March 11, 2005
Avanidhar “Subra” Subrahmanyam Appointed to the Goldyne and Irwin Hearsh Chair in Money and Banking
LOS ANGELES—UCLA Anderson School of Management finance professor Avanidhar “Subra” Subrahmanyam has been selected to hold the school’s Goldyne and Irwin Hearsh Chair in Money and Banking. This endowed chair was established in 1982 to support teaching and research that focuses on the application of interest theory and flow of funds analysis in the markets for bonds, mortgages, stocks and other financial instruments.
Prof. Subrahmanyam serves on the finance faculty at UCLA Anderson and is renowned for his innovative and pioneering research in the use of psychological principles to explain stock price movements. He uses his expertise to explain events and behavioral patterns that result in financial phenomena, as well as events such as spikes in gasoline prices and the effect of war on the stock market.
“Prof. Subrahmanyam embodies true excellence in the field of finance and has proven expertise in his ground-breaking research,” said Rakesh Sarin, senior associate dean and chair of the faculty at UCLA Anderson School of Management. “We are very proud of Subra’s scholarly pursuits and accomplishments.”
UCLA Anderson professor emeritus Michael Brennan, the previous holder of the Goldyne and Irwin Hearsh Chair, retired in 2003. He was recruited to UCLA in 1986 from University of British Columbia to become the first holder of this chair.
The Goldyne and Irwin Hearsh Chair in Money and Banking is named for late UCLA alumnus Irwin L. Hearsh and his widow, Goldyne. Mr. Hearsh, who received his bachelor’s degree in economics from UCLA in 1934, was a partner in Hearsh Brothers, a Los Angeles-based investment company. He was also president of Old 395 Corporation, a real estate investment company, and owner of the Rainbow Canyon Golf Resort in Riverside County. Mrs. Hearsh, who maintains a strong bond with UCLA Anderson and the university, most recently attended Celebrate Anderson, a gala affair held on Alumni Plaza that commemorated several key milestones in the school’s history.
“We’re pleased to have a scholar of Subra’s caliber fill this important endowed chair,” said Bruce G. Willison, dean of UCLA Anderson School of Management. “The Hearsh’s gift to the university some 23 years ago enabled us to attract and retain Michael Brennan, one of the finest finance scholars in the world. Their foresight in creating such a lasting legacy is part of an enduring effort that will help UCLA maintain its top standing among the nation’s leading research universities.”
UCLA is currently in the midst of an Ensuring Academic Excellence Initiative, a five-year effort aimed at generating $250 million in private commitments specifically for the recruitment and retention of the very best faculty and graduate students. The initiative, launched in June 2004, aims to raise $100 million to fund 100 new endowed chairs for faculty across campus. In addition, UCLA plans to enhance support for students by raising $100 million to fund fellowships and scholarships in the UCLA College and $50 million for fellowships and scholarships in UCLA’s 11 professional schools.
Currently, Prof. Subrahmanyam’s research examines the relationship between the trading environment of a firm’s stock and the firm’s cost of capital, and behavioral theories for asset price behavior and empirical determinants of the cross-section of equity returns.
Prof. Subrahmanyam, who is a UCLA alumnus, has authored numerous articles in finance and economics journals. He is a member of the Working Research Group on Market Microstructure, recently established by the National Bureau of Economic Research (NBER) in Cambridge, Mass. He also serves as co-editor of the Journal of Financial Markets and has been a past associate editor of the Journal of Finance as well as the Review of Financial Studies.
For his research achievements, he has received best paper awards from the Journal of Finance, Journal of Financial Economics, Western Finance Association and the International Conference of Finance in Taiwan, and he has been nominated several times for the best paper in Journal of Finance. Prof. Subrahmanyam has served as a consultant to the Nasdaq Stock Market, the National Stock Exchange in Mumbai, San Jose Mercury News and Irwin/McGraw-Hill.
Prof. Subrahmanyam received his doctorate in finance from UCLA Anderson in 1990.
About UCLA Anderson School of Management
UCLA Anderson School of Management is perennially ranked among the top-tier business schools in the world. Award-winning faculty renowned for their research and teaching, highly selective admissions, successful alumni and world-class facilities combine to provide an extraordinary learning environment. UCLA Anderson constituents are part of a culture that values individual vision, intellectual discipline and a sense of teamwork and collegiality.
Established in 1935, UCLA Anderson School of Management provides management education to more than 1,400 students enrolled in MBA and doctoral programs, and some 2,000 executives and managers enrolled annually in executive education programs. Recognizing that the school offers unparalleled expertise in management education, the world's business community turns to UCLA Anderson School of Management as a center of influence for the ideas, innovations, strategies and talent that will shape the future.Contact Information
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