Marti G. Subrahmanyam

– Charles E. Merrill Professor of Finance, Economics and International Business

Joined Stern 1974

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 968
New York, NY 10012

NYU Stern Profile

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Education and Teaching

Marti G. Subrahmanyam is the Charles E. Merrill Professor of Finance, Economics and International Business in the Stern School of Business at New York University, and Global Network Professor of Finance at NYU Shanghai. He holds a degree in mechanical engineering from the Indian Institute of Technology, Madras, and a post-graduate diploma in business administration from the Indian Institute of Management, Ahmedabad. Both institutions conferred on him their Distinguished Alumnus Award. He earned a doctorate in finance and economics from the Massachusetts Institute of Technology.

Professor Subrahmanyam has been a visiting professor at leading academic institutions in Australia, England, France, Germany, India, Italy, and Singapore, including the Goethe University of Frankfurt, Einaudi Institute of Economics and Finance and Università Guido Carli LUISS, in Rome, ESSEC, and INSEAD, near Paris, the Indian Institute of Technology, Madras, and the Indian Institute of Management, Ahmedabad, London Business School, University of Konstanz, Germany, National University of Singapore, Singapore Management University, Churchill College, Cambridge University, the Paris School of Economics, the University of Melbourne, and the Universita Ca’ Foscari, Venice. He has taught extensively on executive programs in over twenty countries around the world.

Research and Editorial

Professor Subrahmanyam currently serves or has served on the editorial boards of the European Financial Management, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He was the Founding Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include the valuation of corporate securities, asset pricing particularly in the context of derivatives markets, market microstructure, and fixed income markets. Professor Subrahmanyam has published over a hundred and twenty-five articles and several books in the areas of corporate finance, capital markets, and international finance. His publications include papers in leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, and The Review of Financial Studies. His books include Financial Options: From Theory to Practice and Credit Default Swaps.

Teaching, Mentoring and Significant Awards

Professor Subrahmanyam teaches at the undergraduate, Master’s, and doctoral levels as well as in executive programs. He has served on over eighty doctoral dissertation committees and has chaired over thirty-five of them. His students serve on the faculties of leading business schools around the world. He founded the NYU Stern Undergraduate Honors Program in 2000 and the NYU Shanghai Business Honors Program in 2015. Professor Subrahmanyam has won several teaching awards including New York University’s Distinguished Teaching Medal. In 2016, he was awarded the Anneliese Maier Award of the Alexander von Humboldt Foundation for his research, the first economist to be so honored.

Consulting and Board Appointments

Professor Subrahmanyam has served as a consultant to several corporations, industrial groups, and financial institutions in the U.S., Europe, Asia, and Latin America. These include many of the largest global financial institutions. He has served as an advisor to international and government organizations and serves as an adviser to several startup companies in India and the United States.
He has served or continues to serve on the boards of several companies, including AION India Investment Advisors (P) Ltd., Clayfin Technologies Ltd., ICICI Bank Ltd. (NYSE: IBN), ICICI Prudential Life Insurance Co. Ltd. (NSE: ICICIPRULI), ICICI Venture Funds Management Company Limited, Infosys Ltd. (NYSE: INFY), Nomura Asset Management Inc., LIC Nomura Mutual Fund Asset Management Co. Ltd., Premier European Capital Ltd., and Vayana Enterprises (P) Ltd. Several of these are affiliates of well-known global financial institutions including Deutsche Bank A.G., J.P. Morgan & Co. Inc., Nomura Holdings Ltd., and Apollo Global Management Inc.

Professor Subrahmanyam serves on a few non-profit boards including the Indian School of Business and the IIT Madras Foundation.

Research Interests

  • Valuation of corporate securities
  • Options and futures markets
  • Corporate debt markets
  • Market microstructure and liquidity
  • Indian financial markets

Courses Taught

  • Advanced Futures and Options
  • Honors Seminar (Undergraduate)
  • Seminar on Derivatives

Academic Background

Ph.D., Finance and Economics, 1974
Massachusetts Institute of Technology

P.G. Diploma, Business Administration, 1969
Indian Institute of Management, Ahmedabad

B.Tech., Mechanical Engineering, 1967
Indian Institute of Technology, Madras

Awards & Appointments

India Institute of Management, Ahmedabad Distinguished Alumnus Award 2011
Indian Institute of Technology, Madras Distinguished Alumnus Award 2004
New York University Distinguished Teaching Medal 2003

Selected Publications

P. Augustin, M.G. Subrahmanyam, D.Y. Tang and S.Q. Wang (2014)
Credit Default Swaps: A Survey
Foundations and Trends in Finance, December 2014

R. Jankowitsch, F. Nagler, and M.G. Subrahmanyam (2014)
The Determinants of Recovery Rates in the US Corporate Bond Market
Journal of Financial Economics, October 2014

M.G. Subrahmanyam, D.Y. Tang, D.Y. and S.Q. Wang (2014)
Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk
Review of Financial Studies, October 2014

N. Friewald, R. Jankowitsch, M. Subrahmanyam (2012)
Illiquidity or Credit Deterioration: A Study of Liquidity in the US Corporate Bond Market during Financial Crises
Journal of Financial Economics, July 2012

S. Mahanti, A. Nashikkar, M. Subrahmanyam (2011)
Limited Arbitrage and Liquidity in the Market for Credit Risk
Journal of Financial and Quantitative Analysis, June 2011

R. Jankowitsch, A. Nashikkar, M. Subrahmanyam (2011)
Price Dispersion in OTC Markets: A New Measure of Liquidity
Journal of Banking and Finance, February 2011

H. Almeida, S.Y. Park, D. Wolfenzon, M. Subrahmanyam (2011)
The Structure and Formation of Business Groups: Evidence from Korean Chaebols
Journal of Financial Economics, February 2011

P. Deuskar, A. Gupta, M. Subrahmanyam (2011)
Liquidity Effects in OTC Options Markets: Premium or Discount?
Journal of Financial Markets, February 2011

V. Gaur, S. Seshadri, M. Subrahmanyam (2011)
Securitization and Real Investment in Incomplete Markets
Management Science, December 2011

M. P Richardson, J. Ronen, M. Subrahmanyam (2010)
Securitization Reform
Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, John Wiley

Areas of Expertise

  • Corporate Finance
  • Credit Risk/Default Risk
  • Credit/Debt Markets
  • Derivatives
  • Fixed Income
  • Fixed Income
  • International Finance
  • Information Technology
  • Investment Banking
  • India