Publications | Working Papers | Research in Progress | Presentations
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Page for S. Viswanathan
Leader Follower Dynamics in Shareholder Activism (previously titled Activist Trading Dynamics), with Doruk Cetemen, Gonzalo Cisternas and Aaron Kolb [PDF][Slides] Internet Appendix [PDF]
Collateral and Secured Debt, with Adriano Rampini [PDF] [Slides]
Bank Syndicates and Liquidity Provision, with Joao Santos. [PDF] [NBER WP]
Financing Insurance (previously titled Household Risk Management, with Adriano Rampini). [PDF] [NBER WP] [Slides]
Bankruptcy Exemption of Repo Markets: Too Much Today for Too Little Tomorrow? with Viral Acharya and Ravi Anshuman. [PDF]
Lecture Notes
Dynamic Collateralized Finance
(with Adriano Rampini). [PDF]
Publications and Accepted
Papers
The links below are to the relevant websites that carry the paper and is done to facilitate access. Access to the website may require appropriate authorization from the publisher of the journal.
[Retracted] Rampini, A, Vuillemey, G, and S, Viswanathan, 2019, Risk Management in Financial Institutions, Journal of Finance, April 2020, 75(2), 591-637 [PDF] [Published article via Wiley Online Library] [Slides]; (Brattle Distinguished Prize, Journal of Finance, 2020, Returned)
Rampini, A. and S. Viswanathan, 2018, Financial Intermediary Capital, Review of Economic Studies, January 2019, 86(1), 413-45. [PDF] [Published article via Oxford University Press] [Slides]
Breeden, D. T. and S. Viswanathan, 2016, Why Do Firms Hedge? An Asymmetric Information Model, Winter 2016, 25(3), 1-19 (lead article), Journal of Fixed Income. [PDF] [Published article via Journal of Fixed Income]
Rampini A., A. Sufi and S. Viswanathan, 2013, Dynamic Risk Management, forthcoming, Journal of Financial Economics. [PDF] [Published Article via ScienceDirect] [Slides]
Rampini, A. and S. Viswanathan, 2013, Collateral and Capital Structure, 109, 466-492, Journal of Financial Economics. [PDF] [Published Article via Science Direct] [Slides]
Acharya, V. and S. Viswanathan,
2011, Leverage, Moral Hazard and Liquidity, Journal of Finance, 66, 99-138
[PDF] [Published Article via Wiley Online Library]
Rampini, A. and S. Viswanathan,
2010, Collateral, Risk Management and the Distribution of Debt Capacity, Journal of Finance, 65, 2293-2322. [PDF]
[Published Article via Wiley Online Library]
[Slides]
Hameed, A., W. Kang and S.
Viswanathan, Market Declines and Liquidity, 2009, Journal of Finance, 65, 257-294. [PDF] [Published Article via Wiley Online Library]
Carlin, B., F. Dorabantu
and S. Viswanathan, 2009, Public Trust, the Law and Financial Investment, 92,
321-341 (LEAD ARTICLE), Journal of
Financial Economics. [PDF] [Published Article via Science Direct]
Kyle, A. S. and S. Viswanathan,
2008, How to Define Illegal Price Manipulation, 98, 274-279, American Economic Review Papers and Proceedings.
[PDF]
Viswanathan, S. and Bin Wei, 2008, Endogenous Events and Long Run Returns, 21(2), 855-888, Review of Financial Studies. [PDF]
Brusco, S., G. Lopomo, D. Robinson and S. Viswanathan, 2007, Efficient Mechanisms for Mergers and Acquisitions, International Economic Review, 48, 995-1035.. [PDF]
Carlin, B., M. Lobo and S.
