Utpal Bhattacharya

Utpal Bhattacharya is a finance professor at the Indiana University Kelley School of Business. He is known for his research on market integrity, especially on insider trading.

In 2000, his research paper "When an Event is Not an Event" uncovered the rampant insider trading on Mexican stock markets. 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" of company earnings.

As of 2007, he is an Associate Professor at the Kelley School of Business at IU. Before his time at Indiana University, Bhattacharya has been teaching at Columbia University and the University of Iowa. He has been a visiting professor at Duke University and MIT. He received his undergraduate degree in mechanical engineering from IIT Kanpur in 1980, an MBA from IIM Ahmedabad in 1982, and a Ph.D. degree from Columbia University in 1990. He held the title of James R. Hodge Eminent Scholar in Finance at IU from 2004 to 2006.

Publications (selection)

* "To Believe or Not to Believe" (with Murgie Krishnan), "Journal of Financial Markets", 1999, vol 2, 69-98
* "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
* "Is CEO Certification Credible?" (with Peter Groznik and Bruce Haslem), "Regulation", 2003, Vol 26, 8-10, Cato Institute, Washington, D.C.

PROFESSIONAL EXPERIENCE

Kelley School of Business, Indiana University (1997-present)

Associate Professor (tenured), Finance Department, 2000-presentAssociate Professor (untenured), Finance Department, 1997-2000

Massachusetts Institute of Technology (MIT) - Sloan School of Management (Summer 2008, 2003-04)Visiting Professor, Economics, Finance and Accounting DepartmentVisiting Associate Professor, Economics, Finance and Accounting Department

College of Business Administration, University of Iowa (1990-93, 1994-97) Assistant Professor, Finance DepartmentFuqua School of Business, Duke University (1993-94) Visiting Assistant Professor, Finance DepartmentGraduate School of Business, Columbia University (1984-90)
* Teaching Assistant for the courses: Introductory Finance, Corporate Finance, Debt Markets, Options Markets, Futures Markets, International Banking, Microeconomics and Macroeconomics
* Research Assistant to: Professors Matthew Spiegel, Larry Selden and Alberto Giovannini
* Research Associate in the Center for International Business Cycle Research

Metal Box (India) Limited (1982-84) Officer, Marketing and Economic Services

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EDUCATION

Graduate School of Business, Columbia University

Degree: Ph.D. (1990) Thesis Title: Three Essays on Asymmetric Information in Imperfect Financial Markets Thesis Advisor: Prof. Gur Huberman

Indian Institute of Management, Ahmedabad, India Degree: M.B.A. (1982)Indian Institute of Technology, Kanpur, India Degree: Bachelor of Technology, Mechanical Engineering (1980)

----GRANTS
* USAID Grant through the Eurasia Foundation to create a curriculum and then conduct business seminars in Russia -- Summer 1993
* MUCIA (Midwest Universities Consortium for International Activities) travel grant for Russia --Summer 1993

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CHOLASTIC HONORS

* Research Excellence Award (Best Researcher among Associate Professors), Kelley School of Business, Indiana University, 2008, 1998

* Nominated for the Trustee Teaching Award (Kelley School of Business, Indiana University) in 2008, 2007, 2006 and 2005. Won in 2005
* Business Week "Prominent Faculty" in the Kelley School of Business, Indiana University, 2006
* CIBER 2003 First Sabbatical Abroad Award
* Best Paper Award, Conference on the Theories and Practices of Securities and Financial Markets, Taiwan, 2002
* Nominated for the Sauvain Teaching Award (Kelley School of Business, Indiana University) in 2002 and 2001
* LaSalle Bank Faculty Fellow, Kelley School of Business, Indiana University, 2001-2006
* Peterson Faculty Research Fellow (Best Researcher in Department), Finance Department, Kelley School of Business, Indiana University, 2001, 2000, 1999, 1998
* Visiting Scholar, Queen's University, Summer 2001
* Research Fellow, The Institute of Contemporary Finance, Shanghai Jiao Tong University (2000-02)
* First Prize for Outstanding Research, International Investment Forum, USA, 1998
* Visiting Scholar, Center for Financial Studies in Frankfurt (1998-99)
* Fellowship, Columbia University (1984-88)
* Dean's List in all the course taking terms at Columbia University. Beta Gamma Sigma (1985)
* Nominated for the Best Teaching Assistant Award at Columbia University (1985)
* First Prize in the National Competition for Young Managers in India (1983). Represented India in the Asian Meet at Kuala Lumpur, Malaysia
* Industrial Scholarship for being in the top 5% of the M.B.A. class in India (1982)
* First Division with Distinction in Engineering in India (1980)

