VITA

NIRANJAN TRIPATHY

 

 

Department of Finance, Insurance, Real Estate & Law

College of Business Administration
University of North Texas

Denton, TX 76203

Voice: (940) 565-3045 / Fax:  (940) 565-4234

e-mail:

Web page:

 

 

RESEARCH INTEREST

Insider Trading / Market Microstructures / Capital Issuance Process / Agency Models

 

TEACHING EXPERIENCE

Graduate: Doctoral Seminar in Finance / Financial Management / International Finance

Undergraduate: International Finance / Financial Management / Working Capital Management / Long Term Investment and Financing

Director, Financial Analysis Workshop: Financial Service Volunteer Corps, June 2000:  Taught financial statement analysis, fixed income and equity valuations to a team of bankers, brokers, and stock exchange members in the Republic of Macedonia

Summer Business Program in Sheffield Hallem University, UK (Summer 1995)

 

DEGREES

Academic:

Ph.D. (Finance); Texas Tech University (1987)

MBA (Finance); University of New Orleans (1982)

MA (English); Ravenshaw College (1977)

Professional:

Chartered Financial Analyst (1999)

 

POSITIONS HELD

Director of Ph.D. Programs and Research, College of Business Administration

Professor of Finance: University of North Texas (UNT), 2002 - Present

Associate Professor of Finance: University of North Texas (UNT), 1994 - 2002

Assistant Professor of Finance: University of North Texas (UNT), 1987 - 1994

Coordinator, Doctoral Program in Finance: UNT, 1993-1998.

Faculty Advisor / Co-Sponsor, Student Investment Group, COBA, UNT, 2002- present.

 

AWARDS AND HONORS

Faculty Development Leave Award, University of North Texas, Fall 2000.

Irwin Distinguished Paper Award, Southwestern Finance Association, 1993

Dean's Excellence in Teaching Award, College of Business, Texas Tech University, 1986.

Lance Kaizer Scholarship, Area of Finance, Texas Tech University, 1986.

 

PUBLICATIONS

 

Abdelaziz Chazi and N. Tripathy ."Which Version of the Equity Market Timing Affects Capital Structure?" Journal of Applied Finance, (forthcoming).

 

Chandy, P.R. and N. Tripathy. "Empirical Evidence on the Effects of Delisting from the NMS." Journal of Economics and Finance, 2004.

 

Hanesly, P, Dan Peak and N. Tripathy. “Tracking Errors in the Dow Jones Industrial Average as Compared with Alternative Market Indices: New Evidence.” Quarterly Journal of Business and Economics, 2003.

 

Sarkar, S.K., D. Hyland, and N. Tripathy. “Insider Trading When There is an Underlying Option: Cross-Sectional Evidence, Financial Analysts Journal, May-June, 2003, pp. 69-77 

 

Sarkar, S.K. and N. Tripathy.  "An Empirical Analysis of the Impact of Stock Index Futures Trading on Securities Dealers' Inventory Risk in the NASDAQ Market," Review of Financial Economics, 11 (2002), pp. 1-17 

 

Meera, A K., N. Tripathy and M Redfearn “Wealth and Liquidity Effects of Stock Delisting: Empirical Evidence from the Stock Exchanges of Singapore and Malaysia,” Applied Financial Economics, 11 (Spring 2000), pp. 199-206.

 

Hudson, W. C., N. Tripathy, and C. Steven Cole. “Market Reaction to Credit Watch Placements and the Events which Caused Them: Has the Market Learned Anything,” Journal of Business and Economic Perspectives 25 (Fall/Winter 1999), pp. 24-32.

 

Hudson, W. C., N. Tripathy, and C. Steven Cole. “The Effect of Credit Watch Removals on Common Stock Returns: New Evidence,” Journal of Business and Economic Perspectives 25 (Fall/Winter 1999), pp. 33-42.

 

Tripathy, N. and G.K. Ganesh. “Evaluation, Promotion and Tenure of Finance Faculty: The Evaluators’ Perspective,” Financial Practice and Education. (Spring/Summer 1996), pp. 46-53.

