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Pradeep K Yadav

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Pradeep Yadav

Member, Editorial Board, The Review of Finance

Associate Editor, British Accounting Review
CFR Research Fellow, University of Cologne

Pradeep

Department: Division of Finance, Price College of Business.
Program Area: The research and consulting interests of Professor Yadav are in the microstructure and liquidity of financial markets; options, futures and risk management; valuation of illiquid loan securities and portfolios; agency costs, corporate governance; and mergers and acquisitions.
Office: Adams Hall 205E
Phone: (405) 325-5591
E-mail: pyadav@ou.edu
Address: 307 W. Brooks, Room 205E
Norman, OK 73019

CV (pdf)

Professor Yadav has earlier served as Visiting Professor at NYU Stern School and UCLA Anderson School, as Professor of Finance at Lancaster and Strathclyde Universities in the UK, and as CEO/Deputy CEO in public sector corporations and organizations. He has served as the Chairman of the European Finance Association for six years, elected initially for 2011-13, and then re-elected for 2014-16; and had earlier served as its President in 2004, and as its Vice-President in 2003. Vice-President and as President of the European Finance Association. He has also served on the CAF Board of Advisors at the Indian School of Business, and as a Director on the Board of Directors of about twenty companies. Professor Yadav has also been extensively engaged for consulting assignments, and as an “expert” in several major legal cases in U.S. Courts.

Accomplishments/Awards:

Professor Yadav was the Special Honoree of the 44th Annual Meeting of the European Finance Association in August 2017 for his “outstanding service to the finance profession. His research has been published in leading academic and professional journals, and won several “best paper” awards: e.g., a New York Stock Exchange Prize for the best paper on Market Microstructure in 2003; the year 2000 Robert J. Schwartz Memorial Prize of the Fisher Black Memorial Foundation and the International Association of Financial Engineers for the most original research paper on derivatives; a Chicago Board of Trade Prize for Best Paper on Futures in 1993; and the INQUIRE UK Best Paper Prize for 1989. Professor Yadav has also Chaired or Co-Chaired more than a dozen major academic conferences, served on more than 100 scientific research committees, and has received several research grants: e.g., from the Commodity and Futures Trading Commission (CFTC), UK Economic and Social Research Council, the Scottish Higher Education Funding Council, the UK Q-Group (INQUIRE, UK), and the Center for Study of Futures Markets at Columbia University.

Degrees Earned:

PhD in Finance, 1992, University of Strathclyde (UK); M.Sc. (Financial Studies), 1988, University of Strathclyde (UK); M.Sc. (Physics), 1975, University of Delhi;  B.Sc. (Honours in Physics), 1973, University of Delhi

Publications

1. “The pricing of different dimensions of liquidity: Evidence from government guaranteed bonds” by J. R. Black, D. Stock, and Pradeep K. Yadav. Journal of Banking and Finance, Volume 71, October 2016, pp. 119–132.

2. “Government Ownership, Informed Trading and Private Information” by G. Borisova and Pradeep K. Yadav. Journal of Corporate Finance, Volume 33, August 2015, pp. 196-211.

3. “Short-Selling, Fails to Deliver and Market Quality” by V. Fotak, V. Raman, and Pradeep K. Yadav. Journal of Financial Economics, Volume 114, December 2014, pp. 493-516. Research supported by a grant from the UK Institute of Quantitative and Investment Research (INQUIRE).

4. “Executive Compensation in India” by Rajesh Chakrabarti, Krishnamurthy Subramanian, Pradeep K. Yadav, and Yesha Yadav; Chapter 21, 435-465, Research Handbook on Executive Pay edited by Randall S. Thomas and Jennifer G. Hill, 2012, Edward Elgar Publishing, ISBN 9781849803960.

5. “The information content of implied volatilities and model-free volatility expectations: Evidence from options written on individual stocks” by S.J. Taylor, P.K. Yadav and Y.Y. Zhang. Journal of Banking and Finance, Volume 34, Issue 4, April 2010, pp. 871-881.

6. “The Cross-Section of Implied Risk Neutral Skewness” by S.J. Taylor, P.K. Yadav and Y.Y. Zhang. Journal of Derivatives, Volume 16, Summer 2009, pp. 1-15.