Viswanathan, 2006, Episodic Liquidity Crisis: Cooperative and Predatory
Trading, 2007, Journal of Finance,
62, 2235-2274. [PDF]
[Published Article via Wiley Online Library]
Rhodes-Kropf, M., David Robinson, S. Viswanathan, 2005, Valuation Waves and Merger Activity: The Empirical Evidence, Journal of Financial Economics, 77, 567-603. [PDF] [Published Article via Science Direct]
Rhodes-Kropf, M. and S. Viswanathan, 2005, Financing Auction Bids, Rand Journal of Economics, 36, 789-815 . [PDF] [Published Article via JSTOR]
Rhodes-Kropf, M. and S. Viswanathan, 2004, Market Valuation and Merger Waves, Journal of Finance, 59, 2685-2718.. [SSRN] [Published Article via Wiley Online Library]
Viswanathan, S. and J. Wang, 2004, Inter-Dealer Trading In Financial Markets, 77, Journal of Business, [PDF]
Viswanathan , S. and J. Wang, 2002, Market Architecture: Limit Order Books Versus Dealership Markets, 5, 127-168, Journal of Financial Markets . [PDF]
Bagnoli , M., S. Viswanathan, C. Holden, 2000, On The Existence of Linear Equilibria in Models of Market Making, 11, 1-31, Mathematical Finance. [PDF]
Rhodes- Kropf , M. and S. Viswanathan , 2000, Corporate Re-organizations and Non-Cash Auctions, Journal of Finance, 55, 1807-1854. [PDF]
Naik , N., A. Neuberger and S. Viswanathan, 1999, Trade Disclosure Regulation In Markets With Negotiated , Review of Financial Studies, 12, 873-900. [PDF]
Hansch , O., N. Naik and S. Viswanathan, 1999, Best Execution, Internalization, Preferencing and Dealer Profits, Journal of Finance, 54, 1799-1828. [PDF]
Hansch , O., N. Naik and S. Viswanathan, 1998, Do Inventories Matter in Dealership Markets? Evidence From The London Stock Exchange, Journal of Finance, 53, 1623-1656. [PDF]
Foster, F.D., and S. Viswanathan, 1996, Strategic Trading When Agents Forecast the Forecast of Others, Journal of Finance, 51, 1437-1478. [PDF]
Foster, F.D., and S. Viswanathan, 1995, Can Speculative Trading Explain the Volume-Volatility Relation? , Journal of Business and Economic Statistics, 13, 379-396. [PDF]
Viswanathan , S., 1995, A Multiple Signalling Model of Corporate Financial Policy, Research in Finance, 12, 1-35. [PDF]
Foster, F.D., and S. Viswanathan, 1994, Trading Costs for Target Firms Around Takeovers, Advances in Financial Economics, 1, 37-57.
Foster, F.D., and S. Viswanathan, 1994, Strategic Trading With Asymmetrically Informed Traders and Long-Lived Information, Journal of Finance and Quantitative Analysis, 29, 499-518. [PDF]
K. F. McCardle and S. Viswanathan, 1994, The Direct Entry Versus Takeover Decision and Stock Price Performance Around Takeovers, Journal of Business, 67, 1-43. [PDF]
Bansal , R. , D . Hsieh and S. Viswanathan, 1993, A New Approach to International Arbitrage Pricing, Journal of Finance, 48, 1719-47. [PDF]
Bansal , R. and S. Viswanathan, 1993, No Arbitrage and Arbitrage Pricing: A New Approach, Journal of Finance, 48, 1231-62. [PDF]
Foster, F.D., and S. Viswanathan, 1993, Variations in Trading Volume, Return Volatility and Trading Costs: Evidence on Recent Price Formation Models, Journal of Finance , 48, 187-211. [PDF]
Foster, F.D., and S. Viswanathan, 1993, The Effect of Public Information and Competition on Trading Volume and Price Volatility, Review of Financial Studies, 6, 23-56. [PDF]
Foster, F.D., and S. Viswanathan, 1990, A Theory of Interday Variations in Volumes, Variances and Trading Costs in Securities Markets, Review of Financial Studies, 4, 595-624. [PDF]
Permanent
Working Papers
Costly Collateral and Liquidity (with Ravi Anshuman).
