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NSE - NYU Stern Initiative on the Study of Indian Capital Markets

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Working Paper Series

2014-15 Academic Papers

"Central Banks and Dynamics of Bond Market Liquidity"
Prachi Deuskar and Timothy C. Johnson

"Non-rating revenue and conflicts of interest"
Ramin P. Baghai and Bo Becker

"Foreign Institutional Investor Trading and Future Returns: Evidence From an Emerging Economy"
Murugappa (Murgie) Krishnan and Srinivasan Rangan

"Do Programs Mandating Small Business Lending Disincentivize Growth? Evidence From a Policy Experiment"
Gursharan Bhue, Nagpurnanand Prabhala, and Prasanna Tantri

"Do Derivatives Matter?: Evidence From A Policy Experiment"
Deepak Agrawal, K R Subramanyam, Prasanna Tantri and Ramabhadran S Thirumalai

"Financial Development and Occupational Choice"
Rajeev Dehejia and Nandini Gupta
 

2013-14 Academic Papers

"Do Insiders Who Pledge Their Shares Manipulate Reported Earnings?"
Aman Asija, Vijaya B. Marisetty, and Srinivasan Rangan

"How do High-Frequency Traders Trade?"
Nupur Pavan Bang and Ramabhadran S. Thirumalai

"Leverage constraints and liquidity"
C. Bige Kahraman and Heather Tookes

"Auctioning the Underwriting Spread: Implications for Information Production and Insurance"
Sudip Gupta, Rangarajan K. Sundaram, and  M. Suresh Sundaresan

"Man vs. Machine: Liquidity Provision and Market Fragility"
Vikas Raman, Michel Robe, and Pradeep K. Yadav

A Model of Infrastructure Financing
Viral Acharya and Suresh Sundaresan

Government guarantees and bank vulnerability during the Financial Crisis of 2007 – 09: Evidence from an Emerging Market
Viral V. Acharya and Nirupama Kulkarni

Do regulatory hurdles on algorithmic trading work?
Nidhi Aggarwal, Venkatesh Panchapagesan, and Susan Thomas

2012-13 Academic Papers


Conference Agenda

2014-15

2013-14

2012-13


Call for Research Proposals

2016

NSE - NYU Stern Initiative on the Study of Indian Capital Markets

The NSE-NYU Stern Initiative on the Study of Indian Financial Markets is a joint venture of the National Stock Exchange of India (NSE) and the Salomon Center for the Study of Financial Institutions at NYU Stern School of Business. The Initiative invites academics and scholars to submit research proposals for projects, including early-stage projects that are relevant for understanding the Indian financial sector and macro-economy.   We expect to approve around a half dozen projects and give grants of $7,500 per project.   While we encourage research proposals that are in the early stages of conception and formulation, the proposals that are relatively more advanced but have not yet been sent for publication in any form (working paper or otherwise) are of greater interest to us. 

The topics of particular interest for this year include:
 
  • Linkages and correlation between the stock market and commodities derivatives market in terms of liquidity and price movements.
  • Making commodity derivatives work for Indian farmers.
  • Participation and the role of end users in the price discovery and risk management in agricultural commodities futures.
  • Study of various commodity derivatives products in international markets.
  • Mechanisms to ensure Institutional investors play active role in corporate governance.
  • The pros and cons of high frequency trading (HFT).
  • Does day-trading bring liquidity or liquidity brings day traders? How robust is the liquidity that day-trading brings? Or does it vanish at the first sign of trouble?
  • Role of global liquidity in asset price allocation and its effects on investors in India.
  • Transaction taxes for securities trading and their effects in single- and multi-market settings
  • Regulatory arbitrage in trading across markets and jurisdictions 
We will, however, consider proposals on other topics including but not limited to
  • Trading behavior and effects on prices of retail and institutional (incl. foreign) investors
  • Organization and performance of collective investment vehicles (e.g., mutual funds) in emerging markets such as India
  • The role and functioning of Initial and Secondary Public Offerings
  • Financing and growth constraints faced by SMEs
  • The role of private equity and family-owned firms in the economy
  • The role of informal sector in organizing and allocating capital
  • The market for government securities
  • Trading and liquidity of domestic and external corporate debt markets
  • Understanding the behavior and risks of banks (private-sector, public-sector) and non-bank financial corporations (NBFCs, central clearing corporations), and how they interact with markets
  • Understanding the role and impact of financial sector regulation and government restrictions on markets and systemically important financial institutions (SIFIs)
  • Bankruptcy codes and their effect on supply and cost of public, private, and bank credit
  • Efficiency of debt restructuring procedures and asset reconstruction companies
  • Macroeconomic risks including inflation, fiscal and currency depreciation risks and how they impact markets and firms
  • Infrastructure finance and the role of public-private partnerships
  • Privatization and divestment of state-owned enterprises
  • Studies of other emerging markets relevant for India 
The NSE generally provides two types of data: (a) data relating to trades and (b) corporate data  (such as company fundamentals, corporate announcements and shareholding pattern); trading data can be made available as Real Time Data, Snapshot Data, End-of-day Data, Historical Trade Data and Historical tick by tick (TBT) trade and order level data. The NSE would provide this data if required for the approved projects at a subsidized rate.

