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

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

Working Paper Series

Conference Agenda

Call for Research Proposals

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 Center for Global Economy and Business 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:

Financial Inclusion and India’s PMJDY Program
Fin Tech and mobile banking in India
Impact of demonetization on the Indian economy – households, banks and corporations
Digitization of Corporate and Individual Transactions: Implications for Transparency and Tax Base
Housing and Real Estate Finance in India
Market based financing of SME equity and debt requirements
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.
Study of pricing of IPOs in India
Fixed income markets - OTC or Exchange traded?
Relationship between firm ownership structure and liquidity in secondary market
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?
Speed bumps – understanding when is market microstructure under stress?
Role of global liquidity in asset price allocation and its effects on investors in India.
Study of anomalies in India’s interest rate swap markets and their implications
Derivative markets’ impact on underlying markets: prices, liquidity and stability
Analysis of liquidity and credit risk embedded in the traded prices of corporate bonds in India
Transaction taxes for securities trading and their effects in single- and multi-market settings
Regulatory arbitrage in trading across markets and jurisdictions
Study on ‘Interoperability’ between Central Counterparties and its significance for development of financial markets
International Financial Services Centers - relevance and practice

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. 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). 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 31st March, 2018. Research proposal plus the CV of the principal investigator should be mailed in pdf format as a single file to nse-nyu-call-2018@stern.nyu.edu Project approval decisions will be made and emailed by 30th April, 2018.

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 31th August, 2018) 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 2018 (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, 2019, on which a final set of comments will be provided by the 1st April, 2019.
Submit by 15th April, 2019 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, 2019 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 Kose John (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).

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 Center for Global Economy and Business (ADD HYPER LINK) 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:

Impact of demonetization on the Indian economy – households, banks and corporations
Digitization of Corporate and Individual Transactions: Implications for Transparency and Tax Base
Housing and Real Estate Finance in India
Market based financing of SME equity and debt requirements
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.
Study of pricing of IPOs in India
Fixed income markets - OTC or Exchange traded?
Relationship between firm ownership structure and liquidity in secondary market
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?
Speed bumps – understanding when is market microstructure under stress?
Role of global liquidity in asset price allocation and its effects on investors in India.
Study of anomalies in India’s interest rate swap markets and their implications
Derivative markets’ impact on underlying markets: prices, liquidity and stability
Analysis of liquidity and credit risk embedded in the traded prices of corporate bonds in India
Transaction taxes for securities trading and their effects in single- and multi-market settings
Regulatory arbitrage in trading across markets and jurisdictions
Study on ‘Interoperability’ between Central Counterparties and its significance for development of financial markets
International Financial Services Centers - relevance and practice

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. 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). 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 31st January, 2017. 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 28th February, 2017.

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 2017) 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 2017 (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, 2018, on which a final set of comments will be provided by the 1st April, 2018.
Submit by 15th April, 2018 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, 2018 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 Raghu Sundaram (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).

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.

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.

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.

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.

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

Working Paper Series

2021 Academic Papers

2020 Academic Papers

2019 Academic Papers

2018 Academic Papers

2017 Academic Papers

2015-16 Academic Papers

2014-15 Academic Papers

2013-14 Academic Papers

2012-13 Academic Papers

Conference Agenda

2021

2020

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Call for Research Proposals

2021

2020

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

2017

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

2015-2016

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

2014-2015

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

2013-2014

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

About the National Stock Exchange (NSE) of India

About the Salomon Center for the Study of Financial Institutions

2012-2013

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

About the National Stock Exchange (NSE) of India

About the Salomon Center for the Study of Financial Institutions

Kose John

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