Optimal Bidding in Multi-Unit Discriminatory Auctions (with Jim Wang and Tom Witelski) , revise and resubmit, Journal of Economic Theory .
Auctions With When Issued Trading: A Model of the U.S. Treasury Markets (with Jim Wang).
A Characterization of Multidimensional Signaling.
Invited
Keynote Talks
Banque de France and CREST conference on market microstructure, May 7th 2006
FRIC 2017:
Conference on Financial Frictions, Copenhagen Business School, Copenhagen, Denmark, August 17-18, 2017
Presentations
Leader Follower Dynamics in
Shareholder Activism
June 2023, Finance Theory Group Summer Meetings, Stockholm, Sweden
September 2023, INSEAD, Fontainebleau, France
March 2024, Zicklin School of Business, Baruch College, New York, NY
Collateral and
Secured Debt
April 2024, Jindal School of Management, UT Dallas, Dallas, TX
March 2024, Leeds Business School, University of Colorado, Boulder, CO
September 2022, Olin Business School, Wash U, St. Louis, MO
January 2022, American Finance Association (Virtual)
June 2021, FIRS Meetings (Virtual)
November 2020, University of Rochester, Simon School
October 2020, Minnesota Corporate Finance Conference (Virtual)
Bank Syndicates and
Liquidity Provision
June 2021, FIRS Meetings (Virtual)
January 2021, AFA Meetings (Virtual)
September 2020, Baruch College, City University of New York.
Risk Management in
Financial Institutions
April 2018, Georgia Institute of Technology
March 2017, Conference on OTC Markets and Clearing, New York Federal Reserve
June 2016, Insead, Fontainebleau, France
May 2016, Financial Intermediation Research Society Meetings, Lisbon, Portugal
April 2016, NBER Corporate Finance Meetings, Chicago, IL
February 2016, Federal Reserve Bank of New York, New York, NY
February 2016, Georgia State University, Atlanta, GA
February 2016, Princeton University, Princeton, NJ
Financing Insurance
(previously titled Household Risk Management)
March 2020 University of Minnesota, Minneapolis, MN
May 2019 NBER International Finance and Macroeconomics, Boston, MA
May 2015, Financial Intermediation Research Society Meetings, Reykjavik, Iceland
June 2013, Western Finance Association Meeting, Lake Tahoe, CA
April 2013, University of California at Berkeley, Berkeley, CA
January 2012, American Economic Association Meetings, Chicago, IL
Dynamic Risk
Management
July 2012, EFFSM, Gerzensee, Switzerland
July 2011, NBER Summer Corporate Finance Meetings
Financial
Intermediary Capital
September 2017, Haskayne School of Business, University of Calgary, Calgary, Canada
February 2015, University of Oklahoma, Norman, Oklahoma
September 2014, Third Oxford Financial Intermediation Theory Conference, Said Business School, Oxford, England
April 2013, Stanford University, Stanford, CA
April 2013, Federal Reserve Bank of San Francisco, San Francisco, CA
January 2013, American Finance Association Meetings, San Diego, IL
January 2012, American Economic Association Meetings, Chicago, IL
December 2011, University of Mannheim, Mannheim, Germany
November 2011, University of California at Berkeley, Berkeley, CA
October 2011, FARFE Conference in honor of Steve Ross, Boston, MA
June 2011, WFA Meetings, Santa Fe, New Mexico
December 2010, First Tel Aviv University Conference
November 2010, Federal Reserve Bank of New York
Collateral and
Capital Structure
April 2012, MIT Sloan
March 2012, Emory University
April 2011, Yale University
January 2011, AFA Meetings at Denver
April 2010, Ross School of Business, University of Michigan
March 2010, Second UBC Winter Conference, Whistler, British Columbia
February 2010, Anderson School of Management, UCLA
January 2010, AEA Meetings, Atlanta, Georgia
December 2009, McIntire School, University of Virginia
July 2009 EFFSM, Gerzensee, Switzerland
July 2009 Society for Economic Dynamics conference, Istanbul, Turkey
March 2009 NBER Corporate Finance Meetings, March 2009, Chicago IL
Collateral, Risk
Management and the Distribution of Debt Capacity
July 2009 European Summer Symposium in Financial Markets, Gerzensee, Switzerland
May 2009 FIRS Conference, Prague, Czech Republic.
