 2004.
• FIRS conference, Budapest 2020.
• Financial Management Association, New Orleans, 1996; Hawaii, 1997; Chicago, 1998; Seattle, 2000; Paris, 2001; Toronto, 2001, Copenhagen, 2002; San Antonio, 2002; Dublin, 2003; Denver, 2003; Zurich 2004; New Orleans, 2004; Siena, 2005; Stockholm, 2006; Orlando, 2007; New York, 2010; Denver, 2011; Istanbul, 2012; Atlanta, 2012; Luxembourg, 2013; Chicago, 2013; Nashville, 2014; Venice, 2015; Orlando, 2015; San Diego, 2018; Ho Chi Minh City, 2019.
• European Financial Management Association, Innsbruck, 1996; Lisbon, 1998; Paris, 1999; Athens, 2000; Lugano, 2001; Barcelona, 2006; Azores, 2019.
• ISB Summer Research conference in Finance, 2012, 2013, 2015.
• Association of Financial Economists meetings, San Francisco 2016.
• IFABS conference, Oxford 2015.
• TAPMI International Conference on Banking and Finance, Bangalore, 2012.
• Emerging Markets Finance Conference, IGIDR, Mumbai 2011, 2013, 2014.
• Singapore International Conference on Finance, National University of Singapore, 2009.
• Sakura Conference on Corporate Governance, Hitotsubashi University, Tokyo, 2008.
• Frontiers of Finance conference, 2007.
• IFC Conference on Corporate Governance in Emerging Markets, Istanbul, 2007.
• French Finance Association, Geneva, 1996, Bordeaux, 2007.
• CRSP Forum, Chicago, October 2006.
• Annual Empirical Asset Pricing Retreat, University of Amsterdam, June 2005.
• Inquire Europe Autumn Seminar, Prague 2004.
• Australasian Finance and Banking Conference, Sydney, December 2003, 2011.
• University of Illinois Conference on Bear Markets, December 2002.
• Chicago Quantitative Alliance Spring Meetings, Las Vegas, 2002.
• Alternative Perspectives in Finance, Dundee, 2000.
• Washington Area Finance Association, Washington D.C., April, 1999.
• International Conference on Game Theory, Jerusalem, 1995.

PRESENTATIONS AT SCHOOLS

• Peking University HSBC Business School, May 2020 (virtual);
• Luohan Academy, December 2019 (virtual);
• University of Cyprus, October 2019 (virtual);
• University of Cologne, May 2019 (virtual);
• Indian School of Business, December 2019;
• Zhejiang University, December 2019;
• Fudan University, December 2019;
• INSEAD May 1995, June 2001, May 2019;
• King's College, February 2019;
• University of Calgary, May 2018;
• Cornell University, April 2018;
• University of Florida, April 2001; April 2018;
• University of Texas at San Antonio, February 2018;
• University of California, Davis, May 2006; October 2017;
• Michigan State University, February 2002, October 2017;
• Federal Reserve Board, Cleveland, August 2017;
• University of California at Berkeley, August 2009, 2010, September 2017;
• WHU Koblenz, September 2016;
• ESSEC, May 2016;
• Université Paris-Dauphine, May 2016;
• University of Bristol, May 2016;
• University of Liverpool, February 2016
• Northeastern University, September 2015;
• University of Amsterdam, May 2015;
• Norwich Business School, May 2015;
• London Business School,  February 1997, April 2015;
• Arizona State University, March 2015
• Indian Institute of Management, Bangalore, December 2013; 2014; March 2016
• Roma Tre, October 2014;
• Tilburg University, October 2014;
• University College, Dublin, September 2014;
• Hanken School of Economics, September 2014;
• University of Sussex, March 2014;
• IDC Herzliya, March 2014;
• Tel-Aviv University, March 2014;
• National Stock Exchange, India, January 2014;
• University of Surrey, November 2013;
• University of Edinburgh, October 2013;
• University of Zurich, May 2013;
• Imperial College, February 2013;
• Cass Business School, City University, January 2013;
• Said Business School, University of Oxford, November 2012;
• Department of Economics, University of Cambridge, October 2012;
• University of Essex Business School, October 2012;
• Erasmus University, Rotterdam, September 2012;
• IESEG Paris-Lille, Paris, June 2012;
• University of Exeter Business School, May 2012
• University of Bristol Business School, February 2012
• Lingnan University, Hong Kong, December 2011;
• Development Bank of Japan, Tokyo, November 2011;
• Waseda University, November 2011;
• University of Bath, July 2008, October 2011;
• Warwick Business School, University of Warwick, October 2011;
• University of Nottingham, October 2011;
• Princeton University, August 2011;
• Boston University, April 2010;
• University of Geneva, March 2010;
• University of Arizona, November 2002, January 2010;
• University of Cambridge, January 2010;
• University of Groningen, May 2008;
• Helsinki School of Economics, April 2008;
• Syracuse University, September 2007;
• Aarhus School of Business, August 2007;
• Queen's University, April 2007;
• McGill University, March 2007;
• University of California, Irvine, October 2006;
• University of Alberta, September 2006;
• Santa Clara University, August 2006;
• University of California, Los Angeles, May 2006;
• University of Southern California, April 2006;
• University of California, Santa Barbara, March 2006;
• University of Missouri at Columbia, November 2005;
• Università degli Studi di Palermo, June 2005;
• Università di Bologna, June 2005;
• Tulane University, April 2005;
• Wake Forest University, April 2005;
• University of Texas at Austin, April 2004;
• Babson College, April 2004;
• Helsinki School of Economics, Helsinki, Finland, September 2003;
• Swedish School of Economics and Business Administration, Helsinki, Finland, September 2003;
• ISCTE, Lisbon, Portugal, May 2003;
• Faculdade di Economia do Porto, Porto, Portugal, May 2003;
• Virginia Tech, April 2003;
• Goldman Sachs & Co, New York, April 2002;
• Texas A&M University, February 2002;
• Olin School of Business, Washington University, St. Louis, January 2002;
• The Hong Kong University of Science and Technology, December 2001;
• City University of Hong Kong, December 2001;
• The Darden School, University of Virginia, Charlottesville, November 2001; March 2002;
• University of Georgia, Athens, March 2001;
• Casewestern Reserve University, Cleveland, November 1999;
• University of Miami, Miami, November 1999;
• University of Strathclyde, Glasgow, August 1999;
• Loyola University, Chicago, October 1998;
• Stockholm School of Economics, Stockholm, March 1997;
• Krannert Graduate School of Management, Purdue University, March 1997;
• Yale School of Management, Yale University, March 1997;
• Groupe ESSEC, Cergy-Pontoise Cedex, France, February 1997;
• University of North Carolina at Chapel Hill, February 1997;
• School of Management Studies, Oxford University, January 1997;
• Erasmus University, Rotterdam, January 1997;
• Rice University, October 1996;
• University of Minnesota at Minneapolis-Saint Paul, June 1996.

