CURRICULUM VITAE-June 2008
Department of Finance, CBA
San Diego State University
SWAMINATHAN G. BADRINATH
5986 Karensue Lane
San Diego, CA 92122
5500 Campanile Drive
San Diego, CA 92192-8236
U.S. (858) 452-8710
Phone: (619) 594-4749, Fax: 594-3272 e-mail:S.Badrinath@sdsu.edu
EDUCATION
Doctor of Philosophy (Finance), Purdue University, West Lafayette, Indiana, USA, 1985.
Post Graduate Degree in Management (equivalent to MBA), Finance, Indian Institute of
Management, Bangalore, India, 1980.
Master of Arts (Operations Research), St. Stephen's College, New Delhi, India, 1977.
Bachelor of Arts (Hons.) Mathematics, St. Stephen's College, New Delhi, India, 1975.
EXPERIENCE
Professor of Finance, College of Business, San Diego State University, 2002-present
Associate Professor, College of Business Administration, San Diego State University,
2000-2001.
Associate Professor (Tenured), School of Business, Rutgers University, New
Jersey, 1996-2000.
Visiting Associate Professor, Krannert Graduate School of Management, Purdue
University, 1993-96.
Visiting Professor, University of Arizona, 1992-1993.
Assistant Professor, Northeastern University 1985-1992.
TEACHING: Executive Education
PGSEM at IIM-Bangalore, Investments, Quarter 3, 2006-07.
Purdue University, AT&T Masters Program, Cases in Corporate Finance.
TEACHING: Regular MBA Courses
Investments, Portfolio Analysis, Risk Management, Futures and Options, International Finance,
Derivative Securities, Introductory and Advanced Corporate Finance.

Student evaluations for both instructor and course ratings average about 4.4 on a 5 point scale over the last 7 years.
TEACHING: Aztec Equity Fund, 2001-
The Aztec Equity fund is an investment portfolio that invests primarily in small and midcapitalization US equities and was initially funded with a grant from Nicholas Applegate- a San
Diego based money management firm. I oversee a revolving team of MBA finance students who make security selection and portfolio decisions along the guidelines of the Association for
Investment Management and Research (AIMR).
AWARDS
Outstanding Faculty Contribution Award, College of Business, San Diego State University,
2005.
Provost’s Award for Teaching Excellence, Rutgers University, 1998-99.
School of Business Teaching Excellence Award, Rutgers University, 1996-97.
EXTERNAL RESEARCH GRANTS
Financial Executives Research Foundation, 1999, $ 82000, (with N. Varaiya) , “The
Share Repurchase Decision: Causes, Consequences and Implementation Guidelines.”
U.S. Environmental Protection Agency, Assistance ID # R 818496-01-0, 1991-92,
(extended to 1993), $105,040, initially as principal investigator, then as co-principal
investigator (with P. Bolster). “The Economic Impact of EPA Judicial Actions and
Environmental Legislation on Affected Firms and Industries.”
PUBLICATIONS
Badrinath, S.G. 2008, “Recent Developments in Credit Derivatives Markets: Lessons for
Emerging Economies,” in Derivatives in India 2008 , ed. Dr. Susan Thomas, Elsevier,
(forthcoming).
Badrinath, S.G., 2007, “Credit Derivatives and the Crunch of 2007,” in
Emerging Financial
Markets , ed. Dr. R. Nandagopal and Dr. V. Srividya, Excel Books.
Anshuman, V.R and S.G. Badrinath, 2007, “A framework for a Securities Market Database in
India,”
Economic and Political Weekly (Dec), 81-88. (Special Article).
Badrinath, S.G, S. Chakravarty, A. Anand and R. Wood, 2006, “Is it prudent to trade around analyst recommendation changes? An analysis of transactions costs,” Journal of Trading , lead article, 2-17.
Badrinath, S.G and S. Wahal, 2002 “Momentum trading by institutions,”
Journal of Finance ,

