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Ravi Jagannathan
Chicago Mercantile Exchange/John F. Sandner Professor,
Northwestern University
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Dr. Ravi Jagannathan is the Chicago Mercantile Exchange/John F. Sandner Professor of Finance at Northwestern University's Kellogg School of Management and Co-Director of the Financial Institutions and Markets Research Center at the Kellogg School (1997 - present). He has previously held positions as Piper Jaffray Professor of Finance (1993 - 1997) and Associate Professor of Finance (1989 - 1993) at the University of Minnesota's Carlson School of Management, Assistant Professor of finance at Northwestern University's Kellogg School (1983 - 1989), and as a Distinguished Visiting Professor at the Hong Kong University of Science and Technology (1994 - 1995), and had appointments as Special Terms professor at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University (2012-1015) and the Indian School of Business (2012-2014).
Ravi received a Ph.D. in Financial Economics (1983) and an M.S. in Financial Economics (1981) from Carnegie Mellon University, an M.B.A. from the Indian Institute of Management at Ahmedabad (1972), and a B.E. in Mechanical Engineering from the University of Madras (1970).

Ravi has served on the editorial boards of leading academic journals, and is a former executive editor of the Review of Financial Studies. He has served as a member of the Board of Directors of the American Finance Association and the Western Finance Association and is a past President of the Western Finance Association, the Society of Financial Studies, and the Financial Intermediation Research Society. He is a research associate of the National Bureau of Economics Research, a fellow of the Society for Financial Econometrics, and a member of the Board of Directors of the Financial Management Association. He is a special term professor at the Indian School of Business and the Shanghai Advanced Institute of Finance. He is the President Elect of the Society for Financial Econometrics.

Ravi's research interests are in the areas of asset pricing, capital markets, and financial institutions. His articles have appeared in leading academic journals, including the Journal of Political Economy, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies. He is noted for his contributions to the development of the Hansen-Jagannathan bound, and the Hansen-Jagannathan distance that summarizes what is missing in an asset pricing model, the TGARCH volatility model, a contingent claims framework for evaluating the performance of actively managed portfolios, and the role of portfolio weight constraints in estimating vast covariance matrices with precision.

Research Interests
Pricing of Financial Assets, Financial Markets and Institutions, and Portfolio Performance Evaluation.

