Sugato Chakravarty

Sugato Chakravarty is a visiting professor of management at Purdue University.[1][2] He serves as Associate Editor of the Journal of Financial Markets.

Sugato completed high school at St. Xavier's School in Calcutta. He graduated from Jadavpur University in Calcutta with a Bachelor of Technology in Chemical Engineering before relocating to the United States for graduate studies. Chakravarty obtained a Master of Science in Mechanical Engineering from the University of Kentucky, and his PhD in Finance from Indiana University.[3]

Career

Over his career, Dr. Chakravarty has taught and researched in interdisciplinary fields of psychology, marketing, finance and mathematics. His primary research areas include market microstructure, banking and asset pricing involving stock, options and fixed income securities, and spans both domestic and foreign markets.[4] He is probably best known for his work on the decimalisation of stock prices,[5][6][7][8][9][10][11][12] insider trading,[13] and stealth trading.[14][15][16][17][18][19]

At Purdue, he is best known for teaching a Personal Finance course that teaches undergraduates the basic skills of money management, credit, insurance and retirement.[20][21][22][23] The course also covers all popular and current topics and relates them back to the basic principles. The class is structured around a football cliché: "Offense wins games but defense wins championships." Professor Chakravarty argues that to win the game of life one needs to have solid offensive and defensive strategies. Investments (including those for retirement) is an offensive strategy while insurance is a defensive strategy. Credit plays the role of good special teams in that a judicious use of credit can move the line of scrimmage from one's 20-yard line to the 45 or 50 yard line and thereby makes it easier to score a personal finance touchdown.[24] The class boasts enrollments of over 400 students every semester and is an elective in almost all majors across the West Lafayette campus.

Publications

Dr. Chakravarty's research has appeared in leading academic journals, including the Journal of Finance,[25] Journal of Financial Economics,[26][27] Journal of Business,[28] Journal of Financial and Quantitative Analysis,[29] Journal of Empirical Finance,[30] and the Journal of Financial Markets.[31] His work has been written about in leading newspapers like the Wall Street Journal, Barron's, Investor's Business Daily and many others. His research has also been used as evidence in hearings by the US Congress. Professor Chakravarty's research impact is provided in Google Scholar (https://scholar.google.com/citations?user=_A6bNxYAAAAJ) and is upwards of 5732.

Teaching

Dr. Chakravarty has also been a pioneer in the broad area of student learning in large classrooms. At heart is the commonly reported concern that students are distracted in large auditorium lecture formats commonly employed by all major universities in the US and elsewhere to teach popular classes. Accordingly, Dr. Chakravarty has forged new ground by using social media as a vehicle to encourage student participation and learning through the specific use of a technology known as "Hotseat" (a variant of Twitter),[32][33] by opening a simultaneous back channel of communication among students and between the students and the instructor during classroom lectures. Thus, through HotSeat, his students can ask questions or opine on a topic being discussed in real time and engage in a real interaction with the instructor and among fellow students in the room. The details of this ongoing social experiment have been extensively written up in the USA Today,[34] the New York Times,[35] as well as featured in an article in The Chronicle of Higher Education.[36]

Awards

Professor Chakravarty has won research awards including the Barclay's Global Investors Research Award[37] for the best paper on Australasian Markets (with P. Kalev and L. Pham) and the Best Paper Award (with B. Van Ness and R. Van Ness) at the Eastern Finance Annual Conference.[38] He has also won a Q-group Research[39] award, and won Best Paper Award of 2011 in the Journal of Financial Research,[40] and is listed in the Marquis Who's Who in American Education[41].

Professional Service

Chair, Purdue University’s Censure and Dismissal Procedures Faculty Committee 2006–. Member, Purdue University’s Censure and Dismissal Procedures Faculty Committee 2005–2006. Director of graduate studies for consumer economics within Consumer Sciences and Retailing. Associate Editor: Journal of Financial Markets. Editorial Advisory Board: The Open Economics Journal.

