The National Stock Exchange of India (NSE) has always aimed at remaining at the forefront of support to financial research in India. The NSE Research Initiative was the very first research support program instituted by the NSE. During the period 2000-11, over 110 papers across diverse topics in Finance were published. The goal of NSE-RI was to support/encourage research in areas of interest to securities market, with the broad objective of expanding research capabilities and knowledge and facilitating policy advocacy.
Continuing our endeavor to be at the forefront of financial research in India, the NSE Research Initiative 2.0 (NSE-RI 2.0) has been relaunched with an expanded scope, format and support, in terms of monetary as well as data/compute. It is an initiative whereby NSE would encourage and support research in the broad area of financial markets via monetary grants on a continuing basis. It also serves as a platform for researchers to get guidance/feedback from experienced subject matter experts, thereby playing a crucial role in building a research community and network in the area of finance. NSE-RI 2.0 should also over time build significant knowledge and insights which would help in market development and policy formulation.
Under this initiative, we invite individuals from academia including think tanks and research institutions to submit research proposals in the broad areas of finance and economics, some of which are listed below.
- Capital markets (Equity, Derivatives, Fixed Income, among others)
- Capital market regulations
- Market design and market microstructure
- High frequency/algorithmic trading
- Market efficiency
- International Financial Service Centres
- Collective Investment Vehicles
- Corporate Finance
- Financial Risk Management
- Behavioural Finance
- Banking and Financial Services
- Corporate Governance/ESG
- Economy
- Financial Economics
Research proposals can be categorised into two types based on the research topic, and analytical complexity: short-term (Duration of up to five months, with maximum one month extension) and long-term (Duration of up to 10 months, with maximum extension of two months), entailing grant amount of Rs 1 lakh and Rs 2 lakh respectively. Only fresh and original research ideas in broad areas specified above, with no prior grants/monetary support, will be eligible for the grant.
The proposal should be upto two (short-term projects) to four (long-term projects) pages long and must briefly include an introduction & research objectives/motivation, brief literature review, data requirements, methodology, gaps & research contribution and policy relevance/implications.
Alongside the proposal, researchers will be required to submit the following additional documents:
- Institute credentials (Bona fide certificate from the Institute) of all the co-authors
- Personal academic credentials of all the co-authors
- Updated CVs of all the authors
- An undertaking on the research idea being fresh and original
The research proposal and documents are required to be sent via email to nseri@nse.co.in.
The proposal can be submitted throughout the year; however, it would be reviewed in a quarterly cycle by a committee of internal and external stakeholders.
Funding will be provided in two stages: 10% upon acceptance of the research proposal, and the remaining 90% upon reviewer approval of the final submission.
NSE has set up a cloud-based research facility called the NSE Data Room (NDR) to allow researchers from academia and beyond to access granular market data. A cloud-based facility allows usage of data available within the NSE, and thus provides a platform that enables a wider spectrum of research opportunities.
Researchers would get access to NSE Data Room based on “NSE Data Dissemination and Operational Guidelines”. They can approach NSE’s Economic Policy & Research (EPR) department with their research proposals. All submitted proposals would be subjected to approval by an independent, external committee of referees, consisting of eminent academics in the field, and would be eligible for an NSE Research Grant (NRG) in the form of a time-bound access to the NDR to pursue their research interests.
Such a grant does not involve any other consideration, monetary or otherwise.
