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Marti G. Subrahmanyam

Marti G. Subrahmanyam

Joined Stern 1974

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 968
New York, NY 10012

E-mail ms3@stern.nyu.edu
Personal website

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Biography

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, and Global Network Professor of Finance at NYU Shanghai. He holds a degree in mechanical engineering from the Indian Institute of Technology, Madras, and a post-graduate diploma in business administration from the Indian Institute of Management, Ahmedabad. Both institutions conferred on him their Distinguished Alumnus Award. He earned a doctorate in finance and economics from the Massachusetts Institute of Technology. He has been a visiting professor at leading academic institutions in Australia, England, France, Germany, India, Italy and Singapore, including the Goethe University of Frankfurt, Einaudi Institute of Economics and Finance and Università Guido Carli LUISS, in Rome, ESSEC and INSEAD, near Paris, the Indian Institute of Technology, Madras, and the Indian Institute of Management, Ahmedabad, London Business School, University of Konstanz, Germany, National University of Singapore, Singapore Management University, Churchill College, Cambridge University, the Paris School of Economics, the University of Melbourne, and the Universita Ca’ Foscari, Venice.

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 Clayfin Technologies Ltd., ICICI Bank Ltd. (NYSE: IBN), ICICI Prudential Life Insurance Co. Ltd. (NSE:ICICIPRULI), ICICI Venture Funds Management Company Limited, Infosys Ltd. (NYSE: INFY), Nomura Asset Management Inc., LIC Nomura Mutual Fund Asset Management Co. Ltd., Premier European Capital Ltd., and Vayana Enterprises (P) Ltd. He is the Chairman of AION India Investment Advisers (P) Ltd., a strategic partnership between ICICI Ventures and Apollo Global Management, which is focused on private equity investments in the Indian credit market. He has served as an advisor to international and government organizations, and has taught extensively on executive programs in over twenty countries around the world. Professor Subrahmanyam serves as an adviser to several startup companies in India and the United States.

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. Professor Subrahmanyam has published over a hundred articles and several books in the areas of corporate finance, capital markets and international finance. His publications include papers in leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, and The Review of Financial Studies. His books include Recent Advances in Corporate Finance, Financial Options: From Theory to Practice and Credit Default Swaps.

Professor Subrahmanyam has served on over seventy five doctoral dissertation committees and has chaired over thirty five of them. His students serve on the faculties of leading business schools around the world. He founded the NYU Stern Undergraduate Honors Program in 2000 and the NYU Shanghai Business Honors Program in 2015. Professor Subrahmanyam has won several teaching awards including New York University’s Distinguished Teaching Medal. In 2016, he was awarded the Anneliese Maier Award of the Alexander von Humboldt Foundation for his research, the first economist to be so honored.

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

Related News & Research

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It would be Wise for Heavily Indebted Governments to Reduce their Debts as soon as They can

Sen. David Perdue’s Suspicious Stock Success Shows Why Members of Congress Shouldn’t be Allowed to Trade Individual Stocks

Grants vs. Loans, but Equity is the Need of the Hour

To Fight the Coronavirus Budget Crisis, Act Like Alexander Hamilton

India Inc's Rising Cost of External Capital

Provide Equity, Not Debt

In a co-authored op-ed, Professor Marti Subrahmanyam warns that the COVID-19 pandemic has shone a stark light on the dissimilarities between the national economies of European Union members and urges leaders to agree on a new arrangement of mutual aid

In a co-authored op-ed, Professor Marti Subrahmanyam calls for legislative changes to prevent insider trading by public officials

The Case for State-Owned Pseudo-Equity: Saving Singapore SMEs

Germany Will Be a Post-Coronavirus Winner

An Equity Fund for Europe and Its Companies

How Hedge Funds Profit When Big Companies Like Thomas Cook Fail

In a co-authored op-ed, Professor Marti Subrahmanyam explores the effects of a financial market phenomenon known as the empty creditor problem

Defending Dollar Debt: FM Sitharaman’s Proposal to Issue Foreign Currency-denominated Sovereign Paper Has Merit

Professor Marti Subrahmanyam's joint research on the impact of the European Central Bank's policies on bond markets is spotlighted

Professor Marti Subrahmanyam is quoted in a story on the bond market's performance

In an in-depth interview, Professor Marti Subrahmanyam discusses Indian exchanges' move to restrict their trade data

Professor Marti Subrahmanyam is interviewed about the impact of high frequency trading

Areas of Expertise

Finance

  • Corporate Finance
  • Credit Risk/Default Risk
  • Credit/Debt Markets
  • Derivatives
  • Fixed Income
  • Fixed Income
  • International Finance

Industry

  • Information Technology
  • Investment Banking

Region/Country

  • India