 

Ganesh, G. K., and N. Tripathy. “The Relative Importance of Teaching Research and Service in Merit Evaluation, Promotion, and Tenure of Marketing Faculty as seen by Evaluators,” Marketing Education Review, 6  (Spring 1996), pp. 65-75.

 

Franz, D.R., R. P. Rao and N. Tripathy.  "Stock Repurchase Announcements and Informed Trading Risk in the NASDAQ Market," Journal of Financial Research 17 (Fall 1995), pp. 311-327.

 

Taube, P.N.,  Don N. MacDonald, and N. Tripathy.  "Seasonal, Price Adjustment Delays and Estimated Systematic Risk," Review of Quantitative Finance and Accounting, 4 (Fall 1994), pp. 265-289.

 

Raman, K and N. Tripathy.  "The Effect of Supplemental Reserve-Based Accounting Data on Market Microstructure," Journal of Accounting and Public Policy, 12 (Spring 1993), pp. 1-21.

 

Tripathy, N and R.P. Rao "Adverse Selection, Spread Behavior and Over-the-counter Seasoned Equity Offerings," Journal of Financial Research 16 (Spring 1992), pp. 39-55.

 

Moyer, R.C. , R.P. Rao and N. Tripathy. "Dividend Policy and Regulatory Risk: A Test of the Smith Hypothesis," Journal of Economics and Business 44 (Spring 1992), pp. 127-34.

 

Rao, R.P.,  N. Tripathy and W.P. Dukes. "Dealer Bid-Ask Spreads and Options Trading on Over-the-counter  Stocks," Journal of Financial Research 15 (Winter 1991), pp. 317-325.

 

Tripathy, N and R.L. Peterson, "Portfolio Risk, Adjustment Costs and Security Dealers' Spreads," Journal of Financial Service Research 5 (Fall 1991), pp. 131-142.

 

Tripathy, N and R.L. Peterson, "The Relationship Between OTC Bid-Ask Spreads and Dealer Size: The Impact of Order-Processing and Diversification Costs," Journal of Financial Research 15 (Summer, 1991), pp. 117-128.

 

Tripathy, N and Mike Impson. "The Effect of Dividend Decrease Announcements on Bid-Ask Spreads," Proceedings of the Decision Science Institute,  Southwest region, (1990 session).

 

 

PAPERS UNDER REVIEW / WORKING PAPERS

 

Sangmanee, A., M. Redfearn and N. Tripathy. "International Market Integration and Spillover effects in Emerging markets: Evidence from the Securities Exchange of Thailand."

 

Tripathy, N. and R.P. Rao. "Insider Trading and the Adverse Selection Component of Dealer's Spreads: Empirical Tests."

 

Tripathy, N. “An Empirical Test of Biases in Roll’s Covariance Spread Estimator.”

 

Tripathy, N., Steve C. Cole, and P. Hseuh. "Further Evidence on the Information Content of Bond-Rating Change: A Test of the Differential Information Hypothesis." 

 

Hsueh, P., A. Liu and N. Tripathy. "Information Asymmetries and Bid-Ask Spreads: A Case Study of Rate Change Announcements." 

 

GRANTS & PROPOSALS

 

“Development and Integration of a Student Managed Investment Fund Program into FINA 4200”, Undergraduate Instructional Development Grant, University of North Texas, 2001.

 

“Which Trading System Provides the Best Price Stability?” Research Development Grant, College of Business Administration, University of North Texas, 2000.

 

“Insider Trading and Transactions Costs: Empirical Tests.” Research Development Grant, College of Business Administration, University of North Texas, 1999.

 

"Do Informed Traders Migrate from the Options Market to the Stock Market."  Research Opportunity Grant, University of North Texas, 1996.

 

" Private Information and Options Market: Empirical Tests." Faculty Research Initiative Grant, College of Business Administration, University of North Texas, 1994.

