Utpal BHATTACHARYA

PhD in Finance
Columbia University, 1990

Chair Professor
Department of Finance



(852) 2358 8498
ubhattac@ust.hk
Room LSK5007
Personal Web

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Google Scholar
s899WjYAAAAJ

ORCID
0000-0003-1379-7488

ResearcherID
B-2409-2008

Scopus ID
7006018464




Research Interest Publications Projects Teaching Assignment RPG Supervision Space used




Research Interest

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Behavioral finance
Empirical corporate finance
Household finance
International financial markets



Publications

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All Years 45 2022 0 2021 4 2020 2 2019 2 2018 1 2017 2 2016 34

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Expand All Collapse All


2021 4

Spillovers in Prices: The Curious Case of Haunted Houses
Review of Finance, v. 25, (3), May 2021, p. 903-935
Bhattacharya, Utpal; Huang, Daisy; Nielsen, Kasper Meisner Article
Do Announcement Returns Reflect Value Creation? (Not Really)
American Finance Association 2021 Annual Meeting, Virtual, 3 - 5 January, 2021
Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey Conference paper
Do Women Receive Worse Financial Advice?
American Finance Association 2021 Annual Meeting, Virtual, 3 - 5 January 2021
Bhattacharya, Utpal; Kumar, Amit; Visaria, Sujata; Zhao, Jing Conference paper
Rating on a Behavioral Curve
15th Annual Conference of The Financial Intermediation Research Society, Virtual; Vancouver, Canada, 4 - 6 June, 2021
Bhattacharya, Utpal; Shon, Janghoon; Zhang, Yu Conference paper

2020 2

Do Women Receive Worse Financial Advice?
Frontiers in Development Policy Conference (FDP 2020), Sejong City, Republic of Korea (conducted online), 17-18 September 2020
Bhattacharya, Utpal; Kumar, Amit; Visaria, Sujata; Zhao, Jing Conference paper
Do Women Receive Worse Financial Advice?
Swedish House of Finance the 6th BI-SHoF Conference 2020, Stockholm, Sweden (conducted via Zoom), 10-12 June 2020
Bhattacharya, Utpal; Kumar, Amit; Visaria, Sujata; Zhao, Jing Conference paper

2019 2

Follow the money: Investor trading around investor-paid credit rating changes
Journal of Corporate Finance, v. 58, October 2019, p. 68-91
Bhattacharya, Utpal; Wei, Kelsey D.; Xia, Han Article
Nominal stock price anchors: A global phenomenon?
Journal of Financial Markets, v. 44, June 2019, p. 31-41
Bae, Kee-Hong; Bhattacharya, Utpal; Kang, Jisok; Rhee, S. Ghon Article

2018 1

Do Superstitious Traders Lose Money?
Management Science, v. 64, (8), August 2018, p. 3772-3791
Bhattacharya, Utpal; Kuo, Wei-Yu; Lin, Tse-Chun; Zhao, Jing Article

2017 2

Abusing ETFs
Review of Finance, v. 21, (3), May 2017, p. 1217-1250
Bhattacharya, Utpal; Loos, Benjamin; Meyer, Steffen; Hackethal, Andreas Article
What Affects Innovation More: Policy or Policy Uncertainty?
Journal of Financial and Quantitative Analysis, v. 52, (5), October 2017, p. 1869-1901
Bhattacharya, Utpal; Hsu, Po Hsuan; Tian, Xuan; Xu, Yan Article

2016 1

The share repurchase announcement puzzle: Theory and evidence*
Review of Finance, v. 20, (2), March 2016, p. 725-758
Bhattacharya, Utpal; Jacobsen, Stacey Article

2015 1

Firm Mortality and Natal Financial Care
Journal of Financial and Quantitative Analysis, v. 50, (1-2), July 2015, p. 61-88
Bhattacharya, Utpal; Borisov, Alexander; Yu, Xiaoyun Article

