Ajay Subramanian

Georgia State University

Bruce A. Palmer Professor

Depts. of Finance & Risk Management and Insurance

P.O. Box 4050

Atlanta, GA 30303

United States

http://robinson.gsu.edu/profile/ajay-subramanian/

SCHOLARLY PAPERS

33

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Scholarly Papers (33)

Corporate Governance and Innovation: Theory and Evidence

3rd Annual Conference on Empirical Legal Studies Papers, Chicago Booth Research Paper No. 08-05
Number of pages: 56 Posted: 26 Mar 2008 Last Revised: 12 Jun 2014
Haresh Sapra, Ajay Subramanian and Krishnamurthy Subramanian
Booth School of Business, University of Chicago, Georgia State University and Indian School of Business (ISB), Hyderabad
Downloads 1,682 (9,482)
Citation 10

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Anti-takeover laws, Blockholders, Corporate Governance, Innovation, External Governance, Internal Governance, Monitoring, Takeovers

Corporate Governance and Innovation: Theory and Evidence

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 80 Posted: 03 Feb 2013 Last Revised: 08 May 2013
Haresh Sapra, Ajay Subramanian and Krishnamurthy Subramanian
Booth School of Business, University of Chicago, Georgia State University and Indian School of Business (ISB), Hyderabad
Downloads 1,413 (12,542)
Citation 1

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2.

CEO Education, CEO Turnover, and Firm Performance

Number of pages: 48 Posted: 02 Sep 2010 Last Revised: 09 Nov 2010
Sanjai Bhagat, Brian J. Bolton and Ajay Subramanian
University of Colorado at Boulder - Department of Finance, IMD Business School, Global Board Center and Georgia State University
Downloads 2,119 (6,528)
Citation 22

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Manager Ability, CEO Turnover, CEO Education, Firm Performance, Corporate Governance

3.

The Liquidity Discount

Mathematical Finance, Vol. 11, No. 4, pp. 447-474, October 2001
Number of pages: 28 Posted: 16 Feb 2004 Last Revised: 31 Mar 2009
Ajay Subramanian and Robert A. Jarrow
Georgia State University and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 839 (27,878)
Citation 1

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Liquidity Risk, Large Trader, Value at Risk

4.

Option Pricing on Stocks in Mergers and Acquisitions

Journal of Finance, Vol. 59, No. 2, pp. 795-831, April 2004
Number of pages: 36 Posted: 10 Feb 2004
Ajay Subramanian
Georgia State University
Downloads 658 (38,801)
Citation 1

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Option Pricing, Mergers, Risk Arbitrage

5.

Manager Characteristics and Capital Structure: Theory and Evidence

Journal of Financial and Quantitative Analysis (JFQA), December 2011
Number of pages: 73 Posted: 19 Mar 2009 Last Revised: 25 May 2011
Sanjai Bhagat, Brian J. Bolton and Ajay Subramanian
University of Colorado at Boulder - Department of Finance, IMD Business School, Global Board Center and Georgia State University
Downloads 611 (42,873)
Citation 1

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Manager Ability, Risk Aversion, Manager Ownership, Capital Structure

6.

Dynamic Forecasting Behavior by Analysts: Theory and Evidence

Journal of Financial Economics, Forthcoming
Number of pages: 58 Posted: 15 Apr 2005
Jonathan Clarke and Ajay Subramanian
Georgia Institute of Technology - Scheller College of Business and Georgia State University
Downloads 474 (59,340)

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Analysts, forecasting, career concerns, employment risk, herding

Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking

AFFI/EUROFIDAI, Paris December 2008 Finance International Meeting AFFI - EUROFIDAI
Number of pages: 63 Posted: 14 Oct 2008 Last Revised: 04 May 2010
Ping Hu, Jayant R. Kale, Marco Pagani and Ajay Subramanian
affiliation not provided to SSRN, Northeastern University, San Jose State University and Georgia State University
Downloads 288 (104,915)
Citation 5

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Mutual Funds, Asset Flows, Relative Risk, Ability, Career Concerns, Employment Risk

Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking

Management Science, Forthcoming
Number of pages: 54 Posted: 14 Dec 2010
Ping Hu, Jayant R. Kale, Marco Pagani and Ajay Subramanian
affiliation not provided to SSRN, Northeastern University, San Jose State University and Georgia State University
Downloads 133 (216,356)
Citation 1

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Mutual Funds, Asset Flows, Relative Risk, Ability, Career Concerns, Employment Risk

8.

