Krishnamurthy Subramanian - Indian School of Business

Krishnamurthy Subramanian
Assistant Professor of Finance
Indian School of Business
Mailing Address: 4118, AC 4, Indian School of Business,
Gachibowli, Hyderabad, India 500032
Telephone: +91-40-2318-7169 Fax: +91-40-2300-7007
Email: Krishnamurthy_Subramanian@isb.edu
EDUCATION
• Ph.D. (Finance), Booth School of Business, University of Chicago, 2001-2005
‣ Dissertation Title: Boundary Decisions & Financing choices in Human Capital Intensive Firms
‣ Kauffman Foundation Dissertation Fellow
‣ Dissertation Committee: Luigi Zingales, Raghuram Rajan, Milton Harris, Marianne Bertrand
• MBA (Finance), Booth School of Business, University of Chicago
• MBA (Finance), Indian Institute of Management (IIM), Calcutta, India
‣ Top ranker in the Batch; Placed in the Institute’s Roll of Honor
• B. Tech (Electrical Engineering), Indian Institute of Technology (IIT), Kanpur, India
EMPLOYMENT
• Assistant Professor of Finance, Indian School of Business
June 2010 – till date
• Visiting Scholar, Indian School of Business Jun 2009 – May 2010
• Assistant Professor of Finance, Emory University Sep 2005 – May 2010
TOTAL GOOGLE SCHOLAR CITATION COUNT: 339
(http://scholar.google.co.in/citations?user=xJZ_6jYAAAAJ)
PUBLICATIONS
6. Chava, S., Alexander Oettl, Ajay Subramanian and Krishnamurthy V. Subramanian. 2013. “Banking
Deregulation and Innovation,” Journal of Financial Economics, 109(3), 759-774.
5. Acharya, Viral, Ramin, Baghai and Krishnamurthy V. Subramanian. 2013. “Wrongful Discharge Laws and
Innovation,” Review of Financial Studies, Forthcoming.
• Google Scholar cites: 22
• National Bureau of Economic Research (NBER) Working Paper http://www.nber.org/papers/w18516
4. Acharya, Viral, Ramin, Baghai and Krishnamurthy V. Subramanian. 2013. “Labor Laws and Innovation,”
Journal of Law and Economics, Forthcoming.
• Google Scholar cites: 82
• National Bureau of Economic Research (NBER) Working Paper http://www.nber.org/papers/w16484
3. Sapra, H., Ajay Subramanian and Krishnamurthy V. Subramanian. 2013. “Corporate Governance and
Innovation: Theory and Evidence,” Journal of Financial and Quantitative Analysis, Forthcoming.
• Google Scholar cites: 39
2. Acharya, Viral V. and Krishnamurthy V. Subramanian. 2009. “Bankruptcy Codes and Innovation,” Review of
Financial Studies, 22(12), 4949-4988.
• Google Scholar cites: 89
• Winner of the First Prize of $5000 at Summer Corporate Finance conference at ISB, Hyderabad
• Winner of Second Prize at Mitsui Life conference at University of Michigan
• Acharya, Viral V. and Krishnamurthy V. Subramanian. 2009. “Bankruptcy Codes and Innovation: A
Model,” Review of Financial Studies Online, http://www.sfsrfs.org/addenda_viewpaper.php?id=356.
1. Subramanian, Krishnamurthy V. 2001. “Yield Curve Estimation in Illiquid Markets,” The Journal of Fixed
Income, June 2001, 78-91.
