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Tarun Ramadorai is Professor of Financial Economics at Imperial College London. He has a broad range of research interests in the areas of asset pricing, international finance, and household finance. He is greatly interested in finance and economics issues in emerging markets, with a particular focus on India. He has published on these topics in a range of scholarly journals in Finance and Economics. In addition to his academic work, Tarun has taken on several advisory roles in the area of financial regulation and policy in both India and Europe.
He has a BA in Mathematics and Economics from Williams College, an MPhil in Economics from the University of Cambridge, and a PhD in Business Economics from Harvard University. Prior to his role at Imperial, Tarun spent over a decade at the University of Oxford.
Recent working papers:
The Indian household savings landscape

2016, with Cristian Badarinza and Vimal Balasubramaniam.

Endowment effects in the field: Evidence from India's IPO lotteries

2016, with Santosh Anagol and Vimal Balasubramaniam.

Heterogenous taxes and limited risk sharing: Evidence from municipal bonds

2015, with Tania Babina, Pab Jotikasthira and Chris Lundblad.

James A. Lebenthal Excellence in Municipal Finance Research Prize.

Recent media coverage:
To Have and to Hold

20 August 2016. The Economist

The Brexit Generation

3 August 2016. The Indian Express

Household Saving and the Lure of Gold

25 June 2016, Teach it Forward Talk, Williams in London, Video.


Research

International comparative household finance
2016, with Cristian Badarinza and John Y. Campbell.

Annual Review of Economics, forthcoming.
Journal Article
Volatility risk premia and exchange rate predictability
2016, with Pasquale Della Corte and Lucio Sarno.

Journal of Financial Economics, 120, 21-40.
Journal Article VoxEU Article
The impact of hedge funds on asset markets
2015, with Mathias Kruttli and Andrew Patton.

Review of Asset Pricing Studies, 5, 185-226.
Journal Article Online Appendix
FMA Napa Conference Best Paper Prize.
SFS Finance Cavalcade/Review of Asset Pricing Studies Keynote Paper.
The impact of regulation on mortgage risk: Evidence from India
2015, with John Y. Campbell and Benjamin Ranish.

American Economic Journal: Economic Policy, 7, 71-102.
Journal Article Online Appendix Regulatory Appendix
Change you can believe in? Hedge fund data revisions
2015, with Andrew Patton and Michael Streatfield.

Journal of Finance, 70, 963-999.
Journal Article VoxEU Article
Trade credit and cross-country predictable firm returns
2015, with Rui Albuquerque and Sumudu Watugala.

Journal of Financial Economics, 115, 592-613.
Journal Article
INQUIRE Europe third prize.
Levelling the trading field
2014, with David Easley and Terry Hendershott.

Journal of Financial Markets, 17, 65-93.
Journal Article

Journal of International Money and Finance, 39, 89-110.
Journal Article

European Financial Management, 19, 852-886.
Journal Article
Best Paper prize. Financial Analysts Journal and CFA Institute.
Limits to arbitrage and hedging: Evidence from commodity markets
2013, with Viral Acharya and Lars Lochstoer.

Journal of Financial Economics, 109, 441-465.
Journal Article Online Appendix Download Data
Viz Risk Management Best paper prize, European Finance Association.

Journal of Finance , 68, 597–635.
Journal Article Online Appendix

Journal of Finance, 67, 2015-2050.
Journal Article Online Appendix

Journal of Financial Economics, 92, 66-91.
Journal Article Download data
Hedge funds: Performance, risk and capital formation
2008, with William Fung, David A. Hsieh and Narayan Y. Naik.

Journal of Finance , 63, 1777-1803.
Journal Article
Finalist for the Smith-Breeden prize.

Review of Financial Studies, 21, 937-972.
Journal Article

International Journal of Finance and Economics, 13, 14-25.
Journal Article
Capacity constraints and hedge fund strategy returns
2007, with Narayan Y. Naik and Maria Stromqvist.

