Avanidhar (Subra) Subrahmanyam

Distinguished Professor of Finance; Goldyne and Irwin Hearsh Chair in Money and Banking

Phone: (310) 825-5355



Dr. Subrahmanyam is an expert in behavioral finance and economics, who is known for his path-breaking research in the use of psychological principles to explain stock price movements.   He has used his behavioral expertise to explain spikes in gasoline prices and he has studied the effect of war on the stock market. 

Dr. Subrahmanyam’s current research interests range from the relationship between the trading environment of a firm’s stock and the firm’s cost of capital, to behavioral theories for asset price behavior and empirical determinants of the cross-section of equity returns.

Co-editor of the Journal of Financial Markets, Dr. Subrahmanyam is the author or co-author of numerous refereed journal articles in leading finance and economics journals.  He previously served as associate editor of Review of Financial Studies.  He is a member of the Working Research Group on Market Microstructure, recently established by the National Bureau of Economic Research (NBER).

For his scholarly efforts, he has received best paper awards at the Western Finance Association meetings and the International Conference of Finance in Taiwan and was honored with the Fama-DFA prize for the best paper in investments published in the Journal of Financial Economics (2000) and the Smith Breeden Prize for the best paper published in the Journal of Finance (1999).

Dr. Subrahmanyam has served as a consultant to the Nasdaq Stock Market, the National Stock Exchange in Mumbai (Bombay, India), San Jose Mercury News, and Irwin/McGraw-Hill.


Ph.D. Finance, 1990, UCLA


Asset Pricing, Behavioral Finance, Investor Psychology, Effects of War on Financial Markets, Derivatives, Financial Markets, Securities, Stock Exchange Trading Mechanisms, Stock Price Movement
  • Richard Roll, Eduardo S. Schwartz, and Avanidhar Subrahmanyam. (October 2007). Liquidity and the Law of One Price: The Case of the Futures/Cash Basis. Journal of Finance, [ Link ]
  • Avanidhar Subrahmanyam. (2007). Liquidity, Return, and Order Flow Linkages Between REITs and the Stock Market. Real Estate Economics,
  • Tarun Chordia, Sahn-Wook Huh, and Avanidhar Subrahmanyam. (May 2007). The Cross-Section of Expected Trading Activity. Review of Financial Studies,
Working Papers

Robert Geske, Avanidhar Subrahmanyam and Yi Zhou. (September 2014). "Capital Structure Effects on the Prices of Individual Equity Call Options" [ Link ]

Bing Han, Avanidhar Subrahmanyam and Yi Zhou. (September 2014). "Term Structure of Credit Spreads and Cross{Section of Stock Returns" [ Link ]

Tarun Chordia, Jianfeng Hu, Avanidhar Subrahmanyam, and Qing Tong. (August 2014). "Shocks to Order Flow Volatility and Stock Returns" [ Link ]

Ziyang Geng, Xindan Li, Avanidhar Subrahmanyam, and Honghai Yu. (July 2014). "Do the Rich Have an Informational Advantage? Evidence Based on Account Classifications of Individual Investors" [ Link ]

Tung Lam Danga, Fariborz Moshiriana, Avanidhar Subrahmanyamb, and Bohui Zhanga. (2014). "Global Financial Crisis, Liquidity Shocks and Global Financial Stability" [ Link ]

Martin Dierker and Avanidhar Subrahmanyam. (2014). "Dynamic Information Disclosure" [ Link ]

Andrew Grant, Petko Kalev, Avanidhar Subrahmanyam and Joakim Westerholm. (June 2014). "Stressors and Financial Market Trading: The Case of Marital Separation" [ Link ]

Xindan Li, Avanidhar Subrahmanyam and Xuewei Yang. (January 2014). "Investor Behavior and Financial Innovation: A Case Study on Callable Bull/Bear Contracts." [ Link ]

Tarun Chordia, Amit Goyal, Yoshio Nozawa, Avanidhar Subrahmanyam and Qing Tong. (January 2014). "Is the Cross-Section of Expected Bond Returns Influenced by Equity Return Predictors?" [ Link ]

Avanidhar Subrahmanyam, Michael J. Brennan, Tarun Chordia, Qing Tong. (March 2009). "Sell-side Illiquidity and the Cross-Section of Expected Stock Returns." [ Link ]  

Jun Liu, Ehud Peleg, and Avanidhar Subrahmanyam. (February 2009). "Information, Expected Utility, and Portfolio Choice." [ Link ]