Referee for: Journal of Finance; American Economic Review; Review of Financial Studies; Journal of Business; Journal of Financial Markets; Journal of Financial and Quantitative Analysis; Quarterly Journal of Economics; Family and Consumer Science Research Journal; Journal of Business and Psychology; Journal of Economic Psychology; Journal of Financial Intermediation; The Journal of Futures Markets; The Journal of Banking and Finance; Journal of Financial Research; Economic Journal; Canadian Research Council, RAND Journal of Economics.

Membership in Academic and Professional Societies: Financial Management Association (also member of Program Committee). Western Finance Association. American Finance Association. American Council on Consumer Interests.

References
  1. Chakravarty, Sugato. "Department Head". Retrieved 12 September 2012.
  2. "Professor offers fiscal advice for modern students". The Exponent. 16 September 2004.
  3. Chakravarty, Sugato. "Vita" (PDF). Retrieved 9 December 2012.
  4. Chakravarty, Sugato. "Vita" (PDF). Retrieved 9 December 2012.
  5. Gaston, Scott (29 August 2000). "Decimal Transition on Amex, NYSE Proceeds Smoothly". The Wall Street Journal Interactive Edition.
  6. Cerun, Gaston (8 September 2000). "Decimalization Cuts Wall Street Profit, Narrowing Bid-Ask Spreads, Says Study". The Wall Street Journal Interactive Edition.
  7. Cerun, Gaston (19 September 2000). "Decimalization Continues to Narrow Spreads, an Updated Study Says". The Wall Street Journal Interactive Edition.
  8. Cerun, Gaston (7 October 2000). "Big Board to Add 94 Stocks to List of Securities Trading in Decimals". The Wall Street Journal.
  9. Bentley, Cassandra. "Quoting Stocks in Dollars and Cents". Wiley. Retrieved 14 September 2012.
  10. Chakravarty, Sugato; Wood R., and Van Ness R.A. (2004). "Decimals And Liquidity: A Study Of The Nyse". Journal of Financial Research. 27 (1): 75–94. CiteSeerX 10.1.1.496.973. doi:10.1111/j.1475-6803.2004.00078.x.
  11. Chakravarty, Sugato; Van Ness B.F., Van Ness R.A. (2005). "The Effect of Decimalization on Tick Size and Adverse Selection Costs". Journal of Business Finance & Accounting. 32 (5–6): 1063–1081. doi:10.1111/j.0306-686X.2005.00622.x. S2CID 37352508.
  12. Chakravarty, Sugato; Panchapagesan V. and Wood R. A. (December 2002). "Has Decimalization Hurt Institutional Investors? An Investigation into Trading Costs and Order Routing Practices of Buy Side Institutions". Presented at the NBER Meetings, Boston.
  13. Chakravarty, Sugato; John J. McConnell (19 June 1999). "Does Insider Trading Really Move Stock Prices?". Journal of Financial and Quantitative Analysis. 34 (2): 191–209. doi:10.2307/2676278. JSTOR 2676278. S2CID 44030981.
  14. Chakravarty, Sugato (2001). "Stealth-trading: Which traders' trades move stock prices?". Journal of Financial Economics. 61 (2): 289–307. CiteSeerX 10.1.1.378.1403. doi:10.1016/S0304-405X(01)00063-0.
  15. Chakravarty, Sugato; Kalev, Pham (2004). "Stealth Trading in Volatile Markets". Working Papers.
  16. Chakravarty, Sugato; Van Ness B.F., Van Ness R.A. (2005). "The Effect of Decimalization on Trade Size and Adverse Selection Costs". Journal of Business Finance & Accounting. 32 (5–6): 1063–1081. doi:10.1111/j.0306-686X.2005.00622.x. S2CID 37352508.
  17. Chakravarty, Sugato; Gulen H. and Mayhew S. (2004). "Informed Trading in Stock and Options Markets". Journal of Finance. 59 (3): 1235–1258. CiteSeerX 10.1.1.195.7035. doi:10.1111/j.1540-6261.2004.00661.x.
  18. Anand, A.; Chakravarty S. (2007). "Stealth trading in Options Markets". Journal of Financial and Quantitative Analysis. 42 (1): 167. doi:10.1017/S0022109000002234. S2CID 154683019.