European Financial Management, 13, 239-256.
Journal Article

Journal of Finance, 60(3), 1535-1566.
Journal Article
Institutional Investors
in H. Kent Baker and John Nofsinger (eds.), "Behavioral Finance: Investors, Corporations, and Markets", Hoboken, NJ: John Wiley & Sons, Inc., October 2010.

Book Chapter
The Indian household savings landscape
2016, with Cristian Badarinza and Vimal Balasubramaniam.

Online Appendix
Heterogenous taxes and limited risk sharing: Evidence from municipal bonds
2015, with Tania Babina, Pab Jotikasthira and Chris Lundblad.

James A Lebenthal Excellence in Municipal Finance Research Prize.
Inattention and inertia in household finance: Evidence from the Danish mortgage market
2015, with Steffen Andersen, John Y. Campbell, and Kasper Meisner-Nielsen.

Online Appendix
The international CAPM redux
2015, with Francesca Brusa and Adrien Verdelhan.
Fama, Hansen, and Shiller: Nobelists 2013
VoxEU invited article, October 2013.

VoxEU Article
Money for nothing? Understanding variation in reported hedge fund fees
2011, with Michael Streatfield. Older Working Paper.
On the dynamics of hedge fund risk exposures
2010, with Andrew Patton. Older Working Paper.

Has different results from "On the high-frequency dynamics of hedge fund risk exposures" (see above), including searches across conditioning variables, and performance comparisons with other proposed approaches for modelling the dynamics of hedge fund risk exposures.

Media

Tarun is a frequent media commentator, and regularly writes op-ed columns in a number of Indian newspapers. Recent coverage of his work includes:
To Have and to Hold

20 August 2016. The Economist

The Brexit Generation

3 August 2016. The Indian Express

Household Saving and the Lure of Gold

25 June 2016, Teach it Forward Talk, Williams in London, Video.

Lessons from Brexit

28 June 2016. Mint

The Roundabout Route to a Corporate Bond Market

13 May 2016. The Times of India

Why No Corporate Bond Market?

29 December 2015. Mint

Thresholds of Offence

26 October 2015. Mint

Small Steps if Big Ones are Hard

21 September 2015. Mint

Homeowning Hamlets

30 May 2015. The Economist

Investor Learning in the Indian Stock Market

13 April 2015, Invited Lecture at the Bombay Stock Exchange, Video.

India's Collective Action Trouble

21 December 2014. Mint

The Costs of Frequent Elections

12 November 2014. Mint

Leave the Retail Investor Alone

8 September 2014. Mint

Real estate goes global

26 May 2014. The New Yorker

When a man is tired of London house prices

9 May 2014. Financial Times

London house prices

14 January 2014, TV: World News Today, BBC 4 (around 19:22 on the clock).

Measuring London property's safe haven status

14 January 2014. Wall Street Journal

Turmoil abroad makes London safe as houses

14 January 2014. Financial Times

Homes 'earn' us more than jobs

14 January 2014. The Evening Standard

Novice Indian investors in a hurry to get rich

19 December 2013. The Times of India

India's Goldilocks Problem

28 November 2013. Mint

Bad data, the rich man's disease

4 June 2013. Morningstar

Don't Just Do Something, Sit There

26 April 2013. The Economist

Trimmed Hedges

6 April 2013. The Economist

Keeping It All Out of the Family

8 March 2013. The Wall Street Journal, Asia

In Defence of Immigration

8 February 2013. The Economic Times

The most important lesson in investment

21 December 2012. Money Week

Hedge Funds

13 June 2012. BBC Today (Listen from 24.00 minutes)

Hedge funds: Do some mislead their investors?

12 June 2012. BBC News Business

Funds forecast mammoth growth

10 May 2012. Financial News

A kind of magic

30 March 2012. The Financial Times

Investing in Facebook: An IPO for Fools

2 February 2012. Morningstar


Data

If you use these datasets, please cite the associated paper.
1. Daily Institutional Flow Data: 3329 CRSP permcos for NYSE listed firms.
Citation: These data are from: "Caught on tape: Institutional trading, stock returns, and earnings announcements", 2008, Journal of Financial Economics, 92, 66-91, with John Y. Campbell and Allie Schwartz.

