Management Financial

PANKAJ K. JAIN

MBA, LL.B. (Law), CFA, Ph.D. (Indiana University)

****, ******** *, **** **** 4985 Phone: 901-***-****

*** * **., ** *****: ******.****@*******.***

Washington, DC 20002 Web: https://umdrive.memphis.edu/pjain/www/

Nationality: United States Citizen

Research Expertise: Market Microstructure, Financial Market Design, Regulations

PROFESSIONAL EXPERIENCE

Securities and Exchange Commission 2012-present

Division of Risk, Strategy and Financial Innovation Office of Markets

U.S. Congress mandated studies of short selling on national securities markets

Provide economic cost-benefit analysis to Division of Trading and Markets with respect to

SEC Rule making and Rule Change Filings by Stock and Options Exchanges (Self

Regulatory Organizations)

Hearings, Roundtables, Pilot Studies and Concept Releases on market structure,

decimalization, order flow, consolidated audit trail (CAT) and high frequency trading

University of Memphis 2002 - present

Promotion process started towards Professor of Finance designation from 2013

2008 to present: Associate Professor of Finance (awarded Suzanne Palmer Professorship

and Morgan Keegan Professorship)

Summer 2011: Acting Department Chairman

2006 to 2008: CIBER & International MBA Program Academic Director

Coach for winning student team in CFA Institute Global Investment Research Challenge

Midsouth winners/ National participants featuring lunch meeting with Mr. Warren Buffett.

Associate Editor: The Financial Review, the Journal of Eastern Finance Association 2011-date

President of the Board of Directors, CFA Society of Memphis, 2007- 2009

Board of Directors, Dance Works Inc, 2006-2008

Industry Experience, 1995-1998: Manager at SBI Capital Markets (Investment Banker)

PUBLICATIONS

Chiyachantana, Chiraphol, Pankaj K. Jain, Christine Jiang, and Robert A. Wood, 2004,

International Evidence on Institutional Trading Behavior and Determinants of Price

Impact, Journal of Finance, 59, 2, 865-894.

Jain, Pankaj K., 2005, Financial Market Design and the Equity Premium: Electronic vs. Floor

Trading, Journal of Finance 60, 6, 2955-2985.

Elder, John, Pankaj K. Jain, and Jang-Chul Kim, 2005, Do Tracking Stocks Reduce

Informational Asymmetries? An Analysis of Liquidity and Adverse Selection,

Journal of Financial Research 28, 2, 197-213.

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

Jain, Pankaj K., and Zabihollah Rezaee, 2005, Industry-wide effects of Sarbanes-Oxley Act

of 2002, Journal of Forensic Accounting 6, 147-162.

Chiyachantana, C.N., Pankaj K. Jain, C. Jiang, and R. Wood, 2006, Volatility Effects of

Institutional Trading in Foreign Stocks, Journal of Banking and Finance 30, 8, 2199-2214.

Jain, Pankaj K., and Zabihollah Rezaee, 2006, The Sarbanes-Oxley Act of 2002 and

Capital Market Behavior: Early Evidence, Contemporary Accounting Research 23, 3,

629-654.

Jain, Pankaj K., and Jang-Chul Kim, 2006, Investor Recognition, Liquidity, Returns,

and Performance after Exchange Listings in the Reformed Markets, Financial

Management 35, 2, 21-42.

Jain, Pankaj K., 2006, "Improving Liquidity through Efficient Stock Market Structure

and Operational Design" Journal of Financial Transformation 18, 151-159.

Ellul, A., C. Holden, Pankaj K. Jain, and R. Jennings, 2007, Order Dynamics: Recent

Evidence from the NYSE, Journal of Empirical Finance 14, 636 661.

Jain, Pankaj K., 2008, "The Profound Effects of Automation on Stock Markets Around

the World", Journal of Investment Management 6, 46-54.

Jain, Pankaj K., Jang-Chul Kim, and Zabihollah Rezaee, 2008, The Sarbanes-Oxley Act

of 2002 and Market Liquidity, Financial Review 43, 361-382.

Jain, Sakshi, Pankaj K. Jain, and Zabihollah Rezaee, 2010, Stock Market Reactions to

Regulatory Investigations: Evidence from Options Backdating, Research in

Accounting Regulation 22, 52-57.