57 (6), 2449-2478. (19 citations).
Badrinath, S.G. and O. Kini, 2001, “"The robustness of abnormal returns from the earnings-
yield contrarian investment strategy,” Journal of Financial Research , 24 (3).
Badrinath, S.G., N. Varaiya and R. Ferling, 2001, “To buy or not to buy,” Financial
Executive , (May), 43-46.
Lewellen, W.G. and S.G. Badrinath, 1997, “On the measurement of Tobin’s q,”
Journal of Financial Economics , 44, 77-122, (30 citations)
Badrinath, S.G. and P.J. Bolster, 1996, “The role of market forces in EPA enforcement
activity," The Journal of Regulatory Economics , 10, 165-181, (14 citations).
Badrinath, S.G., J.R. Kale and H.E. Ryan, 1996, “Characteristics of common stock
holdings of insurance companies,” Journal of Risk and Insurance , 63 (1), 49-76, (5
citations).
Badrinath, S.G., J.R. Kale and T.H. Noe, 1995, "Of shepherds, sheep and the cross-
autocorrelation in equity returns,” Review of Financial Studies , 8 (2), 401-430, (33
citations).
Badrinath, S.G. and O. Kini, 1994, "The relationship between securities yield, firm
size, earnings/price ratios, firm size and Tobin's q," Journal of Business Finance
and Accounting , 21(1), 109-131, 1 citation.
Badrinath, S.G. and S. Chatterjee, 1993, "Systematic risk estimation in the presence of
large and many outliers," Review of Quantitative Finance and Accounting , 3(1), 5-
28, ( lead article , 2 citations).
Badrinath, S.G., J.R. Kale and T.H. Noe, 1993, "Segmented markets, differential
information and asset return dynamics," The International Review of Economics and
Finance , 2(3), 287-292.
Espahbodi, H. and S.G. Badrinath, 1993, “Factors influencing changes in systematic
risk,” The International Journal of Finance , 5 (2), 453-473.
Badrinath, S.G. and O. Kini, 1992, "Portfolio management using a factor-analytic stock
selection strategy," Managerial and Decision Economics , 13 (4), 305-314, (1 citation).
Badrinath, S.G. and W.G. Lewellen, 1991, "Evidence on tax-motivated securities trading
behavior," Journal of Finance , 46 (1), 369-382, (16 citations)
Badrinath, S.G. and S. Chatterjee, 1991, "A data analytic look at skewness and
elongation in common stock return distributions," The Journal of Business and
Economic Statistics , 9 (2), 223-233. (13 citations)

Badrinath, S.G., G.D. Gay and J.R. Kale, 1989, "Patterns of institutional investment,
prudence and the managerial safety-net hypothesis," The Journal of Risk and
Insurance , 56 (4), 605-629. (31 citations, lead article)
----Abstracted in the Financial Management Collection , 4(1), Spring 1989.
Badrinath, S.G. and S. Chatterjee, 1988, "On measuring skewness and elongation in
common stock return distributions: The case of the market index," The Journal of
Business , 61 (4), 451-472. (20 citations).
Badrinath, S.G. and H. Espahbodi, 1988, "Determinants of changes in systematic risk,"
Proceedings of the American Statistical Association , 247-252.
Badrinath, S.G., G.D. Gay and J.R.Kale, 1988, "Rankings for stocks: Do they make
a difference?" AAII Journal , Volume 10, 12-14. ( Invited feature article ).
Margotta, D. and S.G. Badrinath, 1987, “Effects of the New Jersey shareholder protection
legislation on stock prices,” in Corporate takeovers revisited: Policy implications of
recent research, Editor Ellen B. Magenheim, Brookings Institution Forum, (5 citations).
PRESENTATIONS
“Credit Derivatives and the Crunch of 2007,” in the first International Conference on
Emerging Financial Markets, PSG Institute of Management and SDSU-CIBER, Coimbatore,
India, Dec 26-28, 2007.
“A framework for a Securities Market Database in India,” Invited presentation for the Research
Programme on Securities Markets Regulation, National Institute of Securities Markets, Mumbai, July
2007.
“Finance Research: Overseas Developments and Domestic Opportunities,” Faculty
Development Workshop, PSG Institute of Management, India, February 19, 2007.
“Momentum Trading by Institutions,” American Finance Association, Boston,
Massachusetts, January 2000.
“A Transaction-level investigation of day-of-the-week trading patterns, “ Financial
Management Association, Orlando, Florida, October 1999.
“A Transaction-level investigation of day-of-the-week trading patterns, “ European
Finance Association, Helsinki, Finland, August 1999.
“Momentum trading by institutional equity investors,” European Financial Management
Association, Barcelona, Spain, June 1999.
“Stranded Cost Recovery and the Economic Impact of Deregulation in the Electric Power