2014 2

Insider Trading Controversies: A Literature Review
Annual Review of Financial Economics, v. 6, December 2014, p. 385-403
Bhattacharya, Utpal Article
Do Superstitious Traders Lose Money?
27th Australasian Finance and Banking Conference, Shangri-la Hotel, Sydney, 16-18 December 2014
Bhattacharya, Utpal; Kuo, Weiyu; Lin, Tse-Chun; Zhao, Jing Conference paper

2013 1

Conflicting Family Values in Mutual Fund Families
Journal of Finance, v. 68, (1), February 2013, p. 173-200
Bhattacharya, Utpal; Lee, Jung H.; Pool, Veronika K. Article

2012 3

Do they do it for the money?
Journal of Corporate Finance, v. 18, (1), February 2012, p. 92-104
Bhattacharya, Utpal; Marshall, Cassandra D. Article
Is unbiased financial advice to retail investors sufficient? Answers from a large field study
Review of Financial Studies, v. 25, (4), April 2012, p. 975-1032
Bhattacharya, Utpal; Hackethal, Andreas; Kaesler, Simon; Loos, Benjamin; Meyer, Steffen Article
Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers
Management Science, v. 58, (2), February 2012, p. 413-431
Bhattacharya, Utpal; Holden, Craig W.; Jacobsen, Stacey Article

2011 1

The Global Rise of the Value-Weighted Portfolio
Journal of Financial and Quantitative Analysis, v. 46, (3), June 2011, p. 737-756
Bhattacharya, Utpal; Galpin, Neal Article

2009 3

Do Japanese CEOs matter?
Pacific-Basin Finance Journal, v. 17, (5), November 2009, p. 628-650
Ahn, Sanghoon; Bhattacharya, Utpal; Jung, Taehun; Nam, Giseok Article
The Role of the Media in the Internet IPO Bubble
Journal of Financial and Quantitative Analysis, v. 44, (3), June 2009, p. 657-682
Bhattacharya, Utpal; Galpin, Neal; Ray, Rina; Yu, Xiaoyun Article
When No Law is Better Than a Good Law
Review of Finance, v. 13, (4), October 2009, p. 577-627
Bhattacharya, Utpal; Daouk, Hazem Article

2008 2

Melting pot or salad bowl: Some evidence from U.S. investments abroad
Journal of Financial Markets, v. 11, (3), August 2008, p. 228-258
Bhattacharya, Utpal; Groznik, Peter Article
The Causes and Consequences of Recent Financial Market Bubbles: An Introduction
The Review of Financial Studies, v. 21, (1), January 2008, p. 3-10
Bhattacharya, Utpal; Yu, Xiaoyun Article

2007 2

Is CEO certification of earnings numbers value-relevant?
Journal of Empirical Finance, v. 14, (5), December 2007, p. 611-635
Bhattacharya, Utpal; Groznik, Peter; Haslem, Bruce Article
The Home Court Advantage in International Corporate Litigation
Journal of Law and Economics, v. 50, (4), November 2007, p. 625-659
Bhattacharya, Utpal; Galpin, Neal; Haslem, Bruce Article

2006 1

The role of the media in the launch of internet IPOs
Betriebswirtschaftliche Forschung und Praxis, v. 5, September 2006, p. 442-456
Bhattacharya, Utpal; Galpin, Neal; Ray, Rina; Yu, Xiaoyun Article

2005 1

Financial liberalization and the stability of currency pegs
Journal of Corporate Finance, v. 11, (1-2), March 2005, p. 351-374
Bhattacharya, Utpal Article