a. Google Scholar cites: 49
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HANDBOOK CHAPTERS
1. Chakrabarti, R., Krishnamurthy V. Subramanian, Pradeep Yadav and Yesha Yadav. 2012. “Executive
Compensation in India,” Research Handbook on Executive Pay, Ed: Randall Thomas and Jennifer Hill,
Edward Elgar Publications
WORKING PAPERS UNDER REVIEW OR CLOSE TO JOURNAL SUBMISSION
1. Law and Project Finance, joint with Frederick Tung (Boston University Law School) (Mar 2012)
• Revise and Resubmit at Journal of Financial Intermediation
2. Deregulation of bank entry and bank failures, joint with Ajay Yadav (Jul 2012)
• Under review at the Review of Financial Studies
3. Effect of Deterrence for Independent Directors on Corporate Boards: Evidence from a Natural Experiment,
joint with Rajesh Chakrabarti (ISB) (Apr 2012)
• Under review at the Journal of Finance
4. Localization of FDI flows: Evidence on Infrastructure as a critical determinant Infrastructure, joint with
Rajesh Chakrabarti (ISB) and Sesha Sai Ram Meka (ISB) May 2012)
• Under review at Review of Corporate Finance Studies
5. Employment Protection Laws and Privatization, joint with William Megginson, University of Oklahoma
(Jun 2012)
• Under review at the Journal of Law, Economics and Organizations
6. A Theory of Mergers and Acquisitions in the New Economy (Apr 2012)
• Presented at the Adam Smith Corporate Finance Conference 2013, European Finance Association
Annual meetings 2013
• Manuscript under revision for submission to the Review of Economic Studies
7. Color of Money: A Resource-based theory of Venture Capital (Apr 2012)
• Manuscript under revision for submission to the Review of Financial Studies
8. The Optimal Locus of Innovation (July 2012)
• Manuscript under revision for submission to Journal of Financial Intermediation
9. Boundary Decisions in Knowledge-intensive industries: Mergers/Acquisitions, Alliances, Joint Ventures
and Arms-length contracts (Dec 2011)
• Manuscript under revision for submission to Management Science
10. Valuation of Private, Innovative Targets: Evidence from Cisco’s Acquisitions, joint with Chandra Sekhar
Mangipudi and Rajkamal Vasu (ISB) (March 2013)
• Manuscript under preparation for first journal submission in October 2013
11. Creditor Rights During a Financial Crisis (with Sudip Gupta and Anurag Singh)
• Manuscript under preparation for first journal submission in December 2013
TELEVISION APPEARANCES (SELECTED)
Budget Analysis, Union Budget 2013, NDTV 24x7, February 28, 2013
Analysis of the Economic Survey 2013, NDTV 24x7, NDTV Profit and NDTV India, February 27, 2013
Budget Analysis, Union Budget 2012, NDTV 24x7, March 16, 2012
Analysis of the Economic Survey 2012, NDTV 24x7 and NDTV Profit, March 15, 2012
Several other invited appearances for comments on a regular basis.
ARTICLES IN THE PRESS
Much more needs to be done, Mint, February 28, 2013
An advantage in danger of vanishing, Mint, February 27, 2013
Foreign investors are welcome Mint, February 17, 2013
Why taxing the rich more is inefficient, The Economic Times, 14 Feb 2013
Judging the Balance of Performance, The Economic Times, September 8, 2012
Losses from coal block allocation, Mint, September 5, 2012
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An Apple for 20 years: Bad for Health, The Economic Times,
Coal in the Earth’s womb, government’s false arguments, Mint, August 28, 2012
Why research that establishes causality is better than just correlation? , The Economic Times, August
10, 2012
Reason to suspect the quality of European Financial Stability Facility bonds, The Economic Times, Feb
2 nd 2012
Companies Bill 2011: Class-action suits will help keeping the company management clean, The
Economic Times, Jan 21, 2012
The dangers of discretionary policy, Mint, November 10, 2011
Keynesianism rises from the dead, Mint, October 27, 2011
Two contrasting historical episodes, Mint, October 20, 2011
Shun Intellectual Laziness, The Economic Times, October 14, 2011
Rules vs discretion in central banking, Mint, October 13, 2011
Grey hair’s back in fashion, Financial Express, Aug 27, 2011
