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Tarun Ramadorai is Professor of Financial Economics at Imperial College London.
He has a broad range of research interests, spanning household finance, financial economics, behavioral economics, real estate, and international finance. He has published on these topics in a number of scholarly journals in finance and economics including the American Economic Review, the Review of Economic Studies, the Journal of Economic Literature, the Journal of Finance, the Journal of Financial Economics,
and the Review of Financial Studies. He has received several awards for his research, including the Brattle prize for best paper in the Journal of Finance.
Tarun currently serves as Executive Editor of the Review of Financial Studies. He has previously served as an Editor and Associate Editor of the Review of Financial Studies, an Associate Editor of Management Science,
and as a council member of the Society of Financial Studies. He is currently a Director of the European Finance Association, a Research Fellow of the Centre for Economic Policy Research (CEPR), a Senior Academic Fellow of the Asian Bureau of Finance and Economics Research (ABFER), and a Nonresident
Senior Fellow at the National Council of Applied Economic Research (NCAER).
Online Appendix
Book Chapter
Online Appendix
Report on RBI website Executive Summary Highlights Presentation slides
Print Coverage Online Coverage
household-finance.net
Norges Bank Investment Management: Allocation Advisory Board Member
Norges Bank Investment Management: Allocation Advisory Board Member
2. Speaking Engagement
KPMG
KPMG
2. Executive Education
EDHEC
3. Executive Education
ISB
He has served in a range of policy and practice roles in addition to his academic work, including Chairman of the Inter-Regulatory Committee on Household Finance constituted
by the Reserve Bank of India, Visiting Scholar at the Economic Advisory Council to the Prime Minister of India, Economic Adviser to the European Securities and Markets Authority, and Allocation Advisory Board Member for the Norwegian Sovereign Wealth Fund (NBIM). He currently serves as co-Chair of the Fintech workstream of the India-UK Financial Partnership.
Tarun 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 papers:
Human financial advice in the age of automation
2024, with Fiona Greig, Alberto Rossi, Steve Utkus, and Ansgar Walther.
Housing and fertility
2024, with Bernardus van Doornik, Dimas Fazio, and Janis Skrastins.
Behavioral lock-in: Aggregate implications of reference dependence in the housing market
2024, with Cristian Badarinza, Juhana Siljander, and Jagdish Tripathy.
Optimal tax policy with misreporting: Theory, and evidence from real estate
2024, with Santosh Anagol, Allan Davids, and Benjamin Lockwood.
Selected media coverage:
Indianomics: Decoding savings and investment trends.
December 2022. CNBC-TV18.
Inaugural lecture: Household decisions in financial markets: The structure beneath the surface.
October 2022. Imperial College Inaugurals
Op-ed: Technology can help democratise financial services.
August 2021. The Financial Times
Research
35. Climate regulation and emissions abatement: Theory and evidence from firms' disclosures
2024, with Federica Zeni.
2024, with Federica Zeni.
Management Science, forthcoming.
36. Refinancing cross-subsidies in the mortgage market
2024, with Jack Fisher, Alessandro Gavazza, Lu Liu, and Jagdish Tripathy.
2024, with Jack Fisher, Alessandro Gavazza, Lu Liu, and Jagdish Tripathy.
Journal of Financial Economics, 158, 103876.
34. Who owns what? A factor model for direct stockholding
2023, with Vimal Balasubramaniam, John Y. Campbell, and Benjamin Ranish.
2023, with Vimal Balasubramaniam, John Y. Campbell, and Benjamin Ranish.
Journal of Finance, 78(3), 1545-1591.
33. Reference dependence in the housing market
2022, with Steffen Andersen, Cristian Badarinza, Lu Liu, and Julie Marx.
2022, with Steffen Andersen, Cristian Badarinza, Lu Liu, and Julie Marx.
American Economic Review, 112(10), 3398-3440.
32. Gravity, counterparties, and foreign investment
2022, with Cristian Badarinza and Chihiro Shimizu.
2022, with Cristian Badarinza and Chihiro Shimizu.
Journal of Financial Economics, 145(2), 132-152.
31. Predictably unequal? The effects of machine learning on credit markets
2021, with Andreas Fuster, Paul Goldsmith-Pinkham, and Ansgar Walther.
2021, with Andreas Fuster, Paul Goldsmith-Pinkham, and Ansgar Walther.
Wharton School-WRDS Best Paper Award in Empirical Finance, Western Finance Association.
Brattle Group First Prize: Best Corporate Finance Paper, Journal of Finance.
Journal of Finance, 77(1), 5-47.
30. Privacy, adoption, and truthful reporting: A simple theory of contact tracing applications
2021, with Yves-Alexandre de Montjoye, Tommaso Valletti, and Ansgar Walther.