March 2009 Smith School, University of Maryland
January 2009 AEA Meetings San Francisco
December 2008 Ohio State University
September 2008 University of Illinois
July 2008 Society for Economic Dynamics Conference, Boston, MA
July 2008 NBER Conference on Capital Markets and the Economy, Boston, MA
June 2008 London School of Economics, First Paul Woolley Conference on Capital Market Dysfunctionality, London, England.
May 2008 University of Chicago, Beyond Liquidity conference,
Chicago IL
January 2008 Jackson Finance Group conference, Jackson Hole WY
How to Define Illegal Price Manipulation
June 2008 Bates White Antitrust conference, Washington DC
January 2008 American Economic Association Meetings, New Orleans, LA
Leverage, Moral Hazard and Liquidity
July 2009 European
Summer Symposium in Financial Markets, Gerzensee,
Switzerland
June 2009 Oxford Man
Institute of Quantitative Finance Liquidity Conference, Oxford, England
February 2009 Federal Reserve Bank of New York conference on liquidity
July 2008 ISB Center for Analytical Finance conference
June 2008 Western Finance Association, Hawaii.
June 2008 London School of Economics, First Paul Woolley Conference on Capital
Market Dysfunctionality, London, England.
May 2008 Northwestern University, Evanston IL
May 2008 University of Chicago, Beyond Liquidity Conference, Chicago IL
April 2008 Southern Methodist University, Dallas TX
April 2008 Wharton School, University of Pennsyvlania
November 2007 University of Houston
October 2007 NBER Market Microstructure conference, Boston MA
Costly Collateral and Liquidity
May 2006 JFI Shanghai conference
May 2006 LSE conference on agency problems in finance
Endogenous Events and Long Run Returns
November 2004 Finance and Accounting Conference, University of Southern
California
August 2004 European Finance Association
May 2004 Northwestern University Illinois
May 2004 Notre Dame Indiana
Valuation Waves and Merger Activity: The Evidence
March 2004 De Paul University Chicago IL
January 2004 American Finance Association, San Diego , CA
August 2003 European Finance Association Meetings, Glasgow Scotland April
2003, NBER Behavioral Finance Meetings
Mergers Mechanisms
January 2004, Econometric Society Winter Meetings, San Diego ,
California
September 2003, Auctions and Market Design, Fondazione Eni Enrico
Mattei , Milan , Italy
June 2003, Econometric Society Summer Meetings, Evanston , Illinois
January 2003, Third International Conference on Game Theory, Mumbai
, India
Market Valuation and Merger Waves
January 2003, AFA Meetings Washington DC
November 2002, NBER Corporate Finance Meetings, Boston
September 2002, Indiana University
June 2002, Oxford University
June 2002, London Business School
Financing Auction Bids
October 2001, Rice University
October 2001, Carnegie Mellon University
May 2001, University of Chicago
May 2001, Atlanta Finance Forum (Georgia Tech, Emory ,
Georgia State, Atlanta Fed)}
January 2001 Yale University
Optimal Bidding In Multi-Unit Discriminatory Auctions
July 2000 Stonybrook Conference on Multi-Unit
Auctions
January 2000 London School of Economics
Corporate Reorganizations and Non-Cash Auctions
January 2000, AFA Meetings in Boston
June 1999, WFA Meetings in Santa Monica
Why Is Inter-dealer Trading So Pervasive In Financial Markets?
June 1999, WFA Meetings in Santa Monica
April 1998, University of Michigan
October 1998 Washington University at St. Louis
March 1999 University of Southern California
Market Architecture: Limit Order Books Versus Dealership Markets
August 1988, EFA Meetings at Insead
May 1998, National Bureau Of Economic Research, Boston
June 1988, WFA Meetings At Monterey
January 1999, Econometric Society Meetings in New York
Preferencing , Internalization, Best Execution and Dealer Profits
October 1997, Ohio State University.