 

"An Empirical Analysis of the Impact of Stock Index Futures Trading on Securities Dealers' Inventory Risk", Faculty Research Initiative Grant, College of Business, University of North Texas; 1993.

 

"Price and Liquidity Effects of Delisting from the National Market System "; Faculty Research Grant, University of North Texas; 1991.

 

"Insider Trading and Adverse Selection Trading Components of Bid-Ask Spreads: Empirical Tests"; Research Initiation Grant, University of North Texas. 1990

 

"Insider Trading and Adverse Selection Component of Dealer Spreads"; Professional Development Institute Research Grant, College of Business, University of North Texas. 1990

 

"Behavior of Spreads Around Seasoned Equity Announcements"; Professional Development Institute Research Grant, College of Business, University of North Texas; 1989.

 

"Determinants of Utility Dividend Policies: A Test of Agency and Regulatory Motivations"; Research Initiation Grant, University of North Texas; 1989.

 

"The Effects of Stock Index Futures Trading on the Security Dealer's Bid-Ask Spreads"; Research Initiation Grant, University of North Texas; 1988.

 

"An Empirical Examination of a New Rationale for Stock Splits"; Research Initiation Grant, University of North Texas; 1987.

 

PAPERS PRESENTED

 

Can Turnover Ratio Explain Adverse Selection Costs? Predictions from the Pecking Order Theory” with Darshana Palkar. Presented at Southwestern Finance Association, San Diego, March 2007 & Eastern Finance Association, New Orleans, April 2007.

 

Reconciling Capital Structure Theories in Predicting the Firm’s Decisions: Tactical Deviations Versus Strategic Reversals” with Darshana Palkar.  Presented at Southwestern Finance Association, San Diego, March 2007 & Eastern Finance Association, New Orleans, April 2007.

 

“Which Version of the Equity Market Timing Affects Capital Structure?” with Abdelaziz Chazi. Presented at the Financial Management Association (FMA) Meetings, Chicago, October 2005.

 

 An Empirical Analysis of the Impact of Stock Index Futures Trading on Securities Dealers’ Inventory Risk.” with Salil Sarkar, Presented at the Financial Management Association (FMA) Meetings, Toronto, October 2001.

 

“Insider Trading When There is an Underlying Option: Cross-Sectional Evidence” with David Hyland and Salil K. Sarkar. Presented at the Financial Management Association (FMA) Meetings, Orlando, October 1999.

 

"Insider Trading Patterns and Associated Price Reactions: The Case of Optioned and Non-Optioned Stocks," with Salil Sarkar. Presented at the Financial Management Association (FMA) Meetings, Honolulu, October 1997.

 

“The Wealth Effects of Stock Delistings: GARCH Evidence from the Stock Exchanges of Singapore and Malaysia,” with Ahamed Meera and Michael Redfearn. Presented at the Financial Management Association (FMA) Meetings, Honolulu, October 1997.

 

“Predicting Credit Watch Placements for Bidding Firms.” with William Hudson and Steven Cole. Accepted for presentation at the  Southwestern Finance Association (SWFA) Meetings, New Orleans, March 1997.

 

“The Wealth Effects of Stock Delistings: GARCH Evidence from the Stock Exchanges of Singapore and Malaysia,” with Ahamed Meera and Michael Redfearn. Presented at PACAP Finance Conference and CFA annual meeting, Taipei, July 1996.

 

“The Information Content of Credit Watch Placements vs. Credit Watch Removals: A Further Look at Rating Change Announcements.” with William Hudson and Steven Cole. Presented at the  SWFA Meetings, San Antonio, March 1996.

 

“The Market Reaction to Credit Watch Placements and the Events Which Caused Them: Has the Market Learned?” with William Hudson and Steven Cole. Presented at the Southwestern Finance Association (SWFA) Meetings, San Antonio, March 1996.

 

“Evaluation, Promotion and Tenure of Finance Faculty: The Evaluators’ Perspective,” with Gopala Ganesh. Presented at the Financial Management Association (FMA) Meetings, New York, October 1995.

