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NSE-NYU Conference on Indian Financial Markets 2021


Speaker Profile


Dr. Michael Spence photograph

Dr. Michael Spence
2001 Nobel Laureate for Economics


Prof. Michael Spence was awarded the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal from the American Economics Association in 1981. He is a senior fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University. He joined the NYU Leonard N. Stern School of Business as a professor of economics in September 2010. Prof. Spence, whose scholarship focuses on economic policy in emerging markets, the economics of information, and the impact of leadership on economic growth, was the Chairman of the Independent Commission on Growth and Development (2006-10) - a global policy group focused on strategies for producing rapid, sustainable growth and reducing poverty. He has served as a consultant and Board member in several companies.

Dr. Duvvuri Subbarao photograph

Dr. Duvvuri Subbarao
Former Governor, RBI and Faculty, National University Singapore


Dr Duvvuri Subbarao served as Governor of the Reserve Bank of India (RBI) for five years (2008-13). Prior to that, he was Finance Secretary to the Government of India (2007-08) and Secretary to the Prime Minister’s Economic Advisory Council (2005-07). Dr Subbarao joined the Indian Administrative Service in 1972. As a career civil servant, he worked in various positions in the state and Central government. Dr Subbarao was a Lead Economist in the World Bank (1999-2004) where his responsibilities involved analysing the public expenditures of developing countries and advising them on fiscal policy issues. He is currently a distinguished visiting faculty at the National University of Singapore.

Dr. Aswath Damodaran photograph

Dr. Aswath Damodaran
Professor of Finance, NYU Stern School of Business


Aswath Damodaran holds the Kerschner Family Chair in Finance Education and is Professor of Finance at NYU Stern School of Business. Before coming to Stern, he also lectured in Finance at the University of California, Berkeley. He has been the recipient of Giblin, Glucksman, and Heyman Fellowships, a David Margolis Teaching Excellence Fellowship, and the Richard L. Rosenthal Award for Innovation in Investment Management and Corporate Finance. Prof. Damodaran received a B.A. in Accounting from Madras University and a post graduate diploma in Management from the Indian Institute of Management. He earned an M.B.A. (1981) and then Ph.D. (1985), both in Finance, from the University of California, Los Angeles.

Dr. Darrell Duffie photograph

Dr. Darrell Duffie
The Adams Distinguished Professor of Management and Professor of Finance, Graduate School of Business, Stanford University


Darrell Duffie is the Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business. He is a fellow and member of the Council of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. Duffie was the 2009 president of the American Finance Association. In 2014, he chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. Duffie’s recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

Dr. Viral Acharya photograph

Dr. Viral Acharya
Former Deputy Governor, RBI and C.V. Starr Professor of Economics, NYU Stern School of Business


Prof. Viral Acharya is the Former Deputy Governor of the Reserve Bank of India and C. V. Starr Professor of Economics at NYU Stern School of Business. Prof. Acharya started the NSE-NYU Stern Initiative on the Study of Indian Financial Markets along with the National Stock Exchange of India in 2012. He has served on the International Advisory Board of the Securities and Exchange Board of India (SEBI). He has also been an Academic Advisor to the Federal Reserve Banks of Chicago and Cleveland, and the Board of Governors. He is Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, a Research Affiliate at the Center for Economic Policy Research (CEPR), and Research Associate of the European Corporate Governance Institute (ECGI). He has authored several books on finance and banking.

Prof. Kose John photograph

Prof. Kose John
Charles William Gerstenberg Professor of Banking and Finance at the NYU Stern School of Busines


Prof. Kose John is the Charles William Gerstenberg Professor of Banking and Finance at the Stern School of Business, New York University. He has also taught at the University of Chicago, Columbia University, and Institut D'Etudes Politiques de Paris (Sciences PO). He has won several awards, including the Batterymarch Fellowship in 1983 and the Jensen Prize for the best paper published in 2000 in the Journal of Financial Economics. He has been on the Nomination Committee for the Nobel Prize in Economics since 2016. His recent research interests include FinTech, Blockchain economics, corporate bankruptcy, dividend policy, corporate governance, top-management compensation, institutions and innovation. He has published over 110 research articles and mentored over 106 doctoral students.