Each research proposal should consist of at most three single-spaced pages, and must include the project title, information on the principal investigator (PI) and institution where the PI is affiliated, information on any co-PIs, a one-paragraph summary of the project, the project’s intended contribution relative to the literature, the data to be employed, research methodology, and preliminary results (if any).  It will be useful for the screening committee to know if required data have already been sourced or are known to be available and also if there is a draft of the paper (if available, please submit the draft). 

The deadline for submissions of the proposal is 15th January, 2016.  Research proposal plus the CV of the principal investigator should be mailed in pdf format as a single file to nse-nyu-call-2016@stern.nyu.edu.  Project approval decisions will be made and emailed by 15th February, 2016. 

Funding will be provided in three stages:  30% of the grant will be made available upon approval of the research project; 20% on timely submission (i.e. by 1st September 2016) of the preliminary draft (please note feedback on the initial draft will be provided within three weeks after the deadline); and, the remaining 50 % will be made available if the following conditions are met. Principal investigator of the approved projects must each:
  • Present (or have a co-author present) the revised draft at a research conference to be organized by the NSE in Mumbai, India in second half of December 2016 (dates to be confirmed).  Travel and accommodation costs relating to the conference would have to be incurred by the presenters from the grant.
  • Submit second draft incorporating discussion at the Conference by 1st March, 2017, on which a final set of comments will be provided by the 1st April, 2017.
  • Submit by 15th April, 2017 a final draft that gives due consideration to all comments and feedback for inclusion in the Working Paper series of the NSE and the Salomon Center.
  • Submit by 30th April, 2017 a 4-5 page white paper, which will essentially include a brief description of the major findings of the research paper in non-technical, easy to understand language, to the NYU coordinator. This will be included in the White Paper series of the NSE and the Salomon Center. 
The committee that will screen and approve the projects consists of Professors Viral V. Acharya (NYU Stern School of Business), Venkatesh Panchapagesan (Indian Institute of Management, Bangalore), N R Prabhala (CAFRAL and University of Maryland), and Suresh Sundaresan (Columbia University).


About the National Stock Exchange (NSE) of India
NSE is the largest exchange in India that has brought about a high degree of transparency, speed, efficiency and safety in the Indian securities market. As part of its thought leadership efforts, NSE conducts various workshops and seminars. It also conducts training programs and certification programs in the area of securities market.
 
About the Salomon Center for the Study of Financial Institutions
The Salomon Center for the Study of Financial Institutions is a research Institute founded in 1972 as part of the Stern School of Business, New York University, by a grant from the partners of Salomon Brothers, and specializes in the study of financial institutions, including commercial banks, investment banks, managed funds and insurance companies.
 

2015

NSE - NYU Stern Initiative on the Study of Indian Capital Markets

The NSE-NYU Stern Initiative on the Study of Indian Financial Markets is a joint venture of the National Stock Exchange of India (NSE) and the Salomon Center for the Study of Financial Institutions at NYU Stern School of Business. The Initiative invites academics and scholars to submit research proposals for projects, including early-stage projects that are relevant for understanding the Indian financial sector and macro-economy.   We expect to approve around a half dozen projects and give grants of $7,500 per project.   While we encourage research proposals that are in the early stages of conception and formulation, the proposals that are relatively more advanced but have not yet been sent for publication in any form (working paper or otherwise) will also be considered.

