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«Uday Rajan Jack D. Sparks–Whirlpool Corporation Research Professor of Business Administration and Professor of Finance Stephen M. Ross School of ...»

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Uday Rajan

Jack D. Sparks–Whirlpool Corporation Research Professor of Business Administration and

Professor of Finance

Stephen M. Ross School of Business, University of Michigan, Ann Arbor, MI 48109-1234

E-mail: urajan@umich.edu; Tel: 734-764-2310

May 2016


Ph.D. Economics, Stanford University, Stanford, CA; 1995.

MSIA, GSIA (Tepper School), Carnegie Mellon University, Pittsburgh, PA; 1986.

BA (Honours) Economics, St. Stephen’s College, University of Delhi, Delhi, India; 1984.

Employment Stephen M. Ross School of Business, University of Michigan, Ann Arbor; 2004–present.

Jack D. Sparks–Whirlpool Corporation Research Professor of Business Administration, 2015–17.

Professor of Finance.

Associate Professor of Finance.

GSIA (Tepper School), Carnegie Mellon University, Pittsburgh; 1995–2004.

Associate Professor of Economics and Finance.

Assistant Professor of Economics and Finance.

Drexel Burnham Lambert, New York; 1986–1990.

Vice President, Fixed Income Research.

Associate, Fixed Income Research.

Visiting IAE Toulouse, France, May 2011.

Ente Luigi Einaudi, Rome, Italy, Jul 2006.

Honors and Awards GSAM Quant Prize for best paper in the Review of Finance, 2005, for “Rationing in IPOs,” with C. Parlour.

Nominated for Smith–Breeden Prize for best paper not in corporate finance in the Journal of Finance, 2005, for “Equilibrium in a Dynamic Limit Order Market,” with R. Goettler and C. Parlour.

1 NYSE Award for best paper on equity trading, Western Finance Association Meetings, 2004, for “Equilibrium in a Dynamic Limit Order Market,” with R. Goettler and C.


Distinguished Service Award, Management Science; 2013, 2014, 2015.

Outstanding Referee Award, Journal of Financial Intermediation, 2011.

Teaching Awards PhD Student Award for Teaching Excellence, Ross School of Business, University of Michi- gan, 2012.

MBA Student Award for Teaching Excellence, Ross School of Business, University of Michi- gan, 2007.

George Leland Bach Award for “Excellence in the Classroom,” GSIA (Tepper School), Carnegie Mellon University, 2003.

Student Awards Elliot Dunlap Smith Award for Excellence, GSIA, Carnegie Mellon University, 1986 (awarded by faculty to outstanding graduating student).

Centennial Teaching Assistant award, Stanford University, 1995.

Research Published and Forthcoming Papers Purnanandam, A. and U. Rajan, “Growth Option Exercise and Capital Structure,” forth- coming, Review of Finance.

Golan, L., C. Parlour, and U. Rajan (2015), “Competition, Managerial Slack, and Corpo- rate Governance,” Review of Corporate Finance Studies 4(1): 43–68.

Rajan, U., A. Seru and V. Vig (2015), “The Failure of Models that Predict Failure: Dis- tance, Incentives and Defaults,” Journal of Financial Economics 115(2): 237–260.

Cohn, J. and U. Rajan (2013), “Optimal Corporate Governance in the Presence of an Activist Investor,” Review of Financial Studies 26(4): 985–1020.

Attar, A., E. Campioni, G. Piaser, and U. Rajan (2012), “Competing Mechanism Games

of Moral Hazard: Communication and Robustness,” Review of Economic Design 16(4):


Debo, L., C. Parlour, and U. Rajan (2012), “Signaling Quality via Queues,” Management Science 58(5): 876–891. (Stochastic Models area)

–  –  –

Attar, A., E. Campioni, G. Piaser, and U. Rajan (2010), “On Multiple Principal, Multiple Agent Models of Moral Hazard,” Games and Economic Behavior 68(1): 376–380.

Krishna, A. and U. Rajan (2009), “Cause Marketing: Spillover Effects of Cause-Related Products in a Product Portfolio,” Management Science 55(9): 1469–1485. (Marketing area) Goettler, R., C. Parlour, and U. Rajan (2009), “Informed Traders and Limit Order Markets,” Journal of Financial Economics 93(1): 67–87.

Ghose, A., T. Mukhopadhyay and U. Rajan (2007), “The Impact of Internet Referral Services on a Supply Chain,” Information Systems Research 18(3): 300–319.

Parlour, C., V. Prasnikar and U. Rajan (2007), “Compensating for the Winner’s Curse:

Experimental Evidence,” Games and Economic Behavior 60(2): 339–356.

Chawla, S., J. Hartline, U. Rajan, and R. Ravi (2006), “Bayesian Optimal No-Deficit Mechanism Design,” Workshop on Internet and Network Economics, Lecture Notes in Computer Science 4286: 136–148.

