## Glucksman Fellow Research Papers

Glucksman Fellowship Program Student Research Reports

**2025-2026**

[**Impact of Rate of Change in ESG Scores on Firm Value and Pricing**](https://www.stern.nyu.edu/sites/default/files/2026-06/Glucksman_KallyZheng.pdf)
**Kally Zheng**

[**Substitution Across LLM API Products in the OpenRouter Market**](https://www.stern.nyu.edu/sites/default/files/2026-06/Glucksman_DavidLisk.pdf)
**David Lisk**

[**Office to Residential Conversions Across Cities**](https://www.stern.nyu.edu/sites/default/files/2026-06/Glucksman_JohnDamstra_HopMathews.pdf)
**John Damstra, Hop Mathews**

[**Effects of Weekly Option Introduction on Market Participant Behavior and Volatility Expectations**](https://www.stern.nyu.edu/sites/default/files/2026-06/Glucksman_SiddheshDalvi_HenryLaFond.pdf)
**Siddhesh Dalvi, Henry LaFond**

[**Cross-Gender Social Ties and Gender Equality Across Countries and within Switzerland**](https://www.stern.nyu.edu/sites/default/files/2026-06/Glucksman_MarilynMerkli.pdf)
**Marilyn Merkli**

**2024-2025**

[**Smart Contracts and Decentralized Finance**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Hossein_Smart%20Contracts%20and%20Decentralized%20Finance.pdf)
**Kazi Abrar Hossain**

[**Online Quantitative Trading Strategies - An Emperical Performance Overview Through Backtesting**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Lahanis.pdf)
**Nikolos Lahanis**

[**Firm-Level Discussion of Biodiversity Risk in Three Highly Exposed Industries**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Rainbow_Biodiversity_Risk.pdf)
**Jasmin Rainbow**

[**Renewable Steps Taken by Fossil Fuel Firms in Europe and the U.S.**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Ramakrishnan_Sachdev.pdf)
**Nikhita Ramakrishnan, Kovin Sachdev**

[**The Multifaceted Challenge of Emergency Department Boarding: Implications and Potential Solutions for the Crowding Crisis**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Yang_The%20Multifaceted%20Challenge%20of%20Emergency%20Department%20Boarding.pdf)
**Jim Yang**

[**Assessing Liquidity Risks in Markets and Financial Firms**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Zhang_0.pdf)
**Alcor Zhang**

[**Biodiversity Risk Management in the Pharmaceutical Industry: A Comparative Study of the U.S. and China Pharmaceutical Companies**](https://www.stern.nyu.edu/sites/default/files/2025-05/Glucksman_Zhao_Biodiversity%20Risk%20Management%20in%20the%20Pharmaceutical%20Industry.pdf)
**Susie Zhao**

**2023-2024**

[**The Association of Public Infrastructure with Social Capital Measures**](https://www.stern.nyu.edu/sites/default/files/2024-07/Glucksman_Koppikar_Langdon_2024.pdf)
**Aditya Koppikar, Beau Langdon**

[**KYC/AML Technologies in Decentralized Finance (DeFi)**](https://www.stern.nyu.edu/sites/default/files/2024-07/Glucksman_Sak_2024.pdf)
**Meng Hou (Raymond) Sak**

[**Do Fluctuations in Mortgage Rates Impact Inventor Mobility?**](https://www.stern.nyu.edu/sites/default/files/2024-07/Glucksman_Shapsis_2024.pdf)
**Melanie Shapsis**

[**Uncertainty Radius Selection in Distributionally Robust Portfolio Optimization**](https://www.stern.nyu.edu/sites/default/files/2024-07/Glucksman_Liu_Wang_2024.pdf)
**Alice Liu, Sharon Wang**

**2022-2023**

[**User Accessibility and the Uncertain Future of Blockchain. Does decentralized finance really make finance more readily accessible for users?**](https://www.stern.nyu.edu/sites/default/files/2023-05/Grossman_2023.pdf)
**Danielle Grossman**

[**Is an increase in Private Equity dry powder due to a lack of Private Equity investment opportunities or increased interest in Private Equity as an asset class?**](https://www.stern.nyu.edu/sites/default/files/2023-05/Bawari_2023.pdf)
**Rakesh Bawari**

[**The association between social capital and stock market participation**](https://www.stern.nyu.edu/sites/default/files/2023-05/vanReenen_2023.pdf)
**Saskia van Rheenen**