2021, with Yves-Alexandre de Montjoye, Tommaso Valletti, and Ansgar Walther.
Economics Letters, 198(Art. 109676).
29. Learning from noise: Evidence from India's IPO lotteries
2021, with Santosh Anagol and Vimal Balasubramaniam.
2021, with Santosh Anagol and Vimal Balasubramaniam.
Journal of Financial Economics, 140(3), 965-986.
Journal of Economic Literature, 59(3), 919-1000.
27. Heterogenous taxes and limited risk sharing: Evidence from municipal bonds
2021, with Tania Babina, Pab Jotikasthira, and Chris Lundblad.
2021, with Tania Babina, Pab Jotikasthira, and Chris Lundblad.
James A Lebenthal Excellence in Municipal Finance Research Prize.
Review of Financial Studies, 34(1), 509-568.
26. Sources of inaction in household finance: Evidence from the Danish mortgage market
2020, with Steffen Andersen, John Y. Campbell, and Kasper Meisner-Nielsen.
2020, with Steffen Andersen, John Y. Campbell, and Kasper Meisner-Nielsen.
American Economic Review, 110(10), 3184-3230.
25. The household finance landscape in emerging economies
2019, with Cristian Badarinza and Vimal Balasubramaniam.
2019, with Cristian Badarinza and Vimal Balasubramaniam.
Annual Review of Financial Economics, 11, 109-129.
24. Do the rich get richer in the stock market? Evidence from India
2018, with John Y. Campbell and Ben Ranish.
2018, with John Y. Campbell and Ben Ranish.
American Economic Review: Insights, 1(2), 225-240.
Online Appendix
23. Endowment effects in the field: Evidence from India's IPO lotteries
2018, with Santosh Anagol and Vimal Balasubramaniam.
2018, with Santosh Anagol and Vimal Balasubramaniam.
Review of Economic Studies, 85(4), 1971-2004.
Online Appendix
21. What calls to ARMs? International evidence on interest rates and the choice of adjustable rate mortgages
2018, with Cristian Badarinza and John Y. Campbell.
2018, with Cristian Badarinza and John Y. Campbell.
Management Science, 64(5), 2275-2288.
Online Appendix
Institutional Appendix
Annual Review of Economics, 8, 111-144.
19. Volatility risk premia and exchange rate predictability
2016, with Pasquale Della Corte and Lucio Sarno.
2016, with Pasquale Della Corte and Lucio Sarno.
Journal of Financial Economics, 120, 21-40.
VoxEU Article
Review of Asset Pricing Studies, 5, 185-226.
Online Appendix
FMA Napa Conference Best Paper Prize.
SFS Finance Cavalcade/Review of Asset Pricing Studies Keynote Paper.
17. The impact of regulation on mortgage risk: Evidence from India
2015, with John Y. Campbell and Benjamin Ranish.
2015, with John Y. Campbell and Benjamin Ranish.
American Economic Journal: Economic Policy, 7, 71-102.
Online Appendix
Regulatory Appendix
16. Change you can believe in? Hedge fund data revisions
2015, with Andrew Patton and Michael Streatfield.
2015, with Andrew Patton and Michael Streatfield.
Journal of Finance, 70, 963-999.
VoxEU Article
15. Trade credit and cross-country predictable firm returns
2015, with Rui Albuquerque and Sumudu Watugala.
2015, with Rui Albuquerque and Sumudu Watugala.
Journal of Financial Economics, 115, 592-613.
INQUIRE Europe third prize.
Journal of Financial Markets, 17, 65-93.
13. How do foreign investors impact domestic economic activity?
Evidence from India and China
2013, with Pab Jotikasthira and Chris Lundblad.
Evidence from India and China
2013, with Pab Jotikasthira and Chris Lundblad.
Journal of International Money and Finance, 39, 89-110.
12. Does one size fit all? The consequences of switching markets with different regulatory standards
2013, with Tim Jenkinson.
2013, with Tim Jenkinson.
European Financial Management, 19, 852-886.
Best Paper prize. Financial Analysts Journal and CFA Institute.
11. Limits to arbitrage and hedging: Evidence from commodity markets
2013, with Viral Acharya and Lars Lochstoer.
2013, with Viral Acharya and Lars Lochstoer.
Journal of Financial Economics, 109, 441-465.
Online Appendix
Download Data
Viz Risk Management Best paper prize, European Finance Association.
Journal of Financial Economics, 107, 401-416.
8. Asset fire sales and purchases and the international transmission of funding shocks
2012, with Pab Jotikasthira and Chris Lundblad.