2003 4

Is CEO Certification Credible?
Regulation, v. 26, (3), 2003, p. 8-10
Bhattacharya, Utpal; Groznik, Peter; Haslem, Bruce Article
The optimal design of Ponzi schemes in finite economies
Journal of Financial Intermediation, v. 12, (1), January 2003, p. 2-24
Bhattacharya, Utpal Article
The World Price of Earnings Opacity
The Accounting Review, v. 78, (3), July 2003, p. 641-678
Bhattacharya, Utpal; Daouk, Hazem; Welker, Michael Article
The Effect of Global Financial Markets on Businesses
Research in Global Strategic Management: Volume 8: Leadership in International Business Education and Research / Edited by Alan M. Rugman. Amsterdam : Emerald Group Publishing Limited, 2003, p. 163-174
Bhattacharya, Utpal; Bonser-neal, Catherine Book chapter

2002 1

The World Price of Insider Trading
Journal of Finance, v. 57, (1), February 2002, p. 75-108
Bhattacharya, Utpal; Daouk, Hazem Article

2001 1

Capital Markets and the Evolution of Family Businesses
Journal of Business, v. 74, (2), April 2001, p. 187-219
Bhattacharya, Utpal; Ravikumar, B. Article

2000 1

When an event is not an event: The curious case of an emerging market
Journal of Financial Economics, v. 55, (1), January 2000, p. 69-101
Bhattacharya, Utpal; Daouk, Hezem; Jorgenson, Brian; Kehr, Carl Heinrich Article

1999 1

To believe or not to believe
Journal of Financial Markets, v. 2, (1), February 1999, p. 69-98
Bhattacharya, Utpal; Krishnan, Murugappa Article

1998 1

Anatomy of a market failure: NYSE trading suspensions (1974-1988)
Journal of Business and Economic Statistics, v. 16, (2), April 1998, p. 216-226
Bhattacharya, Utpal; Spiegel, Matthew Article

1997 3

Ace Company (B): The option value of waiting and capital budgeting
Issues in Accounting Education, v. 12, (2), October 1997
Balakrishnan, Ramji; Bhattacharya, Utpal Article
Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests
Review of Financial Studies, v. 10, (4), December 1997, p. 1065-1097
Bhattacharya, Utpal Article
The advantage to hiding one's hand: Speculation and central bank intervention in the foreign exchange market
Journal of Monetary Economics, v. 39, (2), 1997, July, p. 251-277
Bhattacharya, Utpal; Weller, Paul A. Article

1995 2

Destructive Interference in an Imperfectly Competitive Multi-Security Market
Journal of Economic Theory, v. 65, (1), February 1995, p. 136-170
Bhattacharya, Utpal; Reny, Philip J.; Spiegel, Matthew Article
Layout Driven Test Generation for CMOS Combinational Circuits
IEEE Region 10's Annual International Conference, Proceedings, v. 2, (1995), p. 823-827
Bhattacharya, Utpal; Sen Gupta, I. Conference paper

1993 1

In search of the right middleman
Economics Letters, v. 42, (4), 1993, p. 341-347
Bhattacharya, Utpal; Yava?, Abdullah Article

1991 1

Insiders, outsiders, and market breakdowns
Review of Financial Studies, v. 4, (2), April 1991, p. 255-282
Bhattacharya, Utpal; Spiegel, Matthew Article


Expand All Collapse All


Article 1

Spillovers in Prices: The Curious Case of Haunted Houses
Review of Finance, v. 25, (3), May 2021, p. 903-935
Bhattacharya, Utpal; Huang, Daisy; Nielsen, Kasper Meisner

Conference paper 3

Do Announcement Returns Reflect Value Creation? (Not Really)
American Finance Association 2021 Annual Meeting, Virtual, 3 - 5 January, 2021
Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey
Do Women Receive Worse Financial Advice?
American Finance Association 2021 Annual Meeting, Virtual, 3 - 5 January 2021
Bhattacharya, Utpal; Kumar, Amit; Visaria, Sujata; Zhao, Jing
Rating on a Behavioral Curve
15th Annual Conference of The Financial Intermediation Research Society, Virtual; Vancouver, Canada, 4 - 6 June, 2021
Bhattacharya, Utpal; Shon, Janghoon; Zhang, Yu