Journal Publications & Working Papers
1. Ravi Jagannathana, David A. Matsa, Iwan Meier, Vefa Tarhan, 2016, Why Do Firms Use High Discount Rates, Journal of Financial Economics.
2. Morten Sorensen, Ravi Jagannathan, 2015, Public Market Equivalent and Private Equity Performance, Financial Analysts Journal.
3. Ravi Jagannathan, David Matsab, Iwan Meierc, Vefa Tarhand, 2015, Why do firms use high discount rates?, Journal of Financial Economics.
4. Srikant Marakani, Ravi Jagannathan, 2015, Price Dividend Ratio Factors: Proxies For Long Run Risk, Review of Asset Pricing Studies.
5. Ravi Jagannathan, Andrei Jirnyi, Ann Guenther Sherman, 2015, Share Auctions of Initial Public Offerings: Global Evidence, Journal of Financial Intermediation.
6. Ravi Jagannathan, Mudit Kapoor, Ernst Schaumburg, 2013, Causes of the Great Recession of 2007-9: The Financial Crisis was the Symptom not the Disease!, Journal of Financial Intermediation.
7. Arik Ben Dor, Ravi Jagannathan, Iwan Meier, Zhe Xu, 2012, What Drives the Tracking Error of Hedge Fund Clones?, Journal of Alternative Investments.
8. Ravi Jagannathan, Srikant Marakani, Hitoshi Takehara, Yong Wang, 2012, Calendar Cycles, Infrequent Decisions and the Cross Section of Stock Returns, Management Science.
9. Zhi Da, Re-Jin Guo, Ravi Jagannathan, 2012, CAPM for Estimating the Cost of Equity Capital: Interpreting the Empirical Evidence, Journal of Financial Economics.
10. Zhi Da, Pengjie Gao, Ravi Jagannathan, 2011, Impatient Trading, Liquidity Provision, and Stock Selection by Mutual Funds, Review of Financial Studies.
11. Ravi Jagannathan, Ernst Schaumburg, Guofu Zhou, 2010, Cross-Sectional Asset Pricing Tests, Annual Review of Financial Economics.
12. Ravi Jagannathan, Alexey Malakhov, Dmitry Novikov, 2010, Do Hot Hands Exist Among Hedge Fund Managers? An Empirical Evaluation, Journal of Finance.
13. Gopal K. Basak, Ravi Jagannathan, Tongshu Ma, 2009, Jackknife Estimator for Tracking Error Variance of Optimal Portfolios, Management Science.
14. JH Boyd,Ravi Jagannathan,Sungkyu Kwak,J Editor, 2009, What Caused The Current Financial Mess and What Can We Do About It, Journal of Investment Management.
15. J Boyd, R Jagannathan, 2009, Avoiding the Next Crisis, The Economists' Voice.
16. R Jagannathan, G Skoulakis, Z Wang, 2009, Analysis of large cross-sections of security returns, Handbooks in Finance .
17. Ravi Jagannathan,Yong Wang, 2007, Lazy Investors, Discretionary Consumption, and the Cross Section of Stock Returns, Journal of Finance.
18. Ravi Jagannathan, 2006, The Stock Market’s Reaction to Unemployment News, Stock-Bond Return Correlations, and the State of the Economy, Journal of Investment Management.
19. Ravi Jagannathan, 2005, Reforming the Book Building Process, Journal of Applied Corporate Finance.
20. John Boyd , Jian HuRavi and Jagannathan, 2005, The Stock Market’s Reaction to Unemployment News: Why Bad News May Some Times Be Good For Stocks?, Journal of Finance.
21. Ravi Jagannathan, 2003, An Evaluation of Multi-Factor CIR Models Using LIBOR, Swap Rates, and Cap and Swaption Prices, Journal of Econometrics.
22. Ravi Jagannathan,Tongshu Ma,, 2003, Risk Reduction in Large Portfolios: Why Imposing the Wrong Constraints Helps, Journal of Finance.
23. Arik Ben Dor, Iwan Meier,Ravi Jagannathan, 2003, Understanding Mutual Fund and Hedge Fund Styles Using Return Based Style Analysis, Journal of Investment Management.
24. Ravi Jagannathan, 2003, Understanding Mutual Funds and Hedge Funds Stuyles Using Returnbased Style Analysis, Journal of Investment Management.
25. Iwan Meier,Ravi Jagannathan, 2002, Do We Need CAPM for Capital Budgeting?, Financial Management (USA).
26. Ravi Jagannathan,George Skoulakis and Zhenyu Wang, 2002, Generalized Method of Moments: Applications in Finance, Journal of Business and Economic Statistics.
27. Ravi Jagannathan, Zhenyu Wang, 2002, Empirical Evaluation of Asset Pricing Models: A Comparison of the SDF and Beta Models, Journal of Finance.
28. Gopal Basak, Guoqiang Sun,Ravi Jagannathan, 2002, A Test for Mean Variance Efficiency When Shortselling is Prohibited, Journal of Economic Dynamics and Control.
29. Ravi Jagannathan, 2002, Style Analysis: Asset Allocation and Performance Evaluation, The Handbook of Equity Style Management.
30. Ravi Jagannathan, 2001, The Econometrics of Financial Markets, Asset Pricing.
31. Ravi Jagannathan, 2000, The Declining U.S. Equity Premium, Federal Reserve Bank of Minneapolis Quarterly Review.