For further details, please write to dl-epr-all@nse.co.in
| Sr. No. | Title | Author | Presentation | Working Paper | White Paper |
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| 1 | Bank Deposit Franchise, Interest Rate Risk, and Default Risk | Nirupama Kulkarni (CAFRAL) and Akshat Singh (University of Oxford) | - |  |
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| 2 | Does the type of settlement matter? Evidence from Indian Derivatives Market | Prachi Jain (Indian Institute of Management Indore) | |
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| 3 | What happens when ratings shopping is visible? Evidence from unaccepted ratings disclosure in India | Sanjay Kallapur (Indian School of Business), Abdul Khizer (Indian School of Business), Hariom Manchiraju (Indian School of Business) and Rajesh Vijayaraghavan (University of British Columbia) | - | |
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| 4 | Do Too Many Cooks Spoil the Broth? Multiple Politicians, Firm Entry and Economic Growth | Harsha Dutta (Hong Kong University of Science and Technology), Pulak Ghosh (Indian Institute of Management Bangalore), Arkodipta Sarkar (Hong Kong University of Science and Technology) and Nishant Vats (Booth School of Business, University of Chicago) | - | |
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| 5 | Identifying HFT Activity without Proprietary Data | Bidisha Chakrabarty (Saint Louis University), Carole Comerton-Forde (UNSW Sydney) and Roberto Pascual (University of the Balearic Islands) | |
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| 6 | Effectiveness of Additional Surveillance Measures–Empirical study using Indian market data | Latha Chari (National Institute of Securities Markets) and Mohd Merajuddin Inamdar (National Institute of Securities Markets) | - | |
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| 7 | Winds of Change: Gender Quota on Boards in the Face of Patriarchy | Lakshmi Naaraayanan (London Business School) and Kasper Nielsen (Copenhagen Business School) | - | |
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| 8 | Bank Presence and Health | Kim F Cramer (Columbia Business School) | |
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| Sr. No. | Title | Author | Presentation | Working paper | White Paper |
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| 1 | The Conflict Induced Costs of Lending | Mrinal Mishra and Prof. Steven Ongena (University of Zurich) | - | |
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| 2 | The Power of a Financially Literate Woman in Intra-Household Financial Decision-Making | Dennis Philip, Anurag Banerjee and Kamlesh Kumar (Durham University Business School) and Iftekhar Hasan (Fordham University) | |
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| 3 | Do Government Guarantees Help Financial Stability? Evidence from an Emerging Market | Madhu Kalimipalli (Wilfrid Laurier University), Vijay Marisetty (University of Hyderabad) and Prof. R. L, Shankar (Case Western Reserve University) | |
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| 4 | Correlated Portfolio Inventory Risk of Liquidity Providers: Frictions and Market Fragility | Pradeep Yadav (University of Oklahoma), Roman Kozhan (University of Warwick) and Vikas Raman (Lancaster University) | |
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| 5 | Speculation Price Limits and IPO Markets Evidence from a natural experiment | Rama Seth (Copenhagen Business School & IIM Calcutta), Vladimir Gatchev, Ajai Singh (University of Central Florida) and Prof. Vishwanath S R (Shiv Nadar University) | |
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| 6 | What Explains Geographic Variation in Corporate Investment? | Nishant Vats and Shohini Kundu (University of Chicago) | |
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| Sr. No. | Title | Author | Summary | Working Paper | White Paper | Presentation |
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| 1 | Algorithmic traders and volatility information trading | Anirban Banerjee (IIM Kozhikode) and Ashok Banerjee (IIM Calcutta) | |
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| 2 | Fintech and credit scoring for the millennial generation | Alok Shashwat (Indian School of Business), Sumit Agarwal (National University of Singapore), Pulak Ghosh (IIM Bangalore) and Sudip Gupta (Fordham University) | |
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| 3 | Disclosure transparency and voting outcomes | Wen He (University of Queensland), Ankit Jain (University of Queensland) and Shyam Sunder (University of Arizona) | |
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| 4 | Rules vs discretion: Impact of trading rules on market quality and trader behavior | Nidhi Aggarwal (IIM Udaipur), Surbhi Bhatia (Mint) and Bhargavi Zaveri (Finance Research Group) | |
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| 5 | Textual disclosures and retail investors | Ankit Jain (University of Queensland), Abdul Khizer (Indian School of Business) and Rambhadran Thirumalai (Indian School of Business) | |
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| 6 | Do social ties trump collateral in determining loan performance? | Sumit Agarwal (National University of Singapore), Prasanna Tantri (Indian School of Business) and Nitin Vishen (Indian School of Business) | |
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| 7 | Unearthing zombies: Regulatory intervention to aid bankruptcy reform | Nirupama Kulkarni (CAFRAL), S. K. Ritadhi (RBI), Siddharth Vij (University of Georgia) and Katherine Waldock (Georgetown University) | - | |