Expand All Collapse All


Conference paper 2

Do Women Receive Worse Financial Advice?
Frontiers in Development Policy Conference (FDP 2020), Sejong City, Republic of Korea (conducted online), 17-18 September 2020
Bhattacharya, Utpal; Kumar, Amit; Visaria, Sujata; Zhao, Jing
Do Women Receive Worse Financial Advice?
Swedish House of Finance the 6th BI-SHoF Conference 2020, Stockholm, Sweden (conducted via Zoom), 10-12 June 2020
Bhattacharya, Utpal; Kumar, Amit; Visaria, Sujata; Zhao, Jing


Expand All Collapse All


Article 2

Follow the money: Investor trading around investor-paid credit rating changes
Journal of Corporate Finance, v. 58, October 2019, p. 68-91
Bhattacharya, Utpal; Wei, Kelsey D.; Xia, Han
Nominal stock price anchors: A global phenomenon?
Journal of Financial Markets, v. 44, June 2019, p. 31-41
Bae, Kee-Hong; Bhattacharya, Utpal; Kang, Jisok; Rhee, S. Ghon


Expand All Collapse All


Article 1

Do Superstitious Traders Lose Money?
Management Science, v. 64, (8), August 2018, p. 3772-3791
Bhattacharya, Utpal; Kuo, Wei-Yu; Lin, Tse-Chun; Zhao, Jing


Expand All Collapse All


Article 2

Abusing ETFs
Review of Finance, v. 21, (3), May 2017, p. 1217-1250
Bhattacharya, Utpal; Loos, Benjamin; Meyer, Steffen; Hackethal, Andreas
What Affects Innovation More: Policy or Policy Uncertainty?
Journal of Financial and Quantitative Analysis, v. 52, (5), October 2017, p. 1869-1901
Bhattacharya, Utpal; Hsu, Po Hsuan; Tian, Xuan; Xu, Yan


Expand All Collapse All


Article 1

The share repurchase announcement puzzle: Theory and evidence*
Review of Finance, v. 20, (2), March 2016, p. 725-758
Bhattacharya, Utpal; Jacobsen, Stacey


Expand All Collapse All


Article 1

Firm Mortality and Natal Financial Care
Journal of Financial and Quantitative Analysis, v. 50, (1-2), July 2015, p. 61-88
Bhattacharya, Utpal; Borisov, Alexander; Yu, Xiaoyun


Expand All Collapse All


Article 1

Insider Trading Controversies: A Literature Review
Annual Review of Financial Economics, v. 6, December 2014, p. 385-403
Bhattacharya, Utpal

Conference paper 1

Do Superstitious Traders Lose Money?
27th Australasian Finance and Banking Conference, Shangri-la Hotel, Sydney, 16-18 December 2014
Bhattacharya, Utpal; Kuo, Weiyu; Lin, Tse-Chun; Zhao, Jing


Expand All Collapse All


Article 1

Conflicting Family Values in Mutual Fund Families
Journal of Finance, v. 68, (1), February 2013, p. 173-200
Bhattacharya, Utpal; Lee, Jung H.; Pool, Veronika K.


Expand All Collapse All


Article 3

Do they do it for the money?
Journal of Corporate Finance, v. 18, (1), February 2012, p. 92-104
Bhattacharya, Utpal; Marshall, Cassandra D.
Is unbiased financial advice to retail investors sufficient? Answers from a large field study
Review of Financial Studies, v. 25, (4), April 2012, p. 975-1032
Bhattacharya, Utpal; Hackethal, Andreas; Kaesler, Simon; Loos, Benjamin; Meyer, Steffen
Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers
Management Science, v. 58, (2), February 2012, p. 413-431
Bhattacharya, Utpal; Holden, Craig W.; Jacobsen, Stacey