Spahr, Ronald W., Pankaj K. Jain, Fariz Huseynov, Bhavik Parikh, 2011, Tax Policy and

Macro-Finance in a Competitive Global Economy where Government is Considered

as Firms Third Financial Stakeholder, Global Business and Economics Review 14,

30-66.

Jain, Chinmay, Pankaj K. Jain, and Thomas H. McInish, 2011, Everything Old Is New

Again: Rule 201 s Restrictions on Short Selling will do little to Avoid Future Crises,

Regulation, 34, 30-34.

Detzen, Dominic, Pankaj K. Jain, Tanakorn Likitapiwat, and Rose M. Rubin, 2012, The

Impact of Low Cost Airline Entry on Competition, Network Expansion, and Stock

Valuations, Journal of Air Transport Management 18, 59-63.

Jain, Chinmay, Pankaj K. Jain, and Thomas H. McInish, 2012, Short Selling: The Impact

of SEC Rule 201, Financial Review 47, 37-64.

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

Spahr, Ronald W., Fariz Huseynov, and Pankaj K. Jain, 2012, Government as the Firm s

Third Financial Stakeholder: Impact on Capital Investment Decisions, Capital

Structure, Discount Rates and Valuation, Forthcoming in The Engineering Economist.

Hossain, Mahmud, Pankaj K. Jain (corresponding author), and Santanu Mitra, 2013,

Partial State Ownership and Bank Stock Stability in the Asia-Pacific Region, Pacific-

Basin Finance Journal 21, 914 931.

Chakravarty, Sugato, Pankaj Jain, James Upson, and Robert Wood, 2012, Clean Sweep:

Informed Trading through Intermarket Sweep Orders, Journal of Financial and

Quantitative Analysis (JFQA) 47, 415-435.

Hossain, Mahmud, Santanu Mitra, and Pankaj Jain, 2012, Product Market Power and

Management s Action to Avoid Earnings Disappointment, Forthcoming in Review of

Quantitative Finance and Accounting.

Jain, Archana, Pankaj Jain, Thomas McInish and Michael Mckenzie, 2012, Worldwide

short selling: Regulations, activity, and implications. Forthcoming in the Journal of

Financial Economics (JFE).

Book Chapters, Discussion Papers, and Popular Press:

Jain, Pankaj K., 2003, Discussion of Equity trading by institutional investors: Evidence

on order submission strategies by Naes & Skjeltorp, Journal of Banking and

Finance 27, 9, 1819-1821.

NYSE seeks balance between electronic, human trade arena, Commercial Appeal,

April 10, 2004.

Chakrabarty, Bidisha and Pankaj K. Jain, Are You Getting a Good Deal?, Overlooked

Cost of Stock Trading, Economic and Political Weekly, 41, 46, November 18 -

November 24, 2006.

Jain, Pankaj K., and Will Johnson, 2007, Trading Technology and Stock Market

Liquidity: A Global Perspective Ch. 15 in Stock Market Liquidity publisher John

Wiley and Sons Inc., 287-300.

Germantown Rotary Club Speech Optimal Portfolios of Rational Investors in a Global

Context, Shelby Sun Times, May 3, 2007.

Jain, Pankaj K., The Global Shift from Floor Trading to Electronic Trading Ch. 03 in

Forbes Stock Market Course publisher Forbes Investor Advisory Institute, A division

of Forbes LLC, publisher of Forbes magazine.

Jain, P. K., Jiang, C., McInish, T. H. and Taechapiroontong, N., Informed Trading in

Parallel Auction and Dealer Markets: The Case of the London Stock Exchange in

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

The Handbook of Trading: Strategies for Navigating and Profiting from Currency,

Bond, and Stock Markets: McGraw-Hill, NYC, NY, 2010, Ch. 2, 23-38.

Hossain, Mahmud, Pankaj K. Jain, and Sandra C. Mortal, A Global Perspective on the

Banking Crisis and Recovery: An Analysis of Domestic vs. Foreign Banks, The

Banking Crisis Handbook: Taylor and Francis-CRC Press, 2010, 251-274.