7. “Governance Structures and Real Gains in Corporate Mergers and Acquisitions” by N. Carline, S.C. Linn and P.K. Yadav. Journal of Banking and Finance, Volume 33, Issue 10, October 2009, pp. 1829-41. Research supported by a grant from the UK Institute of Quantitative and Investment Research (INQUIRE).

8. “Corporate Governance in India” by R. Chakrabarti, W. Megginson and P.K. Yadav, Journal of Applied Corporate Finance, Volume 20, Number 1, Winter 2008, pp. 59-72.

9. “Strategic Trading Behavior and Price Distortion in a Manipulated Market: Anatomy of a Squeeze” by J. Merrick, N.Y. Naik and P.K. Yadav, Journal of Financial Economics, Volume 77, Issue 1, July 2005, pp. 171-218. Research supported by a grant from the UK Economic and Social Research Council (ESRC).

10. “Do Dealers Manage Inventory on a Stock-by-Stock or a Portfolio Basis?” by N.Y. Naik and P.K. Yadav - Journal of Financial Economics, Volume 69, Issue 2, August 2003, pp. 325-353. Research supported by a grant from the UK Economic and Social Research Council (ESRC).
 
11. “Risk Management with Derivatives by Dealers and Market Quality in Government Bond Markets” by N.Y. Naik and P.K. Yadav - Journal of Finance, Volume 58, Issue 5, October 2003, pp. 1873-1904. Research supported by a grant from the UK Economic and Social Research Council (ESRC).
· Awarded the Year 2000 Robert J. Schwartz Memorial Prize given by the Fisher Black Memorial Foundation and the International Association of Financial Engineers for the most original research paper in area related to derivatives. The prize carried $10,000 prize money, and was sponsored by the Chase Manhattan Bank, Morgan Stanley Dean Witter Inc, Deutsche Bank, Lehman Brothers, Citigroup, Goldman, Sachs and Co., and Canadian Imperial Bank of Commerce.

12. “Forward and Futures Markets” by P.F. Pope and P.K. Yadav in the International Encyclopedia of Business and Management, 2nd Edition, 2001, edited by M Warner and published by Thomson Learning, ISBN 1-86152-161-8.

13. "An Empirical Analysis of Alternative Parametric ARCH Models" by G F Loudon, W.H. Watt and P.K. Yadav - Journal of Applied Econometrics, Volume 15, 2000, pp.117-136. Research supported by a grant from the UK Economic and Social Research Council (ESRC).

14. "The Early Exercise Premium in American Option Prices: Direct Empirical Evidence" by L. McMurray and P.K. Yadav – Derivatives Use, Trading & Regulation, Volume 6 Number 1, 2000, pp. 411-435.

15. "Non-linear Dependence in Individual Stock Returns: Does Trading Frequency Matter" by P.K. Yadav, K. Paudyal and P.F. Pope - Journal of Business Finance and Accounting, Volume 26, 1999, pp. 651-679. Research supported by a grant from the UK Economic and Social Research Council (ESRC).

16. "The Early Exercise Premium in American Option Prices: Direct Empirical Evidence" by S. Unni and P.K. Yadav - Chicago Board of Trade Eleventh Annual European Futures Research Symposium Proceedings, Volume 4, 1998.

17. “Forward and Futures Markets” by P.F. Pope and P.K. Yadav in the Routledge Dictionary of Finance, 1997.

18. "Non-linear Dependence in Daily Stock Returns: Evidence from Pacific Basin Markets" by P.K. Yadav, K. Paudyal and P.F. Pope - Advances in Pacific Basin Financial Markets, Volume 2 Part B, 1996, pp. 349-377. Research supported by a grant from the UK Economic and Social Research Council (ESRC).

19. "An Analysis of the Lead-Lag Relationship between OMX Index Forwards and the OMX Cash Index: A Discussion" by P.K. Yadav - Chicago Board of Trade Seventh Annual European Futures Research Symposium Proceedings, Volume 1, 1995, pp. 39-47.
 