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RESEARCH

Publications in Refereed Journals

* "The Causes and Consequences of Recent Financial Market Bubbles: An Introduction," (with Xiaoyun Yu) Review of Financial Studies, 2008, vol 21, 3-10 Was the lead article

* "Melting Pot or Salad Bowl: Some Evidence from U.S. Investments Abroad," (with Peter Groznik), Journal of Financial Markets, 2008, forthcoming. Was a feature story in Financial Times, 1/30/02

* "The Role of the Media in the Internet IPO Bubble" (with Neal Galpin, Rina Ray and Xiaoyun Yu), Journal of Financial and Quantitative Analysis, 2008, forthcoming

*"The Home Court Advantage in International Corporate Litigation," (with Neal Galpin and Bruce Haslem), Journal of Law and Economics, 2007, vol 50, 625-659 Was the lead article Was a front page feature story in Financial Times, 12/13/06

*"Is CEO Certification of Earnings Numbers Value Relevant?" (with Peter Groznik and Bruce Haslem), Journal of Empirical Finance, 2007, vol 14, 611-635

Was a feature story in Economist, 9/28/02, a feature story in Wall Street Journal Online, 10/17/02, a feature story in Financial Times, 10/31/02, and a feature story in New York Times, 3/2/03

* "The Role of the Media in the Launch of Internet IPOs," (with Neal Galpin, Rina Ray and Xiaoyum Yu), Betriebswirtschaftliche Forschung und Praxis, 2006, vol 58, 442-456

Was an invited paper for this special issue on IPOs

* "Financial Liberalization and the Stability of Currency Pegs," Journal of Corporate Finance, 2005, vol 11, 351-374

*"The World Price of Earnings Opacity," (with Hazem Daouk and Michael Welker), The Accounting Review, 2003, vol 78, 641-678

Was a feature story in Business Week, 7/22/02, and a feature story in Money Magazine, 9/1/02

* "The Optimal Design of Ponzi Schemes in Finite Economies," Journal of Financial Intermediation, 2003, vol 12, 2-24Was the lead articleWas a feature story in Money Magazine, 12/1/02

* "The World Price of Insider Trading" (with Hazem Daouk), Journal of Finance, 2002, vol 57, 75-108 Was nominated for the Smith Breeden Award in the Journal of FinanceWas Top of the Top 10 download amongst all Social Science Research Network Recent HitsWas a feature story in Economist, 1/22/00, and a feature story in Financial Times, 4/12/01Reprinted in Claessens S. and L. Laeven (ed), 2006, A Reader in International Finance, World Bank, Washington, D.C.

* " Capital Markets and the Evolution of Family Businesses" (with B. Ravikumar), Journal of Business, 2001, vol 74, 187-220Was the lead article

* "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

Was Top of the Top 10 download amongst all Social Science Research Network Recent Hits

Was a feature story in Barron's, 2/8/99

* "To Believe or Not to Believe" (with Murgie Krishnan), Journal of Financial Markets, 1999, vol 2, 69-98

* "Anatomy of a Market Breakdown: NYSE Trading Suspensions (1974-1988)" (with Matthew Spiegel), Journal of Business and Economic Statistics, 1998, vol 16, 216-226

* "Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests," The Review of Financial Studies, 1997, vol 10, 1065-1097

* "The Advantage to Hiding One's Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market" (with Paul Weller), Journal of Monetary Economics, 1997, vol 39, 251-277

Reprinted in Eijffinger S. (ed), 1999, Foreign Exchange Intervention: Objectives and Effectiveness , Edward Elgar Publishing, Northampton, MA

