Tarun Ramadorai is Professor of Financial Economics at Imperial College London. He has a broad range of research interests in household finance, asset pricing, international finance, and real estate. He is greatly interested in finance and economics issues in emerging markets, with a particular focus on India. 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.
Tarun currently serves as Editor of the Review of Financial Studies. He has previously served as an Associate Editor of the Review of Financial Studies and 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).
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:


34. Who owns what? A factor model for direct stockholding
2022, with Vimal Balasubramaniam, John Y. Campbell, and Benjamin Ranish.

Journal of Finance, forthcoming.
33. Reference dependence in the housing market
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.

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.

Wharton School-WRDS Best Paper Award in Empirical Finance, Western Finance Association.
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.

Economics Letters, 198(Art. 109676).
29. Learning from noise: Evidence from India's IPO lotteries
2021, with Santosh Anagol and Vimal Balasubramaniam.

Journal of Financial Economics, 140(3), 965-986.
28. Household finance
2021, with Francisco Gomes and Michael Haliassos.

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.

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.

American Economic Review, 110(10), 3184-3230.
25. The household finance landscape in emerging economies
2019, with Cristian Badarinza and Vimal Balasubramaniam.

Annual Review of Financial Economics, 11, 109-129.

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.

Review of Economic Studies, 85(4), 1971-2004.
Online Appendix

Journal of Financial Economics, 130, 532-555.
Online Appendix
20. International comparative household finance
2016, with Cristian Badarinza and John Y. Campbell.

Annual Review of Economics, 8, 111-144.
19. Volatility risk premia and exchange rate predictability
2016, with Pasquale Della Corte and Lucio Sarno.

Journal of Financial Economics, 120, 21-40.
VoxEU Article
18. The impact of hedge funds on asset markets
2015, with Mathias Kruttli and Andrew Patton.

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.

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.

Journal of Finance, 70, 963-999.
VoxEU Article
15. Trade credit and cross-country predictable firm returns
2015, with Rui Albuquerque and Sumudu Watugala.

Journal of Financial Economics, 115, 592-613.
INQUIRE Europe third prize.
14. Levelling the trading field
2014, with David Easley and Terry Hendershott.

Journal of Financial Markets, 17, 65-93.

Journal of International Money and Finance, 39, 89-110.

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.

Journal of Financial Economics, 109, 441-465.
Online Appendix Download Data
Viz Risk Management Best paper prize, European Finance Association.

Journal of Finance , 68, 597–635.
Online Appendix

Journal of Financial Economics, 107, 401-416.

Journal of Finance, 67, 2015-2050.
Online Appendix

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.

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.

European Financial Management, 13, 239-256.

Journal of Finance, 60(3), 1535-1566.

Revise and Resubmit, Management Science.
Diffuse bunching with frictions: Theory and estimation
2022, with Santosh Anagol, Allan Davids, and Benjamin Lockwood.
Refinancing cross-subsidies in the mortgage market
2022, with Jack Fisher, Alessandro Gavazza, Lu Liu, and Jagdish Tripathy.
A bad bunch: Asset value under-reporting in the Mumbai real estate market
2022, with Santosh Anagol, Vimal Balasubramaniam, and Antoine Uettwiller.
The market for data privacy
2021, with Antoine Uettwiller and Ansgar Walther.
The Indian household finance landscape
2016, with Cristian Badarinza and Vimal Balasubramaniam, India Policy Forum, volume 13

Online Appendix
Fama, Hansen, and Shiller: Nobelists 2013
VoxEU invited article, October 2013.

VoxEU Article
Institutional Investors
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.
The international CAPM redux
2015, with Francesca Brusa and Adrien Verdelhan. Older Working Paper.
On the dynamics of hedge fund risk exposures
2010, with Andrew Patton. 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.
Getting better or feeling better? How equity investors respond to investment experiences
2014, with John Y. Campbell and Benjamin Ranish. Older Working Paper.

Online Appendix

Household Finance 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


Tarun is a frequent media commentator, and regularly writes op-ed columns in a number of Indian newspapers. Recent coverage of his work includes:
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.

Locked down! What next?

24 March 2020. Panel discussion on COVID-19 and India on Business Insider

Household Finance in an Election Year

18 November 2018. Mint

Why House Prices in Global Cities are Falling

November 2018. The Economist

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

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.

India's Collective Action Trouble

21 December 2014. Mint

The Costs of Frequent Elections

12 November 2014. Mint

Leave the Retail Investor Alone

8 September 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

Novice Indian investors in a hurry to get rich

19 December 2013. The Times of India

India's Goldilocks Problem

28 November 2013. Mint

Bad data, the rich man's disease

4 June 2013. Morningstar

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

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


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.

~120 MB Excel FileSample begins in 1993, ends in 2000.
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.

~78 KB Excel FileREADME section and micro data.
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.

~5 KB Text FileSample begins in 1994:12, ends in 2015:12



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.




For other appointments and further details, click here:


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


1. Asset Management   
    Norges Bank Investment Management: Allocation Advisory Board Member


1. Asset Management   
    Norges Bank Investment Management: Allocation Advisory Board Member
2. Speaking Engagement 


1. Speaking Engagement 
2. Executive Education  
3. Executive Education  


Get in touch

Imperial College London
South Kensington Campus
London SW7 2AZ

t.ramadorai [at] imperial.ac.uk