20. "The Time Series Behaviour of Spot Exchange Rates in the German Hyperinflation Period: Was the process Chaotic?" by D.A. Peel and P.K. Yadav - Empirical Economics, Volume 20, 1995, pp. 455-471. Research supported by a grant from the Leverhulme Trust.

21. "The Impact of Short Sales Constraints on Stock Index Futures Prices: Direct Empirical Evidence" by P.F. Pope and P.K. Yadav - Journal of Derivatives Volume 1 Number 4, Summer 1994, pp. 15-26.

22. "Threshold Autoregressive Modelling in Finance: The Pricing of Equivalent Assets" by P.K. Yadav, P.F. Pope and K. Paudyal - Mathematical Finance Volume 4, Number 2, April 1994, pp. 205-221.

23. "Stock Index Futures Mispricing: Profit Opportunities or Risk Premia" by P.K. Yadav and P.F. Pope - Journal of Banking and Finance, Volume 18 Number 5, 1994, pp. 921-953. Research supported by a grant from the Columbia University Centre for the Study of Futures Markets.

24. "Discovering Errors in Tracking Error" by P.F. Pope and P.K. Yadav - Journal of Portfolio Management Volume 20 Number 2, Winter 1994, pp. 27-32.

25. "Stock Index Futures Prices in Germany: A Commentary" by P.K. Yadav - Review of Futures Markets, Volume 13 Number 2, 1993, pp. 687-694.

26. "Deregulation and UK Stock Market Volatility" by D.A. Peel, P.F. Pope and P.K. Yadav - Journal of Business Finance and Accounting Volume 20, Number 3, April 1993, pp. 359-372.

27. "Modelling S&P 500 Futures Mispricing Using a Neural Network: A Critical Analysis" by P.K. Yadav - Review of Futures Markets, Volume 12, Number 2, 1992, pp. 543-548.

28. "The Information Content of the Company Meeting Programme of the Society of Investment Analysts of the United Kingdom: 1985-1990" by T. Walmsley, P.K. Yadav and W.P. Rees - Journal of Business Finance and Accounting Volume 19, Number 4, June 1992, pp. 571-584.

29. "The Impact of Option Listing on Underlying Stocks: The UK Evidence" by W.H. Watt, P.K. Yadav and P.R. Draper - Journal of Business Finance and Accounting Volume 19, Number 4, June 1992, pp. 485-503.

30. "Event Studies based on the Volatility of Returns and Trading Volume: A Review" by P.K. Yadav - British Accounting Review Volume 24 Number 2, June 1992, pp. 157-184.

31. "Impact of Option Expiration on Underlying Stocks: The U.K. Evidence" by P.K. Yadav and P.F. Pope - Journal of Business Finance and Accounting Volume 19 Number 3, April 1992, pp. 329-344.
 
32. "Intraweek and Intraday Seasonalities in Stock Market Risk Premia: Cash vs Futures" by P.K. Yadav and P.F. Pope - Journal of Banking and Finance Volume 16 Number 1, February 1992, pp. 233-270. Research supported by a grant from the Columbia University Centre for the Study of Futures Markets.

33. "Datastream" by D. McDougall, P.F. Pope and P.K. Yadav in Databases for Accounting Research, Institute of Chartered Accountants in England and Wales Monograph edited by J Board, P F Pope and L C L Skerratt, 1991.

34. "A Consistency Check on Stock Price Data from Datastream and the London Business School Share Price Database" by P F Pope and P K Yadav in Databases for Accounting Research, Institute of Chartered Accountants in England and Wales Monograph edited by J. Board, P.F. Pope and L.C.L. Skerratt, 1991.

35. "Testing Index Futures Market Efficiency using Price Differences: A Critical Analysis" by P.K. Yadav and P.F. Pope - Journal of Futures Markets Volume 11 Number 2, April 1991, pp. 239-252.

36. "Stock Index Futures Arbitrage: International Evidence" by P.K. Yadav and P.F. Pope - Journal of Futures Markets Volume 10, Number 6, December 1990, pp. 573-603.
· Reprinted in “Futures Markets”, a book of readings (ISBN 1-858980704) published by Edward Edgar Publishing and edited by A.G. Malliaris as part of “Critical Writings in Financial Economics Series”.
· Awarded the Institute of Quantitative and Investment Research (INQUIRE) Best Paper Prize for 1989.
· Research supported by a grant from the Columbia University Centre for the Study of Futures Markets.