* "Destructive Interference in an Imperfectly Competitive Multi-Security Market" (with Philip Reny and Matthew Spiegel), The Journal of Economic Theory, 1995, vol 65, 136-170

* "In Search of the Right Middleman" (with Abdullah Yavas), Economics Letters, 1993, vol 42, 341-347

* "Insiders, Outsiders, and Market Breakdowns" (with Matthew Spiegel), The Review of Financial Studies, 1991, vol 4, 255-282

Publications in Non-Refereed Journals

* “Enforcement and Its Impact on Cost of Equity and Liquidity of the Market” in Canada Steps Up: Report of the Task Force to Modernize Securities Regulation in Canada, 2006, Strengthening Credibility and Integrity, vol 6, Task Force to Modernize Securities Regulation in Canada, Toronto, Canada.

Was a front page feature story in the Toronto Star (12/1/07)

* “From Cronies to Professionals: The Evolution of Family Firms” (with B. Ravikumar) in Klein E. (ed.), Capital Formation, Governance and Banking, 2005, Financial Institutions and Services Series, Nova Science Publishers, Hauppauge, NY.

* “The Effect of Global Financial Markets on Businesses” (with Catherine Bonser-Neal) in Rugman A. (ed.), Leadership in International Business Education and Research, 2003, Research in Global Strategic Management, vol 8, Elsevier Science, Amsterdam.

* "Is CEO Certification Credible?" (with Peter Groznik and Bruce Haslem), Regulation, 2003, Vol 26, 8-10, Cato Institute, Washington, D.C.

Manuscripts Under Review

"Costless versus Costly Signaling: Theory and Evidence from Share Repurchases" (with Amy Dittmar)

"When No Law is Better Than a Good Law" (with Hazem Daouk)

"Do Japanese CEOs Matter?" (with Sanghoon Ahn, Taehun Jung and Giseok Nam)

"The Global Rise of the Value-Weighted Portfolio" (with Neal Galpin) Was a feature story in the New York Times, 1/1/06, and a feature story in the Economist, 1/26/06