Chawla, S., U. Rajan, R. Ravi and A. Sinha (2006), “Min-Max Payoffs in a Two-Player Location Game,” Operations Research Letters 34(5): 499–507.

Goettler, R., C. Parlour and U. Rajan (2005), “Equilibrium in a Dynamic Limit Order Market,” Journal of Finance 60(5): 2149–2192. (Lead article) Choudhary, V., A. Ghose, T. Mukhopadhyay and U. Rajan (2005), “Personalized Pricing and Quality Differentiation,” Management Science 51(7): 1120–1130. (Marketing area) Parlour, C. and U. Rajan (2005), “Rationing in IPOs,” Review of Finance 9(1): 33–63.

Telang, R., U. Rajan and T. Mukhopadhyay (2004), “The Market Structure for Internet Search Engines,” Journal of Management Information Systems 21(2): 137–160.

Li, C., S. Chawla, U. Rajan and K. Sycara (2004), “Mechanism Design for Coalition Formation and Cost Sharing in Group-Buying Markets,” Electronic Commerce Research and Applications 3(4): 341–354.

Parlour, C. and U. Rajan (2003), “Payment for Order Flow,” Journal of Financial Economics 68(3): 379–411.

Parlour, C. and U. Rajan (2001), “Competition in Loan Contracts,” American Economic Review 91(5): 1311–1328.

Arya, A., J. Glover and U. Rajan (2000), “Implementation in Principal-Agent Models of Adverse Selection,” Journal of Economic Theory 93(1): 87–109.

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Working Papers Cohn, J., U. Rajan, and G. Strobl, “Credit Ratings: Strategic Issuer Disclosure and Optimal Screening,” May 2016.

Parlour, C. and U. Rajan, “Contracting on Credit Ratings: Adding Value to Public Information,” May 2016.

Debo, L., U. Rajan, and S. Veeraraghavan, “Signaling by Price in a Congested Environment,” Apr 2012.

Berrospide, J., A. Purnanandam, and U. Rajan, “Corporate Hedging, Investment and Value,” Aug 2011.

Articles in Books C. Parlour and U. Rajan (2010), “Adverse Selection,” in Rama Cont (ed.) Encyclopedia of Quantitative Finance, Wiley Publishers.

L. Miller, P. Shimpi and U. Rajan (1989), “Realized Return Optimization,” in F. Fabozzi (ed.) Institutional Investor Focus on Investment Management, Probus Publishing Company.

L. Miller, P. Shimpi and U. Rajan (1989), “Liability Funding Strategies,” in F. Fabozzi (ed.) Portfolio and Investment Management, Probus Publishing Company.

Teaching and Education Courses Taught Ph.D.: Asymmetric Information, Corporate Finance, Game Theory, Microeconomics MBA: Finance Core, Valuation, Financial Modeling, Social Venture Fund, Derivative Instruments, Advanced Fixed Income Securities, Futures and Exotic Options, Managerial Economics.

MS Computational Finance: Bonds, Bonds and Equities, Advanced Fixed Income Securities, Futures and Exotic Options.

BBA: Derivative Securities, Investments.

Average Instructor Rating: (Michigan) 4.5/5; (Carnegie Mellon) 4.5/5.

Average Course Rating: (Michigan) 4.4/5; (Carnegie Mellon) 4.3/5.

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University of Michigan:

2016 Elaine Wah, Computer Science and Engineering, IEX.

2015 Ihsan Saracgil (co-chair), Economics, Cornerstone Research.

Kuncheng Zheng, Finance, Northeastern University.

2014 Taylor Begley, Finance, London Business School.

Jason Kotter, Finance, Pennsylvania State University.

2013 Seokwoo Lee (chair), Finance, George Mason University.

Maciej Szefler, Finance, Securities and Exchange Commission.

2012 Jongsang Park, Economics, Korea Institute of Finance, Seoul.

Noah Smith, Economics, Stony Brook University.

2011 Xiaoyang Li, Business Economics, Cheung Kong GSB, Beijing, China.

Jan Sokolowsky, Economics, RFS Post-Doc.

Min Zhu, Finance, World Bank.

2010 Rahul Mukherjee, Economics, Graduate Institute, Geneva.

Nicholas Powers, Business Economics, The Brattle Group.

Nathan Wilson, Business Economics, Federal Trade Commission.

2009 Deniz Anginer, Finance, World Bank.

Hein Bogaard, Business Economics, George Washington University.

Shanshan Hu, Operations Management, Indiana University.

Jooyong Jun (co-chair), Economics, Korea Information Society Development Institute, Seoul.

2008 Jonathan Cohn, Finance, University of Texas at Austin.

Noah Stoffman, Finance, Indiana University.

Mandy Tham, Finance, NTU Singapore.

Kyoung-Soo Yoon (co-chair), Economics, Korea Development Institute, Seoul.

2007 Jose Berrospide, Economics, Federal Reserve Board.

Amit Seru, Finance, University of Chicago.

