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Utpal Bhattacharya


IEMS Research Areas

Areas of Expertise

Market Manipulation, Insider Trading, Earnings Management, Household Finance, Behavioral Biases

Short Bio

Professor Bhattacharya's research is about the dark side of financial markets. He believes, with apologies to Thomas Jefferson, that "the price of capitalism is eternal vigilance.

He is the Executive Editor of Financial Management, and was an Associate Editor of the Review of Financial Studies and the Journal of Financial Markets.  His publications have appeared in top-tier finance journals like the Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial and Quantitative Analysis and the Journal of Business, top-tier accounting journals like The Accounting Review, and top-tier economics journals like the Journal of Economic Theory, Journal of Law and Economics and the Journal of Monetary Economics.

His research has been featured in full-length stories more than a hundred times in various media across the world, including five times in the Economist

Selected Papers and Publications

  • “Do Superstitious Traders Lose Money?” (with Wei-Yu Kuo, Tse-Chun Lin and Jing Zhao), 2017, Management Science, forthcoming. Was a feature story in the Economist (8/30/2014)
  • “What Affects Innovation More: Policy or Policy Uncertainty?” (with Po-Hsuan Hsu, Xuan Tian and Yan Xu), 2017, Journal of Financial and Quantitative Analysis 52, 1869-1901. Was a feature story in Washington Post (2/19/2014)
  • “Conflicting Family Values in Mutual Fund Families” (with Jung Hoon Lee and Veronika Krepely Pool), 2013, Journal of Finance 68, 173-200.
  • “Upset the $11 trillion dollar industry” (ICI Viewpoints (4/27/12)); presented my findings to the U.S. Securities and Exchange Commission (5/16/12)
  • “Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study” (with Andreas Hackethal, Simon Kaesler, Benjamin Loos and Steffen Meyer), 2012, The Review of Financial Studies 25, 975-1032. Was the lead article
  • “Do They Do It For The Money?” (with Cassandra Marshall), 2012, Journal of Corporate Finance 18, 92-104. Was a feature story in the Economist (10/27/11), New York Times (6/9/11 and 4/8/09), and in Bloomberg (4/9/09)
  • “When No Law is Better than a Good Law?” (with Hazem Daouk), 2009, Review of Finance 13, 577-627. Was the lead article
  • “The World Price of Earnings Opacity (with Hazem Daouk and Michael Welker), 2003, The Accounting Review 78, 641-678. Was a feature story in Business Week (7/22/02) and Money Magazine (9/1/02)
  • “The World Price of Insider Trading” (with H. Daouk), 2002, Journal of Finance 57, 75-108.
  • Nominated for the 2002 Smith Breeden Award in the Journal of Finance. Was a feature story in the Economist (1/22/00) and in the Financial Times (4/12/01)
  • “Capital Markets and the Evolution of Family Businesses” (with B. Ravikumar), 2001, Journal of Business 74, 187-220. Was the lead article
  • “When an Event is Not an Event: The Curious Case of an Emerging Market” (with Hazem Daouk, Brian Jorgenson and Carl-Heinrich Kehr), 2000, Journal of Financial Economics 55, 69-101. Was a feature story in Barron’s (2/8/99)


Check out Prof Bhattacharya's papers on SSRN.