Publications

PUBLICATIONS: REFEREED SCHOLARLY (in chronological order) 

• 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, 253-375.

• 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.

• Resnick, Sidney and Ajay Subramanian (1998). Heavy-Tailed Hidden Semi-Markov Models. Stochastic Models, 14, 2, 337-352.

• Subramanian, Ajay (2001). European Option Pricing with General Transaction Costs and Short-Selling Constraints. Stochastic Models, 17, 2, 215-245.

• Subramanian, Ajay and Robert Jarrow (2001). The Liquidity Discount, Mathematical Finance, 11, 4, 447-474. 

• Subramanian, Ajay (2004). Option Pricing on Stocks in Mergers and Acquisitions, Journal of Finance, 59, 2, 795-831.

• Jain, Ashish and Ajay Subramanian (2004). The Inter-Temporal Exercise and Valuation of Employee Options. Accounting Review, 79, 3, 705-743.

• Clarke, Jonathan and Ajay Subramanian (2006). Dynamic Forecasting Behavior by Analysts: Theory and Evidence. Journal of Financial Economics, 80, 81- 113.

• Murthy, Nagesh, Milind Shrikhande, and Ajay Subramanian (2007). Switching Costs, Dynamic Uncertainty and Buyer-Seller Relationships. Naval Research Logistics, 54, 8, 859-873.

• Subramanian, Ajay (2008). Optimal Liquidation by a Large Investor. SIAM Journal on Applied Mathematics, 68, 4, 1168-1201.

• Ciccotello, Conrad, Richard Fu, and Ajay Subramanian (2009). Commercializing Public Technology through Cooperative R&D. Economics Letters 108, 2, 113-115.

• 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.

• Hu, Ping, Jayant Kale, Marco Pagani, and Ajay Subramanian (2011). Fund Flows, Performance, Managerial Career Concerns and Risk-Taking.  Management Science 57, 628-646.  Online Appendix

• Fu, Richard and Ajay Subramanian (2011). Leverage and Debt Maturity Choices By Undiversified Owner-Managers. Journal of Corporate Finance 17, 888-913.

• 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.

• Subramanian, Ajay (2013). Product Market Competition, Managerial Compensation and Firm Size in Market Equilibrium. Management Science 59, 1612-1630.

• Chava, Sudheer, Alexander Oettl, Ajay Subramanian, and Krishnamurthy Subramanian (2013). Banking Deregulation and Innovation.  Journal of Financial Economics 109, 759-774.

• Giat, Yahel and Ajay Subramanian (2013). Dynamic Contracting Under Imperfect Public Information and Asymmetric Beliefs. Journal of Economic Dynamics and Control 37, 2833-2861.

• Jung, Hae Won and Ajay Subramanian (2014). Capital Structure Under Heterogeneous Beliefs. Review of Finance 18, 1617-1681 (lead article)

• Sapra, Haresh, Ajay Subramanian and Krishnamurthy Subramanian (2014). Corporate Governance and Innovation: Theory and Evidence. Journal of Financial and Quantitative Analysis 49, 957-1003.,

• Fu, Richard, Ajay Subramanian and Anand Venkateswaran (2016). Project Characteristics, Incentives and Team Production. Management Science 62, 785-801.

• Subramanian, Ajay and Baozhong Yang (2017). Optimal Dynamic Risk Taking. Mathematics of Operations Research 42(3), 599-625.

• Jung, Hae Won and Ajay Subramanian (2017). CEO Talent, CEO Compensation and Product Market Competition. Journal of Financial Economics 125 (1), 48-71.

• Subramanian, Ajay and Jinjing Wang (2018). Reinsurance Versus Securitization of Catastrophe Risk.  Insurance: Mathematics and Economics 82, 55-72.

• Lu, Tong, Haresh Sapra and Ajay Subramanian (2019). Agency Conflicts, Bank Capital Regulation and Marking-to-Market. Accounting Review 94, 365-384.

• Subramanian, Ajay and Baozhong Yang (2020). Dynamic Prudential Regulation. Management Science 66, 3183-3210.

• Subramanian, Ajay and Jinjing Wang (2021). Capital, Aggregate Risk, Insurance Prices and Regulation. Insurance: Mathematics and Economics 100, 156-192.

• Jung, Hae Won (Henny) and Ajay Subramanian (2021). Search, Product Market Competition and CEO Pay. Journal of Corporate Finance 69, 101981.

• Peivandi, Ahmad, Mohammad Abbas Rezaei and Ajay Subramanian (2023). Optimal Design of Bank Regulation under Aggregate Risk. Mathematics and Financial Economics 17(3), 335--371.

• Jung, Hae Won (Henny), Ajay Subramanian and Qi Zeng  (2024). Ownership Structure, Incentives and Asset Returns.  Management Science 70(1), 589--615.

• Subramanian, Ajay (2024).  Credit Risk Sharing and Credit Market Regulation.  Forthcoming in Review of Corporate Finance Studies.

PUBLICATIONS: PROFESSIONAL/PRACTITIONER

• Jarrow, Robert and Ajay Subramanian (1997). Mopping up Liquidity, Risk, invited paper in the December 1997 special anniversary issue

• 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.

• 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