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Employment: Ross School of Business, University of Michigan, 2004-Present.
Michael R. and Mary Kay Hallman Fellow: 2012-2015
Associate Professor: 2010-2014
Assistant Professor: 2004-2010.
Cornell University: M.S. (2003), Ph.D. (2005).
IIM, Lucknow, India:
Post Graduate Diploma in Management ( MBA), 1995
Kharagpur, India: B.Tech. in Electrical Engineering, 1993 Research Interests: Banking, Corporate Finance, Credit Risk, Subprime Mortgage Crisis, and IPOs/SEOs.
My research covers a broad range of topics in corporate finance, banking, and credit risk. My recent research work
is mostly related to banking, subprime mortgage crisis, and incentives of government agencies. These papers analyze
causes and consequences of financial crisis, incentive issues in securitization markets, and the effect of market
pressure on bureaucracies' actions. Some of my earlier work has analyzed the effect of default risk on corporate financial policies,
and equity returns. In addition, several of my papers focus on corporate financing decisions involving IPOs and
SEOs. I analyze the determinants of these decisions, as well as their effects on security returns in financial
Recent Working Papers:
"Bank Risk Dynamics and Distance-to-Default", with Stefan Nagel
"The Strategic Under-reporting of Bank Risk", with Taylor Begley and KC Zheng
"Design of Financial Securities: Empirical Evidence from Private-Lable RMBS Deals", with Taylor Begley
"Growth Option Exercise and Capital Structure", with Uday Rajan
"Risk-Taking by Banks: What Did We Know and When Did We Know It? ", with Sugato Bhattacharyya
Publications/ Forthcoming Papers:
"Can Markets Discipline Government Agencies? Evidence from the Weather Derivatives Market", with Daniel Weagley
Journal of Finance, forthcoming.
"Seasoned Equity Offerings, Corporate Governance, and Investments", with Han Kim
Review of Finance, 2014, 18, 1023-1057.
"Originate-to-Distribute Model and the Sub-prime Mortgage Crisis"
Review of Financial Studies, 2011, 24, 1881-1915.
"The effect of banking crisis on bank-dependent borrowers", with Sudheer Chava
Journal of Financial Economics, 2011, 99, 116-135.
"CEOs vs. CFOs: Incentives and Corporate Policies", with Sudheer Chava
Journal of Financial Economics, 2010, 97, 263-278.
"Is Default Risk Negatively Related to Stock Returns?", with Sudheer Chava
Review of Financial Studies, 2010, 23, 2523-2559.
"Do Shareholders Rights Affect the Cost of Bank Loans?", with Sudheer Chava and Dmitri Livdan
Review of Financial Studies, 2009, 22, 2973-3004.
"Financial Distress and Corporate Risk Management: Theory & Evidence"
Journal of Financial Economics, 2008, 87, 706-739.
"Interest Rate Derivatives at Commercial Banks: An Empirical Investigation",
Journal of Monetary Economics, 2007, 54, 1769-1808.
"Determinants of the Floating-to-Fixed Rate Debt Structure of Firms", with Sudheer Chava
Journal of Financial Economics, 2007, 85, 755-786.
"Are IPOs Really Underpriced?", with Bhaskaran Swaminathan.
Review of Financial Studies, 2004, 17, 811-848.
"Market Pricing of Deposit Insurance", with Darrell Duffie, Robert Jarrow, and Wei Yang.
Journal of Financial Services Research, 2003, 24, 93-119.
Review of Financial Studies, Associate Editor, 2015-.
Journal of Financial Intermediation, Associate Editor, 2013-.
International Review of Finance, Associate Editor, 2008-.
Valuation (advanced corporate finance class) for MBAs.
Introductory corporate finance for PhDs.
Research Methods in corporate finance for PhDs.
Core finance class for MBAs.
Contact Address: R5436, 701 Tappan Street, Ross School of Business, University of Michigan, Ann Arbor,MI
If you would like to send me an e-mail, please send it to email@example.com
Last Modified: June, 2015