AJAY SUBRAMANIAN, PhD
Bruce A. Palmer Professor of Risk Management and Insurance
Director of the PhD Program

Phone: (404) 413-7483
Email:

CV
Personal website and working papers

IMPORTANT NOTICE FOR APPLICANTS FOR GRAs, SUMMER INTERNSHIPS, ETC.

IMPORTANT NOTICE TO PhD APPLICANTS

Education

Ph.D. (applied mathematics), Cornell University
M.S. (mathematics), Cornell University
M.A. (physics), Stony Brook University
B.Tech., Indian Institute of Technology in Bombay

Specializations

Mathematical Finance
Asset Pricing Theory
Corporate Finance
Financial Intermediation

Biography

Ajay R. Subramanian is the Bruce A. Palmer Professor of Risk Management and Insurance in the Robinson College of Business at Georgia State University. His current research interests are in dynamic corporate finance, asset pricing theory and mathematical finance.

Immediately after obtaining his PhD from Cornell University, Dr. Subramanian spent almost four years in industry as a quantitative research associate with the investment firm Susquehanna International Group in Bala Cynwyd, PA. He received a doctoral degree (PhD) in applied mathematics as well as a master of science (MS) degree in mathematics from Cornell University. He also received a master of arts (MA) degree in physics from Stony Brook University. As an undergraduate student at the Indian Institute of Technology in Bombay, he obtained a bachelor of technology degree in engineering physics.

Selected Publications

Steele, James, Ajay Subramanian, and Ismail Zahed (1995). General Correlation Functions in the Schwinger Model at Zero and Finite Temperature, Nuclear Physics B: Particles and Fields 452, 545-562.

Jarrow, Robert and Ajay Subramanian (1997). Mopping up Liquidity, Risk, invited paper in the December 1997 special anniversary issue.

Resnick, Sidney and Ajay Subramanian (1998). Heavy-Tailed Hidden Semi-Markov Models, Communications in Statistics-Stochastic Models, 14, 2, 337-352.

Subramanian, Ajay (2001). European Option Pricing with General Transaction Costs and Short-Selling Constraints, Communications in Statistics- Stochastic Models, 17, 2, 215-245.

Subramanian, Ajay and Robert Jarrow (2001). The Liquidity Discount, Mathematical Finance, 11, 4, 447-474.

Subramanian, Ajay (2004). Option Pricing on Stocks in Mergers and Acquisitions, Journal of Finance, 59, 2, 795-831.

Jain, Ashish and Ajay Subramanian (2004). The Inter-Temporal Exercise and Valuation of Employee Options, Accounting Review, 79, 3, 705-743.

Clarke, Jonathan and Ajay Subramanian (2006). Dynamic Forecasting Behavior by Analysts: Theory and Evidence, Journal of Financial Economics, 80, 1, 81-113.

Murthy, Nagesh, Milind Shrikhande and Ajay Subramanian (2007). Switching Costs, Dynamic Uncertainty and Buyer-Seller Relationships, Naval Research Logistics 54 (8), 859-873.

Subramanian, Ajay (2008). Optimal Liquidation by a Large Investor, SIAM Journal on Applied Mathematics 68 (4), 1168-1201.

Giat, Yahel, Steven T. Hackman and Ajay Subramanian (2010). Investment under Uncertainty, Heterogeneous Beliefs and Agency Conflicts. Review of Financial Studies 23 (4), 1360-1404.

Ciccotello, Conrad, Richard Fu and Ajay Subramanian (2010). Commercializing Public Technology through Cooperative R&D. Economics Letters 108 (2), 113-115.

Hu, Ping, Jayant Kale, Marco Pagani, and Ajay Subramanian (2010). “Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking,”Management Science 57 (4), 628-646.
>>ONLINE APPENDIX

Fu, Richard and Ajay Subramanian (2011). "Leverage and Debt Maturity Choices by Undiversified Owner-Managers," Journal of Corporate Finance 17, 888-913.

Bhagat, Sanjai, Brian Bolton and Ajay Subramanian (2011). "Manager Characteristics and Capital Structure: Theory and Evidence," Journal of Financial and Quantitative Analysis, 46, 1581-1627.

Subramanian, Ajay (2012). Product Market Competition, Managerial Compensation and Firm Size in Market Equilibrium. Forthcoming in Management Science. GET

Sapra, Haresh, Ajay Subramanian and Krishnamurthy Subramanian (2013). Corporate Governance and Innovation: Theory and Evidence. Forthcoming in Journal of Financial and Quantitative Analysis.

Chava, Sudheer, Alexander Oettl, Ajay Subramanian and Krishnamurthy Subramanian (2013). Banking Deregulation and Innovation. Forthcoming in Journal of Financial Economics.

Bhagat, Sanjai, Brian Bolton and Ajay Subramanian (2011). CEO Education, CEO Turnover, and Firm Performance. Director Notes, May 2011. GET