KEYNOTE SPEAKER

• Behavioral and Social Computing (BESC) conference (virtual) 2020;
• World Finance conference (virtual), 2020;
• BAFA-SEAG conference, London 2020;
• Irish Academy of Finance, Cork, 2019;
• Developments in Alternative Finance Conference, University of Birmingham, 2019;
• Shanghai Fintech Conference, 2017, 2018;
• Invesco Perpetual London Investment Conference, 2017;
• Financial Engineering and Banking Society Annual meetings, Glasgow 2017;
• Labex Refi Online Alternative Finance conference, Paris, 2017;
• Indonesian Financial Management Association, Yogyakarta 2016;
• International Conference on Economics, Business, and Social Sciences, Malang, 2016;
• FMA Conference on Finance and Investment in Creative Ventures, Maastricht 2016;
• Multinational Finance Society Spring conference, Cyprus 2016;
• Paris Financial Management Conference, 2015;
• Accounting and Finance Research Forum 2014, University of Western Australia, 2014;
• Workshop on Asset Pricing and Corporate Finance, University of Glasgow, 2012;
• Conference on Chinese Capital Markets, Durham, UK, 2012.

INVITED SPEAKER

• International FinTech, InsurTech & Blockchain Forum, November 2020;
• Oxford-Cambridge Alumni Society, Bangalore, January 2020;
• FMA Asian conference, Ho Chi Minh City, Vietnam, July 2019;
• Endowment Asset Management Conference, Vienna, June 2012;
• Florida State University SunTrust Beach Conference, April 2012;
• Corruption, bribery and expropriation, Swedish School of Economics, April 2008;
• Introduction to Behavioral Finance, Nordea Bank, Aarhus, Denmark, August 2007;
• Vanderbilt Law School, MBA seminar, April 2007;
• Frontiers of Finance, executive seminar, Seminarium, Lima, Peru, June 2006;
• Frontiers of Finance, executive seminar, Seminarium, Mexico City, Mexico, May 2006;
• Berkeley Program in Finance, Palm Springs, October 2000;
• German-American Law Association, Hannover, Germany, February 2000;
• Institute of Finance and International Management, Bangalore, India, December 1997.

