Skip to main content
UIC Business - University of Illinois at Chicago
Footer Utility Menu
Visit Our Blog
Undergraduate Programs Overview
UIC Business Scholars
BS in Accounting
BS in Entrepreneurship
BS in Finance
BS in Information & Decision Sciences
BS in Management
BS in Marketing
Online BBA Completion Program
Undergraduate Student Life
Business Career Center
Professional Development Program
Liautaud Programs Overview
Master of Business Administration
Master of Science in Accounting
Master of Science in Business Analytics
Master of Science in Finance
Master of Science in Management Information Systems
Master of Science in Marketing
Liautaud Career Services
Liautaud International Admissions
Doctoral Programs Overview
PhD in Business Administration: Accounting Emphasis
PhD in Business Administration: HRM Emphasis
PhD in Business Administration: IDS Emphasis
PhD in Business Administration: Marketing Emphasis
PhD in Management Information Systems
UIC Doctoral Students
Give to UIC Business
Donor Recognition Society
Student Scholarship Support
Ways to Get Involved
Alumni Leadership Academy
Contact the Office of Advancement
For the Media
You are here
Associate Professor of Finance
Office: 2412 UH
Phone: (312) 413-9204
Download and print CV
Northwestern University, Ph. D. (Finance), 1986
Indian Institute of Technology, M. Tech. (Industrial Management), 1977
Orissa U of Agriculture and Technology, B.Sc. (Agricultural Engineering) , 1975
Associate Professor of Finance with tenure, CBA, University of Illinois at Chicago, 1995-present
Visiting Associate Professor of Finance, University of Illinois at Urbana-Champaign, 1998-1999
Visiting Associate Professor of Finance, Hong Kong University of Science and Technology, 2002-2003
Financial Economist, Federal Reserve Board, Washington, D.C., 1990-1995
Assistant Professor of Finance, New York University, 1986-1990
Corporate Manager, Salgaocar Group, Goa, 1981-1983
Adjunct Professor, Bombay University, 1981-1983
Lecturer, National Institute for Industrial Engineering, 1977-1979
Course Leader, Project Implementation, Monitoring and Evaluation Program at the National Institute for Industrial Engineering, 1977-1979
Management Consultant, Hindustan Steel‑works Construction, Calcutta, 1979-1981
Research and Teaching in Options and Futures
Fixed Income Securities
Research & Publications
“Constitutional System of Money and Finance,” Journal of Financial Transformation, January 2013
“No-Subsidy Mantra of Governance to Attain the Most Efficiently Competitive Economy,” forthcoming in the Journal of Governance and Regulation, 2012
“A Unifying Philosophy of Governance,” forthcoming in the Journal of Governance and Regulation, May 2012
“Unconstitutionality and Economic Inefficiency of Short Selling and Privileged Private Market Clearing,” forthcoming in the Journal of Investment Management and Financial Innovations, 2012.
“Safe Banking to Avoid Moral Hazard,” Journal of Risk Management in Financial Institutions, April 2008.
“Value of Latent Risk and Decision to Hedge,” International Journal of Research on Banks and Bank Systems, December 2007.
“Optimal Exchange Rate Beyond Purchase Power Parity,” Journal of American Academy of Business, December 2007.
“Prosperity: Optimal Governance, Banking, Capital Markets, Global Trading, and Exchange Rates,” Citizens Publishing, October 2005.
“Safe Banking,” Journal of American Academy of Business, August 2003.
“Bond Rating Enhancement Norms Using Corporate Bond Default Data: A New Methodology,” Financial Analysts Journal, August 2000.
"Can A Riskless Asset Be Presumed To Exist? A Latent Interest Rate Theory and Evidence,'' with Dilip Madan, Chicago Board of Trade Research Symposium Proceedings, Fall 1997.
"Charter Value, Minimum Bank Capital Requirement and Deposit Insurance Pricing in Equilibrium,''Journal of Banking and Finance 20, 1996.
"Value of Latent Information: Alternative Event Study Methods,'' Journal of Finance, March 1993.
"Debt Buybacks Signal Sovereign Countries' Creditworthiness: Theory and Tests,'' (with Ishac Diwan), International Economic Review, November 1993.
"Maximizing the Market Value of a Firm to Choose Dynamic Policies for Managerial Hiring, Compensation, Firing and Tenuring.'' International Economic Review, May 1992.
"Optimal Bank Reorganization Policies and Pricing of Federal Deposit Insurance'' (with Jean-Francois Dreyfus). Journal of Finance, December 1989.
"A Generalized Econometric Model and Tests of a Signaling Hypothesis with two Discrete Signals,'' Journal of Finance, June 1988.
"Monitoring Financial Institutions'' (with Greg Udell). New Palgrave Dictionary of Money and Finance, 1992.
"Shortage Cost Parameter for an Inventory Model.'' Industrial Engineering Journal, 1983.
"Optimal Fleet Size-A Case of Compound Waiting Lines in Transportation and Transhipping.'' Industrial Engineering Journal, October 1983.
Awards & Affiliations
Loring Farwell Award for ``excellent performance in Ph.D. (Finance) program,'' Northwestern U, 1986.
Kellogg Management School Fellowships and Graduate School Scholarships, Northwestern U, 1983-86.
Merit Scholarships, Indian Institute of Technology, Kharagpur, 1975-77.
Gold Medal for best graduate in Agricultural Engineering, Orissa U of Agri. and Technology, 1975.
Merit Scholarships, 1970-75; Skill Contest First Prize, 1975, Indian Council of Agricultural Research.