Utpal Bhattacharya
Encyclopedia
Utpal Bhattacharya is a finance
professor at the Indiana University
Kelley School of Business
. He is known for his research on market integrity, especially on insider trading
.
In 2000, his research paper "When an Event is Not an Event" uncovered the rampant insider trading on Mexican
stock market
s. This led to many questions about the value and the enforceability of insider trading laws. Later, in "The World Price of Insider Trading" he discovered the fact that insider trading laws in themselves are not effective - they only start being effective once there is credible enforcement. Additionally he could "put a price on honesty", i.e. quantify the advantage of insider trading laws and the price of "window dressing" of company earnings.
As of December 2008, he is an Associate Professor at the Kelley School of Business at IU. Before his time at Indiana University, Bhattacharya has been teaching at Columbia University
and the University of Iowa
. He has been a visiting professor at Duke University
and MIT. He received his undergraduate degree in mechanical engineering from IIT Kanpur in 1980, an MBA from IIM Ahmedabad in 1982, and a Ph.D. degree from Columbia University in 1990. He held the title of James R. Hodge Eminent Scholar in Finance at IU from 2004 to 2006.
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
professor at the Indiana University
Indiana University Bloomington
Indiana University Bloomington is a public research university located in Bloomington, Indiana, in the United States. IU Bloomington is the flagship campus of the Indiana University system. Being the flagship campus, IU Bloomington is often referred to simply as IU or Indiana...
Kelley School of Business
Kelley School of Business
The Kelley School of Business is a top-ranked American business school operated by Indiana University. As of 2009, approximately 5,500 full-time students are enrolled on its Bloomington campus, as well as 1,750 students at the Indianapolis campus...
. He is known for his research on market integrity, especially on insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
.
In 2000, his research paper "When an Event is Not an Event" uncovered the rampant insider trading on Mexican
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
s. This led to many questions about the value and the enforceability of insider trading laws. Later, in "The World Price of Insider Trading" he discovered the fact that insider trading laws in themselves are not effective - they only start being effective once there is credible enforcement. Additionally he could "put a price on honesty", i.e. quantify the advantage of insider trading laws and the price of "window dressing" of company earnings.
As of December 2008, he is an Associate Professor at the Kelley School of Business at IU. Before his time at Indiana University, Bhattacharya has been teaching at Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
and the University of Iowa
University of Iowa
The University of Iowa is a public state-supported research university located in Iowa City, Iowa, United States. It is the oldest public university in the state. The university is organized into eleven colleges granting undergraduate, graduate, and professional degrees...
. He has been a visiting professor at Duke University
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
and MIT. He received his undergraduate degree in mechanical engineering from IIT Kanpur in 1980, an MBA from IIM Ahmedabad in 1982, and a Ph.D. degree from Columbia University in 1990. He held the title of James R. Hodge Eminent Scholar in Finance at IU from 2004 to 2006.
Publications (selection)
- "To Believe or Not to Believe" (with Murgie Krishnan), Journal of Financial Markets, 1999, vol 2, 69-98
- "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
- "The World Price of Insider Trading" (with Hazem Daouk), Journal of Finance, 2002, vol 57, 75-108
- "The World Price of Earnings Opacity," (with Hazem Daouk and Michael Welker), The Accounting Review, 2003, vol 78, 641-678
- "Is CEO Certification Credible?" (with Peter Groznik and Bruce Haslem), Regulation, 2003, Vol 26, 8-10, Cato Institute, Washington, D.C.