Carnegie Mellon University:

2006 Armen Hovsepian (co-chair), Finance, Citigroup.

2004 Anindya Ghose, Information Systems, New York University.

Dmitri Perekhodtsev, Economics, Charles River Associates.

2002 Aydo˘an Altı, Financial Economics, University of Texas at Austin.

g Rahul Telang, Information Systems, Carnegie Mellon University (Heinz School).

2001 Jacob Oded, Finance, Boston University.

2000 Tolga Akcura, Marketing, Purdue University.

1999 Vivek Ramachandran, Economics, Maracon & Associates.

London School of Economics:

2014 John C.F. Kuong, Finance, INSEAD (external examiner).


University of Pittsburgh:

2007 Lizhi Wang, Industrial Engineering, Iowa State University.

2006 Claudio Ruibal, Industrial Engineering, Universidad de Montevideo, Uruguay.

MBA Students—independent studies Various students over the years (project-related investments, alternative assets, dynamic pricing, development economics, strategy).

Undergraduate Students: Honors Theses 5 students in Economics and Finance over 1996–2004.

Professional Activities

Journals and Reviewing:

Editorial Positions Editor, Review of Corporate Finance Studies, 2015–18.

Associate Editor, Journal of Finance, 2013–present.

Associate Editor, Management Science (Finance area), 2013–present.

Editorial Review Board, Marketing Science, 2007.

Refereeing American Economic Review, Econometrica, Games and Economic Behavior, The Financial Review, Finance Research Letters, Hong Kong Research Grants Council, Information Systems Research, International Economic Review, International Journal of Game Theory, Journal of Economics and Business, Journal of Development Economics, Journal of Economic Dynamics and Control, Journal of Economic and Management Strategy, Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Markets, Journal of Political Economy, Management Science, Marketing Science, Mathematical Finance, National Science Foundation, Quantitative Finance, Rand Journal of Economics, Review of Corporate Finance Studies, Review of Economic Design, Review of Economic Studies, Review of Finance, Review of Financial Studies, Review of Marketing Science, Theoretical Economics.

Professional Societies:

Finance Theory Group:

President, 2015–2016.

Board member, 2011–13 (first board of the organization), 2014–16.

Treasurer, 2011–present.

Summer school organizing committee member, 2015.

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Program Committees:

CAF Summer Research Conference, ISB Hyderabad 2014–16 European Finance Association Meeting, 2010–16 – Track Chair 2013, Financial Intermediation Theory Finance Down Under Conference 2012–16 Finance Theory Group Workshop, Fall 2010 (Co-organizer) Financial Intermediation Research Society Conference, 2014–16 Financial Management Association, 2009–13 Mitsui Symposium, 2015, 2006–07 Rothschild Caesarea Center Annual Academic Conference, 2010–16 SFS Cavalcade 2013–16, 2011 Western Finance Association Meeting, 2010–16, 1999–2002 ALADDIN Auctions Conference, Carnegie Mellon University, 2003 Mitsui-Life Conference on Accounting and Finance, 2000.

Session Organization:

European Finance Association Meeting 2013, 2011 Financial Intermediation Research Society Conference 2015-16, 2011 Financial Management Association Meeting 2012–13, 2009–10 SFS Cavalcade 2014, 2011 Western Finance Association Meeting 2014.

Conference Presentations Minnesota Corporate Finance Conference 2016; European Finance Association Meeting 2015, 2011, 2009, 2008; Financial Intermediation Research Society Conference 2015, 2011 (2), 2008; Western Finance Association Meeting 2015, 2009, 2008, 2006, 2004; Credit Ratings Conference 2015, 2014; Finance Down Under 2013; Rothschild Caesarea Center Annual Academic Conference, 2012, 2009; UBC Summer Finance Conference 2011; Oakland University Credit Risk Conference 2011 (keynote speech); Financial Intermediation Conference, Freiburg 2010; CSEF-Igier Conference on Institutions and Economics 2010;

NBER Microstructure Meeting 2006; INFORMS, 2006; Utah Winter Finance Conference 2005; Midwest Mathematical Economics Conference 2006, 2002–03, 1997; European Econometric Society Meetings 2003; North American Econometric Society Summer or Winter Meeting 2001–03, 1996–98; Canadian Economic Theory Conference 2002; World Congress of the Econometric Society 2000; Mitsui-Life Conference on Accounting and Finance 2000.


American Finance Association Meeting 2016, 2012; Rothschild Caesarea Center Annual Academic Conference 2015; SFS Cavalcade 2014; Western Finance Association Meeting 2013, 2012, 2011 (2), 2008, 2006, 2000, 1996; European Finance Association Meeting 2014 (2), 2011, 2009 (2), 2008; University of Washington conference 2014; EFA Doctoral Consortium 2014, 2012, 2011; Institutional Investor Conference at Georgia State 2013;

Miami Behavioral Finance Conference 2012; Financial Intermediation Research Society 7 Conference 2011 (2), 2008; Duke/UNC Conference 2011; Texas Finance Festival 2011;

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