AJAY SUBRAMANIAN
Bruce A. Palmer Professor
Maurice R. Greenberg School of Risk Science and Department of Finance
J. Mack Robinson College of Business
Georgia State University
35, Broad Street, University Plaza,
Atlanta, GA 30303
Tel: 404-413-7483,
asubramanian@gsu.edu
Webpage: http://www.rmi.gsu.edu/rmi/faculty/subramanian.htm
SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=297684
Google Scholar:
https://scholar.google.com/citations?user=H-IBrUEAAAAJ&hl=en
EDUCATION
Cornell University, Ithaca, New York
Master of Science in Mathematics May, 1997
Doctor of Philosophy in Applied Mathematics January, 1998
Stony Brook University, Stony Brook, New York
Master of Arts in Physics May, 1994
Indian Institute of Technology, Bombay
Bachelor of Technology in Engineering Physics June, 1992
WORK EXPERIENCE
Susquehanna International Group, Bala Cynwyd, PA, USA
Quantitative Research Associate January 1998-July 2001.
Georgia Institute of Technology, Atlanta, GA , USA
Assistant Professor of Finance August 2001- May 2004
Georgia State University, Atlanta, GA, USA
Assistant Professor May 2004 – May 2007
Associate Professor (with tenure) May 2007- May 2009
Bruce A. Palmer Associate Professor May 2009- May 2012
Bruce A. Palmer Professor May 2012 – present
Kenneth Black Jr. Chair,
Maurice R. Greenberg School of Risk Science May 2017-May 2019.
VISITING APPOINTMENTS
University of Paris, Dauphine May-June 2008
Indian School of Business, Hyderabad July 2012, July 2017
RESEARCH INTERESTS: Financial Economics, Insurance Economics, Applied Mathematics, Operations Research and Management Science
JOURNAL PUBLICATIONS: REFEREED SCHOLARLY (in chronological order)
1. Dutta, B., N. Mukunda, R. Simon, and A. Subramanian (1993). Squeezed States, Photon Number Distributions, and U(1) Invariance. Journal of the Optical Society of America B 10, 2, 253-275.
2. Steele, James, Ajay Subramanian, and Ismail Zahed (1995). General Correlation Functions in the Schwinger Model at Zero and Finite Temperature. Nuclear Physics B: Particles and Fields 452, 545-562.
3. Resnick, Sidney and Ajay Subramanian (1998). Heavy-Tailed Hidden Semi-Markov Models. Stochastic Models, 14, 2, 337-352.
4. Subramanian, Ajay (2001). European Option Pricing with General Transaction Costs and Short-Selling Constraints. Stochastic Models, 17, 2, 215-245.
5. Subramanian, Ajay and Robert Jarrow (2001). The Liquidity Discount, Mathematical Finance, 11, 4, 447-474.
6. Subramanian, Ajay (2004). Option Pricing on Stocks in Mergers and Acquisitions. Journal of Finance, 59, 2, 795-831.
7. Jain, Ashish and Ajay Subramanian (2004). The Inter-Temporal Exercise and Valuation of Employee Options. Accounting Review, 79, 3, 705-743.
8. Clarke, Jonathan and Ajay Subramanian (2006). Dynamic Forecasting Behavior by Analysts: Theory and Evidence. Journal of Financial Economics, 80, 81- 113.
9. Murthy, Nagesh, Milind Shrikhande, and Ajay Subramanian (2007). Switching Costs, Dynamic Uncertainty and Buyer-Seller Relationships. Naval Research Logistics, 54, 8, 859-873.
10. Subramanian, Ajay (2008). Optimal Liquidation by a Large Investor. SIAM Journal on Applied Mathematics, 68, 4, 1168-1201.
11. Ciccotello, Conrad, Richard Fu, and Ajay Subramanian (2009). Commercializing Public Technology through Cooperative R&D. Economics Letters 108 (2), 113-115.
12. Giat, Yahel, Steven T. Hackman, and Ajay Subramanian (2010). Investment under Uncertainty, Heterogeneous Beliefs and Agency Conflicts. Review of Financial Studies 23, 4, 1360-1404.
13. Hu, Ping, Jayant Kale, Marco Pagani, and Ajay Subramanian (2011). Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking. Management Science 57, 628-646.