**2021-2022**

[**The Financial Impact of Celebrity Involvement and Stated Specialization in SPACs**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Beltrame_The%20Financial%20Impact%20of%20Celebrity%20Involvement%20and%20Stated%20Specialization%20in%20SPACs.pdf)
**Sebastian Beltrame**

[**Liquidity Management in Central Clearing: How the Default Waterfall can be Improved**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Dukich_Liquidity%20Management%20in%20Central%20Clearing%3B%20How%20the%20Default%20Waterfall%20Can%20Be%20Improved.pdf)
**Robert Dukich**

[**Is there a Future in Perpetual Futures?**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Duron-Carielo_Is%20There%20A%20Future%20In%20Perpetual%20Futures.pdf)
**Eugenio Duron-Carielo**

[**An Examination of Stacks Protocol Performance Compared to Other Layer-One Blockchains**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Iyer_Stacks%20Protocol%20Performance.pdf)
**Vivek Iyer**

[**Level 3 Assets as Regulatory Arbitrage:**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Lu_Level%203%20Assets%20as%20Regulatory%20Arbitrage.pdf)
[**An Analysis of Capital Requirements and Level 3 Assets at U.S. Global Systemically Important Banks**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Lu_Level%203%20Assets%20as%20Regulatory%20Arbitrage.pdf)
**Angela Lu**

**2020-2021**

[**Electric Utilities and Market Volatility during the COVID-19 Pandemic**](https://www.stern.nyu.edu/admin/content/assets/view/129346)
**Yuting Mao**

[**Informed Options Trading in the Pharmaceutical Industry**](https://www.stern.nyu.edu/admin/content/assets/view/129347)
**Justin S. Rosinski**

[**Impact of Collective Bargaining Power on Corporate Performance and Employee Experience**](https://www.stern.nyu.edu/admin/content/assets/view/129348)
**Perry Singh**

[**An Examination of Trends in NIH Grant Distribution and Potential Biases Involved: A Case Study on HIV and Diabetes Research**](https://www.stern.nyu.edu/admin/content/assets/view/129360)
**Krithiknath Tirupapuliyur**

**2019-2020**
[**The U.S. Municipal Green Bond Market: An Examination of the Use of Proceeds**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Friedland_Glucksman%20Paper_final_200428-1_1.pdf)
**Jamison Friedland**

[**The Impact of Data Breaches on Stock Performance**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Islam_Glucksman%20Paper_final_200520.pdf)
**Riazul Islam**

[**The Evolution of the YieldCo Structure in the United States**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Mitidieri_Glucksman%20Paper_final_200526.pdf)
**Mauricio Franco Mitidieri**

**2018-2019**
[**Rising Interest Rates and the Future of U.S. Commercial Real Estate**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Antell_Glucksman%20Paper_0.pdf)
**Darrick E. Antell**

[**The Information Hypothesis Revisited**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Corpeleijn_Glucksman%20paper_1.pdf)
***A Further Examination of the Performance of Targets of Failed Takeover Attempts***
**Frederik Corpeleijn**

[**Trading Patterns Centered Around Large Institutional Purchase Events in the Indian Stock Markets**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Gulati_Glucksman%20paper_1.pdf)
**Vikram Gulati**

[**The Tracking Efficiency of Bond ETFs**](https://www.stern.nyu.edu/sites/default/files/assets/documents/Kolotiy_Glucksman%20Paper_1.pdf)
**Daria Kolotiy**

**2017-2018**

[**Corporate Venture Capital: Stock Market Reactions and Impact on Investee Exit**](/sites/default/files/assets/documents/2018%20Sinha.pdf)
**Tarun Sinha**

[**Should Amazon Be Broken Up? An Analysis of Valuations and U.S. Antitrust Laws in the 21st Century Economy**](/sites/default/files/assets/documents/2018%20Kellachan.pdf)
**Dylan Kellachan**

[**Review of New Enhanced Collective Action Clauses in Sovereign Debt Terms and the Resulting Impact on Borrowing Costs**](/sites/default/files/assets/documents/2018%20Kvam.pdf)
**Andrew Kvam**

**2016-17**

[**Using Text Mining and Machine Learning to Predict the Impact of Quarterly Financial Results on Next Day Stock Performance**](/sites/default/files/assets/documents/2017%20Snir%20Original%20Paper.pdf)
**Itamar Snir**

[**A Retrospective Empirical Analysis of the Effect of Macroeconomic Events on Merger and Acquisition Announcements**](/sites/default/files/assets/documents/2017%20Upex%20Paper.pdf)
**Michael Upex**