Agency Conflicts, Prudential Regulation, and Marking to Market

Chicago Booth Research Paper No. 11-05
Number of pages: 53 Posted: 13 Jan 2011
Tong Lu, Haresh Sapra and Ajay Subramanian
University of Houston, Booth School of Business, University of Chicago and Georgia State University
Downloads 402 (72,429)
Citation 4

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9.

Project Characteristics, Organizational Structure, and Managerial Incentives

Number of pages: 41 Posted: 19 Mar 2009 Last Revised: 29 Jun 2013
Ajay Subramanian, Anand Venkateswaran and Richard Fu
Georgia State University, Northeastern University - Finance and Insurance Area and San Jose State University
Downloads 323 (93,049)

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Downloads 310 ( 97,371)
Citation 2

Capital Structure under Heterogeneous Beliefs

Number of pages: 60 Posted: 29 Apr 2010 Last Revised: 27 Aug 2013
Hae Won (Henny) Jung and Ajay Subramanian
University of Melbourne - Department of Finance and Georgia State University
Downloads 209 (145,496)
Citation 1

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Capital Structure Under Heterogeneous Beliefs

Forthcoming in Review of Finance
Number of pages: 64 Posted: 29 Aug 2013 Last Revised: 26 Sep 2013
Hae Won (Henny) Jung and Ajay Subramanian
University of Melbourne - Department of Finance and Georgia State University
Downloads 101 (265,274)

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Capital Structure, Heterogeneous Beliefs, Structural Model

11.

European Option Pricing with General Transaction Costs and Short-Selling Constraints

Stochastic Models, Vol. 17, No. 2, pp. 215-245, April 2001
Number of pages: 63 Posted: 05 May 2005
Ajay Subramanian
Georgia State University
Downloads 305 (99,093)

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Option Pricing, Transaction Costs, Stochastic Control

Investment Under Uncertainty, Heterogeneous Beliefs and Agency Conflicts

Review of Financial Studies, 2009
Number of pages: 43 Posted: 18 May 2009 Last Revised: 09 May 2013
Yahel Giat, Steve Hackman and Ajay Subramanian
Jerusalem College of Technology, Georgia Institute of Technology and Georgia State University
Downloads 162 (183,529)

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Investment, Agency Conflicts, Imperfect Information, Asymmetric Beliefs, Research & Development

Investment Under Uncertainty, Heterogeneous Beliefs and Agency Conflicts

Number of pages: 51 Posted: 17 Mar 2008
Yahel Giat, Steve Hackman and Ajay Subramanian
Jerusalem College of Technology, Georgia Institute of Technology and Georgia State University
Downloads 138 (209,929)
Citation 1

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Investment, Agency Conflicts, Imperfect Information, Asymmetric Beliefs, R&D

13.

Dynamic Prudential Regulation

Forthcoming in Management Science
Number of pages: 62 Posted: 24 Nov 2011 Last Revised: 03 Mar 2019
Ajay Subramanian and Baozhong Yang
Georgia State University and Georgia State University - Robinson College of Business
Downloads 295 (102,788)

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capital requirements, asset substitution, debt overhang, bank bailouts, prudential regulation

14.

Banking Deregulation and Innovation

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 28 Posted: 27 Feb 2013 Last Revised: 29 Oct 2015
Georgia Institute of Technology - Scheller College of Business, Georgia Institute of Technology - Strategic Management Area, Georgia State University and Indian School of Business (ISB), Hyderabad
Downloads 288 (105,915)
Citation 3

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banking, innovation, growth, young firms, private firms

15.

