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Contact:
Babbio Center, 525 River Street, 635
Hoboken, NJ 07030
Office: (201) 216-5421
Personal: (773) 270-1647
Email:  goelanand@gmail.com

Employment:

  • Stevens Institute of Technology, Associate Professor and Director of Financial Innovation Program, 2018-present
  • Ankura, Managing Director, 2018-present
  • Navigant Consulting, Director, 2012-2018
  • HealthLucid, Advisor, 2015-2019
  • Loyola University, Quinlan School of Business, Adjunct Professor of Finance, 2012-2018
  • AFE Consulting, Managing Economist, 2011-2012, Principal, 2012
  • LECG, Managing Economist, 2010-2011
  • Federal Reserve Bank of Chicago, Economist, 2009-2010
  • DePaul University, School of Commerce, Assistant Professor of Finance, 2003-2009
  • New York University, Stern School of Business, Visiting Assistant Professor of Finance, 2002-2003
  • California Software Company, India, Systems Manager, 1996-1997

Education:

Selected Consulting Projects:

  • European Bank Merger. Assessed economic projections and valuation impact of merger.
  • Efficacy of Mortgage Modifications. Analyzed the performance of mortgage loan modifications by a large mortgage servicer.
  • Social Impact of Small Dollar Lending. Analyzed loan data from small dollar lenders to assess how regulatory constraints on small dollar lending on the basis of loan to income ratios will impact access to credit and default rates.
  • Cost of Private Securities Litigati Conducted a comprehensive study to analyze the costs that securities class action lawsuits impose on shareholders.
  • Collateralized Debt Obligations. Assessed the impact of misrepresentations about liquidity problems on the value of CDO2 collateral.
  • Credit Default Swaps. Examined the risk faced by a giant financial institution in providing CDS protection and the adequacy of related disclosures.
  • Subprime Exposure Disclosure. Examined if a large bank had adequately disclosed its subprime exposure and the impact of its disclosures on share price; examined the validity of reliance on Fraud-on-the-market doctrine in a dispute about subprime exposure of a Government Sponsored Enterprise.
  • Mortgage Securitization. Analyzed efficiency of corporate bonds in a class certification case about disclosure of loan portfolio risk by a large housing lender.
  • Mortgage Loan Quality. Assessed the Impact of Borrower Misrepresentation on Loan Performance.
  • RMBS Trustee Certification. Examined loan exceptions documented in trustee certification reports and the association between loan exceptions and loan outcomes.
  • Evaluation of Settlement in Mortgage Securities Litigation. Assessed whether the trustee can reasonably rely on holders of one groups of certificates in evaluating the settlement.
  • Risk Management and Hedging. Analyzed whether a large insurer has adequately managed and disclosed its risk, investigated the impact of its disclosures on share price.
  • Structured Investment Vehicle. Examined appropriateness of credit ratings assigned to a large Structured Investment Vehicle (SIV) in light of the losses suffered by investors during a financial crisis.
  • Stress Testing of Bank Capital Ratio. Advised a bank holding company on the impact of stress scenarios on regulatory capital ratio.
  • Wholesale Automobile Auctions. Analyzed vehicle auction data to determine the impact of wholesale auto auctions on net efficiencies and consumer benefits.
  • Consumer Packaged Goods. Analyzed data from a conjoint study to assess the reliability of inferences about willingness to pay for a product feature in a class action certification case.
  • Consumer Durable Goods. Analyzed the impact of alleged misrepresentations on product price and class members using data for multiple products across multiple years.
  • Evaluation of Merger of Office Superstores. Analyzed the potential impact on consumers to assess the likelihood of antitrust intervention.
  • Market Power in Steel Industry. Evaluated definition of antitrust markets and assessed market power and damages in a case about alleged collusion and disparagement.
  • Unfair Competition and Retail Price Manipulation in Gasoline Industry. Economic analysis of prices paid by Gasoline franchisees.
  • Nationalization Dispute. Conducted fair market valuation of a large cement firm in an International Center for Settlement of Investment Disputes arbitration.
  • Oil Price Manipulation. Examined economic evidence about potential price manipulation and developed a theoretical framework to highlight economic forces that determine whether price is manipulated or not.
  • Insider Trading. Examined economic evidence relating to an investigation about insider trading in a Business Development Corporation (BDC).
  • Efficiency of Bond Market. Analyzed efficiency of corporate bonds in a class certification case.
  • Principal Protected Notes. Assessed the market for structured products and the market’s awareness of credit risks associated with principal protected notes.
  • Tender Invitation for Bonds. Examined disclosures associated with the tender offer and evaluated whether the tendering behavior of bondholders was consistent with rational economic behavior.
  • Municipal Bonds. Analyzed performance of municipal bonds in a case about breach of fiduciary duty by the underwriter.
  • Mismanagement of Trust Assets. Evaluated claim of mismanagement of tribal trust funds over many decades.
  • Dividend Policy. Researched payout policy of the firm and its peers and outlined the pros and cons of alternative policies for the board of directors.
  • REIT Leverage. Examined the impact of indebtedness of REITs and their disclosure on shareholder wealth and analyzed the efficiency of financial markets in a developed economy.
  • Medical Procedures Pricing. Assessed the impact of industrial organization on prices of medical procedures in California.
  • Patent Pool Auction. Examined patent pool valuation in a bankruptcy auction.
  • Statistical Sampling. Designed and implemented statistical sampling techniques and drew statistical inferences across a variety of cases and industries.
  • Bank Sales Practices. Data Analytics to Detect Unusual Sales Practices.