37. "Volatility and the Big Bang Factor - Has the Big Bang made UK Stock Prices more Volatile?" by D.A. Peel, P.F. Pope and P.K. Yadav - Professional Investor, May 1990, 20-22. Reprinted in 2000 in “Double Takes”, a book of readings edited by J. Goodchild and C. Callow and published by IIMR and Wiley, ISBN 0-471-89313-7, pp. 231-235.

Working Papers

38. “Resiliency, a Dynamic View of Liquidity” by A. Kempf, D. Mayston, M. Trapp, and Pradeep K. Yadav.
· Presented at European Finance Association Annual Conference.
· Presented at American Finance Association Annual Conference.
· Presented at Financial Management Association Annual Conference.
· Presented at Emerging Markets Finance Annual Conference, December 2015.

39. “Liquidity Provision Under Stress: The Fast, the Slow, and the Dead” by V. Raman, M. Robe, and Pradeep K. Yadav.
· Research supported by US Commodity and Futures Trading Commission (CFTC).
· Research reported on Bloomberg: http://www.bloomberg.com/news/2014-07-15/speed-traders-should-operate-in-good-times-and-bad-study-says.html.
· Presented at the ASSA Annual Meetings (January 2017).
· Presented at Commodity and Futures Trading Commission (CFTC).
· Presented at the Securities and Exchange Commission (SEC).
· Presented at the U.S. Treasury Office of Financial Research (OFR).
· Presented at Princeton University Commodity Markets Workshop.
· Presented at seminars at several Schools.

40. “Financialization of Commodities: Intraday Institutional Traders and Market Quality” by V. Raman, M. Robe, and Pradeep K. Yadav.
· Research supported by US Commodity and Futures Trading Commission (CFTC).
· Presented at National Science Foundation – IPAM / Princeton Financialization of Commodities Workshop.
· Presented at Commodity Derivatives Markets Workshop, Florence, Italy.
· Presented at ESSEC Energy & Commodity Finance Conference.
· Presented at University of Technology, Sydney.
· Presented at Emerging Markets Finance Conference, December 2016.
· Presented at seminars at several Schools.

41. “The Nature of Takeover Resistance: Aggressive Post-Offer Actions to Frustrate Takeover Bids vs. Passive Resistance” by N. Carline, S. C. Linn and Pradeep K. Yadav.
· Research supported by UK Economic and Social Research Council (ESRC) grant of £52,000 (»$99,000) for work on Hostile Takeovers.
· Presented at Financial Management Association Annual Conference.
· Presented at American Finance Association Annual Conference.
· Presented at Vanderbilt Law and Finance Conference, Auckland (New Zealand).

42. “Dealer Spreads in the Corporate Bond Market: Agent vs. Market-Making Roles” by L. Ederington, W. Guan, and Pradeep K. Yadav.
· Presented at 13th Cologne Financial Markets Symposium.
· Presented at Financial Management Association Annual Conference.
· Presented at seminars at several Schools.

43. “Identifying Informed Traders and Understanding their Trading Choices” by S. Gupta, V. Raman, and Pradeep K. Yadav.
· Research support: NSE-NYU Stern Initiative on the Study of Indian Capital Markets.
· Presented at New York University Stern School of Business, October 2017.
· Presented at 2017 New York University & National Stock Exchange of India Annual Conference, December 2017.

44. “Man vs. Machine: Liquidity Provision and Market Fragility” by V. Raman, M. Robe and Pradeep K. Yadav.
· Research support: NSE-NYU Stern Initiative on the Study of Indian Capital Markets.
· Presented at 2015 New York University & National Stock Exchange of India Annual Conference.
· Presented at Emerging Markets Finance Annual Conference, December 2015.
· Presented at several School seminars.