Jain, Chinmay, Pankaj K. Jain, and Thomas H. McInish, 2011, Evolution of Short Selling

Regulations and Trading, Handbook of Short Selling, Elsevier, Ch 05, 93-109.

Jain, Pankaj K., Ajay K Mishra, and Thomas H. McInish, 2012, Identification and

Valuation Implications of Financial Market Spirals, Chapter 12 Forthcoming in

Rethinking Valuation and Pricing Models, publisher Elsevier.

Jain, Chinmay, Pankaj K. Jain, and Thomas H. McInish, 2011, Naively shorting the

shorts, Real Clear Markets, August 13, 2011.

WORKING PAPERS

Huang, Ying Susan Elkinawy, and Pankaj Jain (corresponding author), 2012, Investor

protection and cash holdings: Evidence from US cross-listing.

Revise and resubmit at the Journal of Banking and Finance

Jain, Pankaj K., Emre Kuvvet, and Michael S. Pagano, 2012, Corruption s Impact on

Liquidity, Investment Flows, and Cost of Capital.

Resubmission invited at the Financial Management

Outstanding Paper in International Finance Award 2010 by Southern Finance Association.

Baruch College / CUNY seminar presentation

Lehigh University seminar presentation

The University of Mississippi seminar presentation

Texas A&M University working paper series

Financial Management Association conference presentation

Jain, Pankaj Jain, Pawan Jain, and Thomas H. McInish, 2012, Reduced Latency and Market

Quality: An Analysis of Tokyo Stock Exchange s Limit Order Book.

Prepared for submission to the Review of Financial Studies

Outstanding Paper in Investments Award 2011 by Eastern Finance Association. (previous

title: Order Book Characteristics and Future Price Volatility)

The University of Mississippi seminar presentation

The Kakatiya University in Turkey seminar presentation

Financial Management Association doctoral consortium presentation

Midwest Finance Association meeting presentation

The U.S. Securities and Exchange Commission brown bag seminar presentation

Hu, Xiankui, Jain, Chinmay and Jain, Pankaj K., 2012. Dynamics of Market Liquidity

and Funding Liquidity during Financial Crisis and Its Resolution, Working Paper

Available at SSRN: http://ssrn.com/abstract=1787263

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

SELECTIVE PRESENTATIONS

Pertinence of the New Short Selling Rule 201 for Market Stability by Chinmay Jain,

Pankaj Jain and Thomas McInish

Mid-Atlantic Research Conference in Finance (MARC) in Villanova, Pennsylvania 2011

-Lead paper

European Financial Management Association in Braga, Portugal on June 22-25, 2011

FMA European Conference in Porto, Portugal 2011

RMA/Univ. of North Carolina Academic Forum on Securities Lending, New York 2011

Hossain, M., Jain, P. K., and Mortal, S. C., Regulations, Bailouts and Bank

Shareholders Wealth: An International Analysis.

American Accounting Association annual conference, San Fransisco 2010

Chiyachantana C.N., Jain, Pankaj K., Institutional Trading Frictions

National Bureau of Economic Research (NBER) Meeting 2008 in Boston

Mid-Atlantic Research Conference (MARC) 2009, Temple University, Philadelphia

Financial market design and equity premium: Electronic vs. floor trading

Outstanding Paper Award in Derivatives/Microstructure at Eastern Finance Association

(EFA) Meeting 2003, Orlando, Florida

American Finance Association Meeting (AFA) 2004, San Diego

Jain, Pankaj K., Institutional design & liquidity on stock exchanges around the world,

Western Finance Association (WFA) Meeting 2001 in Tucsan

National Bureau of Economic Research (NBER) Meeting 2001 in Boston

Pennsylvania State University seminar presentation

State University of New York, Binghamton seminar presentation

HEC Montreal seminar presentation

University of Georgia, Athens seminar presentation

University of Miami seminar presentation

Rice University seminar presentation

Queen s University, Canada seminar presentation

Technological, Regulatory, and Competitive Evolution of the Stock Exchange Industry

and its Spillover Effects: A Global Perspective

Alfred P. Sloan Foundation: Industry Study Meetings at Georgia Tech 2007

Effects of financial scandals and regulatory responses on market liquidity (with Kim and Rezaee)