The topics of particular interest for this year include:
  • Risk management in central clearing corporations
  • The role of exchanges for listing of and trading in small- and medium-sized enterprises (SMEs)
  • Transaction taxes for securities trading and their effects in single- and multi-market settings
  • Regulatory arbitrage in trading across markets and jurisdictions
  • The pros and cons of high frequency trading (HFT)
We will, however, consider proposals on other topics including but not limited to
  • Trading behavior and effects on prices of retail and institutional (incl. foreign) investors
  • Organization and performance of collective investment vehicles (e.g., mutual funds) in emerging markets such as India
  • The role and functioning of Initial and Secondary Public Offerings
  • Financing and growth constraints faced by SMEs
  • The role of private equity and family-owned firms in the economy
  • The role of informal sector in organizing and allocating capital
  • The market for government securities
  • Commodities markets and their linkages to other capital markets
  • Trading and liquidity of domestic and external corporate debt markets
  • Understanding the behavior and risks of banks (private-sector, public-sector) and non-bank financial corporations (NBFCs, central clearing corporations), and how they interact with markets
  • Understanding the role and impact of financial sector regulation and government restrictions on markets and systemically important financial institutions (SIFIs)
  • Bankruptcy codes and their effect on supply and cost of public, private, and bank credit
  • Efficiency of debt restructuring procedures and asset reconstruction companies
  • Macroeconomic risks including inflation, fiscal and currency depreciation risks and how they impact markets and firms
  • Infrastructure finance and the role of public-private partnerships
  • Privatization and divestment of state-owned enterprises
  • Studies of other emerging markets relevant for India
The NSE generally provides two types of data: (a) data relating to trades and (b) corporate data  (such as company fundamentals, corporate announcements and shareholding pattern); trading data can be made available as Real Time Data, Snapshot Data, End-of-day Data, Historical Trade Data and Historical tick by tick (TBT) trade and order level data. The NSE would provide this data if required for the approved projects at a subsidized rate.

Each research proposal should consist of at most three single-spaced pages, and must include the project title, information on the principal investigator (PI) and institution where the PI is affiliated, information on any co-PIs, a one-paragraph summary of the project, the project’s intended contribution relative to the literature, the data to be employed, research methodology, and preliminary results (if any). It must be stated clearly in the proposal that the paper has not yet been sent for publication in any form (working paper or otherwise). It will be useful for the screening committee to know if required data have already been sourced or are known to be available and also if there is a draft of the paper (if available, please submit the draft). 

The deadline for submissions of the proposal is 3rd October, 2014.  Research proposal plus the CV of the principal investigator should be mailed in pdf format as a single file to nse-nyu-call-2014@stern.nyu.edu. Project approval decisions will be made and emailed by 17thOctober, 2014. 

The committee that will screen and approve the projects consists of Professors Viral V. Acharya (NYU Stern School of Business), Venkatesh Panchapagesan (Indian Institute of Management, Bangalore), N R Prabhala (Centre for Advanced Financial Research and Learning, India and University of Maryland), and Suresh Sundaresan (Columbia University).

Terms for Receiving Funding:
Funding will be provided in three stages:
  • 30% of the grant (first tranche) will be made available upon approval of the research project.
  • 20% of the grant (second tranche) will be given on timely submission (i.e. by 1st June 2015) of the preliminary draft. (Please note that the feedback on the initial draft will be provided within three weeks after their submission.)
  • The remaining 50% of the grant (third tranche) will be made available if the following conditions are met. Principal investigator of the approved projects must each:
--Present (or have a co-author present) the revised draft at a research conference to be organized by the NSE in Mumbai, India on 3-4 August, 2015.  Travel and accommodation costs relating to the conference would have to be incurred by the presenters from the grant.
--Submit second draft incorporating discussion at the Conference by middle of October, 2015, on which a final set of comments will be provided by the middle of November.
--Submit by 1st December 2015 a final draft that gives due consideration to all comments and feedback for inclusion in the Working Paper series of the NSE and the Salomon Center.In case, the author submits the preliminary draft after June 1, 2015 but before end of June 2015, he/she will have to forgo the second tranche (20%). If however, he/she misses even the end June deadline for submitting the preliminary draft, he/she would forgo both the second tranche (20%) and the third tranche (50%).
 
About the National Stock Exchange (NSE) of India
NSE is the largest exchange in India that has brought about a high degree of transparency, speed, efficiency and safety in the Indian securities market. As part of its thought leadership efforts, NSE conducts various workshops and seminars. It also conducts training programs and certification programs in the area of securities market.
 