14. Fu, Richard and Ajay Subramanian (2011). Leverage and Debt Maturity Choices By Undiversified Owner-Managers. Journal of Corporate Finance 17, 888-913.
15. Bhagat, Sanjai, Brian Bolton and Ajay Subramanian (2011). Manager Characteristics and Capital Structure: Theory and Evidence. Journal of Financial and Quantitative Analysis 46, 1581-1627.
16. Subramanian, Ajay (2013). Product Market Competition, Managerial Compensation and Firm Size in Market Equilibrium. Management Science 59, 1612-1630.
17. Chava, Sudheer, Alexander Oettl, Ajay Subramanian, and Krishnamurthy Subramanian (2013). Banking Deregulation and Innovation. Journal of Financial Economics 109, 759-774.
18. Giat, Yahel and Ajay Subramanian (2013). Dynamic Contracting under Imperfect Public Information and Asymmetric Beliefs. Journal of Economic Dynamics and Control 37, 2833-2861.
19. Jung, Hae Won and Ajay Subramanian (2014). Capital Structure Under Heterogeneous Beliefs. Review of Finance 18, 1617-1681 (lead article)
20. Sapra, Haresh, Ajay Subramanian and Krishnamurthy Subramanian (2014). Corporate Governance and Innovation: Theory and Evidence. Journal of Financial and Quantitative Analysis 49, 957-1003.
21. Fu, Richard, Ajay Subramanian and Anand Venkateswaran (2016). Project Characteristics, Incentives and Team Production. Management Science 62, 785-801.
22. Subramanian, Ajay and Baozhong Yang (2017). Optimal Dynamic Risk Taking. Mathematics of Operations Research 42(3), 599-625.
23. Jung, Hae Won (Henny) and Ajay Subramanian (2017). CEO Talent, CEO Compensation and Product Market Competition. Journal of Financial Economics 125(1), 48-71.
24. Subramanian, Ajay and Jinjing Wang (2018). Reinsurance Versus Securitization of Catastrophe Risk. Insurance: Mathematics and Economics 82, 55-72.
25. Lu, Tong, Haresh Sapra and Ajay Subramanian (2019). Agency Conflicts, Bank Capital Regulation and Marking-to-Market. Accounting Review 94, 365-384.
26. Subramanian, Ajay and Baozhong Yang (2020). Dynamic Prudential Regulation. Management Science 66, 3183-3210.
27. Subramanian, Ajay and Jinjing Wang (2021). Capital, Aggregate Risk, Insurance Prices and Regulation. Insurance: Mathematics and Economics 100, 156-192.
28. Hae Won (Henny) Jung and Ajay Subramanian (2021). Search, Product Market Competition and CEO Pay. Journal of Corporate Finance 69, 101981.
29. Peivandi, Ahmad, Mohammad A. Rezaei and Ajay Subramanian (2023). Optimal Design of Bank Regulation under Aggregate Risk. Mathematics and Financial Economics 17(3), 335--371.
30. Jung, Hae Won, Ajay Subramanian and Qi Zeng (2024). Ownership Structure, Incentives and Asset Returns. Management Science 70 (1), 589--615.
31. Subramanian, Ajay (2025). Credit Risk Sharing and Credit Market Regulation. Review of Corporate Finance Studies 17(2), 305--371 (lead article; editor's choice)
32. Bidian, Florin, Carlos Nunez, Ajay Subramanian, Baozhong Yang (2025). Product Variety and Asset Pricing. Forthcoming in Management Science.
PUBLICATIONS: NON-REFEREED PROFESSIONAL/PRACTITIONER
33. Jarrow, Robert and Ajay Subramanian (1997). Mopping up Liquidity, Risk, invited paper in the December 1997 special anniversary issue
34. Sapra, Haresh, Ajay Subramanian and Krishnamurthy Subramanian (2011). Governance and Innovation, discussion paper published in “Corporate Governance and Capital Markets Ideas’’ edited by the Chicago Booth School of Business.
35. Bhagat, Sanjai, Brian Bolton and Ajay Subramanian (2011). CEO Education, CEO Turnover, and Firm Performance, discussion paper published in Director Notes, Conference Board, Inc, New York City
WORKING PAPERS
1. Jung, Hae Won, Dalida Kadyrzhanova and Ajay Subramanian (2025). Capital Structure Under Imperfect Product Market Competition: Theory and Evidence.