[**Creating Value Through Supply Chain Engagement: An Analysis of Three Consumer Products Companies**](/sites/default/files/assets/documents/2017%20Van%20Way%20Original%20Paper.pdf)
**Nancy Van Way**

[**U.S. State Tobacco Settlement Revenue Securitizations**](/sites/default/files/assets/documents/2017%20Cain%20Paper.pdf)
**Joshua Cain**

**2015-16**

[**Stock Market Reaction to FDA Breakthrough Therapy Designation:**](http://www.stern.nyu.edu/sites/default/files/assets/documents/2016%20Re%20paper.pdf) ***An Event Study of Capital Market Responses to Pharmaceutical Companies’ Breakthrough Therapy Designation Announcements from 2013 to 2015***
**Sandra Eva Re**

[**Case Studies on the Future of Regulated Electric Utilities in the US**](http://www.stern.nyu.edu/sites/default/files/assets/documents/2016%20Stone%20Paper.pdf)
**David Stone**

[**Macroscope of Retailers:**](/sites/default/files/assets/documents/2016%20Tan%20Paper_1.pdf) ***An Empirical Analysis of the Relation between Satellite Imagery of Retailers’ Parking Lot Car Counts and their Respective Same-Store Sales and Equity Prices***
**Ju Tan**

[**Equity Crowdfunding for Independent Film and The JOBS Act: Sizing the Market Potential of Title III**](http://www.stern.nyu.edu/sites/default/files/assets/documents/2016%20Wells%20Paper.pdf)
**Charlotte Wells**

**2014-15**

**Stoyan Georgiev Kiryazov**
[**Valuing the Quality Option Embedded in Futures on German Government Bonds**](/sites/default/files/assets/documents/2015%20Kiryazov%20paper.pdf)

**Jeremy Wimmer**
[**The Value of Pharmaceutical Product Line Extensions**](/sites/default/files/assets/documents/2015%20Wimmer%20paper.pdf)

**Tammy Kwan**
[**Twitter Volume and First Day IPO Performance**](/sites/default/files/assets/documents/2015%20Kwan%20paper.pdf)

**Hadi Zaklouta**
[**The surge in late stage VC funding with non-traditional investor participation: analyzing the impact on post-IPO gains**](/sites/default/files/assets/documents/2015%20Zaklouta%20paper.pdf)

**2013-14**

**Thomas M. Hamnett**
[**Venture-backed IPOs: Performance from the Public Investor Perspective**](/sites/default/files/assets/documents/con_047281.pdf)

**Hyung Min Lee**
[**The Impact of Financial Crises on the Economic Values of Financial Conglomerates**](/sites/default/files/assets/documents/con_047197.pdf)

**Connor Lynagh**
[**Does the Market Reward Accretive Deals? An Investigation of Acquirer Performance and Earnings per Share Accretion**](/sites/default/files/assets/documents/con_047220.pdf)

**Ines Orozco**
[**An Analysis of the Banking System Structure in Chile, Colombia and Peru in Light of the Creation of the Integrated Latin American Market – MILA Market**](/sites/default/files/assets/documents/con_047195.pdf)

**2012-13**

**Shourya Ghosh**
[**A Study of Differences in Standard & Poor’s and Moody’s Corporate Credit Ratings**](/sites/default/files/assets/documents/con_041250.pdf)

**Kenneth McDermid**
[**An Analysis of Hedge Fund Equity Returns from Public Filings**](/sites/default/files/assets/documents/con_041251.pdf)

**Joe Mellet**
[**The Impact of Special Dividend Announcements, Insider Ownership, and Tax Increases on US Equity Prices**](/sites/default/files/assets/documents/con_041249.pdf)

**2011-2012**

**Samuel Welt**
[**The Debt Ceiling: Economics and Politics**](/sites/default/files/assets/documents/con_035653.pdf)

**Karen Shortt**

[**Does ‘Going Green’ Make Economic Sense?**](/sites/default/files/assets/documents/con_035654.pdf)

**Oren Livne**

[**Secondary Markets for Private Company Shares: Marketplace Overview and Predictive Capability**](/sites/default/files/assets/documents/con_035718.pdf)

**Ismael Orenstein**

[**The Impact of Large scale Asset Buybacks on Relative Valuation of U.S Treasury Securities**](/sites/default/files/assets/documents/con_035656.pdf)

