M. Suresh Sundaresan

Chase Manhattan Bank Foundation Professor of Financial Institutions

Finance and Economics

Academic Advisory Board Member

Program for Financial Studies

MS, Carnegie Mellon, 1978; PhD, 1980

Joined CBS in 1980

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M. Suresh Sundaresan

Office
401 Uris

Phone
212-854-4423

E-mail
ms122@columbia.edu

Fax
212-316-9180

Teaching and research interest

Suresh Sundaresan is the Chase Manhattan Bank Foundation Professor of Financial Institutions at Columbia University. He has published in the areas of Treasury auctions, bidding, default risk, habit formation, term structure of interest rates, asset pricing, investment theory, pension asset allocation, swaps, options, forwards, futures, fixed-income securities markets and risk management. His research papers have appeared in major journals such as the Journal of Finance, Review of Financial Studies, Journal of Business, Journal of Financial and Quantitative Analysis, European Economic Review, Journal of Banking and Finance, Journal of Political Economy, etc. He has also contributed articles in Financial Times, and World Bank Conferences. He is an associate editor of Journal of Finance and Review of Derivatives Research. His current research focus is on default risk and how its affects asset pricing and sovereign debt securities. He has worked as a senior strategist at Lehman Brothers in their Fixed Income Division during 1986-1987. He has consulted full time for Morgan Stanley Asset Management during 2000-2001. His consulting work focuses on term structure models, swap pricing models, credit risk models, valuation, and risk management. He has conducted training programs for leading investment banks including, Goldman Sachs, Morgan Stanley, CSFB and Lehman Brothers. He is the author of the text "Fixed-Income Markets and Their Derivatives." He has served on the Treasury Bond Markets Advisory Committee. He was the resident scholar at the Federal Reserve Bank of New York during 2006. Suresh Sundaresan has testified before the United States Congress on the transparency of Corporate Bond Markets. His current research work focuses on corporate bankruptcy, design of bankruptcy code, the role of collateral in interest rate swaps, and the role of central bank in providing liquidity to private capital markets. More recently, he has been working on micro-lending with a view to characterizing defaults, recovery rates, and interest rates in micro-loans. The research attempts to characterize the efforts that are needed to lower the borrowing rates. Another ongoing project explores whether the duration of the borrowing relationship has led to an improvement of borrower's welfare. At Columbia University, he is responsible for teaching two MBA elective courses: Debt Markets, and Advanced Derivatives. He has trained MBA and PhD students, who currently serve on the faculty at universities in the United States and abroad as well as in senior positions in major investment banks around the world.

Chapters

Development of financial markets in Asia and the Pacific In BIS Papers, No 52: The international financial crisis and policy challenges in Asia and the Pacific (2010)
Author(s): M. Suresh Sundaresan

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Journal articles

Managing Corporate Liquidity: Strategies and Pricing Implications In International Journal of Theoretical and Applied Finance (2011)
Author(s): Attakrit Asvanunt, Mark Broadie, M. Suresh Sundaresan

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Collateral Values by Asset Class: Evidence from Primary Securities Dealers In The Review of Financial Studies (2010)
Author(s): Leonardo Bartolini, Spence Hilton, M. Suresh Sundaresan, Chris Tonneti

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Investment Under Uncertainty with Strategic Debt Service In American Economic Review Papers and Proceedings (2007)
Author(s): Neng Wang, M. Suresh Sundaresan

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Asset Prices and Default-Free Term Structure in an Equilibrium Model of Default In Journal of Business (2005)
Author(s): Ganlin Chang, M. Suresh Sundaresan

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Bidder Behavior in Multiunit Auctions: Evidence from Swedish Treasury Auctions In Journal of Political Economy (2002)
Author(s): Kjell Nyborg, Kristian Rydqvist, M. Suresh Sundaresan

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Continuous-Time Methods in Finance: A Review and an Assessment In Journal of Finance (2000)
Author(s): M. Suresh Sundaresan

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A Comparative Study of Structural Models of Corporate Bond Yields: An Exploratory Investigation In Journal of Banking and Finance (2000)
Author(s): Ronald Anderson, M. Suresh Sundaresan

