Recent research work:
Other research papers:
- “Who cares about the Chinese Yuan?”, with Ila Patnaik, and Ajay Shah, 2011.
- “The exchange rate regime in Asia: From crisis to crisis”, with Ila Patnaik, Ajay Shah, and Anmol Sethy, 2011.
Learning from Noise: Evidence from India’s IPO Lotteries
Abstract: We study a natural experiment in which 1.5 million investors participate in allocation lotteries for Indian IPO stocks between 2007 and 2012. Random gains on these stocks cause winning investors to increase applications to future IPOs, tilt portfolios towards the IPO’s industry sector, and substantially increase portfolio trading volume in non-IPO stocks relative to lottery […]