Industry,” Financial Management Association, Chicago, Illinois, October 14-18, 1998.
“Momentum trading by institutional equity investors,” Southern Finance Association,
Marco Island, Florida, October 1998.
“On the measurement of Tobin’s q,” Financial Management Association, New York, NY,
October 19, 1995.
“Analyst Recommendation Changes and Bid-Ask Spreads,” Financial Management
Association, 1996.
“Characteristics of common stock holdings of insurance companies," Eastern Finance
Association, 1995.
“Investment policies and performance of insurance company equity portfolio managers,”
Financial Management Association, Toronto, Canada, October 14-18, 1993.
“Of shepherds, sheep and the cross-autocorrelation in equity returns,” Financial Management
Association, October 21-24, San Francisco, California, October 21-24, 1992.
“From Boom to Bust: Institutional investment patterns in the decade of the 1980’s,”
Southern Finance Association, Jacksonville, Florida, November 18-21, 1992.
“Mean reversion, return measurement interval and earning's yield,” Financial Management
Association, Chicago, Illinois, 1991.
“Of shepherds, sheep and the cross-autocorrelation in equity returns,” Western Finance
Association, Jackson Lake Lodge, Wyoming, June 19-21.
“Stock returns and Tobin’s q,” Western Finance Association, Santa Barbara, California,
June 17-20, 1990.
“Price-related anomalies: six of one or a half-dozen?,” Financial Management Association,
Orlando, Florida, October 25-27, 1990.
“Stock returns and Tobin’s q,” Financial Management Association, Boston, Massachusetts,
October 18-21, 1989.
“Patterns of institutional investment, prudence and the managerial safety-net hypothesis,”
Financial Management Association, New Orleans, Louisiana, October 15-18, 1988.
“Determinants of changes in systematic risk,” American Statistical Association, New Orleans,
Louisiana, August 22-25, 1988.
“Market effects of initial S&P quality ranking assignments,” Eastern Finance Association,
Bal Harbor, Florida, April 20-23, 1988.

“Forecasting bond risk premiums,” International Association of Business Forecasting,
Washington. DC, 1988.
“Individual Investor behavior under differential capital gains taxation,” Financial
Management Association, New York, NY, October 15-18, 1986.
WORK IN PROGRESS
Retail investor decision making in changing economic climates, (with S. Gubellini).
A research map for Indian finance research, with V.R Anshuman
Evaluating the appropriateness of country risk ratings, (with A. Thampy).
“When is market value really added?” (with W. G. Lewellen).
“Deriving and applying marginal Tobin’s q estimates in corporate finance,” (with W.G.
Lewellen.)
WORKING PAPERS
(These papers are not actively under process for publication. Some are still used and cited in litigation support and testimony).
"Does a ranking matter? Market effects following an initial ranking assignment," (with G. Gay and J. Kale).
"Effects of New York's 1985 takeover legislation on stock prices," (with D. Margotta).
"Stock Returns and Tobin's q." (with O. Kini).
AWARDS
Citation for excellence by Anbar Management magazine, for article titled “On the measurement
of Tobin’s q,” published in the Journal of Financial Economics , 1997.
Financial Management Association, Award for Best Paper in Investments, sponsored
by the American Association of Individual Investors, 1989. Award for paper titled
“Patterns of institutional investment, prudence and the managerial safety-net hypothesis.”
Eastern Finance Association, April 1988, Award for Best Paper in Investments, sponsored by the American Association of Individual Investors. Award for paper titled “Does a ranking matter? Market effects following an initial stock ranking assignment .”

