SEHR GEWICHTER PROFESSOR
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Biography
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern).
Viral was a Deputy Governor at the Reserve Bank of India during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. He was the Director of the National Stock Exchange (NSE) of India and the NYU-Stern Initiative on the Study of Indian Capital Markets, a Director of Western Finance Association, and a member of the Economic Advisory Committee of the Financial Industry Regulation Authority (FINRA), International Advisory Board of the Securities and Exchange Board of India (SEBI), Advisory Council of the Bombay (Mumbai) Stock Exchange (BSE) Training Institute, and Academic Research Council Member of the Center for Advanced Financial Research And Learning (CAFRAL, India). He has also been an Academic Advisor to the Federal Reserve Banks of Chicago, Cleveland, New York and Philadelphia and the Board of Governors. In addition, he is a Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, a Research Affiliate at the Center for Economic Policy Research (CEPR), and Research Associate of the European Corporate Governance Institute (ECGI).
Viral completed Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai in 1995 and Ph.D. in Finance from NYU-Stern in 2001. Prior to joining Stern, he was at London Business School (2001-2008), the Academic Director of the Coller Institute of Private Equity at LBS (2007-09) and a Senior Houblon-Normal Research Fellow at the Bank of England (Summer 2008).
Viral’s primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences. He has published articles in the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Business, Journal of Financial Intermediation, Rand Journal of Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, and Financial Analysts Journal. He is currently associate editor of the Review of Corporate Finance Studies (RCFS, 2011-) and Review of Finance (2006-), and was an editor of the Journal of Financial Intermediation (2009-12) and associate editor of the Journal of Finance (2011-14).
Viral is the recipient of the Best Paper Award in Corporate Finance - Journal of Financial Economics, 2000, Best Paper Award in Equity Trading - Western Finance Association Meetings, 2003, Outstanding Referee Award for the Review of Financial Studies, 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Capital Markets and Asset Pricing - Journal of Financial Economics, 2005 (First Prize) and 2007 (Second Prize), the inaugural Rising Star in Finance (one of four) Award, 2008, European Corporate Governance Institute's Best Paper on Corporate Governance, 2008, Distinguished Referee Award for the Review of Financial Studies, 2009, III Jaime Fernandez de Araoz Award in Corporate Finance, 2009, Viz Risk Management Prize for the Best Paper on Energy Markets, Securities, and Prices at the European Finance Association Meetings, 2009, Excellence in Refereeing Award for the American Economic Review, 2009, 2010, Review of Finance Best Paper Award, 2009, Best Conference Paper Award at the European Finance Association Meetings, 2010, the 2011 Inaugural TCFA (The Chinese Finance Association) Award for the Best Paper on Global Financial Markets, Second Prize for the Cromwell Award 2011, the inaugural Banque de France – Toulouse School of Economics Junior Prize in Monetary Economics and Finance, 2011, and the National Stock Exchange of India Best Paper Award at the Summer Research Conference of the Center for Analytical Finance at the Indian School of Business, 2012. Recently, he has been awarded the 2017 Alexandre Lamfalussy Senior Research Fellowship of the Bank for International Settlements (BIS).
At Stern, Viral co-edited the books Restoring Financial Stability: How to Repair a Failed System, John Wiley & Sons, March 2009, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, John Wiley & Sons, November 2010, and Dodd-Frank: One Year On, NYU-Stern and CEPR (released on voxeu.org), July 2011. He is also the co-author of the book Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance, Princeton University Press, March 2011 and Harper Collins (India), June 2011. He was the current PhD coordinator in the Finance department at Stern.
Research Interests
Regulation of banks and financial institutions
Sovereign debt and international finance
Corporate finance
Credit risk and valuation of corporate debt
Asset pricing with a focus on the effects of liquidity risk
Courses Taught
Credit Risk (MBA), Nexus of Sovereign and Financial Risks (PhD)
Academic Background
B.Tech., Computer Science and Engineering
Indian Institute of Technology
Ph.D., Finance
New York University Stern School of Business
Related News & Research
Joint research on the transmission of central bank liquidity to bank deposits and loan spreads in Europe by Professor Viral Acharya is mentioned
Professor Viral Acharya's thoughts on highly accommodative monetary policies are highlighted
What Can India’s Banking System Learn from the Shampoo Sachet Revolution?
Research by Professor Lawrence White and "Restoring Financial Stability," co-edited by Professors Viral Acharya and Matthew Richardson, with contributions from Professor White, is referenced
Professor Viral Acharya is interviewed about banking reform in India
Professor Viral Acharya's appointment to the Reserve Bank of India is highlighted; Dean Peter Henry is quoted
Professor Viral Acharya's views on capital measures are featured
NYU Stern Professor Viral Acharya Named Deputy Governor of the Reserve Bank of India
Professor Viral Acharya is appointed deputy governor of the Reserve Bank of India
Professor Viral Acharya's research on banking in Europe is referenced
In an in-depth interview, Professor Viral Acharya shares his views on Deutsche Bank, banking in India and the global financial crisis
Professor Viral Acharya shares his views on monetary policy and systemic risk
Turning Off the Dividend Spigot
Professor Viral Acharya is interviewed about his joint research on banking dividends
Professor Viral Acharya is interviewed about his joint research on banking dividends
Professor Viral Acharya discusses his research on unconventional monetary policy
Professor Viral Acharya's joint research and Professor Kim Schoenholtz's blog post on stress tests are featured
Professor Viral Acharya's joint research on banking stress tests is spotlighted
European Banks Could be on Shaky Ground in a Crisis
European Banks Could be on Shaky Ground in a Crisis
Areas of Expertise
Economics
Federal Reserve Bank/Central bank
Finance
Asset Management
Corporate Finance
Derivatives
Financial Regulation
Private Equity Funds
Information, Operations & Management Sciences
ITSolutions
Productivity and Performance
Social Media
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