Avanidhar Subrahmanyam
Distinguished Professor of Finance; Goldyne and Irwin Hearsh Chair in Money and Banking
About
Avanidhar (Subra) Subrahmanyam is an expert in stock market activity and behavioral finance. He is known for his pathbreaking research in the use of psychological principles to explain stock price movements and has published numerous articles in leading peer-reviewed finance and economics journals. Subrahmanyam’s current research interests range from the relationship between the trading environment of a firm’s stock and the firm’s cost of capital to behavioral theories for asset price behavior and empirical determinants of the cross-section of equity returns.
Topics

12 Articles

A Solution to the Debate over Momentum’s Cause?
Investors may underreact when information arrives in small, continuous bits

GameStop Aside, Retail Investors Might be Terrible at Momentum Investing
Using Chinese A and B shares, institutional players outperform individuals

One Data Set That Warns Against Margin Trading
As a group, Chinese futures traders more likely to suffer margin call than to profit

Heading for a Divorce? Might Want to Go Easy on Stock Picking
Active traders lose their edge as a marital breakup approaches

At Last, the Momentum Investing Puzzle Solved?
The simplest explanation — “I can’t believe you know something I don’t” — may trump all the rest

New Appreciation for a Classic Stock Market Gauge
The relationship between short- and longer-term moving averages has strong predictive power for share price returns

Momentum Investing: It Works, But Why?
After a quarter century of sprawling study, it’s time to narrow the focus and settle on an explanation

How ETFs Muffle Stock Market Feedback to Managers
The rise of passive investing leaves companies mistrusting market signals on how best to deploy capital

With Bonds, the Past Can Be Prologue
Patterns in corporate bond returns include abrupt short-term performance reversals and “momentum” waves that persist

Chinese Investors Learn about Derivatives the Hard Way
An analysis of warrant trading reveals individuals’ poor grasp of complex securities

In China, Big Investors Have Brilliant Timing ― Or Do They Know Someone?
A scan of a million brokerage accounts finds the wealthy trade ahead of market-moving news

You Call That Fun? Why Individual Stock Investors Bother
Avanidhar Subrahmanyam studies how some investors’ gambling mentality affects share prices