Utpal Bhattacharya is a

finance Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

professor at the

Hong Kong University of Science and Technology The Hong Kong University of Science and Technology (HKUST) is a public research university in Sai Kung District, New Territories, Hong Kong. Founded in 1991, it was the territory's third institution to be granted university status, and the firs ...

. He is known for his research on market integrity, especially on

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...

. In 2000, his research paper "When an Event is Not an Event" uncovered the rampant insider trading on Mexican

stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange a ...

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 May 2015, he is a professor of finance in

(HKUST). Before his time at HKUST, Bhattacharya has been teaching at

Columbia University Columbia University in the City of New York, commonly referred to as Columbia University, is a Private university, private Ivy League research university in New York City. Established in 1754 as King's College on the grounds of Trinity Churc ...

University of Iowa The University of Iowa (U of I, UIowa, or Iowa) is a public university, public research university in Iowa City, Iowa, United States. Founded in 1847, it is the oldest and largest university in the state. The University of Iowa is organized int ...

and

Indiana University Indiana University (IU) is a state university system, system of Public university, public universities in the U.S. state of Indiana. The system has two core campuses, five regional campuses, and two regional centers under the administration o ...

. He teaches in a different country every summer. He has taught at top universities in Argentina, Brazil, China, France, Germany, Holland, India, Indonesia, Italy, Japan, Mexico, New Zealand, Portugal, Singapore, Slovenia, South Korea, Russia, Taiwan, Turkey and the USA (

Duke University Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...

MIT The Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of modern technology and sc ...

and

University of Chicago Booth School of Business The University of Chicago Booth School of Business (branded as Chicago Booth) is the graduate business school of the University of Chicago, a private research university in Chicago, Illinois. Founded in 1898, Chicago Booth is the second-oldest ...

). He received his undergraduate degree in mechanical engineering from IIT Kanpur in 1980, an

MBA A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...

from IIM Ahmedabad in 1982, and a Ph.D. degree from

in 1990.

Publications (selection)

* "Insiders, Outsiders, and Market Breakdowns" (with Matthew Spiegel), ''The Review of Financial Studies'', 1991, vol 4, 255–282 * "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 * "Penny Wise, Dollar Foolish: Buy-Sell Imbalances on and Around Round Numbers" (with Craig Holden and Stacey Jacobsen), ''Management Science'', 2012, Vol 15, 413–431 * "Conflicting Family Values in Mutual Fund Families" (with Jung Hoon Lee and Veronika Krepely Pool), ''Journal of Finance'', 2013, vol 68, 173–200

References

* Margaret Popper, "Economic Trends", Businessweek Online, 22 July 200

* "Worthless promises? – Did it pay to make American CEOs certify their accounts?",

The Economist ''The Economist'' is a British newspaper published weekly in printed magazine format and daily on Electronic publishing, digital platforms. It publishes stories on topics that include economics, business, geopolitics, technology and culture. M ...

, 28 September 2002 * "Passive aggression",

, 26 January 2006 * "Insider Trading: Tipping the scales",

, 15 October 2011 * "Superstitious Investors: Black-cat market",

, 30 August 2014

External links

Homepage at HKUST

Author page at the Social Science Research Network
{{DEFAULTSORT:Bhattacharya, Utpal Living people Academic staff of the Hong Kong University of Science and Technology Duke University faculty University of Iowa faculty Columbia University faculty Indiana University faculty IIT Kanpur alumni Indian economists American people of Bengali descent American academics of Indian descent Year of birth missing (living people) Indian emigrants to the United States