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| 8 | State-owned banks in India | Golaka Nath (CCIL), Nagpurnanand Prabhala (Johns Hopkins University Carey Business School) and Nishant Vats (University of Chicago Booth School of Business) | - | - | - | |
| Sr. No. | Title | Author | Working Paper | Presentation |
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| 1 | Insiders' Other Trades | Prachi Deuskar (Indian School of Business), Aditi Khatri (University of Arizona) and Jayanthi Sunder (University of Arizona) | |
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| 2 | Are algorithmic traders distracted? Evidence from Indian financial markets | Ashok Banerjee and Kamran Quddus (Indian Institute of Management Calcutta) | |
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| 3 | Violence and investor behavior: Evidence from terrorist attacks | Vikas Agarwal (Georgia State University), Pulak Ghosh (Indian Institute of Management Bangalore) and Haibei Zhao (Lehigh University) | |
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| 4 | How Good are Bank Loan Ratings in India for Listed and Unlisted Firms? | Yadav Gopalan (Indiana University), Radhakrishnan Gopalan (Washington University) and Kevin Koharki (Purdue University) | |
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| 5 | How do Debt Market Reacts to Mandatory CSR? Evidence from the Indian Companies Act 2013 | Jitendra Aswani, N. K. Chidambaran, Iftekhar Hasan (Fordham University) | |
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| 6 | Can Preferential Allotment of Equity Mitigate the Underinvestment Problem in Emerging Markets? Theory and Evidence | V. Ravi Anshuman, Venkatesh Panchapagesan (IIM Bangalore) and Marti Subrahmanyam (NYU Stern) | - | |
| 7 | The growing impact of US monetary policy on emerging financial markets: Evidence from India | Aeimit Lakdawala (Michigan State University) | |
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| 8 | A new order of financing investments: Evidence from acquisitions by India's listed firms | Varun Jindal (IIM Calcutta) and Rama Seth (Copenhagen Business School) | |
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Keynote Speech
| Title | Author | Downloads |
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| Global Spillovers: Managing Capital Flows and Forex Reserves | Dr. Viral Acharya, Deputy Governor of RBI | |
| Developing Corporate Bond Market – The Unfinished Agenda | Shri Ajay Tyagi, Chairman SEBI | |
| Sr. No. | Title | Author | Working Paper | Presentation |
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| 1 | Digital Payments Adoption by Indian Households and Retailers Post Demonetization: Combined TAM and Decomposed TPB Approach | Anubhuti Dwivedi (Asian Business School) | |
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| 2 | Order Exposure in High Frequency Markets | Bidisha Chakrabarty (Saint Louis University), Terrence Hendershott (Berkley Haas School of Business), Samarpan Nawn (Indian Institute of Management Udaipur) and Roberto Pascual (University of the Balearic Islands) | |
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| 3 | On the Interconnectedness of Financial Institutions: Emerging Markets Experience | Sanjiv R. Das (Santa Clara University) and Madhu Kalimipalli (Wilfrid Laurier University) | |
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| 4 | Informativeness of Orders in Electronic Limit Order Book Markets: A Revealed Preference Framework | Sudip Gupta (Gabelli School of Business, Fordham University), Vikas Raman, (University of Lancaster) and Pradeep Yadav (Price College of Business, Oklahoma University) | |
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| 5 | Does Piggybacking on Insider Trades Benefit Brokers? | Aditi Khatri (University of Arizona) | |
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| 6 | Does Judicial Efficiency affect Corporate Investment? | Nishant Vats (University of Chicago Booth School of Business) | |
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| 7 | The Relationship Dilemma: Organizational Culture and The Adoption of New Technology by Banks in India | Prachi Mishra (IMF), Nagpurnanand Prabhala (University of Maryland) and Raghuram Rajan (University of Chicago) | |
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| 8 | Costs and Benefits of Regulatory Interventions in Stock Markets: A Case of Minimum Public Shareholding Rule in India | V. Ravi Anshuman and Venkatesh Panchapagesan (IIM Bangalore) | - | |
| Sr. No. | Title | Author | Working Paper | White Paper |
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| 1 | Uncovered Equity “Disparity” in Emerging Markets | Ana-Maria Fuertes, Kate Phylaktis and Cheng Yan | |
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| 2 | Liquidity Shocks and Arbitrageur Activity | V. Ravi Anshuman, Prachi Deuskar, Krishnamurthy V. Subramanian and Ramabhadran S. Thirumalai | |
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| 3 | The role of insider trading in the market reaction to news releases: Evidence from an emerging market | Francois Brochet, Paul Lee and Suraj Srinivasan | |
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| 4 | Stock market participation in the aftermath of an accounting scandal | Renuka Sane | |
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| 5 | Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India | Viral V. Acharya and Siddharth Vij | |
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| 6 | How Do Small Investors Impact Derivative Markets? Evidence From A Policy Experiment | Ankit Jain, Mrinal Mishra and Prasanna Tantri | |
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| 7 | Creditor Rights and Corporate Labor Policy: Evidence from a Policy Experiment | Shashwat Alok, Ritam Chaurey and Vasudha Nukala | |