*Paper Presentations since Graduation
*Case Western Reserve University, USA, April 2008, February 1997
*University of Waterloo, Waterloo, Ontario, Canada, March 2008
*McMaster University, Hamilton, Ontario, Canada, March 2008
*University of Toronto, Toronto, Ontario, Canada, March 2008
*University of Lugano, Lugano, Switzerland, March 2008
*Hebrew University, Jerusalem, Israel, March 2008
*Tel Aviv University, Tel Aviv, Israel, March 2008
*University of California at Riverside, USA, February 2008
*American Finance Association, USA, January 2008, 2007, 2006, 1999, 1998
*Purdue University, USA, November 2007
*University of Alberta, Edmonton, Canada, September 2007
*University of Missouri-Columbia, USA, September 2007
*HEC, Paris, France, June 2007, May 1994
*ESCP-EAP, Paris, France, June 2007, April 2006
*Queens University, Kingston, Ontario, Canada, May 2007, July 2001, November 1998
*Temple University, USA, April 2007
*University of Washington, USA, April 2007, December 2000
*DePaul University, USA, April 2007
*Harvard Law School, USA, March 2007
*University of Texas at Dallas, USA, March 2007
*University of Texas at Austin, USA, March 2007
*University of Texas at San Antonio, USA, February 2007
*Texas A&M University, USA, January 2007
*Rice University, USA, January 2007
*Washington University, USA, November 2006, 2000
*Florida State University, USA, October 2006
*Dartmouth College (Tuck School), USA, September 2006
*NOVA, Lisbon, Portugal, July 2006
*Portuguese Finance Association Meetings, Porto, Portugal, July 2006
*Catholic University of Portugal, Lisbon, Portugal, July 2006
*ISCTE, Lisbon, Portugal, June 2006
*Asset Management Conference, Boston College, USA, June 2006
*Global Finance Conference, Brazil, April 2006
*Stockholm School of Economics, Sweden, March 2006, October 2004
*University of California at Berkeley, USA, March 2006, April 1995
*Stanford University, USA, March 2006
*McGill University, Montreal, Canada, December 2005
*Sabanci University, Istanbul, Turkey, June 2005
*Istanbul Stock Exchange, Istanbul, Turkey, June 2005
*KOC University, Istanbul, Turkey, June 2005
*World Bank, Washington D.C., May 2005
*Conference on Corporate Governance, Shanghai, China, March 2005
*Goethe University, Frankfurt, Germany, January 2005, April 2002, June 1998, July 1996
*Hohenheim University, Stuttgart, Germany, January 2005
*Southern Methodist University, USA, October 2004
*Yokohama National University, Japan, June 2004
*Development Bank of Japan, Japan, June 2004
*Bank of Japan, Japan, May 2004
*Osaka University, Japan, May 2004
*FIRS Conference, Capri, Italy, May 2004
*University of Tokyo, Japan, May 2004
*Hitotsubashi University, Japan, May 2004
*Tulane University, USA, March 2004, 1997
*University of Massachusetts (Amherst), USA, February 2004
*Harvard Business School, USA, February 2004
*MIT-Sloan, USA, February 2004
*Babson College, USA, February 2004
*Boston University, USA, November 2003
*University of Oklahoma, USA, October 2003
*ITAM, Mexico City, Mexico, August 2003
*Western Finance Association, USA, June 2003, 1999, 1997, 1995, 1991, 1990
*University of Notre Dame, USA, March 2003
*Securities and Exchange Commission, USA, March 2003
*Pennsylvania State University, USA, February 2003
*University of Alabama, USA, January 2003
*University of Amsterdam, The Netherlands, December 2002, April 2000, July 1997, July 1995
*Finance Symposium at the University of Maryland, USA, November 2002, September 1998
*New York University, USA, November 2002, November 2001
*Conference on "Corporate Control, Corporate Disclosure, " University of Kansas, USA, September 2002
*University of Padua, Italy, May 2002
*University of Vienna, Austria, May 2002, June 1998
*Ljubljana Stock Exchange Conference, Portoroz, Slovenia, May 2002
*University of Ljubljana, Slovenia, May 2002
*Humboldt University, Berlin, Germany, April 2002
*Norwegian School of Management, Sandvika, Norway, April 2002
*University of Houston, USA, March 2002
*INSEAD, Fontainebleu, France, February 2002, May 1994
*University of Pittsburgh, USA, November 2001
*Ibmec, Sao Paulo, Brazil, June 2001
*FGV, Sao Paulo, Brazil, June 2001
*PUC, Rio De Janeiro, Brazil, May 2001
*COPPEAD, Federal University of Rio De Janeiro, Brazil, May 2001
*NYSE Conference on "Global Equity Markets in Transition," Hawaii, USA, February 2001
*Conference on "Illegal Insider Trading," Milan, Italy, January 2001
*Washington University, USA, November 2000
*University of California at Los Angeles, USA, November 2000
*University of Cincinnati, USA, October 2000
*University of Georgia, USA, August 2000
*Shanghai Jiao Tong University, Shanghai, China, June 2000
*Peking University, Beijing, China, May 2000
*Hong Kong University of Science & Technology, Hong Kong, May 2000
*NBER Market Microstructure Conference, USA, May 2000
*Conference on Market Microstructure, Yale University, USA, April 2000
*Georgia State University, USA, January 2000, October 1993
*Indian Institute of Management, Calcutta, India, January 2000, December 1998
*Conference on "Equity Market Development in Emerging and Transition Economies," Amsterdam, The *Netherlands, December 1999
*Conference on "Reexamining the Regulation of Capital Markets for Debt Securities," Washington D.C., USA (Invited paper), October 1999
*Latin American Meeting of the Econometric Society, Mexico (Invited paper), August 1999
*Korea Advanced Institute of Science and Technology, Korea, July 1999
*Korea Securities Research Institute, Korea, July 1999
*University of Florida at Gainesville, USA, January 1999
*American Economic Association, USA, January 1999, 1993
*International Investment Forum, USA, October 1998
*University of Wisconsin at Madison, USA, September 1998
*Accounting and Finance Conference in Tel-Aviv University, Israel (Invited paper), August 1998
*University of Heidelberg, Germany, July 1998, 1996
*French Finance Association, Lille, France, July 1998
*University of Frankfurt, Germany, June 1996
*Erasmus University, The Netherlands, July 1997
*Tilburg University, The Netherlands, July 1997, 1995
*International Monetary Fund, USA, March 1997
*University of Illinois at Urbana-Champaign, USA, September 1996, January 1992
*University of Munich, Germany, July 1996
*Arizona State University (West), USA, March 1996
*Ohio State University, USA, February 1996, May 1994
*University of British Columbia, Canada, September 1995
*University of Minnesota, USA, January 1995
*Cornell University, USA, May 1994
*Duke University, USA, March 1994
*Federal Reserve Bank of New York, USA, March 1994
*Conference on "Global Competition in the Market for Markets," Duke University, USA, November 1993
*London Business School, UK, June 1993
*London School of Economics and Political Science, UK, June 1993
*North American Winter Econometric Society, USA, January 1992, December 1989
*Southern Finance Association, USA (Invited paper), November 1991
*Carnegie Mellon University, USA, September 1991

