PANKAJ JAIN, Professor,  Department of Finance

PANKAJ JAIN

Professor, Department of Finance

Phone
901.678.3810
Email
pjain@memphis.edu
Fax
901.678.0839
Office
BA 402
Office Hours
By Appointment

Biography

Professor P.K. Jain (Pankaj Kumar Jain) teaches in the Department of Finance, Insurance, and Real Estate (FIR). His coaching goes beyond the classroom experience as he coaches and travels with students to leading global events and student competitions on investment research. He challenges and inspires his students to find their passion and attempt to become an internationally renowned expert. 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. The work of his doctoral students has been published in premier finance journals, and won multiple best paper or outstanding research awards at national and international conferences.

Prof. Jain's own work on financial market design is widely cited and recognized both nationally and locally. The Securities and Exchange Commission (SEC) in Washington, DC 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. He also volunteered to provide research advice in the Commodity Futures Trading Commissions' Office of Chief Economist (CFTC-OCE). 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, the official journal of the Eastern Finance Association. He is 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, Financial Management, Journal of Banking and Finance, Journal of Financial Research, and Contemporary Accounting Research and served as an expert reviewer for these journals in addition to the National Science Foundation.

He is serving as the interim 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.

Research

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 322 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 2,839 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.