{"id":7,"date":"2015-07-03T15:59:35","date_gmt":"2015-07-03T15:59:35","guid":{"rendered":"http:\/\/sugata.in\/wp\/?page_id=7"},"modified":"2025-07-02T01:47:56","modified_gmt":"2025-07-02T01:47:56","slug":"research","status":"publish","type":"page","link":"http:\/\/www.sugata.in\/index.php\/research\/","title":{"rendered":"Research"},"content":{"rendered":"<p>Most of my research is available online at\u00a0<a href=\"http:\/\/papers.ssrn.com\/sol3\/cf_dev\/AbsByAuth.cfm?per_id=596958\">http:\/\/papers.ssrn.com\/sol3\/cf_dev\/AbsByAuth.cfm?per_id=596958<\/a><\/p>\n<p>My work has been featured in <a href=\"http:\/\/money.cnn.com\/2015\/02\/27\/investing\/hedge-funds-marriage-divorce\/\">CNN<\/a>, <a href=\"http:\/\/www.economist.com\/news\/finance-and-economics\/21579032-alternative-investment-firms-are-preparing-pitch-public-bull-marketing\">The Economist<\/a>, <a href=\"http:\/\/www.npr.org\/2015\/03\/24\/395001579\/how-money-managers-personal-lives-affect-your-investments\">NPR<\/a>,<a href=\"http:\/\/www.wsj.com\/articles\/maybe-hedge-fund-data-should-include-the-managers-love-life-1428375828\">the Wall Street Journal<\/a>, <a href=\"http:\/\/www.cnbc.com\/2016\/12\/13\/hedge-fund-managers-who-drive-sports-cars-dont-deliver-their-alpha-a-study-suggests.html\">CNBC<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-12-13\/when-your-hedge-fund-manager-buys-a-ferrari-find-a-new-manager\">Bloomberg<\/a>, <a href=\"https:\/\/www.washingtonpost.com\/news\/business\/wp\/2016\/12\/14\/a-sure-sign-you-should-ditch-your-money-manager\/?utm_term=.601fd3ff8b4b\">the Washington Post<\/a>,\u00a0and numerous other popular and trade press articles.<\/p>\n<p>For a current list of publications and working papers, please see my\u00a0<a href=\"http:\/\/www.sugata.in\/index.php\/cv\/\">CV<\/a>.<\/p>\n<p>In addition to the articles, I have slides\/videos\/additional materials for a selection of papers below. Note that these materials may not be for the latest version of the papers, and some information may be outdated.<\/p>\n<p>Finance articles:<\/p>\n<ul>\n<li>An Efficiency Perspective on the Gains from Mergers and Asset Purchases,\u00a0<em>B.E. Journal of Economic Analysis &amp; Policy,<\/em> 2009 (joint with Missaka Warusawitharana)<br \/>\n<a href=\"http:\/\/www.degruyter.com\/dg\/viewarticle\/j$002fbejeap.2009.9.1$002fbejeap.2009.9.1.2135$002fbejeap.2009.9.1.2135.xml\">Full paper <\/a>\u00a0\u00a0<a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=944811\">SSRN\u00a0<\/a>\u00a0\u00a0<a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2015\/07\/WAFATalk.pdf\">Slides<\/a><\/li>\n<li>Informational Linkages Between Dark and Lit Trading Venues,\u00a0<em>Journal of Financial Markets,\u00a0<\/em>2014 (joint with Mahendrarajah Nimalendran)<br \/>\n<a href=\"http:\/\/www.sciencedirect.com\/science\/article\/pii\/S1386418113000128\">Full paper <\/a>\u00a0\u00a0<a href=\"http:\/\/ssrn.com\/abstract=1880070\">SSRN\u00a0<\/a>\u00a0\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=BBqx3r2gvCc&amp;list=PLrHx65UG5VikGI-bCDxxM8Mg1q6oQyL69&amp;index=8\">Video of me presenting the paper<\/a>\u00a0 \u00a0<a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2015\/07\/microcnpres.pdf\">Slides<\/a><\/li>\n<li>Under One Roof: A Study of Simultaneously Managed Hedge Funds and Funds of Hedge Funds,\u00a0<em>Management Science,\u00a0<\/em>2016 (joint with Vikas Agarwal and Yan Lu)<br \/>\n<a href=\"http:\/\/pubsonline.informs.org\/doi\/abs\/10.1287\/mnsc.2014.2126\">Full paper<\/a> \u00a0 <a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2316814\">SSRN<\/a>\u00a0 \u00a0<a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2015\/07\/Under-One-Roof-PresentationSR-022213.pptx\">Slides<\/a><\/li>\n<li>Limited Attention, Marital Events, and Hedge Funds,\u00a0<em>Journal