45. “Liquidity Provision, Information, and Inventory Management in Limit Order Markets: An Analysis of Order Revisions” by V. Raman and Pradeep K. Yadav.
· Research support: NSE-NYU Stern Initiative on the Study of Indian Capital Markets.
· Presented at European Finance Association Annual Conference.
· Presented at Emerging Markets Finance Annual Conference.
· Presented at 2014 New York University and National Stock Exchange of India Annual Conference.
· Presented at Financial Management Association Annual Conference.
· Presented at Financial Intermediation Research Society Annual Conference.

46. “Vertical and Horizontal Agency Costs: Evidence from Public and Private Firms” by S. Gogineni, S. C. Linn and Pradeep K. Yadav.
· Presented at Indian School of Business (ISB) Research Conference.
· Presented at Financial Management Association Annual Conference.
· Presented at Vanderbilt University Law and Finance Conference.
· Presented at European Centre for Corporate Control Studies conference.
· Presented at INFINITI Conference.
· Presented at 17th New Zealand Finance Colloquium.
· Presented at several School seminars.

47. “Does the Early Exercise Premium Contain Information about Future Underlying Returns?” by R. Valkanov, Pradeep K. Yadav and Y. Zhang).
· Presented at European Finance Association Annual Conference.
· Presented at American Finance Association Annual Conference.

48. “Informed Trading, Information Asymmetry, and Pricing of Information Risk: Empirical Evidence from the NYSE” by F. Bardong, S.M. Bartram and Pradeep K. Yadav.
· Presented at European Finance Association Annual Conference.
· Presented at Western Finance Association Annual Conference.
· Presented at Financial Management Association Annual Conference.

49. “How are Short-Sales Different from Regular Trades?" by F. Bardong, S.M. Bartram and Pradeep K. Yadav.
· Presented at European Finance Association Annual Conference.
· Presented at Financial Management Association Annual Conference.

50. “What is the Value of being American?” by W. Cao, L. E. Ederington, and Pradeep K. Yadav. Working Paper.

51. "Hiding Behind the Veil: Informed Traders and Pre-Trade Opacity" by K. Kumar, R. Thirumalai and Pradeep K. Yadav.
· Presented at European Finance Association Annual Conference.
· Presented at Financial Management Association Annual Conference.
· Presented at Securities and Exchange Commission (SEC).

52. “Corporate Break-ups, Skilled Information Processors and Private Information” by F. Bardong, S.M. Bartram, X. Duan, and Pradeep K. Yadav.
· Presented at European Finance Association Annual Conference.
· Presented at Financial Management Association Annual Conference.

53. “Determinants of Cash Holdings by Private and Public Companies” by S. Gogineni, S. C. Linn and Pradeep K. Yadav.
· Presented at Financial Management Association European Annual Conference.

54. “Convergence to Market Efficiency: Empirical Evidence from the New York Stock Exchange” by J.W. Dong, A. Kempf and Pradeep K. Yadav.
· Presented at Euronext, Paris.
· Presented at NYSE/NSE/ISB Winter Research Conference.

55. “The Effects of Market Reforms on the Trading Costs of Public Investors: Evidence from the London Stock Exchange” by N.Y. Naik and Pradeep K. Yadav.
· Presented at Western Finance Association Annual Conference.
· Presented at European Finance Association Annual Conference.
· Awarded New York Stock Exchange Prize for Best Paper on Market Microstructure.
· Research supported by the UK Economic and Social Research Council.

56. "Mean Reversion in Stock Index Futures Mispricing: Evidence from the US and the UK" by Pradeep K. Yadav and P.F. Pope.
· Presented at American Finance Association Conference
· Presented at World Econometric Congress.

57. “Quality of Information and Volatility Around Earnings Announcements” by Pradeep K. Yadav and Suleiman R. Mohammed.
· Presented at European Finance Association Conference.
· Available https://ssrn.com/abstract=302934 or http://dx.doi.org/10.2139/ssrn.302934

58. "Pricing of Stock Index Futures Spreads: Theory and Evidence" by Pradeep K. Yadav and P.F. Pope.
· Presented at Western Finance Association Conference.
· Presented at European Finance Association Conference.
· Awarded Chicago Board of Trade Prize for Best Paper on Futures.