Financial Management Association (FMA) Meeting 2003,Denver

14th Annual Conference on Accounting, 2003, Bloomington

American Accounting Association Meeting (AAA) 2004, Orlando

Investor recognition, liquidity, returns, and performance after exchange listings in the

reformed markets (with J.C. Kim)

New York Stock Exchange 2003

Midwest Financial Association Meeting 2004 in Chicago

Order Dynamics: Recent Evidence from the NYSE (with Ellul, Holden and Jennings)

Pennsylvania State University 2002; Vanderbilt University 2003

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

New York Stock Exchange 2003

Morgan Stanley Equity Market Microstructure Research Grant, 2003

National Bureau of Economic Research (NBER) Meeting 2003 in Boston

Western Finance Association (WFA) Meeting 2004 in Vancouver

HONORS, GRANTS, AND AWARDS

- Intergoverntment Personnel Act Appointment with Securities and Exchange Commission,

Washington DC 2012-2103.

- Coach for the winning student team in CFA Institute Global Investment Research Challenge

Midsouth winners and National competition participant featuring meeting with Mr. Warren

Buffett.

- FCBE Advising and Mentoring Excellence Award 2012

- Outstanding Paper in Investments Award 2011 by Eastern Finance Association. "Order

Book Characteristics and Future Price Volatility: Empirical Evidence from a Limit Order Market"

with Pawan Jain and Thomas McInish.

- Outstanding Paper in International Finance Award 2010 by Southern Finance Association.

"Roles of Corruption and Government s Involvement in Economy on Liquidity, Execution Risk,

and Global Equity Investments" with Emre Kuvvet and Michael Pagano.

- Suzanne Downs Palmer Professorship 2008-2009 for research excellence at FCBE.

- Dean s Service Award, Fogelman College of Business 2007-08

- PricewaterhouseCoopers Global Competency Centre Research Excellence Award, 2005 for

the project Investor Recognition, Disclosure, Liquidity, and Performance after Exchange Listings

in the Reformed International Markets

- Wang Center Competitive Summer Research Grant, 2005 for the project Liquidity in

Automated Stock Markets around the World: Good, Bad, or Ugly

- Morgan Keegan Professorship at the University of Memphis, 2004-2005 for outstanding

individual contributions in the areas of teaching, scholarship, service, community outreach, and

fund-raising

- FCBE Best Paper Award 2004, First Place in Empirical Category International evidence

on institutional trading behavior and determinants of price impact, Journal of Finance, 59, 2,

865-894.

- National Stock Exchange of India (NSE) Research Initiative Award, (with Bidisha

Chakrabarty), 2004-2005

- Vice Provost s Competitive Faculty Research Grant, 2004-2005

- Morgan Stanley Equity Market Microstructure Research Grant, (with A. Ellul, C. Holden,

and R. Jennings), 2003

-Outstanding Academic Paper Award in Derivatives/ Microstructure at Eastern Finance

Association Meeting, 2003

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

TEACHING EXPERIENCE

1. Executive Training Programs: (a) Pinnacle Airlines (b) Google Inc Finance Team

2. Doctoral Seminars (a) Securities Market Microstructure, Ph.D. Seminar (b) Advanced

Financial Management, Ph.D. Seminar in Corporate Finance

3. Doctoral Teaching: Dissertation Committee Member and Placements

Ying Huang (Chair) 2012-2013, Chinmay Jain 2012, Emre Kuvvet 2012, Archana Jain 2012,

Sara Aliabadi (Accounting) 2011, James David Schultz 2010, Xiankui Bill Hu 2010, James

Upson 2009, Fariz Huseynov 2009, Alireza Reza Dorestani (Accounting) 2009, Rajan

Mahto (Management) 2006, Udomsak Wongchotti 2004, Chiraphol N. Chiyachantana 2003,

Jang-Chul Kim 2003, Nareerat Taechapiroontong 2003

4. Financial Analysis and Certifications - combined graduate / undergraduate investment

course focused on CFA, CFP and other certifications. 2008-Present

5. Stock Portfolio Management - combined graduate / undergraduate real money

management of $1 million TVA portfolio, 2008-Present. Covers Security Analysis and

Investments.

