Shyam Venkatesan
Visiting Assistant Professor
A. B. Freeman School of Business
Tulane University
My research focuses on the role, importance, and functioning of financial intermediaries. In contrast to classical finance that assumes a frictionless market, my research explores the distortions created by the presence of financial intermediaries and studies their effects on asset prices and market efficiency.
I specifically focus on the issues relating to delegated portfolio management. This industry has grown exponentially in the last couple of decades and owns over 70% of the aggregate U.S. stock market. I study the personal characteristics of portfolio managers and the implications of these characteristics for relevant outcome variables. I use both theoretical models and empirical analyses to a) research the economic contributions of portfolio managers, and b) the potential agency problems and its implications for capital allocation, risk taking, compensation structure, and flow of money.
1. Overconfidence in Money Management: Balancing the Benefits and Costs
Job Market paper
2. Mutual Fund Risk-Shifting and Management Contracts
Under Review at the Journal of Financial Economics
Co-authors: Jung Hoon Lee and Charles Trzcinka
Conference presentations:
Financial Intermediation Research Society (2016)
Financial Research Association (2015)
Northern Finance Association (2015)
Seminar presentations:
Indiana University
University of Illinois at Chicago
University of Missouri
University of Massachusetts Boston
University of Notre Dame
3. Real Options, Financial Constraints and Drilling Rig Rental Rates
In preparation
Co-authors: with Zeigham Khokher and Sheridan Titman
Conference presentations:
Financial Research Association Early Ideas Session (2015)
4. Measuring the skill of the fund manager
5. Cost of marketability and benefit of liquidity: evidence from peer‐to‐peer lending
Co-authors: Hong Kee Sul and Brian Wolfe