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Debt Valuation, Renegotiation, and Optimal Dividend Policy In Review of Financial Studies (2000)
Author(s): Hua Fan, M. Suresh Sundaresan

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Nontraded Asset Valuation with Portfolio Constraints: A Binomial Approach In Review of Financial Studies (1999)
Author(s): Jerome Detemple, M. Suresh Sundaresan

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Valuation, Optimal Asset Allocation, and Retirement Incentives of Pension Plans In Review of Financial Studies (1997)
Author(s): M. Suresh Sundaresan, Fernando Zapatero

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Discriminatory Versus Uniform Treasury Auctions: Evidence from When-Issued Transactions In Journal of Financial Economics (1996)
Author(s): Kjell Nyborg, M. Suresh Sundaresan

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Design and Valuation of Debt Contracts In Review of Financial Studies (1996)
Author(s): Ronald Anderson, M. Suresh Sundaresan

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Futures Prices on Yields, Forward Prices, and Implied Forward Prices from Term Structure In Journal of Financial and Quantitative Analysis (1991)
Author(s): M. Suresh Sundaresan

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Intertemporally Dependent Preferences and the Volatility of Consumption and Wealth In Review of Financial Studies (1989)
Author(s): M. Suresh Sundaresan

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The Valuation of Options on Futures Contracts In Journal of Finance (1985)
Author(s): Krishna Ramaswamy, M. Suresh Sundaresan

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Consumption and Equilibrium Interest Rates in Stochastic Production Economies In Journal of Finance (1984)
Author(s): M. Suresh Sundaresan

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A Continuous Time Equilibrium Model of Forward Prices and Futures Prices in a Multigood Economy In Journal of Financial Economics (1981)
Author(s): M. Suresh Sundaresan, Scott F. Richard

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CaseWorks

IFMR Capital: Securitizing Microloans for Non-Bank Investors: Spring 2013
Author(s): M. Suresh Sundaresan

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Grameen America: An Approach to Mitigating Poverty in the United States: Spring 2013
Author(s): M. Suresh Sundaresan

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Books

Microfinance: Emerging Trends and Challenges (2008)
Author(s): M. Suresh Sundaresan

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Working Papers

On the Design of Contingent Capital with a Market Trigger Staff Report No. 448 (2011)
Author(s): M. Suresh Sundaresan, Zhenyu Wang

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Risk Management Framework for Hedge Funds Role of Funding and Redemption Options on Leverage Working paper (2010)
Author(s): John Dai, M. Suresh Sundaresan

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Growth Options and Optimal Default under Liquidity Constraints: The Role of Corporate Cash Balances Working paper (2009)
Author(s): Attakrit Asvanunt, Mark Broadie, M. Suresh Sundaresan

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Financing real options Working Paper (2008)
Author(s): M. Suresh Sundaresan, Neng Wang

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Lending Without Access to Collateral: A Theory of Microloan Borrowing Rates Working paper (2006)
Author(s): Sam Cheung, M. Suresh Sundaresan

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Growth Options in General Equilibrium: Some Asset Pricing Implications (2005)
Author(s): M. Suresh Sundaresan, Julien Hugonnier, Erwan Morellec

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Public Provision of Private Liquidity: Evidence from the Millennium Date Change (2004)
Author(s): M. Suresh Sundaresan, Zhenyu Wang

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Optimal Corporate Securities Values in the Presence of Chapter 7 and Chapter 11 (2004)
Author(s): M. Suresh Sundaresan, Mark Broadie

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Pricing Collateralized Swaps (2003)
Author(s): M. Suresh Sundaresan, Michael Johannes

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Forthcoming Articles

Liability Investment with Downside Risk In Journal of Portfolio Management (2013)
Author(s): Andrew Ang, Bingxu Chen, M. Suresh Sundaresan

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On the Design of Contingent Capital with a Market Trigger In Journal of Finance (2013)
Author(s): M. Suresh Sundaresan, Zhenyu Wang

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