Infrastructure holds the key to FDI, Mint, August 25, 2011
The search for an heir, Financial Express, Aug 19, 2011
When the tide goes out, Financial Express, Jul 19, 2011
A new dimension for learning, The Economic Times, Jul 13, 2011, 04.41am
The global rush to privatise, Financial Express, Jul 11, 2011
Unlucky PSBs, some lucky farmers, Financial Express, Jul 01, 2011
Banking lessons from Canada, Financial Express, Jun 27, 2011
When in doubt, stay out, Financial Express, May 11, 2011
Malegam report to hurt microfinance, The Economic Times, Feb 8 th 2011
More Pain, Less Gain, Financial Express, Jan 31 st 2011
Telangana state: Is there an economic rationale?, The Economic Times, Jan 6 th 2011
The Irish Question, Financial Express, Jan 6 th 2011
Do labor laws hinder privatization?, The Economic Times, December 23 rd 2010
Chronicle of a divorce foretold, Financial Express, December 24 th 2010
Micro finance, macro objective, Financial Express, November 10 th 2010
The Nobel and naukri.com, Indian Express, October 13 th 2010
Improving Haryana’s land acquisition model, Financial Express, October 11 th 2010
Even the Haryana land model is flawed, Financial Express, October 8 th 2010
Give us a bloat-II, Financial Express, July 30 th 2010
Give us a bloat-I, Financial Express, July 29 th 2010
High-five the future-II, Financial Express, July 23 rd 2010
High-five the future-I, Financial Express, July 22 nd 2010
Curbing Corruption, Financial Express, June 22 nd 2010
How do Central Banks communicate-I, Financial Express, June 17 th 2010
How do Central Banks communicate-II, Financial Express, June 16 th 2010
The IIT-JEE mess, Indian Express, May 24 th 2010
Examining the examiners, The Statesman, May 18 th 2010
What Apple says about innovation, Financial Express, Apr 22 nd 2010
When an FI is too big to fail, Financial Express, Apr 8 th 2010
Competition leads to better education, Financial Express, Mar 30 th 2010
Implementing the super-regulator, Financial Express, Mar 7 th 2010
Virtuous start-ups, Financial Express, Feb 4 th 2010
The trouble with catching fraud, Financial Express, Jan 7 th 2010
The reputation factor in business, Financial Express, Dec 23 rd 2009
Judging the odds correctly, Financial Express, Dec 18 th 2009
The idiot box can emancipate, Financial Express, Dec 2 nd 2009
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The human dimension of regulation, Financial Express, Nov 5 th 2009
You are 100% wrong on 80% cut-off, minister, Financial Express, Oct 21 st 2009
Will a super regulator be superior? Financial Express, Oct 14 th 2009
Who accounts for the accountants? Financial Express, Sep 22 nd 2009
Is a super regulator a super idea? Financial Express, Sep 17 th 2009
Can we sue, please? Financial Express, Sep 7 th 2009
Will IFRS stop cooking of books? Financial Express, Aug 25 th 2009
Making AI fly: get the price right Financial Express, Aug 11 th 2009
Here’s a plan for Air India that works Financial Express, Aug 5 th 2009
Air India can take lessons from the Alitalia fiasco The Economic Times, 30 th Jun 2009
AWARDS, HONORS AND GRANTS
• Nominated for Kauffman Foundation Junior Faculty Fellowship in Entrepreneurship, 2009
• Awarded grant of $28,000 by the University Research Committee, Emory University for research on
Corporate Governance and Innovation, Fall 2007
• Awarded grant of $18,000 by the Kauffman Foundation and Georgia Research Alliance for research on
Corporate Governance and Innovation, Spring 2007
• President’s Commission on Race and Community Grant, Spring 2007
• The Ewing Marion Kauffman Foundation Dissertation Fellowship, 2005
• American Finance Association (AFA) Outstanding PhD Student Award, 2003
• Outstanding Teaching Awards (2003, 2004) - Executive MBA programs of Chicago GSB at Singapore &
Barcelona
• Centre for Research in Security Prices Research Grant of $5000 in 2002
• Fellowship award for pursuing PhD at Chicago GSB, 2001 – 2005
• Ranked 3 rd (of 340 students, top 1%) at IIM Calcutta, 1999 – placed in the Institute’s Roll of Honor
• Exide India and BPL India Prizes for outstanding overall performance at IIM Calcutta (3 of 300, 1.0%)