Expand All Collapse All


Article 1

The Global Rise of the Value-Weighted Portfolio
Journal of Financial and Quantitative Analysis, v. 46, (3), June 2011, p. 737-756
Bhattacharya, Utpal; Galpin, Neal


Expand All Collapse All


Article 3

Do Japanese CEOs matter?
Pacific-Basin Finance Journal, v. 17, (5), November 2009, p. 628-650
Ahn, Sanghoon; Bhattacharya, Utpal; Jung, Taehun; Nam, Giseok
The Role of the Media in the Internet IPO Bubble
Journal of Financial and Quantitative Analysis, v. 44, (3), June 2009, p. 657-682
Bhattacharya, Utpal; Galpin, Neal; Ray, Rina; Yu, Xiaoyun
When No Law is Better Than a Good Law
Review of Finance, v. 13, (4), October 2009, p. 577-627
Bhattacharya, Utpal; Daouk, Hazem


Expand All Collapse All


Article 2

Melting pot or salad bowl: Some evidence from U.S. investments abroad
Journal of Financial Markets, v. 11, (3), August 2008, p. 228-258
Bhattacharya, Utpal; Groznik, Peter
The Causes and Consequences of Recent Financial Market Bubbles: An Introduction
The Review of Financial Studies, v. 21, (1), January 2008, p. 3-10
Bhattacharya, Utpal; Yu, Xiaoyun


Expand All Collapse All


Article 2

Is CEO certification of earnings numbers value-relevant?
Journal of Empirical Finance, v. 14, (5), December 2007, p. 611-635
Bhattacharya, Utpal; Groznik, Peter; Haslem, Bruce
The Home Court Advantage in International Corporate Litigation
Journal of Law and Economics, v. 50, (4), November 2007, p. 625-659
Bhattacharya, Utpal; Galpin, Neal; Haslem, Bruce


Expand All Collapse All


Article 1

The role of the media in the launch of internet IPOs
Betriebswirtschaftliche Forschung und Praxis, v. 5, September 2006, p. 442-456
Bhattacharya, Utpal; Galpin, Neal; Ray, Rina; Yu, Xiaoyun


Expand All Collapse All


Article 1

Financial liberalization and the stability of currency pegs
Journal of Corporate Finance, v. 11, (1-2), March 2005, p. 351-374
Bhattacharya, Utpal


Expand All Collapse All


Article 3

Is CEO Certification Credible?
Regulation, v. 26, (3), 2003, p. 8-10
Bhattacharya, Utpal; Groznik, Peter; Haslem, Bruce
The optimal design of Ponzi schemes in finite economies
Journal of Financial Intermediation, v. 12, (1), January 2003, p. 2-24
Bhattacharya, Utpal
The World Price of Earnings Opacity
The Accounting Review, v. 78, (3), July 2003, p. 641-678
Bhattacharya, Utpal; Daouk, Hazem; Welker, Michael

Book chapter 1

The Effect of Global Financial Markets on Businesses
Research in Global Strategic Management: Volume 8: Leadership in International Business Education and Research / Edited by Alan M. Rugman. Amsterdam : Emerald Group Publishing Limited, 2003, p. 163-174
Bhattacharya, Utpal; Bonser-neal, Catherine


Expand All Collapse All


Article 1

The World Price of Insider Trading
Journal of Finance, v. 57, (1), February 2002, p. 75-108
Bhattacharya, Utpal; Daouk, Hazem


Expand All Collapse All


Article 1

Capital Markets and the Evolution of Family Businesses
Journal of Business, v. 74, (2), April 2001, p. 187-219
Bhattacharya, Utpal; Ravikumar, B.