of Financial Economics,\u00a0<\/em>2016\u00a0(joint with Yan Lu and Melvyn Teo)<br \/>\n<span style=\"line-height: 1.5;\"><a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0304405X16301556\">Full paper<\/a>\u00a0 \u00a0<\/span><a style=\"line-height: 1.5;\" href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2565749\">SSRN<\/a><span style=\"line-height: 1.5;\">\u00a0 \u00a0<\/span><a style=\"line-height: 1.5;\" href=\"http:\/\/www.npr.org\/2015\/03\/24\/395001579\/how-money-managers-personal-lives-affect-your-investments\">NPR Interview<\/a><span style=\"line-height: 1.5;\">\u00a0 \u00a0<\/span><a style=\"line-height: 1.5;\" href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2016\/03\/LimAttFinal.pptx\">Slides<\/a><\/li>\n<li>Too Good to be True:\u00a0An analysis of the\u00a0options market&#8217;s reactions to earnings releases,\u00a0\u00a0<em>Journal of Business, Finance &amp;\u00a0Accounting,<\/em>\u00a02016<em>\u00a0<\/em>(joint with Yan Lu)<br \/>\n<a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/full\/10.1111\/jbfa.12214\">Full paper<\/a>\u00a0 \u00a0<a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1746242\">SSRN<\/a>\u00a0 \u00a0<a href=\"https:\/\/youtu.be\/Y1htaZBt5ZM\">BP\u00a0Video<\/a>\u00a0 \u00a0<a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2015\/07\/Too-good-to-be-true-slides.zip\">Slides<\/a>\u00a0(zipped for file size reasons)<\/li>\n<li>Sensation Seeking and Hedge Funds, <em>Journal of Finance,<\/em>\u00a02018, (joint with Stephen Brown, Yan Lu, and Melvyn Teo)<br \/>\n<a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/abs\/10.1111\/jofi.12723\">Full Paper<\/a>\u00a0\u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2882983\">SSRN<\/a>\u00a0 \u00a0<a href=\"https:\/\/www.cnbc.com\/video\/2016\/12\/12\/fast-cars-slow-performance-.html\">CNBC Interview<\/a>\u00a0 \u00a0<a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2018\/03\/Sensation_seeking-MARC.pptx\">Slides<\/a><\/li>\n<li>Can Brands Circumvent Marketing Regulations? Exploiting Umbrella Branding in Financial Markets, 2020 <em>Marketing Science<\/em>, (joint with Yan Lu, Deb Mitra, and David Musto)<br \/>\n<a href=\"https:\/\/pubsonline.informs.org\/doi\/10.1287\/mksc.2019.1165\">Full paper<\/a>\u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3344868\">SSRN<\/a>\u00a0 \u00a0 \u00a0<a href=\"https:\/\/ftalphaville.ft.com\/2013\/09\/24\/1646272\/hedge-funds-place-your-advertisement-here\/\">FT Coverage<\/a> (of previous version)<\/li>\n<li>Prime (Information) Brokerage,\u00a0 2020,\u00a0 <em>Journal of Financial Economics<\/em>, (joint with Nitish Kumar, Kevin Mullally, and Yuehua Tang)<br \/>\n<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0304405X2030043X\">Full paper<\/a>\u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2996148\">SSRN<\/a>\u00a0 \u00a0\u00a0<a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2015\/07\/Slides_PrimeInfoBrokerage_FMA.pptx\">Slides<\/a> (for previous version)<\/li>\n<li>Hedge Fund Hold &#8217;em,\u00a0<em>Journal of Financial Markets, <\/em>2022\u00a0(joint with Yan Lu and Sandra Mortal)<br \/>\nFull paper (forthcoming)\u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3392130\">SSRN<\/a>\u00a0 <a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2020\/12\/Hedge-Fund-Holdem-HF-Conf.pptx\">Slides<\/a> \u00a0 Bloomberg TV Coverage of <a href=\"https:\/\/www.bloomberg.com\/opinion\/authors\/AFbMm77DudA\/aaron-brown\">Aaron Brown<\/a>&#8216;s take on our piece (of previous version)<div style=\"width: 550px;\" class=\"wp-video\"><!--[if lt IE 9]><script>document.createElement('video');<\/script><![endif]-->\n<video class=\"wp-video-shortcode\" id=\"video-7-1\" width=\"550\" height=\"309\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2020\/12\/20190530-Poker-Bloomberg-TV-Why-Poker-Players-Might-Make-Good-Hedge-Fund-Managers.mp4?