• IIM Director’s medal for “Most Progressive Outlook to Management Problems” (1 of 300, 0.3%)
• Ranked 159 in India (of 200000, 0.1%) in the Joint Entrance Exam for IIT
EXTERNAL PROFESSIONAL ACTIVITIES
• Program Committee Member, Paris Corporate Finance Conference, a joint Conference organized with the
Review of Financial Studies
• Session Chair, Real Effects of Financing and Risk Management, American Finance Association Annual
Meetings, 2011
• Session Organizer, American Finance Association Annual Meetings, 2011
• Member of 3-member Prize Committee for Best Paper at Center for Analytical Finance Summer Research
Conference, ISB, 2010
• Member of 3-member Prize Committee for Best Paper in Corporate Finance, Annual Meetings of the
European Finance Association, 2010
• Session Organizer, American Economic Association Annual Meetings, 2009
• Presentations and Discussions in conferences in 2013
‣ Western finance Association annual meetings
‣ European finance Association annual meetings
‣ MIT Asia conference in Accounting
‣ Summer Research Camp in Finance, ISB
‣ Center for Analytical Finance Summer Research Conference
‣ Adam Smith Corporate Finance Conference, Oxford University
‣ 3rd International Conference of the Financial Engineering and Banking Society,
‣ Asian Finance Association 2013 meetings,
‣ Conference on Liquidity Risk Management at Peking University,
‣ CCER-Fordham-JBF Conference,
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‣ Multinational Finance Society- Chicago Booth- LBS Conference
‣ Conference on Financial Stability at the Central Bank of Luxembourg
‣ Frontiers in Finance 2012 Conference at the Warwick Business School
‣ ISB Finance Seminar
‣ IGIDR Corporate Finance Conference
‣ ISB-Vanderbilt Law and Economics conference
• Presentations and Discussions in conferences in 2012
‣ NBER Neemrana Conference
‣ Paris Corporate Finance Conference
‣ Summer Research Camp in Finance, ISB
‣ Center for Analytical Finance Summer Research Conference
‣ Seminar Speaker at the National University of Singapore
‣ Corporate Finance Confernece, IGIDR Mumbai
‣ Frontiers in Finance conference, Warwick University, UK
• Presentations and Discussions in conferences in 2011
‣ Summer Research Camp in Finance, ISB
‣ Entrepreneurial Finance and Innovation Conference – a joint Conference organized by Review of
Financial Studies and Kauffman Foundation
‣ Financial Intermediation Risk Society (FIRS) Annual Conference
‣ Center for Analytical Finance Summer Research Conference
‣ Seminar Speaker at the National University of Singapore
‣ University of Alberta Frontiers in Finance conference, University of Alberta
‣ Finance Seminar, University of Melbourne
‣ Deakin University Finance Conference, Scheduled
‣ Olin Corporate Finance Conference, University of Washinghton at St. Louis, Scheduled
• Presentations and Discussions in conferences in 2010
‣ Summer Research Camp in Finance, ISB
‣ Entrepreneurial Finance and Innovation Conference – a joint Conference organized by Review of
Financial Studies and Kauffman Foundation
‣ Center for Analytical Finance Summer Research Conference, ISB
‣ Seminar Speaker at the Georgia-Tech Finance Seminar
• Presentations and Discussions in conferences in 2009
‣ Western Finance Association Meetings
‣ National Bureau of Economic Research (NBER) Summer Institute on Law and Economics
‣ NBER Summer Institute on Innovation Policy and the Economy
‣ Summer Research Conference at Indian School of Business (ISB), Hyderabad, India
‣ American Economic Association Annual Meetings
‣ American Law and Economics Association Annual Meetings
‣ NBER Law and Economics Spring Conference
‣ Georgia State University, Finance Seminar
• Presentations and Discussions in conferences in 2008
‣ NBER Corporate Finance Summer Institute
‣ NBER Innovation and Entrepreneurship Summer Institute
‣ American Finance Association Annual meetings (Both Presentation and Discussion)
‣ American Economic Association Annual meetings
‣ American Law and Economics Association Annual meetings
‣ Texas Finance Festival, University of Texas at Austin