Research Impact

In academia: number of citations: 292 (ISI) Four papers were lead articles in top journals.In the US media: research featured in full-length stories in Barron's, Boston Globe, Business Week, Chicago Tribune, Investors Business Daily, Money Magazine, MSNBC, New York Times, Wall Street Journal and the Washington Post

In the foreign media: research featured in full-length stories in Corriere della Sera (Italy), Delo (Slovenia), the Economist (UK), El Universal (Mexico), Exame (Brazil, Portugal), Financial Post (Canada), FinFacts (Ireland), Financial Times (UK), HP/De Tijd (Netherlands), La Nacion (Argentina), O Globo (Brazil), Proceso (Mexico), Reuters (UK), Sondagsavisen (Denmark) and Spiegel (Germany)

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TEACHING

Cases Published in Refereed Journals

* "Ace Company (B): The Option Value of Waiting and Capital Budgeting" (with Ramji Balakrishnan), Issues in Accounting Education, 1997, vol 12, 399-411International
*Summer 2008: Market Microstructure in the Master of Finance Program in Universidad Torcuato Di Tella, Buenos Aires, ARGENTINA
*Summer 2007: International Finance in the Master's Program in ESCP-EAP (European School of Management,) Paris, FRANCE
*Summer 2006: Market Microstructure to doctoral students and International Finance to MBA students at Universidade Nova de Lisboa, Lisbon, PORTUGAL
*Summer 2005: International Finance to Executive MBA students in Sabanci University, Istanbul, TURKEY. Rating: 5/5
*Summer 2004: Capital Markets to MBA students and Financial Markets to undergraduate students at Hitotsubashi University, Tokyo, JAPAN
*Summer 2003: International Finance to MBA students in ITAM, Mexico City, MEXICO
*Summer 2002: Investments to MBA students at the School of Economics, University of Ljubljana, Ljubljana, SLOVENIA
*Summer 2001: Corporate Finance to doctoral students at COPPEAD, the Graduate School of Business Administration of the Federal University of Rio De Janeiro, Rio De Janeiro, BRAZIL
*Summer 2000: Global Financial Markets to MBA students at Guanghua School of Management, Peking University, Beijing, CHINA. Rating: 6.5/7
*Summer 1999: Global Financial Markets to MBA students at the Korea Advanced Institute of Science and Technology, Seoul, SOUTH KOREA. Rating: 6.2/7
*Summer 1997: Security Design to doctoral students at the Tinbergen Institute, Amsterdam, THE NETHERLANDS
*Summer 1996: Corporate Finance to doctoral students and Investments to diploma students at Goethe University, Frankfurt, GERMANY
*Summer 1995: Market Microstructure to doctoral students at the Tinbergen Institute, Amsterdam, THE NETHERLANDS
*Summer 1994: Law, Accounting and Finance to mid-level executives in St. Petersburg, RUSSIA (under the auspices of the Duke University Executive Education Programs.) Rating: 4.84/5
*Summer 1993: Business seminars to Russian academics and entrepreneurs in Stavropol, RUSSIAPh.D.
*Fall 2007, Fall 2006, Fall 2005, Fall 2004, Fall 2002: Research Seminar in Finance (Indiana University)Ratings: 6.81/7, 6.00/7, 6.06/7, 6.55/7, 6.28/7
*Fall 2005, Fall 2002, Fall 2001, Fall 2000: Corporate Finance (Indiana University)Ratings: 6.40/7, 6.84/7, 6.38/7, 6.30/7
*Fall 1996, Fall 1995, Fall 1994: Advanced Corporate Finance (University of Iowa)Ratings: 5.50/6, 5.33/6, 5.57/6