6. Global Financial Management (Corporate Finance) in International MBA program,

University of Memphis. Onsite and Online

7. International Finance, Senior Undergraduates, Univ. of Memphis 2002-2005

8. Management of Financial Institutions, 2005

9. Market Microstructure, Senior Undergraduates, Indiana University 2002

10. International Finance, Senior Undergraduates, Indiana University 2000-2002

11. Introductory Financial Management (Corporate Finance) Indiana University 1998-2000

Most Recent Student Evaluations 1.31 (1=Best, 5=Worst, and Dept Average=1.93)

Received special training in teaching excellence at Indiana Univ. and Univ. of South Carolina s

Faculty Development in International Business sponsored by US Department of Education CIBER.

REFEREEING ACTIVITIES

- Book Reviews completed:

International Corporate Finance and Risk Management by Jaiswal, publisher Prentice Hall 2003

Fundamentals of Corporate Finance by Ross, Westerfield and Jordan, publisher McGraw-Hill 2003

International Financial Management by Eun and Resnick, publisher McGraw-Hill 2004

Fundamentals of Corporate Finance by Brealey, Myers, and Marcus, publisher McGraw-Hill 2004

International Finance book Project by Bailey, publisher Addison-Wesley 2004-05

Foundations of Multinational Financial Management by Shapiro, publisher Wiley 2006

Investments: Analysis and Behavior by Hirschey and Nofsinger, publisher McGraw-Hill 2006

Open Economy Macroeconomics publisher John Wiley and Sons 2006-07

International Financial Management by Jeff Madura s; Thomson Southwestern 2006

Fundamentals of International Finance by Moffett, Stonehill, and Eiteman; Addison-Wesley 2007

International Finance and Open-Economy Macroeconomics; John Wiley and Sons 2007

Bank Management and Financial Services by Rose/Hudgins; McGraw-Hill/Irwin 2007

Fundamentals of Corporate Finance by Berk/DeMarzo/Harford; Pearson Education 2008

International Corporate Finance by Ashok Robin; McGraw-Hill/Irwin 2008

Essentials of Investments by Bodie/Kane/Marcus ; McGraw-Hill/Irwin 2008

Pankaj K. Jain, MBA, LLB, CFA, Ph.D.

-Journal refereeing, program committees, and editing activities

Journal of Finance - Expert Reviewer for National Science

Review of Financial Studies

Foundation (NSF)

Journal of Financial & Quantitative Analysis

Journal of Financial Markets - Research Grants Council of Hong Kong

Journal of Financial Research

- Program Committee of Financial

Journal of Banking and Finance

Management Association

Journal of Financial Services Research

Journal of Economics and Business

- Track Chair (Microstructure) for the Mid-

International Review of Financial Analysis

Atlantic Research Conference, Philadelphia

The Economic Journal

Management Science

- American Accounting Association (AAA)

Journal of International Money and Finance

International Accounting

Journal of Accounting and Public Policy

International Journal of Organizational Analysis

- Associate Editor of the Financial Review,

International Review of Economics and Finance

The Financial Review

Quantitative Finance

Review of Finance

EDUCATION

Indiana Univ., Bloomington Ph.D. in Finance 2002

Indiana Univ., Bloomington Master in Business (Finance) 2000

University of Mumbai L.LB. (Law) 1998

Indian Institute of Management PG Diploma in Management 1995

University of Rajasthan B.Com. (Honors) Accountancy and Business Statistics 1993

Chartered Financial Analyst CFA Institute / AIMR 2006

REFERENCES

Dissertation Committee at Indiana University: Professors Craig Holden 812-***-****, Utpal

Bhattacharya, and Robert Jennings 812-***-****.

Colleagues at University of Memphis: Professors Thomas McInish, Robert Wood, Ronald

Spahr, Christine Jiang (Dept. Chair) and Sandra Mortal.

Industry Interactions: Dr. Amy Edwards (SEC), Dr. Paul Bennett (when at NYSE), Dr.Michael

Pagano (FINRA and Villanova University) 610-***-****.

Contact this candidate