Expand All Collapse All


Article 1

When an event is not an event: The curious case of an emerging market
Journal of Financial Economics, v. 55, (1), January 2000, p. 69-101
Bhattacharya, Utpal; Daouk, Hezem; Jorgenson, Brian; Kehr, Carl Heinrich


Expand All Collapse All


Article 1

To believe or not to believe
Journal of Financial Markets, v. 2, (1), February 1999, p. 69-98
Bhattacharya, Utpal; Krishnan, Murugappa


Expand All Collapse All


Article 1

Anatomy of a market failure: NYSE trading suspensions (1974-1988)
Journal of Business and Economic Statistics, v. 16, (2), April 1998, p. 216-226
Bhattacharya, Utpal; Spiegel, Matthew


Expand All Collapse All


Article 3

Ace Company (B): The option value of waiting and capital budgeting
Issues in Accounting Education, v. 12, (2), October 1997
Balakrishnan, Ramji; Bhattacharya, Utpal
Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests
Review of Financial Studies, v. 10, (4), December 1997, p. 1065-1097
Bhattacharya, Utpal
The advantage to hiding one's hand: Speculation and central bank intervention in the foreign exchange market
Journal of Monetary Economics, v. 39, (2), 1997, July, p. 251-277
Bhattacharya, Utpal; Weller, Paul A.


Expand All Collapse All


Article 1

Destructive Interference in an Imperfectly Competitive Multi-Security Market
Journal of Economic Theory, v. 65, (1), February 1995, p. 136-170
Bhattacharya, Utpal; Reny, Philip J.; Spiegel, Matthew

Conference paper 1

Layout Driven Test Generation for CMOS Combinational Circuits
IEEE Region 10's Annual International Conference, Proceedings, v. 2, (1995), p. 823-827
Bhattacharya, Utpal; Sen Gupta, I.


Expand All Collapse All


Article 1

In search of the right middleman
Economics Letters, v. 42, (4), 1993, p. 341-347
Bhattacharya, Utpal; Yava?, Abdullah


Expand All Collapse All


Article 1

Insiders, outsiders, and market breakdowns
Review of Financial Studies, v. 4, (2), April 1991, p. 255-282
Bhattacharya, Utpal; Spiegel, Matthew


Expand All Collapse All


2016 1

The share repurchase announcement puzzle: Theory and evidence*
Review of Finance, v. 20, (2), March 2016, p. 725-758
Bhattacharya, Utpal; Jacobsen, Stacey Article

2015 1

Firm Mortality and Natal Financial Care
Journal of Financial and Quantitative Analysis, v. 50, (1-2), July 2015, p. 61-88
Bhattacharya, Utpal; Borisov, Alexander; Yu, Xiaoyun Article

2014 2

Insider Trading Controversies: A Literature Review
Annual Review of Financial Economics, v. 6, December 2014, p. 385-403
Bhattacharya, Utpal Article
Do Superstitious Traders Lose Money?
27th Australasian Finance and Banking Conference, Shangri-la Hotel, Sydney, 16-18 December 2014
Bhattacharya, Utpal; Kuo, Weiyu; Lin, Tse-Chun; Zhao, Jing Conference paper

2013 1

Conflicting Family Values in Mutual Fund Families
Journal of Finance, v. 68, (1), February 2013, p. 173-200
Bhattacharya, Utpal; Lee, Jung H.; Pool, Veronika K. Article

2012 3

Do they do it for the money?
Journal of Corporate Finance, v. 18, (1), February 2012, p. 92-104
Bhattacharya, Utpal; Marshall, Cassandra D. Article
Is unbiased financial advice to retail investors sufficient? Answers from a large field study
Review of Financial Studies, v. 25, (4), April 2012, p. 975-1032
Bhattacharya, Utpal; Hackethal, Andreas; Kaesler, Simon; Loos, Benjamin; Meyer, Steffen Article
Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers
Management Science, v. 58, (2), February 2012, p. 413-431
Bhattacharya, Utpal; Holden, Craig W.; Jacobsen, Stacey Article

2011 1

The Global Rise of the Value-Weighted Portfolio
Journal of Financial and Quantitative Analysis, v. 46, (3), June 2011, p. 737-756
Bhattacharya, Utpal; Galpin, Neal Article