**2010-2011**

**Andrew Lieu**
[**An Analysis of Credit Default Swap Auctions and Distressed Bond Markets**](/sites/default/files/assets/documents/uat_024294.pdf)

**Eric Aiese**

[**Fine Tuning in the Markets? An Event Study of Radio Station Transactions, 1995-2009**](/sites/default/files/assets/documents/uat_024295.pdf)

**Aaron Carlton**
[**The Flash Crash: Effects on S&P 500 Index versus Non-Index Stocks**](/sites/default/files/assets/documents/uat_024296.pdf)

**2009-2010**

**Benedetta Arese Lucini**
[**Analyzing the ROI of Independently Financed Films: Are there many more “Slumdogs” than “Millionaires”?**](/sites/default/files/assets/documents/uat_024304.pdf)

**Orit Vaknin**
[**The Family Business Risk Profile**](/sites/default/files/assets/documents/uat_024305.pdf)

**Michael Reczek**
[**An Examination of the Value of Covenant-Lite Debt to Issuing Companies** ](/sites/default/files/assets/documents/uat_024306.pdf)

**Denis Cranstoun**
[**Effects of Equity Financing on Valuation of Junior Gold Mining Companies in Recessionary and Post-Recessionary Economic Realities of 2008-2010**](/sites/default/files/assets/documents/uat_024307.pdf)

**Kiran Manda**
[**Stock Market Volatility during the 2008 Financial Crisis**](/sites/default/files/assets/documents/uat_024308.pdf)

**2008-2009**

**Aparajit Bhandarkar**
[**A Study of Patterns in the Angel Investing Industry**](/sites/default/files/assets/documents/uat_024309.pdf)

**Spencer Jones**
[**Deviations from Covered Interest Parity during the Credit Crisis: An analysis of Foreign Exchange Swaps 2004-2009**](/sites/default/files/assets/documents/uat_024310.pdf)

**Meta Marshall**
[**An Examination of Legislative Risk on Healthcare Company Valuations**](/sites/default/files/assets/documents/uat_024311.pdf)

**Andrew Meyerson**
[**An Analysis of the First-Order Economic Costs of the 2008 FDA Tomato Warning**](/sites/default/files/assets/documents/uat_024312.pdf)

**Nirupama Kulkarni**
[**A Survey of Payment Mechanisms for Public-Private Partnership Transportation Projects: Comparisons of the US, India, and Mexico**](/sites/default/files/assets/documents/uat_024313.pdf)

**2007-2008**

**Joshua Zacharias**
[**An Investigation of Economies of Scale in Microfinance Institutions** ](/sites/default/files/assets/documents/uat_024314.pdf)

**Mark Faktorovich**
[**Globalization: How Successful are Cross-border Mergers and Acquisitions?** ](/sites/default/files/assets/documents/uat_024315.pdf)

**2006-2007**

**Harsh Nanda**
[**Do Management Buyouts of US Companies Demand Higher Premiums than UK Companies? Why?**](/sites/default/files/assets/documents/uat_024316.pdf)

**Narendra Chokshi**
[**Challenges Faced In Executing Leveraged Buyouts in India: The Evolution of the Growth Buyout**](/sites/default/files/assets/documents/uat_024317.pdf)

**Andrew MacNamara**
[**Industry Betas and Equilibrium Models: An Alternate Approach to Calculating Risk Measure**](/sites/default/files/assets/documents/uat_024318.pdf)

**Andrew Verdasca**
[**Common Stock PIPE Discounts and Long-Term Performance**](/sites/default/files/assets/documents/uat_024319.pdf)

**Jeven Dew**
[**Terror-Related Events and Stock Returns**](/sites/default/files/assets/documents/uat_024320.pdf)

**2005-2006**

**Judson Coplan**
[**Diagnosing the DVD Disappointment: A Life Cycle View**](/sites/default/files/assets/documents/uat_024321.pdf)

**Ben Macdonald**
[**Rating Change Timeliness Across Rating Agencies**](/sites/default/files/assets/documents/uat_024322.pdf)

**Shivanker Saxena**
[**Premia in the Indian ADR Market - An Analysis of Trends and Causes**](/sites/default/files/assets/documents/uat_024323.pdf)

**Joe Ryan**
[**Examining Market Reaction to Activist Investor Campaigns by Hedge Funds**](/sites/default/files/assets/documents/uat_024324.pdf)

**2004-2005**

**John McDowell**
[**A Look at the Market’s Reaction to the Announcements of SEC Investigations**](/sites/default/files/assets/documents/uat_024328.pdf)

