Pankaj Jain, Ph.D., CFA, CFP®

Chair | Professor

FCBE 402
Office Hours
By Appointment
Pankaj Jain


Professor P.K. Jain (Pankaj Kumar Jain, CFA, CFP®, PhD) teaches in the Department of Finance, Insurance, and Real Estate (FIR). His coaching goes beyond the classroom as he travels with students to leading global events and student competitions on investment research. He challenges and inspires his students to find their passion and excel in their pursuits. FIR undergraduate and masters students have placed well in national and regional championships and experienced firsthand lunch meetings with legendary investors such as Mr. Warren Buffett.

Prof. Jain's collaborative award winning research work with graduate students on financial market design is widely cited and recognized both nationally and locally. His students have been invited to the Securities and Exchange Commission (SEC) in Washington DC, which also appointed him as a visiting academic scholar under the Intergovernmental Personnel Act from 2012-2014 in the SEC's Division of Risk, Strategy and Financial Innovation – Office of Markets – to conduct special studies mandated by the U.S. Congress. The US Treasury's Office of Financial Research (OFR) appointed him as a fellow Research Principal from 2017-2019 to work on inter-agency projects. Corporations such as the New York Stock Exchange, National Stock Exchange, Pinnacle Airlines, and Google Inc. have invited him in the past to conduct research or executive training programs. He is an Associate Editor of the Financial Review Journal and frequently invited as a presenter or discussant at conferences organized by American Finance Association (AFA), Western Finance Association (WFA), and National Bureau of Economic Research (NBER) that are led or attended by Nobel laureates. He has published his work in leading academic journals such as Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, and Contemporary Accounting Research among others and served as an expert reviewer for these journals in addition to the National Science Foundation.

He is serving as the FIR Department Chairman, and previously served as the program director for Certified Financial Planner (CFP) Board recognized educational program and as a Bloomberg certified Director for the Cook Analytics and Trading Lab. In the local community, he has served as the President of the CFA Society of Memphis and also served as one of the Directors of the Memphis Center of International Business Education and Research (CIBER) sponsored by the U.S. Department of Education. P.K. provided strategic finance training to the not-for-profit MidSouth Minority Business Council (MMBC) members as part of FCBE's collaboration with that institute. Outside of the college, he has instructed in the Helen Hardin Honors Program and served as a keynote speaker at the luncheons for Rotary Club of Germantown and Financial Planners Association. He also volunteers as the University's Work in the Progress Symposium evaluator, Memphis City Schools Think Show Juror, Cub Scouts leader, and Boy Scouts volunteer, to help provide wholesome experiences to bright young kids.


Best Paper Award Certificate


Dr. Jain discusses recent research on Winners & Losers in FREE Zero Commission Stock Trading :

Select Research 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.
Cited in 362 academic articles on google scholar

Jain, Pankaj K., 2005, "Financial Market Design and the Equity Premium: Electronic vs. Floor Trading," Journal of Finance 60, 6, 2955-2985.
(Solo authored)
American Finance Association (AFA) meeting
National Bureau of Economic Research (NBER) Meeting
Rice University; Indiana University; University of Memphis; Queens University
Alfred P. Sloan Foundation: Industry Study Meetings at Georgia Tech
Outstanding Paper Award in Derivatives/Microstructure at Eastern Finance Association (EFA)

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, P.K., and Z. Rezaee, 2006, "The Sarbanes-Oxley Act of 2002 and Capital Market Behavior: Early Evidence," Contemporary Accounting Research 23, 3, 629-654.
Paper has 2,905 SSRN Downloads

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.
Presented at New York Stock Exchange

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.
Pennsylvania State University; Vanderbilt University
New York Stock Exchange
Morgan Stanley Equity Market Microstructure Research Grant
National Bureau of Economic Research (NBER) Meeting in Boston
Western Finance Association (WFA) Meeting in Vancouver

Jain, Pankaj K., Jang-Chul Kim, and Zabihollah Rezaee, 2008, "The Sarbanes-Oxley Act of 2002 and Market Liquidity," Financial Review 43, 361-382.
Financial Management Association (FMA) Meeting, Denver
14th Annual Conference on Accounting, Bloomington
American Accounting Association Meeting (AAA), Orlando

Jain, Chinmay, Pankaj K. Jain, and Thomas H. McInish, 2012, Short Selling: The Impact of SEC Rule 201, Financial Review 47, 37-64.
Financial Review's Best Paper Award

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.
Featured on SEC market structure website.