Events From (IST) To (IST) Duration
Introduction by Dr. Tirthankar Patnaik, Chief Economist, NSE 18:00 18:05 0:05
Welcome address by Mr. Vikram Limaye, MD and CEO, NSE 18:05 18:15 0:10
Welcome address by Prof. Kose John, Charles William Gerstenberg Professor of Banking and Finance at the NYU Stern School of Business 18:15 18:25 0:10

Presentation of Supported Paper I: Bank Deposit Franchise, Interest Rate Risk, and Default Risk

  • Nirupama Kulkarni, CAFRAL
  • Akshat Singh, University of Oxford
18:25 18:45 0:20
Discussion by Alexi Savov, NYU Stern School of Business 18:45 18:55 0:10
Discussion + Author's response 18:55 19:10 0:15
Break 19:10 19:20 0:10
A conversation with…
  • Dr. Duvvuri Subbarao, Former Governor, RBI and Faculty, National University Singapore
  • Dr. Darrel Duffie, The Adams Distinguished Professor of Management and Professor of Finance, Graduate School of Business, Stanford University
  • Dr. Viral Acharya, Former Deputy Governor, RBI and C.V. Starr Professor of Economics, NYU Stern School of Business
…on “eRupee, CBDCs and Digital Economy
19:20 20:05 0:45
Q&A 20:05 20:20 0:15
Break 20:20 20:25 0:05
Keynote Address by Prof. Aswath Damodaran, Professor of Finance, NYU Stern School of Business on ‘The corporate life cycle: Growing up is hard to do, Growing older is even harder’, followed by Q&A - (link to pdf) 20:25 21:15 0:50
Closing remarks 21:15 21:17 0:02
Events From (IST) To (IST) Duration
Introductory remarks 18:00 18:05 0:05

Presentation of Policy Paper I: Winds of Change: Gender Quota on Boards in the Face of Patriarchy

  • Lakshmi Naaraayanan, London Business School
  • Kasper Nielsen, Copenhagen Business School
18:05 18:25 0:20
Q&A 18:25 18:35 0:10
Break 18:35 18:40 0:05

Presentation of Supported Paper II: Does the type of settlement matter? Evidence from Indian Derivatives Market

  • Prachi Jain, Indian Institute of Management Indore 
18:40 19:00 0:20
Discussion by Nidhi Agarwal, Indian Institute of Management Udaipur 19:00 19:10 0:10
Discussion + Author's response 19:10 19:25 0:15
Break 19:25 19:30 0:05

Presentation of Supported Paper III: What happens when ratings shopping is visible? Evidence from unaccepted ratings disclosure in India

  • Sanjay Kallapur, Indian School of Business
  • Abdul Khizer, Indian School of Business
  • Hariom Manchiraju, Indian School of Business
  • Rajesh Vijayaraghavan, University of British Columbia
19:30 19:50 0:20
Discussion by Christine Cuny, NYU Stern School of Business 19:50 20:00 0:10
Discussion + Author's response 20:00 20:15 0:15
Break 20:15 20:20 0:05

Presentation of Supported Paper IV: Do Too Many Cooks Spoil the Broth?: Multiple Politicians, Firm Entry and Economic Growth

  • Harsha Dutta, Hong Kong University of Science and Technology
  • Pulak Ghosh, Indian Institute of Management Bangalore
  • Arkodipta Sarkar, Hong Kong University of Science and Technology
  • Nishant Vats, Booth School of Business, University of Chicago
20:20 20:40 0:20
Supported paper 4 discussion by by Guo Xu, University of California, Berkeley 20:40 20:50 0:10
Discussion + Author's response 20:50 21:05 0:15
Closing remarks 21:05 21:07 0:02
Events From (IST) To (IST) Duration
Introductory remarks 18:00 18:05 0:05
Keynote Address by Prof. Michael Spence, 2001 Nobel Laureate for Economics on ‘Digital India, Chapter 2: Inclusive growth and development patterns in the digital economy’, followed by Q&A 18:05 18:55 0:50
Break 18:55 19:00 0:05

Presentation of Policy Paper II: Bank Presence and Health

  • Kim F Cramer, Columbia Business School
19:00 19:20 0:20
Q&A 19:20 19:30 0:10
Break 19:30 19:35 0:05

Presentation of Supported Paper V: Identifying HFT Activity without Proprietary Data

  • Bidisha Chakrabarty, Saint Louis University
  • Carole Comerton-Forde, UNSW Sydney
  • Roberto Pascual, University of the Balearic Islands
19:35 19:55 0:20
Discussion by Joel Hasbrouck, NYU Stern School of Business 19:55 20:05 0:10
Discussion + Author's response 20:05 20:20 0:15
Break 20:20 20:25 0:05

Presentation of Supported Paper VI: Effectiveness of Additional Surveillance Measures–Empirical study using Indian market data

  • Latha Chari, National Institute of Securities Markets (NISM)
  • Mohd Merajuddin Inamdar, National Institute of Securities Markets (NISM)
20:25 20:45 0:20
Discussion by Poonam Singh, NITIE 20:45 20:55 0:10
Discussion + Author's response 20:55 21:10 0:15
Closing remarks 21:10 21:12 0:02
Updated on: 16/12/2021