The I.U. School of Business Finance Department

Utpal Bhattacharya (Ph.D., Columbia, 1990)

Utpal Bhattacharya's research is about the dark side of financial markets. He believes, with apologies to Thomas Jefferson, that "the price of capitalism is eternal vigilance."

Professor Bhattacharya is an Associate Editor of the Journal of Financial Markets and was an Associate Editor of the Review of Financial Studies.  His publications have appeared in top-tier finance journals like the Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial and Quantitative Analysis and the Journal of Business, top-tier accounting journals like The Accounting Review, and top-tier economics journals like the Journal of Economic Theory, Journal of Law and Economics and the Journal of Monetary Economics.

Professor Bhattacharya's research has been featured in full-length stories more than a hundred times in various media across the world, including five times in the Economist He wrote a satire about the legendary fraudster Madoff in the New York TimesHe has been invited to present his research in more than 170 institutions in 24 countries in 5 continents.  He wrote a report for and served as a member of the "Task Force to Modernize Securities Regulation in Canada" in 2006. He and his report were featured in a Canadian Broadcasting Corporation investigative story titled "Who Is Guarding Your Money" on November 23, 2008. On December 2, 2008, legislators in Ontario, Canada, discussed this report. On May 16, 2012, the Securities and Exchange Commission of the U.S. invited him to present the findings of his Journal of Finance paper that documents cross-subsidies in mutual fund families. He is now an official whistleblower.

Prof. Bhattacharya is an excellent teacher.  He has been nominated for the Trustee Teaching Award by Indiana University five years in a row.  He won in 2004 and 2008.  In 2006, Business Week recognized him as a "prominent faculty."  Prof. Bhattacharya teaches in a different country every summer. He has taught at top universities in Argentina, Brazil, China, France, Germany, Holland, India, Indonesia, Italy, Japan, Mexico, New Zealand, Portugal, Singapore, Slovenia, South Korea, Russia, Taiwan, Turkey and the USA (Chicago, Duke and MIT.)

His goal is to spread the gospel of honest finance to every corner of the globe.  


*My research featured in the university magazine

*My satire in the New York Times about fraudster Madoff

*My 3 Minute Podcast

*Feature in Canadian TV (Minute 4:00 to Minute 7:30)

*Downloadable Working Papers (including my report for the "Task Force to Modernize Securities Regulation in Canada")

*Advice to Finance Ph.D. Students

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