Bhagwan Chowdhry


Phone: (310) 825-5883

Entrepreneurs Hall C411


Bhagwan Chowdhry is a Professor of Finance at UCLA Anderson where he has held an appointment since 1988.

Professor Chowdhry has also taught at the University of Chicago, University of Illinois at Chicago, the Hong Kong University of Science and Technology, and the Indian School of Business. He received his Ph.D. in 1989 from the Graduate School of Business at the University of Chicago. He also has an M.B.A. in Finance from the University of Iowa and a B.Tech. in Mechanical Engineering from Indian Institute of Technology.

His research interests, on which he has published several papers in finance and economics journals, are in International Finance and Corporate Finance and Strategy. He has been on the editorial board of a number of finance journals. He teaches International Finance, Corporate Finance and Financial Institutions at Anderson. He has also organized and taught Executive Education programs on Financial Derivatives, Corporate Risk Management and Valuation in Los Angeles, Singapore, Hong Kong, Mumbai, and Hyderabad.

Microfinance has been his recent teaching, research and applied interest. He has supervised several MBA student projects in Microfinance in the last several years and has taught an undergraduate seminar class and an MBA elective on the subject. He has developed a new model for "Franchising Microfinance" on which he has written a research paper and is studying the feasibility of implementing the model with a Microfinance Institution.

Professor Chowdhry has recently proposed Financial Access at Birth (FAB) initiative in which every child born in the world is given an initial deposit of $100 in an online bank account to guarantee that everyone in the world will have access to financial services in a few decades. You can read about the initiative by clicking here..

Professor Chowdhry is the co-founder (with Professor Ivo Welch) and Executive Editor of a new publication Finance & Accounting Memos (FAMe) that makes academic research more accessible for MBA and PhD students, journalists, policy makers, and other academics. Click FAMe jagazine. to learn more.


Ph.D. Graduate School of Business 1989, University of Chicago
MBA Economics, Graduate School of Business 1989, University of Chicago
MBA Finance, 1983, University of Iowa
B.Tech. Mechanical Engineering, 1981, Indian Institute of Technology, India


Microfinance, Corporate Finance, International Finance, Strategy
  • Bhagwan Chowdhry, Richard Roll and Yihong Xia. (2005). Extracting Inflation from Stock Returns to Test Purchasing Power Parity. American Economic Review, 95, 255-276.. [ Link ]
  • Amit Bubna and Bhagwan Chowdhry. (2010). Franchising Microfinance. Review of Finance, 14, 451-476. [ Link ]
  • Bhagwan Chowdhry. (2011). Possibility of dying as a unified explanation of (i) why we discount the future, (ii) get weaker with age, and (iii) display risk-aversion. Economic Inquiry, 49, 1098-1103. [ Link ]
  • Bruce Carlin, Bhagwan Chowdhry and Mark Garmaise. (2012). Investment in Organization Capital. Journal of Financial Intermediation, 21, 268-286. [ Link ]
  • Antonio E. Bernardo, Bhagwan Chowdhry and Amit Goyal. (2012). Assessing Project Risk. Journal of Applied Corporate Finance, Summer, 94-100. [ Link ]
  • Bhagwan Chowdhry, Richard Roll and Konark Saxena. (September 2013). Development and Freedom as Risk Management. Finance Research Letters, 10, 103-109.. [ Link ]
  • Franklin Allen, Archishman Chakraborty and Bhagwan Chowdhry. (2012). "Why is CEO compensation excessive and unrelated to their performance?". Working paper., [ Link ]
  • Bhagwan Chowdhry, Shaun William Davies, Brian Waters. (2013). Incentivizing Impact Investing. Working paper, [ Link ]
  • Bhagwan Chowdhry, Eduardo Schwartz. (May 2014). How should Firms Hedge Market Risk?. Forthcoming, Critical Finance Review, [ Link ]