**Min Xu**
[**Resolution of Non-Performing Loans in China**](/sites/default/files/assets/documents/uat_024327.pdf)

**Jelena Strelcova**
[**Does Gender Matter? A Comparative Study of Performance of American CEOs**](/sites/default/files/assets/documents/uat_024329.pdf)

**Chris Ireland**
[**An Examination of Distress in the Electric Power Industry**](/sites/default/files/assets/documents/uat_024330.pdf)

**Matias Brechner**
[**Capital Restrictions as an Explanation of Stock Price Distortions during Argentine Financial Collapse: December 2001 – March 2002**](/sites/default/files/assets/documents/uat_024331.pdf)

**2003-2004**

**Jennifer McCabe**
[**An Examination of the Predictive Abilities of Economic Derivative Markets**](/sites/default/files/assets/documents/uat_024332.pdf)

**Christian Baier**
[**The Migration of Corporate Finance from Banks to Capital Markets in Germany**](/sites/default/files/assets/documents/uat_024333.pdf)

**2002-2003**

**Ido Gonen**
[**Intra-Industry Effects of Corrective Disclosures: Is Mistrust Contagious?**](/sites/default/files/assets/documents/uat_024334.pdf)

**Ainsley Quiohilag**
[**Effect of ADR Issuance on the Liquidity of the Underlying Stock**](/sites/default/files/assets/documents/uat_024335.pdf)

**Keith Gudhus**
[**Implied Volatility Skews in the Foreign Exchange Market Empirical Evidence from JPY and GBP: 1997-2002**](/sites/default/files/assets/documents/uat_024336.pdf)

**Douglas Creutz**
[**An Examination of the Relationship between Short Selling and Corporate Malfeasance**](/sites/default/files/assets/documents/uat_024337.pdf)

**2001-2002**

**Matthew Callahan**
[**To Hedge or Not to Hedge…That Is the Question – Empirical Evidence from the North American Gold Mining Industry 1996 - 2000**](/sites/default/files/assets/documents/uat_024292.pdf)

**David Clark**
[**A Study of the Relationship Between Firm Age-At-IPO and Aftermarket Stock Performance**](/sites/default/files/assets/documents/uat_024338.pdf)

**Ashish Dafria**
[**The Rise in Defined Contribution Plans and The Stock Market Boom**](/sites/default/files/assets/documents/uat_024339.pdf)

**Shalini Mahajan**
[**Role of Out-of-Money Options in Executive Compensation**](/sites/default/files/assets/documents/uat_024340.pdf)

**Ritendra Roy**
[**Market Efficiency Effects of Regulation Fair Disclosure**](/sites/default/files/assets/documents/uat_024341.pdf)

**Tuygan Teoman**
[**A Multi-perspective Assessment of Implied Volatility Using S&P 100 and NASDAQ Index Options**](/sites/default/files/assets/documents/uat_024342.pdf)

**2000-2001**

**Noah E. Butensky**
[**Quantifying the Impact of Option-Based Compensation on Earnings for the 50 Largest U.S. Technology Companies**](/sites/default/files/assets/documents/uat_024343.pdf)

**Stephen E. Cays**
[**A Study on the Measurement and Prediction of the Indirect Costs of Bankruptcy**](/sites/default/files/assets/documents/uat_024345.pdf)

**Philip A. Cusick**
[**Price Effects of Addition or Deletion from the Standard & Poor’s 500 Index: Evidence of Increasing Market Efficiency**](/sites/default/files/assets/documents/uat_024346.pdf)

**Audra L. Low**
[**A Study of Two-Step Spinoffs**](/sites/default/files/assets/documents/uat_024291.pdf)

**Sebastian Ruta**
[**An Examination of Predictors of Long-term Equity Performance After Corporate Spinoffs in the 1990s**](/sites/default/files/assets/documents/uat_024347.pdf)

**Matthew Swope**
[**An Examination of the Impact of Long-Term Growth Estimates**](/sites/default/files/assets/documents/uat_024348.pdf)

**1999-2000**

**Robert M. Tumarkin**
[**Internet Message Board Activity and Market Efficiency: A Case Study of the Internet Service Sector Using RagingBull.Com**](/sites/default/files/assets/documents/uat_024349.pdf)

**Scott T. Taylor**
[**An Assessment of the Factors Affecting the Credit Quality of Private Power Developers**](/sites/default/files/assets/documents/uat_024350.pdf)