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Research Interests
Financial
Intermediation, collateral, market microstructure, regulation of financial
markets and banking system.
Education
Ph.D. in Finance, Kellogg Graduate School of Management, Northwestern
University, 1987.
Graduate Student, Graduate School of Business, University of Pittsburgh,
1980-82.
M.M.S., Finance, Jamnalal
Bajaj Institute of Management Studies, University of Bombay , 1979.
B.Sc. (with distinction), Chemistry, St. Xavier's College,
University of Bombay , 1977.
Employment
F.M.
Kirby Professor of Investment Banking, January 2009 onwards.
T. Austin Finch Foundation Professor of Finance, January 2008 to December 2009.
Robert Dickens Professor of Finance, June 2006 to December 2007.
Professor of Finance, Fuqua School of Business, Duke University, 1998 to
present.
Professor (by courtesy, Department of Economics, Duke University, July 2004 to
present.
F. M. Kirby Faculty Fellow, Duke University, June 2001 to May 2005
Visiting Professor, University of Chicago, Winter 2004.
Area Coordinator, Finance, June 2000 to June 2002.
Associate Professor, Fuqua School of Business, Duke University,
1991-1998.
Visiting Associate Professor, Wharton School, University of Pennsylvania,
1996-1998.
Assistant Professor, Fuqua School of Business, Duke University,
1987-1991.
Lecturer, Fuqua School of Business, Duke University, 1986-1987.
Assistant to the Divisional Accountant, Engineering Division, Rallis India
Limited, Bombay, India, 1979-1980.
Teaching
Current Teaching at Duke: Corporate Restructuring, Advanced Corporate Finance, Project Finance
Ph.D. Course in Corporate Finance.
Prior Teaching at Duke: Corporate Finance, Corporate Restructuring for
MBAs, Executive MBAs (WEMBA and GEMBA). Average ratings, 6.0 on 7.0.
Chicago Booth: Cases in Financial
Management, 2004, Teaching Ratings 4.4 on 5.0.
Wharton: Advanced Corporate Finance, 1997.
Average Teaching Rating 4.6 on 5.0, nominated for Helen Kardon Moss Anvil Award.
Duke: Corporate Restructuring, Corporate Finance, Advanced Corporate Finance.
Average ratings 6.5 on 7.0 in MBA and WEMBA courses over last two years.
RJR-Nabisco/Duke Executive Program at St.
Petersburg , Russia , 3 day intensive
introductory finance course. Average ratings 4.6 on 5.0.
Financial Executives Institute/Duke University Program in Corporate
Restructuring
Average ratings 4.4 on 5.0.
Ph.D. Seminar in Corporate Finance.
Teaching Awards
GEMBA Class of 2011 Outstanding Professor Award
GEMBA Class of 2008 Outstanding
Professor Award
GEMBA Class of 2003, 2004, 2007, 2019 Outstanding Professor Award finalist.
GEMBA Class of 2001 Outstanding Professor Award.
Weekend Executive Class of 1999 Outstanding Professor in Electives Award.
Class of 1995 MBA Association Faculty Recognition Award ``For Efforts Above and
Beyond the Call of Duty''.
Four Star Rated Teacher in 1995 Business Week Survey of Duke (Highest Rating).
Class of 1994 Outstanding Faculty Award, the Fuqua School
of Business, Duke University.
Academic Awards and Research Grants
Brattle Group Distinguished Prize, Journal of Finance, 2020 (Returned)
Distinguished Visiting Research Scholar, Federal Reserve Bank of New York, 2016-2017.
Research Associate, National Bureau of Economic Research, 2015 onwards.
President, Financial Intermediation Research Society, 2015-2016.
Vice President, Financial Intermediation Research Society, 2014-2015.
Fellow, Finance Theory Group, 2012 onwards.
Bank of America Faculty Award, Fuqua School of Business, 2011.
Coeditor, Journal of Financial
Intermediation, 2005-2013
Associate Editor, Review of Financial Studies 1996-1999
Associate Editor, Journal of Financial Intermediation, 1998-2005
Associate Editor, Journal of Financial Markets 1998-2016
Associate Editor, Management Science, 1999-2005
1997 NYSE Best Paper Award on Equity Trading, Western Finance Association
1996 Institute for Quantitative Research in Finance Research Award
Nominated for Smith Breeden Award (4 times)
1993-2016: Program Committee, Western Finance Association meetings
1996 Center for International Business Education and Research (CIBER) Research
Grant
1995 Center for International Business Education and Research (CIBER) Research
Grant
1989 Institute for Quantitative Research in Finance Research Award
1987 Duke University Research Council Grant.
1985 Bion Howard Award for outstanding
performance in the Ph.D. program, Finance Department, KGSM, Northwestern University
, 1985
1984 GPA of 4.0 at Northwestern University (maximum possible)
1982-85 Northwestern University Graduate Fellowship
1974 Father Sierp Scholarship in Chemistry, St.
Xavier's College, University of Bombay , 1974
Thesis
A Multiple Signalling Model of Corporate Financial Policy
Thesis Committee
Milton Harris (Chairman), Lawrence Glosten, Robert Korajczyk and Steven Matthews
Publications and Accepted Papers (in Reverse Chronological Order)
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 Group 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]
(Note: The Breeden Viswanathan paper was written in the early 1990s, the published version above is very close to the 1998 working paper version.)