2. Fu, Richard and Ajay Subramanian (2025). Entrepreneurial Optimism and Venture Capital: A Quantitative Analysis.
3. Subramanian, Ajay and Jinjing Wang (2025). Insurer Capital and Organizational Forms in Market Equilibrium.
4. Nunez, Carlos and Ajay Subramanian (2025). Production Networks, Capital Structure and Contagion.
5. Mishra, Prerna and Ajay Subramanian (2025). Industry Characteristics and Capital Structure: A Quantitative Analysis
HONORS, FELLOWSHIPS AND AWARDS
First member of Indian team and bronze medalist at the XXX International Mathematical Olympiad (Braunschweig, Germany)
Recipient of one of four research fellowships in theoretical physics awarded all over India by the Jawaharlal Nehru Centre for Advanced Scientific Research.
Invited speaker at first Foundation for Advanced Research in Financial Economics (FARFE) conference in honor of Stephen Ross
Best paper award at the Sixth Singapore International Conference on Finance for “CEO Talent, CEO Compensation and Product Market Competition”
2013 Robinson College of Business Faculty Recognition Award for Research
Invited speaker at first International Congress on Actuarial Science and Quantitative Finance
SELECTED REFEREED CONFERENCE and INVITED PRESENTATIONS
2025
Industry Characteristics and Leverage: A Quantitative Analysis
Midwest Finance Association Meetings (Chicago, IL)
Eastern Finance Association Meetings (Philadelphia, PA)
2024
Production Networks, Capital Structure and Contagion
Department of Economics, Florida State University
Society for Financial Studies (SFS) Cavalcade - Asia-Pacific (Seoul, South Korea)
Industry Characteristics and Leverage: A Quantitative Analysis
Econometric Society Latin American Meetings (Montevideo, Uruguay)
2023
Insurer Capital and Organizational Forms in Market Equilibrium.
Econometric Society Asian Meetings, Mumbai, India
Risk Theory Society Conference, Temple University, Philadelphia, USA
Production Networks, Capital Structure and Contagion
Southwestern Finance Association, Houston, Texas
Workshop on Strategic Interaction in Corporate Finance, Aarhus, Denmark
Finance Theory Group Conference, Ann Arbor, Michigan
2022
Insurer Capital and Organizational Forms in Market Equilibrium.
International Conference on Mathematical and Statistical Methods for Actuarial Science and Finance, Salerno, Italy
Econometric Society North American Summer Meetings, Miami, FL
American Risk and Insurance Annual Meetings, Long Beach, CA
World Finance and Banking Symposium, Turin, Italy
University of Waterloo, Department of Statistics and Actuarial Science
Entrepreneurial Optimism and Venture Capital: A Quantitative Analysis
Asian Finance Association Meetings, Hong Kong
Econometric Society European Meetings, Milan, Italy
Credit Risk Sharing and Credit Market Regulation
Western Economic Association Meetings, Portland, Oregon
2021
Capital Structure under Imperfect Product Market Competition: Theory and Evidence
Western Finance Association Meeting, Hawaii
Conference on Asia-Pacific Financial Markets, Seoul, Korea
Financial Research Network Conference
Credit Risk Sharing and Credit Market Regulation
Eastern Conference on Mathematical Finance, Cornell University, Ithaca, NY
Econometric Society Latin American Meeting, Bogota, Colombia
Vietnam Symposium on Banking and Finance, Hanoi, Vietnam
2nd Annual Boca Corporate Finance and Governance Conference
World Finance and Banking Symposium, Budapest, Hungary
Paris Finance Meeting, Paris, France
2020
Capital Structure under Imperfect Product Market Competition: Theory and Evidence
Midwest Finance Association Meeting, Chicago, IL
2019
Aggregate Risk, Bank Competition and Regulation in General Equilibrium
University of Waterloo, Canada
A General Equilibrium Model of Credit Default Swap (CDS) Markets
International Finance and Banking Society (IFABS) Conference on Sustainable Banking and Finance: A New Paradigm, Medellin, Colombia
2018
Aggregate Risk, Bank Competition and Regulation in General Equilibrium