 

"International Market Integration and Spillover effects in Emerging markets: Evidence from the Securities Exchange of Thailand," with Ampron Sangmanee and Michael Redfearn. Presented at the Financial Management Association (FMA) Meetings, New York, October 1995.

 

"Insider Trading Patterns and Associated Price Reactions: The Case of Optioned and Non-Optioned Stocks," with Salil Sarkar. Presented at the Financial Management Association (FMA) Meetings, St. Louis, October 1994.

 

"An Empirical Analysis of the Impact of Stock Index Futures Trading on Securities Dealers' Inventory Risk in the NASDAQ Market." Presented at the Financial Management Association (FMA) Meetings, Toronto, Canada, October 1993.

 

"Informed Trading Risk and Bid-Ask Spread Changes Around Open Market Stock Repurchase in the NASDAQ Market," with Ramesh Rao and Diane Franz." Presented at the FMA Meetings, Toronto, Canada, October 1993.

 

"Are Acquisitions Partially Anticipated? A Microstructure Analysis of OTC Bidding Firms' Experiences," with Young Kook Kim. Southwestern Finance Association (SWFA) Meetings, New Orleans, March 1993.

 

"Dividend Change as Signals of Expected Volatility Shifts: Empirical Tests," with Mike Impson. FMA Meetings, San Francisco, October 1992.

 

"The Effects of De-Listing from NMS on Stock Returns", with P. R. Chandy and Hansong Pu. FMA Meeting, San Francisco, October 1992.

 

"Stock Repurchase Announcements and Informed Trading Risk in the NASDAQ Market," with Ramesh Rao and Diane Franz." SWFA Meetings, San Antonio, March 1992.


 

"Are Acquisitions Partially Anticipated? A Microstructure Analysis of OTC Bidding Firms' Experiences," with Young Kook Kim. FMA Meetings, Chicago, October 1991.

 

"Further Evidence on the Information Content of Bond-Rating Change: A Test of the Differential Information Hypothesis," with N. Pongspaibool, Steve Cole, and Paul Hseuh.  FMA Meetings, Chicago, October 1991.

 

"Information Asymmetries and Bid-Ask Spreads: A Case Study of Rate Change Announcements," with Paul Hsueh and Angela Liu.  FMA Meetings, Chicago, October 1991.

 

"Insider Trading and the Adverse Selection Component of Dealer's Spreads: Empirical Tests," with Ramesh Rao. FMA Meetings, Orlando, October 1990.

 

"Dividend Decrease Announcements and its effects on Bid-Ask Spreads", with Mike Impson.  SWFA Meetings, Dallas, February 1990.

 

"The Effects of De-Listing from NMS on Stock Returns", with P. R. Chandy.  Southwestern Finance Association (SWFA) Meetings Dallas, February 1990.

 

"The Effects of Seasoned Equity Issue Announcements in the OTC Market on Bid-Ask Spreads," with Ramesh Rao.  FMA Meetings, Boston, October 1989.

 

"Stock Index Futures Trading and Securities Dealers' Inventory Risk: An Empirical Study," Richard Peterson.  FMA Meetings, Boston, October 1989.

 

"Determinants of Utility Dividend Policies: A Test of Agency and Regulatory Motivations," with Charles Moyer and Ramesh Rao. FMA Meetings, Boston, October 1989.

 

"Information Asymmetries and Bid-Ask Spreads: A Case Study of Rate Change Announcements," with Paul Hsueh and Angela Liu. Southern Finance Association Meetings (SFA), Orlando, November 1989.

 

"An Empirical Test of Roll's Implicit Measure of the Effective Bid-Ask Spreads," with Imre Karafiath.  FMA meetings,New Orleans, October 1988.

 

"The Liquidity Impact of Options Listing on OTC Stocks," with Ramesh Rao and Bill Dukes. Presented at the FMA Meetings, New Orleans, October 1988.

 

"The Effects of Systematic and Unsystematic Risk on the Security  Dealers's Bid-Ask Spreads," with Richard Peterson. SWFA Meetings, San Antonio, March 1988.