‣ Financial Economics and Accounting Conference, University of Texas at Austin
‣ Corporate Finance Conference, Olin School of Business, Washington University at St. Louis
‣ Conference on Corporate Governance at the Crossroads, University of Amsterdam
‣ RICAFE conference on Innovation and Entrepreneurship, University of Amsterdam
‣ Conference on Empirical Legal Studies, Cornell University
‣ Finance Seminar, University of Maryland
• Presentations and Discussions in 2007
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‣ American Economic Association Annual meetings
‣ NBER Corporate Finance meetings Spring
‣ NBER Law and Economics meetings Summer
‣ Conference on Empirical and Legal Studies at NYU
‣ Mitsui Life conference on Financing and Organizing the Firm at University of Michigan
‣ Summer Research Conference at Indian School of Business (ISB), Hyderabad, India
‣ Conference on Resolution of Financial Distress at Institute of Advanced Studies, Vienna
‣ All Georgia Finance Conference at the Federal Reserve Bank of Atlanta
‣ Economics Seminar at College of Management, North Carolina State
• Presentations and Discussions in 2006
• Western Finance Association Annual Conference
• Presentations and Discussions in 2005
‣ All Georgia Finance Conference at the Federal Reserve Bank of Atlanta
‣ Emory University Goizueta Business School
‣ Olin School of Business, Washington University in St. Louis
‣ Goldman Sachs Asset Management, New York
• Presentations and Discussions in 2004
‣ Applied Economics Workshop, Graduate School of Business, University of Chicago;
‣ Finance seminar, Graduate School of Business, University of Chicago
• Presentations and Discussions in 2003
‣ Workshop on theory of organizations, Graduate School of Business, University of Chicago
• Invited Participant to every NBER Corporate Finance Meeting (Fall, Spring and Summer) since Fall 2005
• Adhoc Referee for Journal of Financial Intermediation, Management Science, The Journal of Economics and
Management Strategy, The Economic Journal, Empirical Economics
TEACHING EXPERIENCE
• Corporate Control, Mergers and Acquisitions, MBA Elective, Indian School of Business, 2009-2012
• Corporate Governance and Restructuring, MBA Elective, Goizueta Business School, 2006-10
‣ Designed the course structure and the complete course material from scratch
• Corporate Control, Mergers and Acquisitions, MBA Elective, Indian School of Business, 2009
• Theory of Corporate Finance, First Year PhD Course, 2006, 2008, 2009
• Conducted several executive seminars in India on Mergers and Acquisitions, Fixed Income Securities,
Interest Rate Derivatives for ICICI Ltd. as well for members of Fixed Income Money Markets and
Derivatives Association (FIMMDA) which include banks and primary dealers.
UNIVERSITY AND OTHER PROFESSIONAL SERVICE
• Dissertation Advisor for Jeenat Alam (Ph.D. student in Finance at Georgia State University); Other
Committee Members include Prof. Jayant Kale (Chair), Prof. Omesh Kini, Prof. Chip Ryan
• Principal Organizer, Goizueta Business School Finance Seminar Series, 2007, 2009
• Adjudicator for the SunTrust Mergers and Acquisitions Case Competition, 2006, 2007
• Reviewer to II Year Ph.D. Curriculum Paper of Byoung-Hyoun Hwang
• Principal Reviewer to II Year Review Paper of Seoyoung Kim
• In-Charge of Junior Faculty Recruitment at Goizueta Business School (2007-08)
• Member, Evening MBA Committee at Goizueta Business School (2006-08)
RESEARCH ASSISTANTS PLACED IN FINANCE PhD PROGRAMS
Ajay Yadav (Duke Finance), 2012
Anurag Singh (Columbia Economics with Dean’s Fellowship), 2013
Rajkamal Vasu (Kellogg Finance), 2013
Chandrasekhar Mangipudi (Emory Finance), 2013
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INDUSTRY EXPERIENCE
• Consultant, J P Morgan Chase Inc., Interest Rate Derivatives Desk, New York July 2004 – Aug 2005
• Executive Assistant to Chairman, Fixed Income Money Markets & Derivatives Association (FIMMDA),
Mumbai (India), Nov 2000- Aug 2001
• Manager – Derivatives Research, ICICI Bank Ltd., Mumbai (India), Apr 1999 - Oct 2000
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