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Pradeep Yadav

W. Ross Johnston Chair and Professor of Finance

Chairman, European Finance Association
Member, Advisory Board, Review of Finance
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
United States

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 also served as Vice-President and as President of the European Finance Association; 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's 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. “Short-Selling, Fails to Deliver and Market Quality” by V. Fotak, V. Raman, and Pradeep K. Yadav. Forthcoming Journal of Financial Economics. 
• Research funded by the Institute of Quantitative Investment Research (INQUIRE).

2. “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. 

3. “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.

4. “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.

5. “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 funded by the Institute of Quantitative Investment Research (INQUIRE).

6. “Corporate Governance in India” by R. Chakrabarti, W. Megginson and P.K. Yadav, Journal of Applied Corporate Finance, Winter 2008.

7. “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.

8. “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.

9. “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.

10. “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.

11. "An Empirical Analysis of Alternative Parametric ARCH Models" by G F Loudon, W.H. Watt and P.K. Yadav - Journal of Applied Econometrics, Vol 15, 2000, pp117-136.

12. "The Early Exercise Premium in American Option Prices: Direct Empirical Evidence" by L. McMurray and P.K. Yadav – Derivatives Use, Trading & Regulation, Vol 6 No 1, 2000, pp 411-435.

13. "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, Vol 26, 1999, pp 651-679.

14. "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, Vol 4, 1998.

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

16. "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, Vol 2 Part B, 1996, pp 349-377.

17. "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, Vol 1, 1995, pp 39-47.

18. "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, Vol 20, 1995, pp 455-471. Research supported by Leverhulme Trust.

19. "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 Vol 1 No 4, Summer 1994, pp 15-26.

20. "Threshold Autoregressive Modelling in Finance : The Pricing of Equivalent Assets" by P.K. Yadav, P.F. Pope and K. Paudyal - Mathematical Finance Vol 4 No 2, April 1994, pp 205-221.

21. "Stock Index Futures Mispricing : Profit Opportunities or Risk Premia" by P.K. Yadav and P.F. Pope - Journal of Banking and Finance, Vol 18 No 5, 1994, pp 921-953.

22. "Discovering Errors in Tracking Error" by P.F. Pope and P.K. Yadav - Journal of Portfolio Management Vol 20 No 2, Winter 1994, pp 27-32.

23. "Stock Index Futures Prices in Germany: A Commentary" by P.K. Yadav - Review of Futures Markets, Vol 13 No 2, 1993, pp 687-694.

24. "Deregulation and UK Stock Market Volatility" by D.A. Peel, P.F. Pope and P.K. Yadav - Journal of Business Finance and Accounting Vol 20 No 3, April 1993, pp 359-372.

25. "Modelling S&P 500 Futures Mispricing Using a Neural Network: A Critical Analysis" by P.K. Yadav - Review of Futures Markets, Vol 12 No 2, 1992, pp 543-548.

26. "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 Vol 19 No 4, June 1992, pp 571-584.

27. "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 Vol 19 No 4, June 1992, pp 485-503.

28. "Event Studies based on the Volatility of Returns and Trading Volume: A Review" by P.K. Yadav - British Accounting Review Vol 24 No 2, June 1992, pp 157-184.

29. "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 Vol 19 No 3, April 1992, pp 329-344.

30. "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 Vol 16 No 1, February 1992, pp 233-270.

31. "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.

32. "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.

33. "Testing Index Futures Market Efficiency using Price Differences : A Critical Analysis" by P.K. Yadav and P.F. Pope - Journal of Futures Markets Vol 11 No 2, April 1991, pp 239-252.

34. "Stock Index Futures Arbitrage: International Evidence" by P.K. Yadav and P.F. Pope - Journal of Futures Markets Vol 10 No 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, and part of “Critical Writings in Financial Economics Series”.

35. "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

36. “Electronic Market Makers, Trader Anonymity and Market Fragility” by Vikas Raman, Michel Robe and Pradeep K. Yadav. 
• Reported on Bloomberg: http://www.bloomberg.com/news/2014-07-15/speed-traders-should-operate-in-good-times-and-bad-study-says.html

37. “Order Revisions: Information or Inventory Management” by Vikas Raman and Pradeep K. Yadav. 
• Presented at the 2013 European Finance Association Annual Conference. 

38. “Corporate Governance and Takeover Resistance” by N. Carline, S. C. Linn and Pradeep K. Yadav.
• Presented at the Financial Management Association Annual Conference.
• Presented at the American Finance Association Annual Conference. 

39. “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 the European Finance Association Annual Conference.
• Presented at the Western Finance Association Annual Conference.
• Presented at Euronext Conference in Paris.

40. "Hiding Behind the Veil: Informed Traders and Pre-Trade Opacity" by K. Kumar, R. Thirumalai and Pradeep K. Yadav. 
• Presented at the European Finance Association Annual Conference.
• Presented at the Financial Management Association Annual Conference.

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

42. “Resiliency, a Dynamic View of Liquidity: Empirical Evidence from a Limit Order Book Market” by D. Mayston, A. Kempf and Pradeep K. Yadav.
• Presented at the European Finance Association Annual Conference.
• Presented at the American Finance Association Annual Conference.

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

44. “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 the Western Finance Association Annual Conference
• Presented at and awarded the New York Stock Exchange Prize for the Best Paper on Market Microstructure at the European Finance Association Annual Conference.
• Research supported by the UK Economic and Social Research Council.

45. “The Effect of Corporate Break-ups on Information Asymmetry: A Market Microstructure Analysis” by F. Bardong, S.M. Bartram and Pradeep K. Yadav.
• Presented at the European Finance Association Annual Conference.
• Presented at the Financial Management Association Annual Conference.

46. “Government Ownership, Informed Trading and Private Information” by G. Borisova and Pradeep K. Yadav.
• Presented at the Financial Management Association Annual Conference.

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

48. “Empirical Evidence on Ownership Structure, Management Control and Agency Costs” by S. Gogineni, S. C. Linn and Pradeep K. Yadav.
• Presented at the Indian School of Business (ISB) Research Conference, July 2009.
• Presented at the Financial Management Association Annual Conference.

49. “Using Announcement and Implementation Event Dates to Disentangle Competing Theories of Stock Splits” by J.W. Dong, M. Shackleton and Pradeep K. Yadav. 
• Presented at the Financial Management Association Annual Conference.

50. “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 Conference in Paris.
• Presented at NYSE/NSE/ISB Winter Research Conference.

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

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