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| Sr. No. | Title | Author | Working Paper | White Paper |
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| 1 | Central Banks and Dynamics of Bond Market Liquidity | Prachi Deuskar (Indian School of Business), Timothy C. Johnson (GIES College of Business, University of Illinois) |
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| 2 | Do Derivatives Matter?: Evidence From A Policy Experiment | Deepak Agrawal (ISB, Hyderabad), K R Subramanyam (USC Marshall School of Businesss), Prasanna Tantri (ISB, Hyderabad), and Ramabhadran S Thirumalai, (ISB, Mohali) |
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| 3 | Do Programs Mandating Small Business Lending Disincentivize Growth? Evidence From a Policy Experiment | Gursharan Bhue (University of Chicago), Nagpurnanand Prabhala (CAFRAL) and Prasanna Tantri (ISB, Hyderabad) | |
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| 4 | Financial Development and Occupational Choice | Rajeev Dehejia (New York University) and Nandini Gupta (Kelley School of Business, Indiana University) | |
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| 5 | Foreign Institutional Investor Trading and Future Returns: Evidence From an Emerging Economy | Murugappa (Murgie) Krishnan ( William Paterson University) and Srinivasan Rangan (Indian Institute of Management Bangalore) | |
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| 6 | Non-rating revenue and conflicts of interest | Ramin P. Baghai (Stockholm School of Economics) and Bo Becker (Stockholm School of Economics) |
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| Sr. No. | Title | Author | Working Paper | White Paper |
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| 1 | A Model of Infrastructure Financing | Viral Acharya (NYU Stern) and Suresh Sundaresan (Columbia University) | |
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| 2 | Auctioning the Underwriting Spread: Implications for Information Production and Insurance | Sudip Gupta (Kelley School of Business, Indiana University), Rangarajan K. Sundaram (NYU Stern) and M. Suresh Sundaresan (Graduate School of Business, Columbia University) |
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| 3 | Do Insiders Who Pledge their Shares Manipulate Reported Earnings? | Aman Asija (Indian Institute of Management, Shillong), Vijaya B. Marisetty (RMIT University) and Srinivasan Rangan (Indian Institute of Management, Bangalore) |
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| 4 | Do regulatory hurdles on algorithmic trading work? | Nidhi Aggarwal (IGIDR), Venkatesh Panchapagesan (IIM Bangalore) and Susan Thomas (IGIDR) | |
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| 5 | "Government guarantees and bank vulnerability during the Financial Crisis of 2007 – 09: Evidence from an Emerging Market" | Viral Acharya (NYU Stern) and Nirupama Kulkarni (Haas School of Business, Berkeley) | |
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| 6 | How do High-Frequency Traders Trade? | Nupur Pavan Bang (ISB, Hyderabad) and Ramabhadran S. Thirumalai (ISB, Mohali) | |
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| 7 | Leverage constraints and liquidity | C. Bige Kahraman (Oxford Said Business School) and Heather Tookes (Yale School of Management) | |
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| 8 | Man vs. Machine: Liquidity Provision and Market Fragility | Vikas Raman (Warwick Business School), Michel Robe (Kogod School of Business, American University) and Pradeep K. Yadav (Price College of Business, University of Oklahoma) | |
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| 9 | Soft Information and the Cost of Job Rotation: Evidence of loan Officer Rotation | Krishnamurthy Subramanian, Prasanna Tantri and Subhendu Bhowal (ISB) | |
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Prelude to Working Paper Series
Brief Summary of Working Paper Series
| Sr. No. | Title | Author | Working Paper | White Paper |
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| 1 | Foreign Fund Flows and Stock Returns: Evidence from India | Viral V. Acharya (NYU Stern), V. Ravi Anshuman, (IIM Bangalore) and Kiran Kumar (NISM) | |
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| 2 | Liquidity Provision and Market Fragility | Mila Getmansky (University of Massachusetts), Ravi Jagannathan (Kellogg School of Management), Loriana Pelizzon (University of Venice) and Ernst Schaumburg (Federal Reserve Bank of New York) | |
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| 3 | Low latency trading and the comovement of order flow, prices,and market conditions | Ekkehart Boehmer (Edhec Business School) and R. L. Shankar (IFMR) | |
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| 4 | Anchor Investors in IPOs | Amit Bubna (ISB), and Nagpurnanand Prabhala (University of Maryland) | |
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| 5 | Do Indian Business Group Owned Mutual Funds Maximize Value For Their Investors? | Pulak Ghosh (IIM Bangalore), Jayant R. Kale (Georgia State University) and Venkatesh Panchapagesan (IIM-Bangalore) | |
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| 6 | Pricing of International 144 A Debt: Evidence from the US Secondary Bond Market | Alan G Huang (University of Waterloo), Madhu Kalimipalli, Subhankar Nayak (Wilfrid Laurier University) and Latha Ramchand (University of Houston) | |
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| 7 | Dividend Tax Effects – Evidence from India | Shobhit Aggarwal (IIM Bangalore) | |
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Updated on: 29/01/2024
