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Abhiroop Mukherjee 

 

Home Address:                                                                               Office Address:                  

Tower 2, Flat 2C                                                                               Department of Finance
Senior Staff Quarters                                                                          HKUST Business School                         

HKUST                                                                                             Clear Water Bay                                                                                      

Clear Water Bay                                                                                 Hong Kong
Hong Kong                                                                                         Tel (Office): (852) 2358-7682

                                                                                                              

Telephone: (852) 9352-1074 (Cell)

 

E-mail: amukherjee (at) ust.hk

 

Citizenship: Indian 
 
Areas of Interest:
            Interplay between information and incentives facing participants in financial markets

                               

Academic Position:
Assistant Professor, Department of Finance, HKUST Business School 
Degrees:
            Ph. D., Economics, Yale University
            Dissertation Title: Essays on Information, Incentives and Intermediation in Financial Markets
            Advisors: Professor Nicholas Barberis, Professor Andrew Metrick and Professor Robert Shiller
            M.A., Economics, Delhi School of Economics, 2004

            B. Sc., Economics, Presidency College, University of Calcutta, 2002

 

Working Papers:

           

"Are Control Rights Less Valuable When Shareholders Lack Information?", mimeo, HKUST, 2012
We show that whether or not shareholders benefit from greater control over corporate decisions depends on their cost of acquiring firm-specific information. Shareholder rights have a positive effect on firm value and operating performance when information costs are low, but little or no effect when these costs are high. We use two distinct natural experiments to identify this interaction between rights and information.
 
“Equity Returns and the Fund Flow Sensitivity Premium”, mimeo, HKUST, 2012
This paper looks at portfolio selection by mutual fund managers. A risk-averse manager dislikes volatility of income, which is directly related to the volatility of capital flows into the fund she manages. So the manager is averse to holding stocks that make investors alter their investment in the fund more often based on changes in its performance. As a result, these stocks earn a premium in the cross-section.
 
“The Information Content of Analyst Dissidence”, mimeo, HKUST, 2012
This paper looks at incentives facing sell-side analysts. Analysts who release extreme forecasts are shown to possess superior information, but the market does not value their dissidence adequately. So following analysts who release such ‘dissident’ forecasts can lead to high portfolio abnormal returns.
  
 
 
Presentations and discussions:
 
         INSEAD, Yale School of Management (2009, 2011), The Federal Reserve Bank of New York, University of Toronto, University of Florida, Texas A&M University, HKUST Corporate Finance Symposium, The Indian School of Business, University of New South Wales, AsFA 2011, FIRS Sydney Conference.
 
Fellowships, Grants etc.:
 
            Hong Kong RGC GRF Grant No. 644011, 2011.
            Research Project Competition Grant, HKUST, 2011.
            Besen and Dublirer Fellowship, Yale University, 2006-2009

            Whitebox Advisors Fellowship, Yale School of Management, 2007

            Cowles Prize, Cowles Foundation, Yale University, 2005-2009

            Yale University Doctoral Fellowship, 2005-2009

            Ranked First in the M.A. Economics graduating class, Delhi School of Economics, 2004

            Prime Minister Manmohan Singh Scholarship, Delhi School of Economics, 2002-2004

            Ranked First in the B.Sc. Economics Honours graduating class, Calcutta University, 2002

           

Teaching Experience:
 
            As an Instructor:
            Investment Analysis and Portfolio Management, HKUST, Spring 2011 (Teaching Rating: 83.25/100)
            Financial Markets, Yale University, Summer 2009
            As a Teaching Assistant:
            Behavioral and Institutional Economics (Graduate), Yale University, Fall 2009 and Fall 2008

            Macroeconomics (Masters level), Yale University, Spring 2008

            Introductory Macroeconomics, Yale University, Fall 2007

 

 

Professional Experience:
            Analyst, GE Capital International Services, Bangalore, May 2004 – May 2005

Part of the New Product Introduction team, responsible for developing statistical model–based solutions for businesses that the company did not offer at the time, but could potentially sell to its clients. I developed new algorithms for database marketing problems, made econometric models to forecast US macroeconomic indicators and created a desktop tool for simulating the impact of potential policy changes on critical profitability metrics for clients.

 

Summer Intern, GE Capital International Services, Bangalore, May - July, 2003
Developed Multivariate and Orthogonal GARCH models to forecast the covariance matrix of yield rates for a GE company's investment portfolio.

             

            

 

References:   

 

Professor Nicholas Barberis                                              Professor Robert Shiller                                                     Professor Andrew Metrick

Yale School of Management                                               Department of Economics                                                  Yale School of Management

135 Prospect Street                                                            Yale University                                                                   135 Prospect Street

P.O. Box 208200                                                                P.O. Box 208281                                                                P.O. Box 208200

New Haven, CT 06520-8200                                             New Haven, CT 06520-8281                                             New Haven, CT 06520-8200

Fax: (203) 432-6970                                                          Fax: (203) 432-6167                      

Email nick.barberis (at) yale.edu                                       Email robert.shiller (at) yale.edu                                       Email andrew.metrick (at) yale.edu