CEO Talent, CEO Compensation, and Product Market Competition

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 107 Posted: 21 Jul 2016
Hae Won (Henny) Jung and Ajay Subramanian
University of Melbourne - Department of Finance and Georgia State University
Downloads 261 (116,998)

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CEO Talent, CEO Pay, Product Market Competition, Structural Estimation

16.
Downloads 230 (133,010)

Optimal Dynamic Risk Taking

Number of pages: 54 Posted: 04 Jun 2012 Last Revised: 21 Sep 2016
Ajay Subramanian and Baozhong Yang
Georgia State University and Georgia State University - Robinson College of Business
Downloads 181 (166,480)

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dynamic project choices, stochastic control, stochastic switching, dynamic risk management, asset substitution

Optimal Dynamic Risk Taking

Mathematics of Operations Research, Forthcoming
Number of pages: 54 Posted: 03 Jul 2016 Last Revised: 21 Sep 2016
Ajay Subramanian and Baozhong Yang
Georgia State University and Georgia State University - Robinson College of Business
Downloads 49 (398,906)

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dynamic project choices, stochastic control, stochastic switching, dynamic risk management

17.

Optimal Liquidation By a Large Investor

SIAM Journal on Applied Mathematics, Forthcoming
Number of pages: 50 Posted: 23 Oct 2007
Ajay Subramanian
Georgia State University
Downloads 196 (154,857)
Citation 1

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Liquidation, Large Investors, Stochastic Control, Duality

18.

Banking Deregulation, Bargaining Power and Innovation

Number of pages: 46 Posted: 17 Jul 2012 Last Revised: 29 Oct 2015
Georgia Institute of Technology - Scheller College of Business, Georgia Institute of Technology - Strategic Management Area, Georgia State University and Indian School of Business (ISB), Hyderabad
Downloads 176 (170,732)

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Innovation, Bargaining Power, Banking Deregulation, Explorative vs Exploitative Innovation

19.

Catastrophe Risk Transfer

Number of pages: 46 Posted: 07 Sep 2013 Last Revised: 11 Dec 2015
Ajay Subramanian and Jinjing Wang
Georgia State University and University of Akron - College of Business Administration
Downloads 175 (171,536)
Citation 1

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Risk Transfer, Securitization, Reinsurance, Catastrophe Risk, Signaling

20.

The Inter-Temporal Exercise and Valuation of Employee Options

Accounting Review, Vol. 79, No. 3, pp. 705-745, July 2004
Number of pages: 40 Posted: 10 Feb 2004
Ajay Subramanian and Ashish Jain
Georgia State University and Columbia University - Columbia Business School
Downloads 127 (223,512)
Citation 7

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Employee Stock Options, Valuation, Inter-Temporal Exercise

Dynamic Contracting Under Imperfect Public Information and Asymmetric Beliefs

Number of pages: 50 Posted: 02 Feb 2010 Last Revised: 29 Jun 2013
Yahel Giat and Ajay Subramanian
Jerusalem College of Technology and Georgia State University
Downloads 95 (276,406)

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Dynamic Principal-Agent Models, Imperfect Public Information, Asymmetric Beliefs, Dynamic Moral Hazard, Dynamic Adverse Selection

Dynamic Contracting Under Imperfect Public Information and Asymmetric Beliefs

Journal of Economic Dynamics and Control, Forthcoming
Number of pages: 65 Posted: 26 Jul 2013 Last Revised: 07 Aug 2013
Yahel Giat and Ajay Subramanian
Jerusalem College of Technology and Georgia State University
Downloads 22 (527,826)
Citation 1

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Dynamic Principal-Agent Models, Imperfect Public Information, Asymmetric Beliefs, Hidden Actions, Hidden States

22.

Leverage and Debt Maturity Choices by Undiversified Owner-Managers

Journal of Corporate Finance, Forthcoming
Number of pages: 51 Posted: 28 Jan 2011
Richard Fu and Ajay Subramanian
San Jose State University - Accounting & Finance and Georgia State University
Downloads 116 (239,182)

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Leverage, Debt Maturity, Owner-Managers, Agency Conflicts

23.

Project Characteristics, Incentives and Team Production

Forthcoming in Management Science, Northeastern U. D’Amore-McKim School of Business Research Paper No. 2527952
Number of pages: 34 Posted: 21 Nov 2014
Richard Fu, Ajay Subramanian and Anand Venkateswaran
University of Alabama at Birmingham - School of Business, Georgia State University and Northeastern University - Finance and Insurance Area
Downloads 109 (250,080)

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Teams, Incentives, Moral Hazard, Monitoring, Contracting, Production

24.