Research Interests:

  • Financial Innovation
  • Corporate Finance
  • Behavioral Finance
  • Financial Intermediation

Teaching Interests:

  • Corporate Finance
  • Financial Intermediation
  • Valuation
  • Investments
  • Derivatives and Hedging
  • Information Economics

Publications:

  • "Do CEO Beliefs Affect Corporate Cash Holdings?," (with Sanjay Deshmukh and Keith Howe), Journal of Corporate Finance, 2021, Forthcoming.
  • "Information Reliability and Welfare: A Theory of Coarse Credit Ratings," (with Anjan Thakor), Journal of Financial Economics, 2015, 115(3): 541-557.
  • "Correlated Leverage and Its Ramifications," (with Fenghua Song and Anjan Thakor), Journal of Financial Intermediation, 2014, 23(4): 471-503.
  • "CEO Overconfidence and Dividend Policy," (with Sanjay Deshmukh and Keith Howe), Journal of Financial Intermediation, 2013, 22(3): 440-463.
  • "Do Envious CEOs Cause Merger Waves?," (with Anjan Thakor), Review of Financial Studies, 2010, 23(2): 487-517.
  • "Overconfidence, CEO Selection, and Corporate Governance," (with Anjan Thakor), Journal of Finance, 2008, 63(6): 2737-2784.
  • "Green with Envy: Implications for Corporate Investment Distortions," (with Anjan Thakor), Journal of Business, 2005, 78(6): 2255-2287.
  • "Career Concerns and Resource Allocation in Conglomerates," (with Vikram Nanda and M. P. Narayanan), Review of Financial Studies, 2004, 17(1): 99-128.
  • "Why Do Firms Smooth Earnings?," (with Anjan Thakor), Journal of Business, 2003, 76(1): 151-192.
  • "Easy Weighted Majority Games," (with Nilotpal Chakravarti and Trilochan Sastry), Mathematical Social Sciences, 2000, 40(2): 227-235.
  • "Deadlock Free Routing in Star Interconnection Networks," (with C.P. Ravikumar), IEE Proceedings on Computers and Digital Technology, 1995, 142(6): 395-400.

Papers Based on Consulting Work:

  • "Economic Consequences: The Real Costs of U.S. Securities Class Action Litigation," (with Mukesh Bajaj, Nikolai Caswell, Sumon Mazumdar, and Rahul Surana), 2014.
  • "Small Dollar Installment Loans: An Empirical Study," (with J. Howard Beales), 2015.
  • "The Problem of Hindsight Bias in Fraudulent Conveyance Cases: A Review of Possible 'Market-Based' Solutions," (with Sumon Mazumdar), Research in Law and Economics, 2015, 27: 91-117.