Indian School of Business Corporate Finance Conference (Hyderabad, India)
Product Heterogeneity, Product Market Competition and Asset Prices
University of Melbourne, Australia
University of Queensland, Australia
University of Adelaide, Australia
Capital Structure Under Imperfect Product Market Competition: Theory and Evidence
Monash University, Australia
2017
Aggregate Risk, Bank Competition and Regulation in General Equilibrium
Society for Financial Studies (SFS) Cavalcade (Beijing, China)
2016
Ownership Structure, Incentives and Asset Prices
University of Oklahoma
Western Finance Association Meetings (Park City, Utah)
European Finance Association Meetings (Oslo, Norway)
Dynamic Prudential Regulation
SIAM Conference on Financial Mathematics (Austin, Texas)
2015
Ownership Structure, Incentives and Asset Prices
Vienna Graduate School of Finance
Finance and Job Creation
Society for Financial Studies (SFS) Cavalcade (Georgia Institute of Technology, Atlanta, GA)
Entrepreneurial Finance and Innovation Around the World Conference (Beijing, China)
Southern Finance Association Conference
Aggregate Risk and Insurer Solvency Regulation
Risk Theory Society Conference (Cornell University, Ithaca, NY)
Stockholm Institute of Financial Research (SIFR) Conference on Insurance Economics: New Risks, New Regulations, New Approaches
Catastrophe Risk Transfer
University of Cape Town (Cape Town, South Africa)
Optimal Dynamic Risk-Taking
African Institute for Financial Mathematics and Risk Management (Cape Town, South Africa)
Dynamic Prudential Regulation
African Institute for Financial Mathematics and Risk Management (Cape Town, South Africa)
2014
Product Variety and Asset Pricing
Econometric Society North American Winter Meetings (Philadelphia, PA)
University of Houston
Dynamic Prudential Regulation
First International Congress on Actuarial Science and Quantitative Finance (Bogota, Colombia) - invited talk
Catastrophe Risk Transfer
Financial Intermediation Research Society Meetings (Quebec City, Canada)
American Risk and Insurance Association (ARIA) Annual Meeting (Seattle, WA)
2013
CEO Talent, CEO Compensation, and Product Market Competition
Allied Social Science Association Meetings (San Diego, CA)
Catastrophe Risk Transfer
Econometric Society European Meetings (Gothenburg, Sweden)
Econometric Society Australasian Meetings (Sydney, Australia)
European Group of Insurance Economists (EGRIE) Conference (Paris, France)
Econometric Society Asian Meetings (Singapore)
C.R.E.D.I.T. Conference (Venice, Italy)
Dynamic Prudential Regulation
C.R.E.D.I.T. Conference (Venice, Italy)
Product Variety and Asset Pricing
Econometric Society China Meetings (Beijing, China)
Econometric Society Australasian Meetings (Sydney, Australia)
Econometric Society Asian Meetings (Singapore)
Optimal Dynamic Risk-Taking
Texas Quantitative Finance Festival
2012
CEO Talent, CEO Compensation, and Product Market Competition
Western Finance Association Meetings (Las Vegas, NV)
Sixth Singapore International Conference on Finance (National University of Singapore) Winner of Best Paper Award
Dynamic Prudential Regulation
NBER Law and Economics Summer Institute
Finance Theory Group (FTG) Conference, Duke University
Conference on Capital Requirements for Financial Firms; Federal Reserve Bank of Cleveland
University of Warwick
Fordham-JBF Conference on Liquidity Risk Management
China International Finance Conference
Conference on Capital Requirements, Bank Stability and Risk in Light of the Crisis, Central Bank of Luxembourg
University of Cincinnati.
Banking Deregulation and Innovation
University of Florida, Gainesville
Roadmap for an Engineering Economy Roundtable, Georgia Institute of Technology
2011
Agency Conflicts, Prudential Regulation, and Marking to Market.
Western Finance Association Meetings (Sante Fe, New Mexico)
C.R.E.D.I.T. 2011 Conference on Stability and Risk Control in Banking, Insurance, and Financial Markets
Search Frictions and Product Market Competition.