Chair of dissertation committee of:

*2005-06: Prof. Neal Galpin (now tenure-track faculty at Texas A&M, USA)
*2004-05: Prof. Joon Ho Hwang (now tenure-track faculty at University of Memphis, USA)
*2002-04 : Prof. Bruce Haslem (now tenure-track faculty at Florida State University, USA)
*2002-03 : Prof. Peter Groznik (now tenured faculty at the University of Ljubljana, Slovenia)Co-chair of dissertation committee of:
*1999-01 : Prof. Hazem Daouk (now tenure-track faculty at Cornell University, USA)Member of dissertation committee of:
*2005-07: Diego Agudelo (now tenure-track faculty at EAFIT University, Colombia)
*2001-02 : Prof. Pankaj Jain (now tenure-track faculty at the University of Memphis, USA)
*1999-01 : Prof. Chad Zutter (now tenure-track faculty at the University of Pittsburgh, USA)
*1998-00 : Prof. Andrew Waisburd (now in industry in the USA)
*1996-99 : Dr. Pieter van Hasselt (runs his own securities trading business in Switzerland)
*1995-97 : Prof. Gabriele Camera (now Henry B. Tippie Research Professor in Economics at the University of Iowa, USA)
*1995-97 : Prof. Ayhan Kose (now at the International Monetary Fund, USA)
*1995-97 : Prof. Mukarram Attari (now in industry in the USA)
*1994-96 : Dr. Aniruddha Bagchi (now in industry in the USA)
*1992-93 : Prof. Michael Welker (now tenured Associate Professor at Queens University, Canada)
*1990-91 : Prof. Abdullah Yavas (now the William Elliott Enowed University Fellow and Professor of Business at Penn State University, USA)
*1990-91 : Prof. Anil Arya (now the Dean’s Distinguished Research Professor at Ohio State University, USA)

MBA

*Fall 2003: Finance Theory I (MIT-Sloan) Ratings: 4.86/5 and 4.57/5
*Spring 1997, Fall 1996, Spring 1996, Fall 1995, Spring 1995, Fall 1994: Investment Management (University of Iowa) Ratings: 4.17/6, 4.60/6, 4.48/6, 5.33/6, 5.13/6, 5.14/6
*Spring 1994: Investment Management (Duke University) Ratings: 5.98/7, 5.99/7
*Fall 1993: Financial Management to WMBA's and EMBA's (Duke University) Ratings: 5.60/7, 5.00/7
*Spring 1993, Fall 1992, Spring 1992, Fall 1991, Spring 1991, Fall 1990: Managerial Finance (University of Iowa) Ratings: 4.96/6, 4.96/6, 5.07/6, 5.71/6, 5.33/6, 5.60/6, 5.22/6, 4.31/6, 4.97/6, 4.94/6, 5.44/6

Undergraduate
*Fall 2006, Fall 2005, Fall 2004, Fall 2002, Fall 2001, Fall 2000, Fall 1999: Honors Financial Management (Indiana University) Ratings: 6.48/7, 6.23/7, 5.79/7, 6.34/7, 6.04/7, 6.46/7, 6.24/7, 6.41/7, 6.01/7, 6.19/7, 6.03/7, 6.24/7, 5.65/7, 5.44/7
*Fall 2007, Fall 2004: Intermediate Investments (Indiana University)Ratings: 6.39/7, 6.31/7, 6.38/7, 6.36/7
*Fall 1999, Spring 1999, Fall 1998, Spring 1998, Fall 1997: Intermediate Finance (Indiana University) Ratings: 6.42/7, 6.05/7, 6.03/7, 5.46/7, 5.79/7, 6.04/7, 6.24/7, 5.92/7, 5.97/7, 5.61/7, 5.73/7
*Spring 1997, Spring 1996, Spring 1995: Investments (University of Iowa) Ratings: 5.66/6, 5.34/6, 5.50/6