 

"The Price Effects on Bid-Ask Spreads: A New Explanation for Stock Splits," with Richard Peterson.  SFA Meetings, Washington, D.C., November 1987.

 

 

SUPERVISED Ph.D. DISSERTATION

 

Eric Lin (2007), “The S&P 500 Index composition changes and evidence of both market and idiosyncratic risk adjustments,” (Committee member)

 

Darshana Palkar (2006), “Reconciling capital structure theories in predicting the firm’s decisions,” (Chair)

 

Sean Anthony Garnet Gordon (2006), “Empirical tests of the signaling and monitoring hypotheses for initial public offerings,” (Committee member)

 

Abdelaziz Chazi (2004), “Which version of the equity market timing affects capital structure, perceived mispricing or adverse selection,” (Chair)

 

Dezie L. Warganegara (2001), “Internal capital market and capital misallocation: evidence from corporate spinoffs,” (Committee member)

 

Richard Berryman Ellis (2000), “What Insight Do Market Participants gain from Dividend Increases?” (Co-Chair)

 

William C. Hudson (1996), “Predictability of Credit watch placements and the distribution of wealth effects across the trigger event, placement and removal dates,” (Chair)

 

William F. Ragle (1996), Three essays on the effects of equity option introduction,” (Chair)

 

Ahamed Kameel Meera (1996), “The effects of stock delistings on firm value, risk, market liquidity and market integration: with evidence on wealth effects from the stock exchanges of Malaysia and Singapore, using GARCH,” (Chair)

 

Amporn Sangmanee (1994), “An empirical analysis of stock market anomalies and spillover effects: evidence from the securities exchange of Thailand,” (Chair)

 

Wenshan Lin (1994), “Accounting regulation and information asymmetry in the capital markets: an empirical study of accounting standard SFAS no 87,” (Committee member)

 

Bruce Gordon (1993), “Corporate Sale-and-Leaseback Transactions:  An Examination of Corporate Incentives, Wealth Effects and Dealer Spreads”, (Committee member)

 

Shekar T. Shetty (1992), “The information content of pension fund asset reversion,” (Committee member)

 

Nantaphol Pongspaibool (1991), “An analysis of the information content of bond-rating changes: a case of differential information,” (Committee member)

 

Young Kook Kim (1991), “Additional evidence on informational asymmetry at acquisition announcement: analysis of the OTC bidding firms,” (Committee member)

 

 

MEMBERSHIP IN PROFESSIONAL ORGANIZATIONS
Financial Management Association

Southwestern Finance Association

Association of Investment Management and Research

Dallas Association of Investment Analyst

 

PROFESSIONAL ACTIVITIES

Ad-Hoc Reviewer: Financial Management / Journal of Financial Research / Financial Review / Review of Financial Economics/ Financial Practice and Education / International Review of Economics and Finance / Journal of the Midwest Finance Association

Associate Editor: Journal of the Midwest Finance Association

Program Committee Memberships: Financial Management Association (1991-94), Southwestern Finance Association (1990-00)

 

COMMITTEE MEMBERSHIP

University Level:

Who’s Who Committee: Vice Chairman, 1991-93; Chairman, 1994 - present

University Honors Committee: 1991-94

Faculty Marshal: 1992

Mentor, NT Connection Program: 1991-92

Faculty Advisor to UNT Indian Student Association

 

College of Business Administration Level:

Member, Self Evaluation Process Team 5: Fall 1996 – Spring 1998

COBA Ph.D. Policy Committee: member, 1994-98, committee chair, 1996

FIREL Representative to COBA Journal Committee (2006 – present)

FIREL Representative to COBA International Committee (2006 – present)

 

Finance Department Level:

Faculty Co-Sponsor, Student Investment Group

Personal Affairs and Promotion & Tenure Committee: 2004-6, 2000 – 02, 1991-92

Chair, Promotion & Tenure Committee: 2001 –02

Financial Service Center Committee: 2000 – present

Doctoral Student Advisor: 1994-98

Finance Area Scholarship Committee: 1989