2009 3

Do Japanese CEOs matter?
Pacific-Basin Finance Journal, v. 17, (5), November 2009, p. 628-650
Ahn, Sanghoon; Bhattacharya, Utpal; Jung, Taehun; Nam, Giseok Article
The Role of the Media in the Internet IPO Bubble
Journal of Financial and Quantitative Analysis, v. 44, (3), June 2009, p. 657-682
Bhattacharya, Utpal; Galpin, Neal; Ray, Rina; Yu, Xiaoyun Article
When No Law is Better Than a Good Law
Review of Finance, v. 13, (4), October 2009, p. 577-627
Bhattacharya, Utpal; Daouk, Hazem Article

2008 2

Melting pot or salad bowl: Some evidence from U.S. investments abroad
Journal of Financial Markets, v. 11, (3), August 2008, p. 228-258
Bhattacharya, Utpal; Groznik, Peter Article
The Causes and Consequences of Recent Financial Market Bubbles: An Introduction
The Review of Financial Studies, v. 21, (1), January 2008, p. 3-10
Bhattacharya, Utpal; Yu, Xiaoyun Article

2007 2

Is CEO certification of earnings numbers value-relevant?
Journal of Empirical Finance, v. 14, (5), December 2007, p. 611-635
Bhattacharya, Utpal; Groznik, Peter; Haslem, Bruce Article
The Home Court Advantage in International Corporate Litigation
Journal of Law and Economics, v. 50, (4), November 2007, p. 625-659
Bhattacharya, Utpal; Galpin, Neal; Haslem, Bruce Article

2006 1

The role of the media in the launch of internet IPOs
Betriebswirtschaftliche Forschung und Praxis, v. 5, September 2006, p. 442-456
Bhattacharya, Utpal; Galpin, Neal; Ray, Rina; Yu, Xiaoyun Article

2005 1

Financial liberalization and the stability of currency pegs
Journal of Corporate Finance, v. 11, (1-2), March 2005, p. 351-374
Bhattacharya, Utpal Article

2003 4

Is CEO Certification Credible?
Regulation, v. 26, (3), 2003, p. 8-10
Bhattacharya, Utpal; Groznik, Peter; Haslem, Bruce Article
The optimal design of Ponzi schemes in finite economies
Journal of Financial Intermediation, v. 12, (1), January 2003, p. 2-24
Bhattacharya, Utpal Article
The World Price of Earnings Opacity
The Accounting Review, v. 78, (3), July 2003, p. 641-678
Bhattacharya, Utpal; Daouk, Hazem; Welker, Michael Article
The Effect of Global Financial Markets on Businesses
Research in Global Strategic Management: Volume 8: Leadership in International Business Education and Research / Edited by Alan M. Rugman. Amsterdam : Emerald Group Publishing Limited, 2003, p. 163-174
Bhattacharya, Utpal; Bonser-neal, Catherine Book chapter

2002 1

The World Price of Insider Trading
Journal of Finance, v. 57, (1), February 2002, p. 75-108
Bhattacharya, Utpal; Daouk, Hazem Article

2001 1

Capital Markets and the Evolution of Family Businesses
Journal of Business, v. 74, (2), April 2001, p. 187-219
Bhattacharya, Utpal; Ravikumar, B. Article

2000 1

When an event is not an event: The curious case of an emerging market
Journal of Financial Economics, v. 55, (1), January 2000, p. 69-101
Bhattacharya, Utpal; Daouk, Hezem; Jorgenson, Brian; Kehr, Carl Heinrich Article

1999 1

To believe or not to believe
Journal of Financial Markets, v. 2, (1), February 1999, p. 69-98
Bhattacharya, Utpal; Krishnan, Murugappa Article

