Marti G. Subrahmanyam, Charles E. Merrill Professor of Finance and Economics, Stern School of Business

Marti G. Subrahmanyam is the Charles E. Merrill Professor of Finance, Economics and International Business in the Stern School of Business at New York University. He holds a degree in mechanical engineering from the Indian Institute of Technology, Madras, a post-graduate diploma in business administration from the Indian Institute of Management, Ahmedabad and a doctorate in finance and economics from the Massachusetts Institute of Technology. Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets and international finance. He has been a visiting professor at leading academic institutions in Australia, England, France, Germany, India, Italy and Singapore, including ESSEC and INSEAD, in France, the Indian Institute of Technology, Madras, and the Indian Institute of Management, Ahmedabad, Università Guido Carli LUISS, in Rome, Italy, University of Konstanz, Germany, Singapore Management University and Churchill College, Cambridge University and the University of Melbourne.

He has served as a consultant to several corporations, industrial groups, and financial institutions in the U.S., Europe, Asia and Latin America. He has served or continues to serve on the boards of several companies, including AION Fund L.P., ICICI Bank Ltd. (NYSE:IBN), ICICI Prudential Life Insurance Co. Ltd., Infosys Technologies Ltd. (NASDAQ: INFY), Nomura Asset Management Inc, and Premier European Capital Ltd. He has served as an advisor to international and government organizations including the Securities and Exchange Board of India. He has taught extensively on executive programs in over twenty countries around the world.

Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He was the Founding Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, asset pricing, market microstructure, and fixed income markets. He has published several papers in these areas in many of the leading international journals in economics and finance, includingEconometrica, The Quarterly Journal of Economics, Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, and The Review of Financial Studies. His recent books include Recent Advances in Corporate Finance (Irwin, l985) and Financial Options: From Theory to Practice (Dow Jones-Irwin, l992).

Professor Subrahmanyam has served on over 50 doctoral dissertation committees and has chaired over 30 of them. His students serve on the faculties of leading business schools around the world. Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.

Research Interests

  • Valuation of corporate securities
  • Options and futures markets
  • Corporate debt markets
  • Market microstructure and liquidity
  • Indian financial markets

Courses Taught

  • Advanced Futures and Options
  • Honors Seminar (Undergraduate)
  • Seminar on Derivatives

Academic Background

Ph.D., Finance and Economics, 1974
Massachusetts Institute of Technology

P.G. Diploma, Business Administration, 1969
Indian Institute of Management, Ahmedabad

B.Tech., Mechanical Engineering, 1967
Indian Institute of Technology, Madras

Awards & Appointments

India Institute of Management, Ahmedabad Distinguished Alumnus Award 2011
Indian Institute of Technology, Madras Distinguished Alumnus Award 2004
New York University Distinguished Teaching Medal 2003

Selected Publications

P. Augustin, M.G. Subrahmanyam, D.Y. Tang and S.Q. Wang (2014)
Credit Default Swaps: A Survey
Foundations and Trends in Finance, December 2014

R. Jankowitsch, F. Nagler, and M.G. Subrahmanyam (2014)
The Determinants of Recovery Rates in the US Corporate Bond Market
Journal of Financial Economics, October 2014

M.G. Subrahmanyam, D.Y. Tang, D.Y. and S.Q. Wang (2014)
Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk
Review of Financial Studies, October 2014

N. Friewald, R. Jankowitsch, M. Subrahmanyam (2012)
Illiquidity or Credit Deterioration: A Study of Liquidity in the US Corporate Bond Market during Financial Crises
Journal of Financial Economics, July 2012

S. Mahanti, A. Nashikkar, M. Subrahmanyam (2011)
Limited Arbitrage and Liquidity in the Market for Credit Risk
Journal of Financial and Quantitative Analysis, June 2011

R. Jankowitsch, A. Nashikkar, M. Subrahmanyam (2011)
Price Dispersion in OTC Markets: A New Measure of Liquidity
Journal of Banking and Finance, February 2011

H. Almeida, S.Y. Park, D. Wolfenzon, M. Subrahmanyam (2011)
The Structure and Formation of Business Groups: Evidence from Korean Chaebols
Journal of Financial Economics, February 2011

P. Deuskar, A. Gupta, M. Subrahmanyam (2011)
Liquidity Effects in OTC Options Markets: Premium or Discount?
Journal of Financial Markets, February 2011

V. Gaur, S. Seshadri, M. Subrahmanyam (2011)
Securitization and Real Investment in Incomplete Markets
Management Science, December 2011

M. P Richardson, J. Ronen, M. Subrahmanyam (2010)
Securitization Reform
Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, John Wiley