The Finance Four

Can home businesses succeed? Which banks use credit scores to evaluate loan applications and why? How has growth of e-commerce retailers like Amazon affected employment and revenues in local retail? And how does better connectivity through roads affect access to credit? On behalf of ISBInsight, Ujval Nanavati spoke with authors of four fascinating research papers presented at the ISB Centre for Analytical Finance’s Summer Research Conference 2018.

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Why Stock Prices Tumble after Bank CEO Turnover

Change in top leadership, specifically in banks, is marked by a shift in strategy and an immediate decline in stock prices. Research into bank CEO turnover provides insights on how career concerns and management incentives lead to distortionary practices. On behalf of ISBInsight, Ujval Nanavati spoke with two authors of the paper ‘Effects of CEO Turnover in Banks’, Krishnamurthy Subramanian and Prasanna Tantri, to understand their research findings and the implications of their research for policymakers.

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“Any time an economist writes down a model, it is wrong”

Lars Peter Hansen, the recipient of the 2013 Noble Prize in Economics, was at the Indian School of Business (ISB) recently to address the Summer Research Conference in Finance. The David Rockefeller Distinguished Service Professor of Economics at the University of Chicago, is a leading expert in economic dynamics who works at the boundaries of macroeconomics, fi nance, and econometrics. Best known for his work on the Generalized Method of Moments, he is also a distinguished macroeconomist, focusing on the linkages between the financial sector and the macro economy. His current collaborative research develops and applies methods for pricing the exposure to macroeconomic shocks over alternative investment horizons and investigates the implications of the pricing of long-term uncertainty.

Ahead of the event at its Hyderabad campus, ISB hosted Professor Hansen in Mumbai for interaction with senior financial sector representatives and ISB alumni. Bhagwan Chowdhry, Professor of Finance at UCLA Anderson School of Management engaged the Nobel Laureate in a conversation bringing deep insights into the latter’s work and views on world issues. Edited excerpts from the interview are produced below.

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Sovereign Debt, Government Myopia, and the Financial Sector

Professors Viral V Acharya and Raghuram G Rajan’s paper, “Sovereign debt, government myopia and the financial sector”  won the NSE best paper award presented during the Summer Research Conference 2012 organised by the Centre for Analytical Finance (CAF) at the ISB. In this article, Professor Acharya presents a summary of their award-winning paper.

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