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 JSTOR]
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]
Rhodes-Kropf, M. and S. Viswanathan, 2004, Market Valuation and Merger Waves, Journal of Finance, 59, 2685-2718.. [SSRN] [Published Article via JSTOR]
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]
Current
Working Papers
Activist Trading Dynamics (with Doruk Cetemen, Gonzalo Cisternas and Aaron Kolb) [PDF]
Financing Insurance (previously titled Household Risk Management), (with Adriano Rampini). [PDF] [NBER WP] [Slides]
Bank Syndicates and Liquidity Provision (with Joao Santos). [PDF] [NBER WP]
Collateral and Secured Debt (with Adriano Rampini) [PDF] [Slides]
Permanent
Working Papers
Costly Collateral and Market Liquidity (with Ravi Ashuman).
Optimal Bidding in Multi-Unit Discriminatory Auctions (with Jim Wang and Tom Witelski)
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
Collateral
and Unsecured Debt
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, Zicklin School of Business, New York, NY
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 (previsously 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 Meetings, 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 Institute Corporate Finance, Boston, MA
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
April 2012 MIT Sloan
March 2012, New York University, New York, NY
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
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 Conference meetings
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, Collateral and Liquidity
July 2009 European
Summer Symposium in Financial Markets, Gerzensee,
Switzerland
June 2009 Oxford Man Institute of Quantitative Finance Liquidity conference
July 2008 ISB Center for Analytical Finance Summer Conference, Hyderabad, India
June 2008 Western Finance Association, Waikoloa, 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
Executive Education Teaching Experience (Non-Degree Programs)
Open Enrollment Programs
Advanced Management Program, Fuqua School of Business, 1998-2002.
Program For Manager Development, Fuqua School of
Business, 1994-1997.
International Marketing Leadership Program, 1996-1997
Fuqua Young Professionals Program, 1998
Mergers, Acquisitions and Corporate Restructuring Transactions 2001-2003
IIMA Duke Global Leaders Program 2007 (Program Leader)
Custom Programs
RJR Nabisco/Fuqua Executive
Education Program 1993-1995
Ernst and Young/Fuqua VISION program 1996
Financial Executives Institute/Fuqua Financial Management Program 1996
Deutsche Bank: Comparative Corporate Governance 2002
Price Waterhouse Coopers: Corporate Finance and Advanced Corporate Finance
1999-2002
Infosys Senior Executives Program 2006-2007
Duke Tatweer Senior Executives Program 2009
BHEL Executive Program 2015-2018
Service
University Ombudsman Search Committee, 2022
University Advisory Committee on Investment Responsibility (ACIR), 2021 to 2023)
University Appointments, Promotion and Tenure Committee, 2018 -2022
Non -Tenure Track Review Committee, Fuqua School of Business, Duke University, 2017-2018
Appointments Committee, Fuqua School of Business, Duke University, 2015 onwards
Chair of Chair Committee, Fuqua School of Business, Duke University, 2012-2014
Econometric Society Program Committee, 2007 Summer meetings.
FIRS Program Committee, 2005-2023.
WFA Program Committee, 1993-2016.
EFA Program Committee, 2014-2017.
AFA Nominating Committee, 1999, 2006.
Dean's Executive Committee of the Fuqua School of Business, 2001-2006.
Area Coordinator (Finance), 1998-2001.
Ph.D. Coordinator (Finance), 1998-2002.
Oversight Committee, Duke Global Capital Markets Center, 2006-2012.
Curriculum Committee, Fuqua School of Business, 1992-1995.
Judicial Board, Fuqua School of Business, 1992-1994.
Recruiting Committee (Finance Area), 1987-2001, 2017-2018, 2023.
Finance Brown Bag Seminar Series 1993-2000.
Doctoral Committees (with first placement)
Jinge Liu (2022, Co-Chairman, City University of Hong Kong), Jing Huang (2020, Co-Chairman, post-doc, University of Chicago), Yenan Wang (2021, Chairman, University of Amsterdam), Yufei Lin (2020, Chinese University of Hong Kong, Shenzhen), Zeqiong Huang (2016 Co-Chair, Yale University), Basil Williams (2015, Chairman, New York University Economics), Shiming Fu (2015, Chairman, University of Rochester (visiting)), Felix Feng (2014, Notre Dame), Hyunseob Kim (2012, Cornell University), Wadia Haddaji (2009, University of Amsterdam), Hyoung Kang (2008, Co-Chairman Korea), Bruce Carlin (2007) (Chairman, UCLA), Bin Wei (2007) (Chairman, Baruch College), Florin Dorabantu (2007) (Chairman, Brattle Group), Will Xu (Co-Chairman, Hong Kong University, 2005), Matt Rhodes- Kropf (1998) Chairman, Columbia ), Mohan Gopalan (2005) (Chairman, Barclays Global Investors), Lakshman Easwaran (2005, Lehman Brothers) (Chairman), Narayan Naik (1991, London Business School ), Wei Xiong (2000, Princeton ), Lin Peng (2003, City University of New York ), Jim Gilkeson (1993, USF), Albert Wang (1994, Columbia ), Akhtar Siddique (1994,Georgetown ), Susan Monaco (1994, Indiana ), Scott Mixon (1995).
Professional Associations
The American Finance Association, The Econometric Society, The Society for the Promotion of Financial Studies, The Western Finance Association.
Referee Activity
Review of Economic Studies, Econometrica, Journal of Political Economy, Journal of Finance, Review of Financial Studies, Journal of Financial Ecnomics