2012, with Pab Jotikasthira and Chris Lundblad.
Journal of Finance, 67, 2015-2050.
Online Appendix
6. Caught on tape: Institutional trading, stock returns, and earnings announcements
2009, with John Y. Campbell and Allie Schwartz.
2009, with John Y. Campbell and Allie Schwartz.
Journal of Financial Economics, 92, 66-91.
Download data
5. Hedge funds: Performance, risk and capital formation
2008, with William Fung, David A. Hsieh and Narayan Y. Naik.
2008, with William Fung, David A. Hsieh and Narayan Y. Naik.
Journal of Finance , 63, 1777-1803.
Finalist for the Smith-Breeden prize.
Review of Financial Studies, 21, 937-972.
International Journal of Finance and Economics, 13, 14-25.
2. Capacity constraints and hedge fund strategy returns
2007, with Narayan Y. Naik and Maria Stromqvist.
2007, with Narayan Y. Naik and Maria Stromqvist.
European Financial Management, 13, 239-256.
Journal of Finance, 60(3), 1535-1566.
8. Human financial advice in the age of automation
2024, with Fiona Greig, Alberto Rossi, Steve Utkus, and Ansgar Walther.
2024, with Fiona Greig, Alberto Rossi, Steve Utkus, and Ansgar Walther.
7. Optimal tax policy with misreporting: Theory, and evidence from real estate
2024, with Santosh Anagol, Vimal Balasubramaniam, Benjamin Lockwood, and Antoine Uettwiller.
2024, with Santosh Anagol, Vimal Balasubramaniam, Benjamin Lockwood, and Antoine Uettwiller.
5. Diffuse bunching with frictions: Theory and estimation
2024, with Santosh Anagol, Allan Davids, and Benjamin Lockwood.
2024, with Santosh Anagol, Allan Davids, and Benjamin Lockwood.
4. Behavioral lock-in: Aggregate implications of reference dependence in the housing market
2024, with Cristian Badarinza, Juhana Siljander, and Jagdish Tripathy.
2024, with Cristian Badarinza, Juhana Siljander, and Jagdish Tripathy.
3. In search of the matching function in the housing market
2024, with Cristian Badarinza and Vimal Balasubramaniam.
2024, with Cristian Badarinza and Vimal Balasubramaniam.
2. Heterogeneous mortgage choice: Evidence from Denmark
2023, with Steffen Andersen, John Y. Campbell, Joao Cocco, and Chris Hansman.
2023, with Steffen Andersen, John Y. Campbell, Joao Cocco, and Chris Hansman.
The Indian household finance landscape
2016, with Cristian Badarinza and Vimal Balasubramaniam, India Policy Forum, volume 13
2016, with Cristian Badarinza and Vimal Balasubramaniam, India Policy Forum, volume 13
Online Appendix
Institutional Investors
in H. Kent Baker and John Nofsinger (eds.), "Behavioral Finance: Investors, Corporations, and Markets", Hoboken, NJ: John Wiley & Sons, Inc., October 2010.
in H. Kent Baker and John Nofsinger (eds.), "Behavioral Finance: Investors, Corporations, and Markets", Hoboken, NJ: John Wiley & Sons, Inc., October 2010.
Book Chapter
Money for nothing? Understanding variation in reported hedge fund fees
2011, with Michael Streatfield. Older Working Paper.
2011, with Michael Streatfield. 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.
Long-run discounting: Evidence from the UK leasehold valuation tribunal
2015, with Cristian Badarinza. Older Working Paper.
2015, with Cristian Badarinza. Older Working Paper.
Getting better or feeling better? How equity investors respond to investment experiences
2014, with John Y. Campbell and Benjamin Ranish. Older Working Paper.
2014, with John Y. Campbell and Benjamin Ranish. Older Working Paper.
Online Appendix
Household Finance Report
Report
Inter-Regulatory Committee on Household Finance
The report of the Household Finance Committee was released by the Reserve Bank of India on 24 August, 2017. Here are links to the report, the executive summary, and slideshows.Report on RBI website Executive Summary Highlights Presentation slides
Media Coverage of Report
Media: Committee on Household Finance
Here are links to summaries of online, broadcast, and print coverage of the report in Indian media.Print Coverage Online Coverage
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:
Indianomics: Decoding savings and investment trends.
December 2022. CNBC-TV18.
Inaugural lecture: Household decisions in financial markets: The structure beneath the surface.
October 2022. Imperial College Inaugurals
Op-ed: Technology can help democratise financial services.
August 2021. The Financial Times
Keynote speech (begins at 2:11:24): "Household finance: Short-term financial needs and long-term financial resilience.
Slideshow for keynote speech.