Agency Conflicts, Bank Capital Regulation and Accounting Measurement

Number of pages: 36 Posted: 16 Dec 2016
Tong Lu, Haresh Sapra and Ajay Subramanian
University of Houston, Booth School of Business, University of Chicago and Georgia State University
Downloads 93 (278,182)
Citation 2

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Accounting Measurement, Bank Capital Regulation, Agency Conflicts

25.

Switching Costs, Dynamic Uncertainty, and Buyer-Seller Relationships

Naval Research Logistics, Forthcoming
Number of pages: 36 Posted: 10 Aug 2007
Nagesh Murthy, Ajay Subramanian and Milind M. Shrikhande
University of Oregon - Charles H. Lundquist School of Business, Georgia State University and Georgia State University - Department of Finance
Downloads 90 (284,083)

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Strategic Relationships, Dynamic Uncertainty, Switching Costs, Real Options, International Trade

26.

Agency Conflicts, Bank Capital Regulation, and Marking-to-Market

Forthcoming, Accounting Review
Number of pages: 71 Posted: 25 Mar 2019
Tong Lu, Haresh Sapra and Ajay Subramanian
University of Houston, Booth School of Business, University of Chicago and Georgia State University
Downloads 89 (286,103)
Citation 1

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mark-to-market accounting; bank regulation; agency conflicts

27.

Ownership Structure, Incentives, and Asset Prices

2016 Western Finance Association (WFA) Conference, 2016 European Finance Association (EFA) Conference
Number of pages: 79 Posted: 06 Dec 2016 Last Revised: 04 May 2019
Hae Won (Henny) Jung, Ajay Subramanian and Qi Zeng
University of Melbourne - Department of Finance, Georgia State University and University of Melbourne - Department of Finance
Downloads 82 (301,038)
Citation 3

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Ownership Structure, Managerial Incentive Contracts, Asset Prices

28.

Power, Compensation and Corruption: Theory and Evidence

Number of pages: 49 Posted: 26 Aug 2011
Ajay Subramanian and Rajesh Chakrabarti
Georgia State University and OP Jindal Global University
Downloads 78 (310,012)

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Power, Compensation, Corruption

29.

Capital Structure Under Imperfect Product Market Competition: Theory and Evidence

Number of pages: 54 Posted: 20 Jul 2018
University of Melbourne - Department of Finance, Georgia State University and Georgia State University
Downloads 75 (317,231)

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Capital structure, Imperfect competition, Industry equilibrium

30.

Aggregate Risk, Bank Competition and Regulation in General Equilibrium

Number of pages: 55 Posted: 27 Jun 2017 Last Revised: 02 Dec 2017
Ahmad Peivandi, Mohammad Rezaei and Ajay Subramanian
Georgia State University - Risk Management & Insurance Department, University of California, Berkeley - Real Estate Group, Students and Georgia State University
Downloads 66 (340,177)

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31.

Reinsurance Versus Securitization of Catastrophe Risk

Insurance: Mathematics and Economics, Forthcoming
Number of pages: 47 Posted: 24 Jul 2018
Ajay Subramanian and Jinjing Wang
Georgia State University and University of Akron - College of Business Administration
Downloads 36 (441,217)

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Reinsurance, Securitization, Risk Transfer, Signaling

32.

Commercializing Public Technology Through Cooperative R&D

Economics Letters, Forthcoming
Number of pages: 11 Posted: 22 Apr 2010
Conrad S. Ciccotello, Richard Fu and Ajay Subramanian
Daniels College of Business, University of Denver, San Jose State University - Accounting & Finance and Georgia State University
Downloads 25 (493,907)

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Contracting, Cooperative R&D, Public Technology

33.

Product Variety and Asset Pricing

Posted: 07 Dec 2014
Florin Bidian, Ajay Subramanian and Baozhong Yang
Georgia State University - Risk Management & Insurance Department, Georgia State University and Georgia State University - Robinson College of Business

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Product Heterogeneity, Imperfect Substitutability, Equity Premium, Risk-free Rate Puzzle