June 1997, Western Finance Meetings , San Diego , California
November 1996, Conference on Dealer Markets , Ohio State University
Auctions With When Issued Trading: A Model of the U.S. Treasury Markets
March 1997, University of British Columbia
January 1997 , American Finance Association Meetings, New Orleans
October 1996, Michigan State University
June 1996 Western Finance Meetings, Sunriver , Oregon
April 1996, Cornell University
April 1996, Columbia University
April 1996, University of Iowa
Do Inventories Matter in Dealership Markets? Evidence From The London Stock Exchange
November 1996, Conference on Dealer Markets , Ohio State University
January 1995, American Finance Association Meetings, Washington DC
August 1994, European Finance Association Meetings at Brussels
March 1994, Memphis State University/NASD Conference on `` The
Competition For Order Flow''
Disclosure and Regulation With Large Market Makers: Analysis of the London Stock Exchange
June 1995, Western Finance Association Meetings, Aspen
, Colorado
April 1995, Carnegie Mellon University
November 1994, McGill University , Montreal , Canada
October 1994, UCLA
August 1993, European Finance Association Meetings, Copenhagen ,
Denmark
Strategic Trading When Agents Forecast the Forecast of Others
August 1994, European Finance Association Meetings at Brussels
June 1994, Western Finance Association Meetings, Santa Fe , New
Mexico
October 1993, Third Annual Accounting and Finance Conference, Washington
University at St. Louis
Can Speculative Trading Explain the Volume-Volatility Relation?
January 1994, American Finance Association Meetings, Boston , Massuchussetts
November 1993, Duke University-NYSE Conference in Honor of Kalman J.
Cohen
December 1992, Stanford University
December 1992, University of California at Berkeley
On The Existence of Linear Equilibria in Models of Market Making.
December 1993, Econometric Society Meetings, Boston , Massuchussetts
Strategic Trading With Asymmetrically Informed Traders and Long-Lived Information
August 1993, European Finance Association Meetings, Copenhagen ,
Denmark
June 1993, Western Finance Association Meetings, Whistler, British
Columbia
February 1993, Boston College
November 1992, Indiana University
A New Approach to International Arbitrage Pricing
June 1993, Western Finance Association Meetings, Whistler, British
Columbia
April 1993, University of Pennsylvania
October 1992, London Business School
October 1992, The City University Business School
No Arbitrage and Arbitrage Pricing: A New Approach
December 1992, Econometric Society Meetings, Anaheim
June 1992, Western Finance Association Meetings, San Francisco
April 1992, University of Michigan
The Effect of Public Information and Competition on Trading Volume and Price Volatility
January 1991 Board of Governors of the Federal Reserve System, Washington , District of Columbia
Why Do Firms Hedge? An Asymmetric Information Model
February 1998 Federal Reserve Conference, Miami Beach , Florida
November 1990 Southern Finance Association Meetings, Key West ,
Florida
December 1990 American Finance Association Meetings, Washington ,
District of Columbia
May 1990 Northwestern University
April 1990 Carnegie Mellon University
Trading Cost for Target Firms Around Takeovers
December 1990 American Finance Association Meetings, Washington ,
District of Columbia
June 1990 Western Finance Association Meetings, Santa Barbara ,
California
Variations in Trading Volumes, Return Volatility and Trading Costs: Evidence on Recent Price Formation Models
December 1989 American Finance Association Meetings,
Atlanta , Georgia .
June 1988 Western Finance Association Meetings, Napa , California .
A Theory of Interday Variations in Volumes, Spreads and Variances
December 1988 American Finance Association Meetings,
New York , New York
October 1988 University of Minnesota
March 1988 Georgia Institute of Technology
June 1987 Western Finance Association Meetings, San Diego , California