32. Jane Saly ,Steven J. Huddart,Ravi Jagannathan, 2000, Valuing the Reload Features of Executive Stock Options, Status Report.
33. Ravi Jagannathan, 2000, The Econometrics of Financial Markets, Recursive Macroeconomic Theory.
34. Ravi Jagannathan, 2000, The Regulation and Supervision of Banks, Journal of Finance.
35. Ravi Jagannathan,Shaker Srinivasan, 1999, Does Product Market Competion Reduce Agency Costs?, Special Finance Issue of the North American Journal of Finance.
36. Ravi Jagannathan, 1999, Valuing the Reload Features of Executive Stock Options, Accounting Horizons.
37. Ravi Jagannathan, Zhenyu Wang, 1998, An Asympototic Theory For Estimating Beta-Pricing Models Using Cross-Sectional Regression, Journal of Finance.
38. Ravi Jagannathan, Zhenyu Wang, 1998, A Note on the Asymptotic Covariance in Fama-MacBeth Regression, Journal of Finance.
39. Keiichi Kubota ,Hitoshi Takehara,Ravi Jagannathan, 1998, Relationship between Labor-income Risk and Average Return: Empirical Evidence from the Japanese Stock Market, Journal of Business Research.
40. Murray Frank,Ravi Jagannathan, 1998, Why Do Stock Prices Drop by Less than the Value of the Dividend? Evidence from a Country without Taxes, Journal of Financial Economics.
41. Lars Peter Hansen,Ravi Jagannathan, 1997, Assessing Specification Errors in Stochastic Discount Factor Models, Journal of Finance.
42. Ravi Jagannathan, Zhenyu Wang, 1996, The Conditional CAPM and the Cross-section of Expected Returns, Journal of Finance.
43. Ravi Jagannathan, 1996, Why Should Older People Invest Less in Stocks than Younger People?: An Economic Analysis of Financial Planners' Advice, Federal Reserve Bank of Minneapolis Quarterly Review.
44. Ravi Jagannathan, 1996, Relation between the Slopes of the Conditional and Unconditional Mean-standard Deviation Frontiers of Asset Returns, Center for Academic Societies Japan.
45. Ravi Jagannathan, 1996, Econometric Evaluation of Asset Pricing Models, Handbook of Statistics.
46. Ravi Jagannathan, 1995, The CAPM Debate, Federal Reserve Bank of Minneapolis Quarterly Review.
47. Lawrence Glosten,Ravi Jagannathan, 1994, A Contingent Claims Framework for Analyzing the Performance of Portfolio Managers, Journal of Empirical Finance.
48. Lawrence Glosten ,David Runkle,Ravi Jagannathan, 1993, On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks, Journal of Finance.
49. Ravi Jagannathan, 1993, The CAPM Is Alive and Well, Federal Reserve Bank of Minneapolis.
50. Ravi Jagannathan, 1990, Implications of Security Market Data for Models of Dynamic Economies, Journal of Political Economy.
51. Ravi Jagannathan, 1990, The Simple Analytics of Commodity Futures Markets: Do they Stabilize Prices? Do They Raise Welfare?, Federal Reserve Bank of Minneapolis Quarterly Review.
52. Fumio Hayashi,Ravi Jagannathan, 1990, Ex-day Behavior of Japanese Stock Prices: New Insights from New Methodology, Journal of Japanese and International Economies.
53. V. V. Chari , Larry E. Jones,Ravi Jagannathan, 1990, Price Stability and Futures Trading in Commodities, Journal of Economics.
54. William Breen , Lawrence Glosten,Ravi Jagannathan, 1989, Economic Significance of Predictable Variations in Stock Index Returns, Journal of Finance.
55. Ravi Jagannathan,V. V. Chari, 1989, Adverse Selection in a Model of Mortgage Lending, Journal of Finance.
56. Ravi Jagannathan,Thomas R. Palfrey, 1989, The Effects of Insider Trading Disclosures on Speculative Activity and Futures Prices, Economic Inquiry.
57. Ravi Jagannathan,V. V. Chari, 1988, Banking Panics, Information and Rational Expectation Equilibrium, Journal of Finance.
58. V. V. Chari and Aharon R. Ofer,Ravi Jagannathan, 1988, Seasonalities in Security Returns: the Case of Earnings Announcements, Journal of Financial Economics.
59. Ravi Jagannathan,Robert A. Korajczyk, 1986, Assessing the Market Timing Performance of Managed Portfolios, Journal of Business.
60. William Breen ,Aharon R. Ofer,Ravi Jagannathan, 1986, Correcting for Heteroscedasticity in Tests for Market Timing Ability, Journal of Business.
61. Ravi Jagannathan, 1985, An Investigation of Commodity Futures Prices Using the Consumption Based Intertemporal Capital Asset Pricing Model, Journal of Finance.
62. Ravi Jagannathan, 1984, Call Options and the Risk of Underlying Securities, Journal of Financial Economics.

Teaching Interests
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Current Courses
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Faculty & Research
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