  19. Chakravarty, Sugato; Jaina P.,Upsona J. and Wooda R. (2012). "Clean Sweep: Informed Trading through Intermarket Sweep Orders". Journal of Financial and Quantitative Analysis. 47 (2): 415–435. doi:10.1017/S0022109012000129. S2CID 9449478.
  20. Chakravarty, Sugato. "Introduction to Personal Finance at Purdue (CSR 342)". Retrieved 9 December 2012.
  21. Pylypiv, Mariya. "CSR 342: Personal Finance homepage". Retrieved 9 December 2012.
  22. Evans, Tim (12 February 2009). "Web-based tool Hotseat taking students' questions". USA Today. Retrieved 9 December 2012.
  23. Young, Jeffrey (22 November 2009). "Teaching With Twitter: Not for the Faint of Heart Students are emboldened, but they can also hijack discussions". The Chronicle of Higher Education. Retrieved 9 December 2012.
  24. Chakravarty, Sugato (2011). Street Smarts, Book Smarts—Personal Finance through Facts, fiction, and Conversation. XanEdu. p. 337. ISBN 978-1-58152-667-7.
  25. Chakravarty, Sugato; H. Gulen and S. Mayhew (2004). "Informed Trading in Stock and Options Markets". Journal of Finance. 59 (3): 1235–1258. CiteSeerX 10.1.1.195.7035. doi:10.1111/j.1540-6261.2004.00661.x.
  26. Chakravarty, Sugato (2001). "Stealth trading: Which traders' trades move stock prices?". Journal of Financial Economics. 61 (2): 289–307. CiteSeerX 10.1.1.378.1403. doi:10.1016/S0304-405X(01)00063-0.
  27. Chakravarty, Sugato; Li K. (2003). "An Examination of Own Account Trading by Dual Trading in Futures Markets" (PDF). Journal of Financial Economics. 69 (2): 375–397. doi:10.1016/S0304-405X(03)00117-X.
  28. Chakravarty, Sugato; Scott J. (1999). "Relationships and Rationing in Consumer Loans". The Journal of Business. 72 (4): 523–544. doi:10.1086/209626. JSTOR 10.1086/209626.
  29. Chakravarty, Sugato; Jain P.; Upson J.; Wood R. (2011). "Clean Sweep: Informed Trading through Intermarket Sweep Orders". Journal of Financial and Quantitative Analysis.
  30. Chakravarty, Sugato; Li K. (2003). "A Bayesian Analysis of Dual Trader Informativeness in Futures Markets". Journal of Empirical Finance. 10 (3): 355–371. doi:10.1016/S0927-5398(02)00051-8.
  31. Ananda, Amber; Sugato Chakravarty; Chairat Chuwonganant (2009). "Cleaning House: Stock Reassignments on the NYSE". Journal of Financial Markets. 12 (4): 727–753. doi:10.1016/j.finmar.2009.07.001.
  32. Tally, Steve (2 November 2009). "Hotseat lets students Facebook, Tweet in class to improve learning". Purdue News. Retrieved 13 September 2012.
  33. "Hotseat Brings Social Media in the Classroom". Kiwi Commons. 27 November 2009. Retrieved 13 September 2012.
  34. Evans, Tim (12 February 2009). "Web-based tool Hotseat taking students' questions". USA Today. Retrieved 13 September 2012.
  35. GABRIEL, TRIP (12 May 2011). "Speaking Up in Class, Silently, Using Social Media". New York Times. Retrieved 13 September 2012.
  36. Young, Jeffrey (22 November 2009). "Teaching With Twitter: Not for the Faint of Heart". The Chronicle of Higher Education. Retrieved 13 September 2012.
  37. Kalev, Petko. "Professor". Retrieved 13 September 2012.
  38. Van Ness, Robert. "Professor" (PDF). Retrieved 13 September 2012.
  39. Chakravarty, Sugato; Gulen H. and S. Mayhew (2004). "Informed Trading in Stock and Option Markets" (PDF). Journal of Finance. LIX (3): 1235–1258. CiteSeerX 10.1.1.195.7035. doi:10.1111/j.1540-6261.2004.00661.x.
  40. "Journal of Financial Research Announcement of the 2011 Outstanding Article Awards". JFR. Retrieved 13 September 2012.
  41. "Marquis Who's Who on Demand".
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