About the Salomon Center for the Study of Financial Institutions
The Salomon Center for the Study of Financial Institutions is a research Institute founded in 1972 as part of the Stern School of Business, New York University, by a grant from the partners of Salomon Brothers, and specializes in the study of financial institutions, including commercial banks, investment banks, managed funds and insurance companies.
 

2013

NSE - NYU Stern Initiative on the Study of Indian Capital Markets


The NSE-NYU Stern Initiative on the Study of Indian Capital Markets is a newly-formed joint venture of the National Stock Exchange of India (NSE) and the Salomon Center for the Study of Financial Institutions at NYU Stern School of Business. The Initiative invites academics and scholars to submit research proposals for projects, including early-stage projects that are relevant for understanding the Indian financial sector and macro-economy. Around 6-7 projects will be approved and awarded a grant of $7,500 each.

The topics of interest to the Initiative include but are not limited to:
 
  • Liquidity and efficiency of stock markets, and how market infrastructure affects them
  • Trading behavior and flows of retail and institutional investors (including FIIs) and their impact on stock markets
  • The pros and cons of high frequency trading (HFT)
  • The role and functioning of Initial and Secondary Public Offerings
  • Capital structure and cost of capital for corporations and small and medium-sized enterprises (SMEs)
  • The role of private equity and family-owned firms in the economy
  • Market for takeovers and other governance mechanisms
  • The market for government securities
  • Understanding the behavior and risks of banks (private-sector and public-sector) and non-bank financial corporations (NBFCs), and how they interact with markets
  • Commodities markets and their linkages to other capital markets
  • Role and impact of financial sector regulation and government restrictions on markets
  • Macroeconomic risks including inflation, fiscal and currency depreciation risks and how they impact markets and firms
  • Missing and failed markets (e.g., corporate bonds, interest rate futures, credit derivatives)
  • Studies of other emerging markets relevant for India

The NSE generally provides two types of data: (a) data relating to trades and (b) corporate data (such as company fundamentals, corporate announcements and shareholding pattern); trading data can be made available as Real Time Data, Snapshot Data, End-of-day Data, Historical Trade Data and Historical tick by tick (TBT) trade and order level data. The NSE would provide this data if required for the approved projects at a subsidized rate. More details can be found at the following link:

http://www.nseindia.com/supra_global/content/dotex/data_products.htm

Each research proposal should consist of at most three single-spaced pages, and must include the project title, information on the principal investigator (PI) and institution where the PI is affiliated, information on any co-PIs, a one-paragraph summary of the project, the project's intended contribution relative to the literature, the data to be employed, research methodology, and preliminary results (if any). Projects that are already in an advanced stage are unlikely to be funded.

The deadline for submissions of the proposal is 15th September, 2013. Research proposal plus the cv of the principal investigator should be mailed in pdf format as a single file to nse-nyu-call-2013@stern.nyu.edu. Project approval decisions will be made and emailed by 1st October, 2013.

Funding will be provided in two stages: 50% of the grant will be made available upon approval of the research project, and the remaining 50 % will be made available if the following conditions are met.

Principal investigator of the approved projects must each:
 
  • Submit a preliminary draft by 1st June 2014; feedback on which will be provided within three weeks after the deadline.
  • Present (or have a co-author present) the revised draft at a research conference to be organized by the NSE in Mumbai, India in July or August, 2014 (dates to be confirmed). Travel and accommodation costs relating to the conference would have to be incurred by the presenters from the funding provided in the grant). Local travel arrangements etc. will be provided by the NSE.
  • Submit second draft incorporating discussion at the Conference by middle of October, 2014, on which a final set of comments will be provided by the middle of November.
  • Submit by 1st December 2014 a final draft that gives due consideration to all comments and feedback for inclusion in the Working Paper series of the NSE and the Salomon Center.

The committee that will screen and approve the projects consists of Professors Viral V. Acharya and Joel Hasbrouck of NYU Stern School of Business, and Professor Ravi Jagannathan of Kellogg Business School, Northwestern University.