Academic Presentations

  • International Virtual Research Seminars in Finance, University of Bath, February 2021*
  • University of Michigan, Jan 2021*
  • The 2021 Virtual Annual Meeting of the American Economic Association, Jan 2021*
  • Stevens Institute of Technology, Hoboken NJ, October 2020
  • Stevens Institute of Technology, Hoboken NJ, April 2019
  • Loyola University, Chicago, IL, November 2018
  • University of Central Florida, Orlando, FL, December 2017
  • Stevens Institute of Technology, Hoboken, NJ, November 2017
  • Federal Reserve Bank of Richmond, Charlotte, NC, November 2017
  • University of Wisconsin, Milwaukee, WI, March 2017
  • University of Oklahoma, Norman, OK, March 2016
  • The 2016 Annual Meeting of the American Finance Association, San Francisco, Jan 2016
  • Financial Management Association Annual Meeting, Orlando, October 2015*
  • Midwest Finance Association Annual Meeting, Chicago, March 2015
  • Financial Intermediation Research Society Conference, Quebec City, Canada, June 2014
  • NBER’s workshop on Economics of Credit Rating Agencies, Cambridge, MA, Jul 2013*
  • University of Illinois, Chicago, March 2012
  • The 2011 Annual Meeting of the Western Finance Association, Santa Fe, New Mexico, June 2011
  • The 2011 Annual Meeting of the American Economic Association, Denver, Jan 2011
  • New York Fed/NYU Stern Conference on Financial Intermediation, NY, November 2010*
  • Banking Conference, CAREFIN, Università Bocconi, Milan, Italy, September 2010
  • Indian School of Business, Hyderabad, India, August 2010
  • NBER’s workshop on Economics of Credit Rating Agencies, Cambridge, MA, Jul 2010*
  • Financial Intermediation Research Society Conference, Florence, Italy, June 2010*
  • Federal Reserve Bank of Chicago, Chicago, IL, Feb 2010
  • Imperial College, London, UK, Feb 2010
  • Georgia Institute of Technology, Atlanta, GA, Jan 2010
  • Federal Reserve Bank of San Francisco, San Francisco, CA, Dec 2009
  • Federal Reserve Bank of Chicago, Chicago, IL, Oct 2009
  • NBER-Sloan Financial Crisis Conference at Summer Institute, Cambridge, MA, Jul 2009*
  • The 2009 Annual Meeting of Western Finance Association, San Diego, Jun 2009
  • DePaul University College of Commerce Research Luncheon, Chicago, May 2009
  • The 2008 Annual Meeting of Financial Management Association, Dallas, Oct 2008
  • The 2007 Annual Meeting of the American Finance Association, Chicago, Jan 2007*
  • The 2007 Annual Meeting of the American Economic Association, Chicago, Jan 2007
  • DePaul University College of Commerce Research Luncheon, Chicago, March 2006
  • DePaul University Economics Seminar, Chicago, Jan 2005
  • Washington University, St. Louis, Dec 2004
  • University of Cincinnati, Cincinnati, OH, Feb 2004
  • DePaul University Finance Seminar, Chicago, Feb 2004
  • Hofstra University, New York, Mar 2003
  • University of California, Riverside, CA, Mar 2003
  • New York University, Stern School of Business, New York, Mar 2003
  • Georgia State University, Atlanta, GA, Feb 2003
  • DePaul University, Chicago, IL, Feb 2003
  • Colorado Summer Finance Conference, Estes Park, Jun 2002
  • University of North Carolina, Chapel Hill, Mar 2002
  • Washington University, St. Louis, Feb 2002
  • University of Maryland, College Park, Feb 2002
  • Cornell University, Ithaca, Jan 2002
  • Boston College, Jan 2002
  • The University of Michigan Finance Seminar, Nov 2001
  • The 2001 Annual Meeting of the American Finance Association, Jan 2001, New Orleans
  • Joint Symposium of the 11th Annual Conference of Financial Economics and Accounting and the 7th Mitsui Life Symposium on Global Financial Markets, Ann Arbor, Nov 2000
  • The University of Michigan Finance Seminar, Sep 2000
  • The University of Michigan Finance Seminar, Oct 1999
    * Presentation by coauthor

Industry Presentations

  • Panel Discussion on the Purpose and Economics of Class Actions, 2nd DRRT Conference on Global Investor Protection, Miami, Oct 2014
  • CSFI Working Session on Small-Dollar Credit Underwriting, Washington D.C., Aug 2014

Honors

  • Rackham Predoctoral Fellowship, 2001, the most prestigious and substantial fellowship awarded by the University of Michigan Graduate School
  • Charles H. Gessner Doctoral Fellowship, 2000, University of Michigan Business School
  • Thomas William Leabo Memorial Award, 1999, University of Michigan Business School
  • Department of Finance Research Award, 1999, University of Michigan Business School
  • Rodkey Fellowship, 1997-2000, University of Michigan Business School
  • Director’s Silver Medal, 1996, Indian Institute of Management, Calcutta
  • PD Agarwal Foundation Scholarship, 1995, Indian Institute of Management, Calcutta
  • Second Prize in Mathematica, an annual mathematics contest organized by the Indian Institute of Technology, Delhi, 1992

Professional Affiliations

  • Member, American Economic Association
  • Member, American Finance Association