“Search and Matching Workshop” organized by Philadelphia Federal Reserve and Department of Economics at University of Pennsylvania
Econometric Society European Meetings (Oslo, Norway)
2010
Agency Conflicts, Prudential Regulation, and Marking to Market
University of Minnesota, Carlson School of Management
Temple University
Capital Structure under Heterogenous Beliefs
Western Finance Association Meetings (Victoria, BC)
Product Market Competition, Managerial Compensation and the Distribution of Firms in General Equilibrium
European Finance Association Meetings (Frankfurt, Germany)
University of New South Wales, Sydney, Australia
2009
Manager Characteristics and Capital Structure: Theory and Evidence
Allied Social Sciences Association Meetings (San Francisco, CA)
One of five invited speakers at the Second Foundation of Advanced Research in Financial Economics (FARFE) conference at the Massachusetts Institute of Technology
Corporate Governance and Innovation: Theory and Evidence
NBER Law and Economics Program Meeting (Cambridge, MA)
2008
Manager Characteristics and Capital Structure: Theory and Evidence
Western Finance Association Meetings (Waikoloa, HI)
Financial Intermediation Research Society Biennial Congress (Anchorage, AK)
Financial Management Association (European) Conference (Prague, Czech Republic)
Corporate Governance and Innovation: Theory and Evidence
NBER Corporate Finance Summer Institute (Boston, MA)
Conference on Empirical Legal Studies (Cornell University, NY)
Conference on Financial Intermediation at the Crossroads (Amsterdam, Netherlands)
Temple University
University of Colorado at Boulder
Risk, Uncertainty and Optimism in Venture Capital Relationships
Chicago-Minnesota Theory Conference
Oxford-Man Institute of Quantitative Finance
University of Colorado at Boulder
2007
Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking
Western Finance Association Meetings (Big Sky, MT)
Risk, Uncertainty and Optimism in Venture Capital Relationships
Stanford Institute of Theoretical Economics (SITE)
North American Summer Meetings of the Econometric Society (Duke University, NC)
Real Options Conference (Berkeley, CA)
2006
Leverage and Debt Maturity Choices by Insiders
Financial Intermediation Research Society Meetings (Shanghai, China)
Risk, Uncertainty and Optimism in Venture Capital Relationships
Fields Institute for Mathematical Sciences, Toronto, Canada
University of Paris-Dauphine, Paris, France
ESSEC, Paris, France
2005
Leverage and Debt Maturity Choices by Insiders
2005 Econometric Society World Congress (London, U.K.)
Switching Costs, Dynamic Uncertainty and Buyer-Seller Relationships
Annual Meetings of the Decision Sciences Institute (San Francisco, CA)
Dynamic Forecasting Behavior by Analysts: Theory and Evidence
North American Winter Meetings of the Econometric Society (San Diego, CA).
2004
Switching Costs, Dynamic Uncertainty and Buyer-Seller Relationships
Annual Real Options Conference (Georgetown University, Washington, D.C.)
Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking
World Congress of the Bachelier Finance Society (Chicago, USA)
2003
Power, Compensation, and Corruption: Theory and Evidence
Econometric Society North American Summer Meetings
The Inter-Temporal Exercise and Valuation of Employee Options
Econometric Society North American Summer Meetings (Evanston, USA)
Managerial Flexibility, Agency Costs and Optimal Capital Structure
American Finance Association Meetings (Washington, D.C., USA)
Fund Flows, Performance, Managerial Career Concerns, and
Risk-Taking
Financial Management Association Meetings (San Antonio, USA)
2002
Managerial Flexibility, Agency Costs and Optimal Capital Structure
Financial Management Association (Europe) Meetings (Copenhagen, Denmark)
International Conference on Real Options (Cyprus)
Switching Costs, Dynamic Uncertainty and Buyer-Seller Relationships
International Conference on Real Options (Cyprus)
Real Options Workshop (Krems, Austria)
Option Pricing on Stocks in Mergers and Acquisitions
Financial Management Association Meetings (San Antonio, TX)
Derivative Securities Conference (New York, NY)
2001
Optimal Liquidation by a Large Investor
INFORMS Applied Probability Society Conference (New York, USA)
SERVICE ACTIVITIES IN ACADEMIC AND PROFESSIONAL ORGANIZATIONS
Editorial Boards of Academic Journals
Editorial Board Member of Risks, 2020-2022
Editor of Special Issue on "Financial Risks and Regulation II" for Risks, 2020-2021
Editor of Special Issue on "Financial Risks and Regulation" for Risks, 2018-2019
Associate Editor of Journal of Financial Risk Management July 2012-present
Editorial Board Member of Review of Financial Economics September 2013-present
Conference Program Committees
Western Finance Association Program Committee 2009 – 2013
Financial Intermediation Research Society Program Committee 2009-2011
Finance Down Under Conference Program Committee 2010-2013
Conference Organization
Organizer of 32nd Finance Theory Group Conference at Georgia State University
Conference Chairs and Discussions
§ Discussant at the 2001, 2002, and 2003 International Finance Conferences at
the Georgia Institute of Technology.