Huang, Ying Susan Elkinawy, and Pankaj Jain, 2013, Investor protection and cash holdings: Evidence from US cross-listing, Journal of Banking and Finance 37, 937-951.
American Accounting Association (AAA) Annual Meeting, Washington D.C.
Western Economic Association International (WEAI) Meeting, San Francisco

Jain, Pankaj and Qin Wang, 2013, Credit Rating Changes and Institutional Trading, Journal of Trading 8, 38-47.

Jain, Archana, Pankaj Jain, Thomas McInish and Michael Mckenzie, 2013, Worldwide Reach of Short Selling Regulations, Journal of Financial Economics 109, 177-197.

Jain, Archana, Pankaj K. Jain, Zabi Rezaee, 2016, "Investment Implications of Environment, Social, and Governance Sustainability: Evidence from Short Selling," Journal of Management Accounting Research 28, 29-52.
Investor Responsibility Research Center (IRRC Institute) Honorable mention Award

Jain, Pankaj, Pawan Jain, and Thomas H. McInish, 2016, 'Does High Frequency Trading Increase Systemic Risk', Journal of Financial Markets 31, 1-24. Lead Article.
Outstanding Paper in Investments Award 2011 by Eastern Finance Association (previous title: Order Book Characteristics and Future Price Volatility)
Best Paper Award (First Prize) in 2013 Conference on Excellence in Research at IIM Indore

Jain, Pankaj K., Emre Kuvvet, and Michael S. Pagano, 2017, 'Corruption's Impact on Foreign Portfolio Investment' International Business Review 26, 23-35.
Outstanding Paper in International Finance Award 2010 by Southern Finance Association.
Covered in New York Times
Covered in Chicago Tribunal

Oztekin, Senol Suchismita Mishra, Pankaj K. Jain, Robert T. Daigler, Sascha Strobl and, Richard D. Holowczak, 2017, Price Discovery and Liquidity Characteristics for U.S. Electronic Futures and ETF Markets, Journal of Trading 12 (2), 59-72.

Chiyachantana, Chiraphol, Pankaj K Jain, Christine Jiang, and Vivek Sharma, 'Permanent price impact asymmetry of trades with institutional constraints' Journal Financial Markets, 2017, 1-16. Lead Article.

Elnahas, Ahmed, M. Jain, Pankaj, K., and McInish, Thomas, H. 2018. Exploring the manipulation toolkit: The failure of Doral Financial Corporation. Applied Economics 50, 157-171.

Jain, Pankaj, Thomas H. McInish, and Jonathan Miller, 2019, 'Insights from Bitcoin Trading. Fintech Special Issue, Financial Management 48 (4), 1031-1048.
FCBE 2019 Best papers Award

Jain, Pankaj, Mohamed Mekhaimer, and Sandra Mortal, 2020 'Commonality in Liquidity in Transatlantic Multilateral Trading Facilities', Financial Review 55(3), 1–22. https://doi.org/10.1111/fire.12225
American Economic Association AEA 2019 Poster Session
Finalist (runner-up) 2015 FMA European Conference, Best Paper Awards

Chakrabarty, Bidisha, Pankaj K. Jain, Andriy Shkilko, and Konstantin Sokolov, 2020, 'Speed of Market Access and Market Quality: Evidence from the SEC Naked Ban'. Management Science https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2019.3466
New Zealand Superannuation Fund 2015 Best Paper Award
Semifinalist for 2015 FMA Best Paper Award
Western Finance Association (WFA) Program; Swiss Society for Financial Market Research (SGF), Switzerland; Financial Intermediation Research Society (FIRS), Canada, BlackRock pre-WFA conference; The Securities and Exchange Commission (SEC) brownbag seminar; The Commodities and Futures Trading Commission

Ahmed Elnahas, Pankaj K. Jain, and Thomas H. McInish, 2021, ‘Mixed-Signal Stock Splits’, Journal of Business Finance and Accounting.