1998 1

Anatomy of a market failure: NYSE trading suspensions (1974-1988)
Journal of Business and Economic Statistics, v. 16, (2), April 1998, p. 216-226
Bhattacharya, Utpal; Spiegel, Matthew Article

1997 3

Ace Company (B): The option value of waiting and capital budgeting
Issues in Accounting Education, v. 12, (2), October 1997
Balakrishnan, Ramji; Bhattacharya, Utpal Article
Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests
Review of Financial Studies, v. 10, (4), December 1997, p. 1065-1097
Bhattacharya, Utpal Article
The advantage to hiding one's hand: Speculation and central bank intervention in the foreign exchange market
Journal of Monetary Economics, v. 39, (2), 1997, July, p. 251-277
Bhattacharya, Utpal; Weller, Paul A. Article

1995 2

Destructive Interference in an Imperfectly Competitive Multi-Security Market
Journal of Economic Theory, v. 65, (1), February 1995, p. 136-170
Bhattacharya, Utpal; Reny, Philip J.; Spiegel, Matthew Article
Layout Driven Test Generation for CMOS Combinational Circuits
IEEE Region 10's Annual International Conference, Proceedings, v. 2, (1995), p. 823-827
Bhattacharya, Utpal; Sen Gupta, I. Conference paper

1993 1

In search of the right middleman
Economics Letters, v. 42, (4), 1993, p. 341-347
Bhattacharya, Utpal; Yava?, Abdullah Article

1991 1

Insiders, outsiders, and market breakdowns
Review of Financial Studies, v. 4, (2), April 1991, p. 255-282
Bhattacharya, Utpal; Spiegel, Matthew Article


No Publications






Teaching Assignment

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2021-22 Winter 0 2021-22 Fall 2 2020-21 Summer 0 2020-21 Spring 3 2020-21 Winter 0 2020-21 Fall 0

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FINA3103 Intermediate Investments
FINA5410 Market Microstructure


FINA3103 Intermediate Investments
FINA5410 Market Microstructure
GFIN5400 Asset Allocation


No Teaching Assignments


No Teaching Assignments


No Teaching Assignments


No Teaching Assignments






Research Postgraduate (RPG) Supervision From January 2019 to December 2022 (As of 30 January 2022)

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All Supervisions Current RPGs Graduated RPGs

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Current RPGs

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Doctor of Philosophy KUMAR, Amit
Finance( 2018 - )

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Graduated RPGs

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Doctor of Philosophy ZHANG, Yu
Finance( Completed in 2019 )









ProjectsFrom January 2020 to December 2022

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All Projects 4 Leading Projects 3 Participating Projects 1

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Home Bias: Information or Preference?


本土偏好：是根據信息偏差還是投資人偏好？ Leading


RGC - General Research Fund


Project Team (HKUST)
BHATTACHARYA Utpal (Lead)


2020 -




Contributing to the Development of Hong Kong into a Global Fintech Hub


促進香港成為全球的金融科技樞紐 Participating


RGC - Theme-based Research Scheme


Project Team (HKUST)
TAM Kar Yan (Lead)
BHATTACHARYA Utpal
CHEN Yanzhen
HUANG Allen Hao
HUI Kai Lung
JAMES Lancelot Fitzgerald
LI Yingying
LING Shiqing
SO Mike Ka Pui
XU Yan
YANG Yi
YEUNG Dit Yan
YOU Haifeng
ZHANG Chu
ZHENG Rong
ZHENG Xinghua


2019 -




Which Institutional Investors Can Predict Deal Outcomes?


哪些機構投資者可以預測交易結果？ Leading


RGC - General Research Fund


Project Team (HKUST)
BHATTACHARYA Utpal (Lead)


2019 - 2020




Cooling Housing Prices: Evidence from LTV Policies in Hong Kong


冷卻房價：基于香港LTV政策的事實研究 Leading


RGC - General Research Fund


Project Team (HKUST)
BHATTACHARYA Utpal (Lead)


2017 - 2020