SCHOOL SERVICE

• Finance and accounting group head, Cambridge Judge Business school, 2011-2017
• PhD Admissions and steering committee, Cambridge Judge Business school, 2011-2017
• Senior Academics Promotion Committee, Cambridge Judge Business school, 2011-2017
• Faculty Board, Cambridge Judge Business school, 2011-2018
• Cambridge Endowment for Research in Finance board, 2011-2017
• Area Coordinator, Finance, Krannert School, Purdue University, 2008
• Information Technology Access Committee, Krannert School, Purdue 2002-2008
• Chair, School Grievance Committee. Krannert School, Purdue University, 2006-2008

ACADEMIC POSITIONS

• 2011- University of Cambridge

Sir Evelyn de Rothschild professor of finance

• 2019-21 Université Paris-Dauphine

 Visiting professor of finance, 2019-

• 2019-21 Indian School of Business

 Visiting professor of finance, 2019-2021

• 2009-21 Haas School of Business, University of California at Berkeley

 Visiting associate professor of finance, 2009-2011

 Visiting professor of finance, 2017-2021

• 1997-10 Krannert Graduate School of Management

Assistant Professor 1997-2003

Associate Professor 2003-2010

• 2005-06 UCLA Anderson Graduate School of Management

Visiting associate professor of finance

• 1996 Institut d’Etudes Politiques de Paris, Paris (Sciences PO)

Visiting Professor (Part-time)

• 1995 St Xavier University, Paris

Visiting Professor (Part-time)

NON-ACADEMIC POSITIONS

• 1989-91 C.M.C. Ltd., New Delhi, India

Systems Analyst

• 2008-09 Barclays Global Investors, San Francisco

Principal

• 2012-16 Deutsche Global Financial Institute, Frankfurt

Advisory board member

OTHER PROFESSIONAL ACTIVITIES

Co-founder director

• Cambridge Centre for Alternative Finance, 2015-

Editor

• Financial Management, 2011-2016

Associate Editor

• Review of Corporate Finance, 2021-
• Journal of Corporate Finance, 2018-
• Journal of Financial Stability, 2018-
• Financial Review, 2018-
• Review of Behavioral Finance, 2016-
• Journal of Banking and Finance, 2013-
• Quarterly Journal of Finance, 2011-2021
• International Review of Finance, 2010-2018

 Advisory Editor

•  Review of Business, 2020-
•  China Finance Review International, 2017-
•  Quarterly Journal of Finance and Accounting, 2015-

President

• European Finance Association, 2014

Vice-President

• European Finance Association, 2013

Program Chair

• Cambridge Centre for Alternative Finance Annual Workshop, 2015-2021
• European Finance Association Meeting, Cambridge, 2013
• Annual FMA-Napa Conference on Financial Markets, 2012-2016
• Financial Management Association European Meeting, Stockholm 2006

• FM Writer’s Workshop, 2014-2015

 Panel Member, Business and Economics, Hong Kong University Grants Committee

• Research Assessment Exercise, 2014

Track Chair, Corporate Finance

• Midwest Finance Association Meeting, St Louis, 2002
• Mid-Atlantic Research Conference, 2010

Track Chair, Investments

• Midwest Finance Association Meeting, Chicago, 2011

Advisory Board Member/Program Committee

• Western Finance Association Meetings, 2009-2021
• Practitioner Director, Financial Management Association, 2010-12, 2018-20
• Financial Management Association European Meeting, 2001, 2003, 2010-2016
• Financial Management Association Asian Meeting, Queenstown 2011-2015
• Financial Management Association Meeting, 2002-2004, 2009-2016, 2018, 2021
• FMA-Napa Conference on Financial Markets, 2017-20
• European Finance Association Meetings, 2005, 2008, 2010-2012, 2014-2018
• European Economic Association Meetings, 2018
• Summer Research Conference, ISB Hyderabad, 2014-2018
• Edinburgh Corporate Finance Conference, 2013-2017
• Society of Financial Studies Cavalcade, 2012
• Midwest Finance Association, 2014
• 4th and 6th International Conference, Portuguese Finance Network, 2006, 2008
• China International Conference in Finance, 2009

Committee Member

• European Finance Association Executive Committee, 2013-2016
• FM Strategic Review Committee, 2015
• FMA Search Committee for Executive Director, 2013
• FMA Search and Screening Committee for Chairperson of the Publications
•  Committee, 2010
• FMA Committee on Access to FM Content, 2007
• FMA European Meeting Policy Committee, 2003
• Financial Management Strategic Review Committee, 2015
• Financial Management Association Fellows Committee, 2002
• Doctoral consortium panelist, European Finance Association, 2012, 2015
• Doctoral consortium panelist, Financial Management Association, 2009
• Assistant Professor’s Breakfast meeting panelist, FMA Nashville, 2014

Ad-hoc reviewer

Quarterly Journal of Economics; Journal of Financial Economics; Journal of Finance; Review of Financial Studies; Journal of Accounting and Economics; Journal of Business; Management Science; Journal of Financial and Quantitative Analysis; Review of Finance; Review of Accounting Studies; Review of Asset Pricing Studies; Journal of Money, Credit and Banking;  Journal of Financial Intermediation; Financial Management; Academy of Management Review; Journal of Corporate Finance; Journal of Empirical Finance; Journal of Banking and Finance; European Financial Management; Journal of Economics and Finance; Journal of Empirical Legal Studies; Annals of Finance; Journal of Economics and Business; Journal of Financial Research; Financial Review; Quarterly Review of Economics and Finance; Corporate Governance: An International Review; Global Finance Journal; Finance Research Letters; National Science Foundation; PLOS One