§ Chair of sessions and invited participant in special panel discussions at the
International Conferences on Real Options (2002, 2003)
§ Chair of session at the 2003 North American Summer Meeting of the
Econometric Society (Evanston, IL)
§ Chair of session at the 2005 Econometric Society World Congress (London, U.K.)
§ Invited discussant at the 2008 Financial Intermediation Research Society Meetings (Anchorage, AK),
§ Invited discussant at the 2009 Econometric Society Winter Meetings (San Francisco, CA)
§ Invited discussant at the 2010 American Finance Association Meetings (Atlanta, GA)
§ Invited discussant at the 2010 European Finance Association Meetings (Frankfurt, Germany)
§ Invited discussant at the 2011 American Finance Association Meetings
§ Invited discussant at the 2011 NBER Law and Economics Program Meeting
§ Invited discussant at the 2012, 2015, 2019 Western Finance Association Meetings
§ Invited discussant at the 2024 Society for Financial Studies Cavalcade
§ Invited discussant at the 2022, 2023, 2024 GSU-Review of Financial Studies Fintech conferences
Refereeing/Reviewing
§ Ad Hoc Reviewer for American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Economic Theory, Operations Research, Journal of Accounting Research, Journal of Financial and Quantitative Analysis, Mathematical Finance, International Economic Review, Journal of Economic Dynamics and Control, Journal of Financial Intermediation, Journal of Corporate Finance, Financial Management, Journal of Development Economics, Journal of Risk and Insurance, and other journals
POPULAR AND ACADEMIC PRESS COVERAGE
CEO Education, CEO Turnover, and Firm Performance
Harvard Law School Forum on Corporate Governance
New York Times, Business Week, Huffington Post, Toronto Globe and Mail, Washington Post, CTV (Canadian TV), United Press International, St. Louis Globe-Democrat, Bloomberg Business Week Blog
Manager Characteristics and Capital Structure: Theory and Evidence
Harvard Law School Forum on Corporate Governance
Corporate Governance and Innovation: Theory and Evidence
The Economist, Morningstar, Business Week Online
Power, Compensation and Corruption
Forbes India
Risk, Uncertainty and Optimism in Venture Capital
Fortune
RESEARCH GRANTS
External Grants
§ Kauffman Foundation and Georgia Research Alliance
o Risk, Uncertainty and Optimism in Venture Capital Relationships
(January 2007, $20000)
o Technological Innovation through Public-Private Partnerships (January
2007, $10000)
o Investment Under Uncertainty, Heterogeneous Beliefs, and Agency
Conflicts (March 2008, $20000)
o Dynamic Financing of Innovation (May 2009, $15000)
§ Society of Actuaries/Casualty Actuary Society
o Insurer Capital and Organizational Forms in Market Equilibrium
(August 2022, $20000)
Internal Grants
§ Robinson College of Business, Georgia State University
o Managerial Incentives, Financing, and Dynamic Investment
(Summer 2005)
§ Robinson College of Business, Summer Research Grant
o Financing and Debt Maturity Choices by Undiversified Owner-Managers
(Summer 2006)
§ Robinson College of Business, Summer Research Grant
o Risk, Uncertainty, Organizational Structure and Incentives (Summer 2007)
§ Robinson College of Business, Summer Research Grant
o Risk, Uncertainty and Optimism in Venture Capital Relationships (Summer 2008)
TEACHING
§ Georgia Institute of Technology
o Introduction to Derivative Securities (undergraduate)
o Derivative Securities (MBA and Master's students in Quantitative and Computational Finance)
o Asset Pricing Theory (PhD)
o Game Theory (PhD)
§ Georgia State University
o Introduction to Risk Management and Insurance (undergraduate)
o Financial Risk Management (Master's)
o Interest Rate Models (Master's)
o Quantitative Risk Modeling (Master’s)
o Managerial Economics (MBA)
o Stochastic Processes in Finance and Risk Management (PhD)
o Game Theory and Mechanism Design (PhD)
o Dynamic Risk Models (PhD)
§ Indian School of Business
o Theoretical Corporate Finance (PhD)
SUPERVISION OF DOCTORAL STUDENTS
Chair or Co-Chair
1. Yahel Giat (2005). School of Industrial and Systems Engineering, Georgia Institute of Technology (co-chair).
Department of Industrial Engineering, Jerusalem College of Technology, Jerusalem, Israel.