Honors Thesis Advisor of:
*2006-07: Brandon Henry
*2005-06: Gregory Buhay
*2003-04: Jonathan Harari
*2002-03: Joseph Matthews
*2000-01: Brett Kaufman

Note: The ratings refer to an overall assessment of the instructor. In Indiana, that is the average score in eight questions.

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ERVICE

To the Profession

Associate Editor of:

* Journal of Financial Markets (2001-)
* Review of Financial Studies (2005-)

Co-organizer of the Indiana University-Review of Financial Studies Conference on "The Causes and Consequences of Recent Financial Market Bubbles," 2005

Member of "Task Force to Modernize Securities Regulation in Canada," 2006

Ad hoc referee for

* The Accounting Review
* American Economic Review
* Contemporary Accounting Research
* Econometrica
* The Economic Journal
* Economic Notes
* Engineering Economist
* European Economic Review
* Finance Research Letters
* Financial Review
* International Economic Review
* International Journal of Theoretical and Applied Finance
* International Review of Economics and Finance
* Journal of Accounting and Economics
* Journal of Economics and Management Strategy
* Journal of Empirical Finance
* Journal of Finance
* Journal of Financial and Quantitative Analysis
* Journal of Financial Intermediation
* Journal of Financial Markets
* Journal of International Economics
* Journal of International Money and Finance
* Management Science
* National Science Foundation, U.S.A.
* The Quarterly Review of Economics and Finance
* Rand Journal of Economics
* Research Grants Council of Hong Kong
* Review of Economic Studies
* Review of Financial Studies

Program committee for:

* Western Finance Association, 1999 to present
* European Finance Association, 2003 to present

=Other contributions=

To the Department
* Chair, Ph.D. Committee, Indiana (2002-2006)
* Ph.D. Committee, Indiana (2000-2006)
* Chair, Faculty Recruiting Committee, Indiana (2000-02)
* Outside Workshop Coordinator, Indiana (1999-2002)
* Committee to explore the feasibility of offering a degree program in Mathematical Finance, Indiana (1998-99)
* Undergraduate Committee, Indiana (1997-99)
* Undergraduate Review Committee, Iowa (1995-96)
* Committee to explore the feasibility of offering a degree program in Quantitative Finance, Iowa (1995-96)
* MBA Review Committee, Iowa (1992-93)
* Ph.D. Review Committee, Iowa (1992-93)
* Internal Workshop Coordinator, Iowa (1991-93) To the College
* Coordinator, Honors I-Core (2004-2006)
* Doctoral Policy Committee, Indiana (2002-2006)
* Kelley Scholars and Honors Program Committee, Indiana (1999-)
* Mentor, Kelley Scholars Program, Indiana (1999-)
* Technology Strategy Committee, Indiana (2000-2001)
* Kelley Commentator in the TV program "Indiana Business This Week" (on February 9, 1999 and on August 11, 2000)
* MBA Committee, Iowa (1992-93)
* Faculty Advisor to the MBA Association, Iowa (1991-1993) To the University
* Mentor, McNair Scholars Program, Indiana (2000-01)
* FASE Mentoring Program for Minority Students, Indiana (1998-2000)

Vita updated on May 1, 2008.

References

* Margaret Popper, "Economic Trends", Businessweek Online, July 22 2002 [http://www.businessweek.com/magazine/content/02_29/c3792032.htm]
* "Worthless promises? - Did it pay to make American CEOs certify their accounts?", The Economist, 28 September 2002

External links

* [http://www.kelley.iu.edu/ubhattac/ Homepage at Indiana University]
* [http://www.kelley.iu.edu/ubhattac/UB.html Full academic vita]
* [http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1333 Author page at the Social Science Research Network]