Utpal Bhattacharya is a

finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

professor at the

Hong Kong University of Science and Technology The Hong Kong University of Science and Technology (HKUST) is a public research university in Clear Water Bay Peninsula, New Territories, Hong Kong. Founded in 1991 by the British Hong Kong Government, it was the territory's third institution ...

. He is known for his research on market integrity, especially on

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information ...

. In 2000, his research paper "When an Event is Not an Event" uncovered the rampant insider trading on

Mexican Mexican may refer to: Mexico and its culture *Being related to, from, or connected to the country of Mexico, in North America ** People *** Mexicans, inhabitants of the country Mexico and their descendants *** Mexica, ancient indigenous people ...

stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange, as ...

s. This led to many questions about the value and the enforceability of insider trading laws. Later, in "The World Price of Insider Trading" he discovered the fact that insider trading laws in themselves are not effective - they only start being effective once there is credible enforcement. Additionally he could "put a price on honesty", i.e. quantify the advantage of insider trading laws and the price of "

window dressing A display window, also a shop window (British English) or store window (American English), is a window in a shop displaying items for sale or otherwise designed to attract customers to the store. Usually, the term refers to larger windows in the f ...

" of company earnings. As of May 2015, he is a Professor of Finance in

(HKUST). Before his time at HKUST, Bhattacharya has been teaching at

Columbia University Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...

University of Iowa The University of Iowa (UI, U of I, UIowa, or simply Iowa) is a public university, public research university in Iowa City, Iowa, United States. Founded in 1847, it is the oldest and largest university in the state. The University of Iowa is org ...

and

Indiana University Indiana University (IU) is a system of public universities in the U.S. state of Indiana. Campuses Indiana University has two core campuses, five regional campuses, and two regional centers under the administration of IUPUI. *Indiana Universit ...

. He teaches in a different country every summer. He has taught at top universities in Argentina, Brazil, China, France, Germany, Holland, India, Indonesia, Italy, Japan, Mexico, New Zealand, Portugal, Singapore, Slovenia, South Korea, Russia, Taiwan, Turkey and the USA (

Duke University Duke University is a private research university in Durham, North Carolina. Founded by Methodists and Quakers in the present-day city of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco and electric power industrialist James ...

MIT The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the mo ...

and

University of Chicago Booth School of Business The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 N ...

). He received his undergraduate degree in mechanical engineering from

IIT Kanpur The Indian Institute of Technology Kanpur (IIT Kanpur) Hindi: भारतीय प्रौद्योगिकी संस्थान कानपुर) is a public institute of technology located in Kanpur, Uttar Pradesh, India. It was ...

in 1980, an

MBA A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...

from

IIM Ahmedabad Indian Institute of Management Ahmedabad (IIM Ahmedabad) is the world's number 1 business school, located in Ahmedabad, Gujarat, India. The school has been accorded the status of an Institute of National Importance by Ministry of Human Resource ...

in 1982, and a Ph.D. degree from

in 1990.

Publications (selection)

* "Insiders, Outsiders, and Market Breakdowns" (with Matthew Spiegel), ''The Review of Financial Studies'', 1991, vol 4, 255-282 * "When an Event is Not an Event: The Curious Case of an Emerging Market" (with Hazem Daouk, Brian Jorgenson and Carl-Heinrich Kehr), ''Journal of Financial Economics'', 2000, vol 55, 69-101 * "The World Price of Insider Trading" (with Hazem Daouk),''Journal of Finance'', 2002, vol 57, 75-108 * "The World Price of Earnings Opacity" (with Hazem Daouk and Michael Welker), ''The Accounting Review'', 2003, vol 78, 641-678 * "Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers" (with

Craig Holden Craig Holden (born 14 August 1957) is a former Australian rules footballer who played in the AFL for the Sydney Swans and North Melbourne Football Club and in the West Australian Football League The West Australian Football League (WA ...

and Stacey Jacobsen), ''Management Science'', 2012, Vol 15, 413-431 * "Conflicting Family Values in Mutual Fund Families" (with Jung Hoon Lee and Veronika Krepely Pool), ''Journal of Finance'', 2013, vol 68, 173-200

References

* Margaret Popper, "Economic Trends", Businessweek Online, 22 July 200

* "Worthless promises? - Did it pay to make American CEOs certify their accounts?",

The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...

, 28 September 2002 * "Passive aggression",

, 26 January 2006 * "Insider Trading: Tipping the scales",

, 15 October 2011 * "Superstitious Investors: Black-cat market",

, 30 August 2014

External links

Homepage at HKUST

Author page at the Social Science Research Network
{{DEFAULTSORT:Bhattacharya, Utpal Living people Hong Kong University of Science and Technology faculty Duke University faculty University of Iowa faculty Columbia University faculty Indiana University faculty IIT Kanpur alumni American people of Indian descent Year of birth missing (living people)