June 2021. Dvara Research Conference on Household Finance.
Retail investors often learn the wrong lessons from success
December 2020. The Economist
COVID-19's impact on emerging economies
17 June 2020. Imperial College podcast.
Impact of the pandemic on the global economy
29 April 2020. BBC World News Television Interview.
Effects of the pandemic on the Indian economy and recommended cash transfer policy
21 April 2020. Bloomberg Quint Video Interview.
What could see India through its COVID crisis
15 April 2020. Mint
COVID-19 and India: Synchronize policy interventions for better outcomes
9 April 2020. Mint
Locked down! What next?
24 March 2020. Panel discussion on COVID-19 and India on Business Insider
It is the Economy: Election Special on Household Savings.
19 March 2019. CNBC-TV18
Financialisation of Savings: Pad-Up Before You Go In.
19 March 2019. Bloomberg Quint
The Benefits of Better Credit-risk Models will be Spread Unevenly
February 2019. The Economist
Family Law and Household Finance in India
24 January 2019. Mint
The Outlook for 2019: Key Factors Shaping the Indian Economy.
28 December 2018. CNBC-TV18
Inequality and Stock Market Investments
17 December 2018. Mint
Household Finance in an Election Year
18 November 2018. Mint
Why House Prices in Global Cities are Falling
November 2018. The Economist
What Venezuelan Savers Can Teach Everyone Else
July 2018. The Economist
Striking a Fine Regulatory Balance in Banking
23 April 2018. Mint
Counting Every Household In
28 February 2018. The Indian Express
Is India Moving to Financial Assets?
September 2017. Indianomics: CNBC-TV18 Interview
Print Coverage Summary: Committee on Household Finance
September-October 2017. Various Indian Media Outlets
Online Coverage Summary: Committee on Household Finance
September-October 2017. Various Indian Media Outlets
Investor's Chronicle: The Global Savings Glut
11 August 2017. Financial Times
Foreign Buyers Push Up Global House Prices
11 March 2017. The Economist
Inattention and Inertia in Household Finance
October 2016. Vox EU, Video.
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
Greece and the Game of Burning Money
11 July 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.
Budget: Implementation is the Key
16 March 2015. Mint
Don't Underestimate the Role of Push Factors
5 February 2015. Mint
Building the Data Economy in India
8 January 2015. Mint
India's Collective Action Trouble
21 December 2014. Mint
The Costs of Frequent Elections
12 November 2014. Mint
Igniting Retail Interest in Equities
8 October 2014. Mint
Should Retail Investors Participate in the Equity Derivatives Market?
15 September 2014. Mint
Leave the Retail Investor Alone
8 September 2014. Mint
Transparency in Indian Politics
6 August 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
London house prices linked to political uncertainty overseas
13 January 2014. The Guardian
Individual investors should diversify portfolio, stop churning
27 December 2013. Business 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
The Economics Nobel matters for India
21 October 2013. Mint
Are US hedge funds more attractive? A tale of two markets
23 June 2013. HedgeWeek
Bad data, the rich man's disease
4 June 2013. Morningstar
Bad financial disclosure regimen can be injurious to health
6 May 2013. The Economic Times
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
Should the benefits mitigate the costs: PSL overhaul due?
22 November 2012. The Economic Times
Land acquisition law has to reflect business imperatives, not be the patchwork quilt
12 October 2012. The Economic Times
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.
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.
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.
Engagement
INITIATIVE ON INTERNATIONAL COMPARATIVE HOUSEHOLD FINANCE
Tarun was previously Principal Investigator on a transformational initiative financed by the Sloan Foundation, tasked with establishing 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. This continues to be an active area of research, and he is in the process of setting up a new initative at Imperial College Business School to take these ideas forward.household-finance.net
SIGNIFICANT NON-COMPENSATED ACTIVITIES
APPOINTMENTS AND ADVISORY
Asian Bureau of Finance and Economics Research
Senior Economic Fellow. National Council for Applied Economic Research
Senior Nonresident Fellow. India-UK Financial Partnership
Co-Chair, Fintech Workstream.
For other appointments and further details, click here:
Senior Economic Fellow. National Council for Applied Economic Research
Senior Nonresident Fellow. India-UK Financial Partnership
Co-Chair, Fintech Workstream.
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 2020-2021
1. Asset ManagementNorges Bank Investment Management: Allocation Advisory Board Member
ACADEMIC YEAR 2019-2020
1. Asset ManagementNorges Bank Investment Management: Allocation Advisory Board Member
2. Speaking Engagement
KPMG
ACADEMIC YEAR 2018-2019
1. Speaking EngagementKPMG
2. Executive Education
EDHEC
3. Executive Education
ISB