Krishnamurthy Subramanian

Associate Professor and Executive Director, Centre for Analytical Finance.

Follow The TV Analyst’s Stock Recommendations?

Based on the research of V. Ravi Anshuman, Prachi Deuskar, Krishnamurthy V. Subramanian and Ramabhadran S. Thirumalai. Is there a short cut to investing acumen? Television shows like the Hindi CNBC Awaaz Stock 20/20 appear to be betting that there is. CNBC Awaaz Stock 20/20, which started airing daily morning recommendations on stocks to buy and sell in 2009, is modelled …

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Calculating Intangibles: Drivers of Firm Performance

In developed economies, production not only requires traditional factors such as capital and labour, but also involves skills, organisational structures, know-how, information, and other factors that are collectively referred to as “intangible assets.” Detailed investigation of these types of assets has found that they are often large and have substantial productivity benefits. For example, an article in the October 20, …

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Valuing Innovation: Evidence from Cisco’s Acquisitions

Professor Krishnamurthy V Subramanian and researchers Chandra Sekhar Mangipudi and Rajkamal Vasu adopt a novel approach to valuing innovative assets of young, path-breaking firms by examining the value paid for their acquisition. Using data from Cisco Systems, a serial acquirer, their study arrives at quantitative estimates of the value of such firms, throwing new light on the price that established …

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Contracts and the Financial Crisis

Douglas W Diamond is the Merton H Miller  Distinguished Service Professor of Finance at University of Chicago’s Booth School of Business. He is the Centre for Analytical Finance (CAF) Academic Fellow 2012 and gave the keynote speech at the CAF summer research conference. In a conversation with Professor Krishnamurthy  Subramanian of ISB, he recently discussed vulnerabilities in the financial sector …

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Inculcating a Culture of Research

In the second of the two-part interview, Professor Krishnamurthy Subramanian talks to Anjan Thakor, John E Simon Professor of Finance and Director of the PhD programme, Olin Business School, Washington University in St Louis, on the importance of research and on building a strong team of faculty at the Indian School of Business (ISB).  As a ten-year-old institution, ISB is still …

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Post-Crises Financial Regulation

In the first of this two-part interview, Professor Krishnamurthy Subramanian talks to Anjan Thakor, John E Simon Professor of Finance and Director of the PhD programme, Olin Business School, Washington University in St Louis, on the current financial climate including banking regulations and the corporate bond market. Research indicates that there is an explicit government guarantee for public sector banks in …

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Microfinance Lenders: To Profit or Not to Profit

Microfinance has been touted as an instrument that can raise the incomes of those living below the poverty line. But, can the Microfinance Institutes (MFIs) also make profit while “doing good?” Professor Krishnamurthy Subramanian compares the nonprofit and for-profit MFIs to examine whether profit maximisation by an MFI compromises on its social objectives. In August 2010, Swayam Krishi Sangam better known …

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Financial Inclusion: The Road Ahead

Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL) and former Deputy Governor, Reserve Bank of India (RBI), was at the Indian School of Business (ISB) recently. Professors Rajesh Chakrabarti and Krishnamurthy Subramanian  interviewed her regarding financial inclusion and the role of microfinance companies and Urban Cooperative Banks (UCB) in improving financial access. You have played a pivotal role …

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Value Creation in Mergers and Acquisitions

This article details some of the factors critical to the success of an M&A, based on a comparison between failed and successful deals. While mergers and acquisitions are a very important tool in a CEO’s strategic toolkit, value creation in mergers and acquisitions (M&A) remains a mirage. Firms invariably tout “synergies” as the reason compelling them to seek this medium …

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