INTERNAL RESEARCH GRANTS
Purdue University Research Grant, $4000, Summer 1993.
Northeastern University Faculty Research Grant, $9000, 1991.
Faculty Research and Scholarship Grant, Northeastern University, $2250, 1988.
Instructional Development Fund, Northeastern University, $2200, 1987.
College of Business, Faculty Research Awards, 1986, 1987, 1989.
Faculty Research Fund, Northeastern University, $2000, 1986.
PROFESSIONAL SERVICE
Associate Editor, Journal of Emerging Financial Markets.
Program Committee Member, Financial Management Association, 1997-2000,
Academic Reviewer for:
The Journal of Finance
The Journal of Risk and Insurance
Financial Management
The Financial Review
Financial Services Review
Multinational Finance Journal
The Review of Business Studies
The International Journal of Finance
Quarterly Review of Economics and Finance
National Stock Exchange of India Research Program
Session Chairperson, session titled "Issues in empirical finance,"at the annual meeting of the Southern Finance Association, November 18-20, 1998, Marco Island Florida.
Session Chairperson, "Analysis of the price-volume relationship,"Session # 68,
Financial Management Association, October 14-18, 1998 Chicago, Illinois.
Session Chairperson, "Issues in the pricing of options and pseudo-options," Financial
Management Association, 1987, October 14-18, Las Vegas, Nevada.
Paper Discussant , European Financial Management Association, 1999 ,
Southern Finance Association, 1998 ,
Southwest Finance Association, 1986.
Invited Participant, The Johnson Symposium on Recent Developments in Investments
Research, University of Wisconsin, August 5-7, 1991. Madison, Wisconsin.

CONSULTING ACTIVITIES
Wachtel Associates -- Conducted empirical analyses of the impacts of anti-takeover legislation in New York and New Jersey. Studies frequently cited, used in litigation support.
Analyses for rate of return testimony in public utility rate cases for;
Ameritech Corporation
Indianapolis Power and Light Company
Indiana Cities Water Company
Gary Hobart Water Corporation
Indiana Bell Telephone Company:
UNIVERSITY SERVICE
Member, College Peer Review Committee, SDSU, 2007-
Chair, College Steering Committee, San Diego State University, 2005-2006.
Member, College Steering Committee, San Diego State University, 2004-2006.
Member, Associate Dean Search Committee, San Diego State University, 2004-2005.
Member, Student Awards Committee, San Diego State University, Fall 2001-2005.
Member, Strategic Goals Committee, San Diego State University, 2004.
Chair, Investment Curriculum Committee, San Diego State University, 2001-2002.
Faculty Advisor, Aztec Equity Fund, San Diego State University, Spring 2001-present
Member, Recruiting Committee, San Diego State University, 2000-present
Member, Ad Hoc Executive Committee, San Diego State University, Spring 2004
Chair, Teaching Committee, Rutgers University, 1997-2000.
Coordinator, Finance Area Research Seminar, Rutgers University, 1996-97, 1999.
Chair, Teaching Schedule Committee, Rutgers University, 1997-2000.
Member, Research Committee, Rutgers University, 1999-2000.
Member, Web committee, Rutgers University, 1997.
Course Coordinator, Management 310, Purdue University, Spring 1996.
Participant, Undergraduate Core Workshop, Purdue University, Fall 1994.
Member, Faculty Computer Committee, Northeastern University, 1986-92.
College of Business, Faculty Data Base Coordinator, Northeastern University, 1986-92.
Member, Undergraduate Programs Committee, Northeastern University, 1988-89.
REFERENCES FOR INDIA
Dr. Prasanna Chandra, Director
Center for Financial Management
No. 17, 1A Cross, 17 th
A. Main
J.P. Nagar II Phase
Bangalore-560078
Telefax: 080-2659 5183
Mobile: 93412-62798
Res; 2659-6419

e-mail: Chandra@cfm-india.com
Professor Dinesh Singh
Director-South Campus
Delhi University, Dhaula Kuan
New Delhi, 110001, India. e-mail: dineshsingh1@gmail.com
Dr. (Mrs.) Indira Rajaraman
Reserve Bank of India Chair and Senior Fellow
National Institute of Public Finance and Policy
18/2 Satsang Vihar Marg, Special Institutional Area
New Delhi, 110-067, India.
Email: Indira@nipfp.org.in