_=1\" \/><a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2020\/12\/20190530-Poker-Bloomberg-TV-Why-Poker-Players-Might-Make-Good-Hedge-Fund-Managers.mp4\">http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2020\/12\/20190530-Poker-Bloomberg-TV-Why-Poker-Players-Might-Make-Good-Hedge-Fund-Managers.mp4<\/a><\/video><\/div><\/p>\n<hr \/>\n<p><span style=\"font-size: inherit;\">\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li>Are Hedge Fund Managers\u2019 Charitable Donations Strategic?, <em>Journal of Corporate Finance, <\/em>2021\u00a0(joint with Vikas Agarwal and Yan Lu)<br \/>\n<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0929119920302868\">Full paper<\/a>\u00a0 \u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2703472\">SSRN<\/a>\u00a0 \u00a0 \u00a0 <a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2020\/12\/donations-ipc-March-2019.pptx\">Slides<\/a> (for previous version)\u00a0 \u00a0 \u00a0 <a href=\"http:\/\/www.sugata.in\/wp\/wp-content\/uploads\/2020\/12\/20201126-Donations-Hedge-Magazine-Safi-Thind.pdf\">Hedge Magazine Coverage<\/a> (of pervious version)<\/li>\n<li>Paying for Performance in Public Pension Plans, <em>Management Science, <\/em>2023 (with Yan Lu, and Kevin Mullally)<br \/>\n<a href=\"https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2022.4554\">Full paper<\/a>\u00a0 \u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3781915\">SSRN<\/a>\u00a0 \u00a0 \u00a0 \u00a0Slides (for previous version)<\/li>\n<li>Expensive Anomalies,\u00a0 <em>Journal of Empirical Finance, <\/em>2024 (joint with Deniz Anginer, Nejat Seyhun, and Luqi Xu)<br \/>\n<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S092753982300107X\">Full paper<\/a>\u00a0 \u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3537724\">SSRN<\/a><\/li>\n<\/ul>\n<p>Real Estate articles<\/p>\n<ul>\n<li>How do Personal Real Estate Transactions Affect the Decision Making and Performance of Professional Asset Managers? Real Estate Economics, 2021, (joint with David Ling and Yan Lu)<br \/>\n<a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/1540-6229.12284\">Full paper<\/a> \u00a0 \u00a0 \u00a0 \u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3143081\">SSRN<\/a><\/li>\n<li>The Value Implications of REITing and DeREITing <em>Journal of Real Estate Finance and Economics, <\/em>2023 (joint with David Ling, Alan Tidwell and Luqi Xu)\u00a0<em><br \/>\n<\/em>Full paper\u00a0 \u00a0 \u00a0 \u00a0SSRN<\/li>\n<li>\u201cPrice Predictability in Liquid Funds with Illiquid Underlying Assets\u201d (with Bill Hughes, David Ling, and Luqi Xu), Forthcoming, <em>Real Estate Economics<br \/>\n<\/em>Full paper (forthcoming)\u00a0 \u00a0 \u00a0 \u00a0 SSRN<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Most of my research is available online at\u00a0http:\/\/papers.ssrn.com\/sol3\/cf_dev\/AbsByAuth.cfm?per_id=596958 My work has been featured in CNN, The Economist, NPR,the Wall Street Journal, CNBC, Bloomberg, the Washington Post,\u00a0and numerous other popular and trade press articles. For a current list of publications and working papers, please see my\u00a0CV. In addition to the articles, I have slides\/videos\/additional materials for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/pages\/7"}],"collection":[{"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/comments?post=7"}],"version-history":[{"count":43,"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/pages\/7\/revisions"}],"predecessor-version":[{"id":364,"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/pages\/7\/revisions\/364"}],"wp:attachment":[{"href":"http:\/\/www.sugata.in\/index.php\/wp-json\/wp\/v2\/media?parent=7"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}