Agenda of the 2013 Conference of the Initiative can be found at:

http://www.stern.nyu.edu/cons/groups/content/documents/webasset/con_043102.pdf
 

About the National Stock Exchange (NSE) of India

NSE is the largest exchange in India that has brought about unparalleled transparency, speed, efficiency and safety in the Indian securities market. As part of its thought leadership efforts, NSE conducts various workshops and seminars. It also conducts training programs and certification programs in the area of securities market.


About the Salomon Center for the Study of Financial Institutions


The Salomon Center for the Study of Financial Institutions is a research Institute founded in 1972 as part of the Stern School of Business, New York University, by a grant from the partners of Salomon Brothers, and specializes in the study of financial institutions, including commercial banks, investment banks, managed funds and insurance companies.

2012

NSE - NYU Stern Initiative on the Study of Indian Capital Markets


The NSE-NYU Stern Initiative on the Study of Indian Capital Markets is a newly-formed joint venture of the National Stock Exchange of India (NSE) and the Salomon Center for the Study of Financial Institutions at NYU Stern School of Business. The Initiative invites academics and scholars to submit research proposals for projects, including early-stage projects that are relevant for understanding the Indian financial sector and macro-economy. Around 5-6 projects will be approved and awarded a grant of $7,500 each.

The topics of interest to the Initiative include but are not limited to:
 
  • Liquidity and efficiency of stock markets
  • The pros and cons of high frequency trading (HFT)
  • The role and functioning of Initial and Secondary Public Offerings
  • Capital structure and cost of capital for corporations including small and medium-sized enterprises (SMEs)
  • The role of private equity and family-owned firms in the economy
  • The market for government securities
  • Banks (private-sector and public-sector) and non-bank financial corporations (NBFCs), and their interactions with markets
  • Commodities markets and their linkages to other capital markets
  • Role and impact of financial sector regulation and government restrictions on markets
  • Macroeconomic risks including inflation and fiscal risks and how they impact markets
  • Studies of other emerging markets relevant for India
  • Trading behavior of retail and institutional investors (including FIIs) and their impact on markets
  • Market for takeovers and other governance mechanisms
  • Missing and failed markets (e.g., corporate bonds, interest rate futures, credit derivatives)

The NSE generally provides two types of data: (a) data relating to trades and (b) corporate data (such as company fundamentals, corporate announcements and shareholding pattern); trading data can be made available as Real Time Data, Snapshot Data, End-of-day Data, and Historical Data. The NSE would provide this data if required for the approved projects at a highly subsidized rate.

Each research proposal should consist of at most three single-spaced pages, and must include the project title, information on the principal investigator (PI) and institution where the PI is affiliated, information on any co-PIs, a one-paragraph summary of the project, the project's intended contribution relative to the literature, the data to be employed, research methodology, and preliminary results (if any). Projects that are already in an advanced stage are unlikely to be funded.

The deadline for submissions of the proposal is 1st October, 2012. Research proposal plus the cv of the principal investigator should be mailed in pdf format as a single file to nse-nyu-call-2012@stern.nyu.edu. Project approval decisions will be made and emailed by 15th October, 2012. 50% of the grant will be made available upon approval and the remaining 50% will be made available if the following conditions are met: Principal investigator of the approved projects must each:
 
  • Submit a preliminary draft by 1st June 2013; feedback on which will be provided within three weeks after the deadline.
  • Present (or have a co-author present) the revised draft at a research conference to be organized by the NSE in Mumbai, India in July or August, 2013 (dates to be confirmed).
  • Submit second draft incorporating discussion at the Conference by middle of October, 2013, on which a final set of comments will be provided by the middle of November.
  • Submit by 1st December 2013 a final draft that gives due consideration to all comments and feedback for inclusion in the Working Paper series of the NSE and the Salomon Center.

The committee that will screen and approve the projects consists of Professors Viral V Acharya, Joel Hasbrouck and Rangarajan K Sundaram.
 

About the National Stock Exchange (NSE) of India


NSE is the largest exchange in India that has brought about unparalleled transparency, speed, efficiency and safety in the Indian securities market. As part of its thought leadership efforts, NSE conducts various workshops and seminars. It also conducts training programs and certification programs in the area of securities market.
 

About the Salomon Center for the Study of Financial Institutions


The Salomon Center for the Study of Financial Institutions is a research Institute founded in 1972 as part of the Stern School of Business, New York University, by a grant from the partners of Salomon Brothers, and specializes in the study of financial institutions, including commercial banks, investment banks, managed funds and insurance companies.