~120 MB Excel FileSample begins in 1993, ends in 2000.
JOURNAL ARTICLE DOWNLOAD DATA
2. U.S. oil and gas producers' aggregate default risk data and Microdata on hedging by oil and gas producers.
Citation: These data are from: "Limits to arbitrage and hedging: Evidence from commodity markets", 2013, Journal of Financial Economics, 109, 441-465, with Viral Acharya and Lars Lochstoer.

~78 KB Excel FileREADME section and micro data.
JOURNAL ARTICLE DOWNLOAD DATA
3. A measure of aggregate hedge fund illiquidity, which predicts returns on multiple underlying asset classes.
Citation: These data are from: "The impact of hedge funds on asset markets", 2015, Review of Asset Pricing Studies, 5, 185-226, with Mathias Kruttli and Andrew Patton.

~5 KB Text FileSample begins in 1994:12, ends in 2015:12
JOURNAL ARTICLE DOWNLOAD DATA

Engagement

OXFORD-HARVARD SLOAN INITIATIVE

INTERNATIONAL COMPARATIVE HOUSEHOLD FINANCE

Tarun is Principal Investigator on a transformational initiative which is financed by the Sloan Foundation, and connects Oxford and Harvard to establish a new sub-field of finance and economics, "International Comparative Household Finance." This field of research seeks to explore how household financial markets (such as mortgage, pension, and risky asset markets) are set up around the world, and whether there are international best practices that can be established. The latest event of the initiative is the conference at Harvard Business School on household behaviour in risky asset markets.

Project website household-finance.net

SIGNIFICANT NON-COMPENSATED ACTIVITIES

APPOINTMENTS AND ADVISORY

CONFERENCES

Adam Smith Workshop
This is an asset pricing and corporate finance conference, run by LBS, LSE, Oxford and CEPR.

PRESS

Mint
Op-ed columnist.
*For previous engagements and other conference committees, click here:

COMPENSATED ACTIVITIES

Excludes honoraria from non-profit institutions including universities, government agencies, and academic journals of £3,000 or less in a given year, and payments from for-profit firms of £1,000 or less in a given year.

Compensated activities

ACADEMIC YEAR 2014-2015

1. Asset Management   
    (Anonymized) Global Macro Hedge Fund: Consulting
2. Executive Teaching and Speaking Engagements  
    Investment Management Consultants' Association: Speaking engagement.
    CFA Institute: Speaking engagement.

ACADEMIC YEAR 2013-2014

1. Asset Management   
    (Anonymized) Global Macro Hedge Fund: Consulting
2. Consulting  
    Rio Tinto
3. Executive Teaching and Speaking Engagements 
    Investment Management Consultants' Association: Speaking engagement.
    Norges Bank: Speaking engagement.

ACADEMIC YEAR 2012-2013

1. Executive Teaching and Speaking Engagements
    OxAM: Executive teaching.
    MBA@UNC: Executive teaching.
    EDHEC Risk Institute: Executive teaching.   
    Gerson Lehrman Group: Speaking engagements.
2. Press
    Financial Express: Op-ed columnist.

ACADEMIC YEAR 2011-2012

1. Asset Management
    Man Investments: Consulting.
2. Executive Teaching and Speaking Engagements
    EDHEC Risk Institute: Executive teaching.   
    Gerson Lehrman Group: Speaking engagements.
3. Policy
    Economic Advisory Council to the Prime Minister, India
    Visiting Scholar, 2011-2012.
4. Press
    Financial Express: Op-ed columnist.

Contact

Get in touch


Imperial College London
South Kensington Campus
London SW7 2AZ
UK

Email:
t.ramadorai [at] imperial.ac.uk
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