2. Richard Fu (2006). Georgia Institute of Technology Business School (chair).
Department of Finance, University of Alabama at Birmingham.
3. Zhiqiang Yan. (2009). Robinson College of Business, Georgia State University (chair).
Department of Finance and Insurance, Western Illinois University.
4. Hae Won Jung (2012) Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (chair)
Department of Finance, University of Melbourne, Australia.
5. Jinjing Wang (2015) Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (chair)
Department of Finance and Insurance, University of Akron, Ohio.
6. Ashutosh Tyagi (2019) Dept. of Finance, Robinson College of Business, Georgia State University (co-chair)
Department of Finance, Bentley College
7. Qianlong Liu (2021) Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (co-chair)
Lingnan University, Hong Kong
8. Carlos Nunez (2023). Greenberg School of Risk Science, Robinson College of Business, Georgia State University (chair)
Department of Finance, Chapman University
9. Prerna Mishra (2025). Greenberg School of Risk Science, Robinson College of Business, Georgia State University
Department of Finance, Bowling Green State University
10. Tongbo Geng (current). Greenberg School of Risk Science, Robinson College of Business, Georgia State University
Committee Member
1. Puneet Prakash (2005). Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member).
2. Marco Pagani (2006). Dept. of Finance, Robinson College of Business, Georgia State University (committee member).
3. Yih Cheng Loon (2007). Dept. of Finance, Robinson College of Business,Georgia State University (committee member).
4. Jimmy Martinez (2012). Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
5. Thorsten Moenig (2012). Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
6. Nan Zhu (2012). Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
7. Yi Li Dept. of Economics, Andrew Young School of Policy Studies, Georgia State University (committee member)
8. Jinyu Yu Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
9. Xiaohu Ping Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
10. Haibei Zhao Dept. of Finance, Robinson College of Business, Georgia State University (committee member)
11. Hongjun Ha Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
12. Chen Ling, Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
13. Haitao Huang Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
14. Seul Ki Kang Dept. of Risk Management and Insurance, Robinson College of Business, Georgia State University (committee member)
15. Wanggefei Wu, Greenberg School of Risk Science, Robinson College of Business, Georgia State University (committee member)
External Examiner
1. Yunran Wei, Dept. of Statistics and Actuarial Science, University of Waterloo
SERVICE ACTIVITIES INTERNAL TO THE UNIVERSITY
§ Georgia Institute of Technology
o Member of Executive Committee of the Quantitative and Computational Finance Program (2002-2004)
o Member of the Graduate Program Committee (2002-2003)
o Member of PhD committee (2003-3004)
§ Georgia State University
o Member of Executive Committee of the Mathematical Risk Management Program (2004-2006)
o Member of PhD program committee of the Department of Risk Management and Insurance (2004-2006)
o Member of Faculty Recruitment Committee (2004-2006).
o Coordinator of the PhD Program (2007-2013)
o Robinson College of Business Faculty Affairs Committee (2008-2014)
o Chair of Faculty Recruiting Committees (2007,2009, 2011, 2013, 2014)
o Chair of Recruiting Committee for Distinguished Chair in Risk Management with a Joint Appointment in Finance (2013)
o Member of Internal Advisory Board of the Center for the Economic Analysis of Risk (2010-2013)
o Robinson College of Business Promotion and Tenure Committee (2013-2017)
o Robinson College of Business Promotion and Tenure Committee (2019 - )
o Coordinator of the PhD Program (2021-)
CONSULTING AND EXECUTIVE EDUCATION
§ Member of the Georgia State University academic review team to evaluate the Economic Capital Model of the American International Group (AIG) (2007-2008)
§ Member of Academic Research Team for the Society of Actuaries--GSU Risk Index Project
§ Delivered short course on Term Structure and Credit Risk Models to the Bermuda Monetary Authority (March, 2014)