Palani-Rajan Kadapakkam, Ph.D.

Frost Finance Endowed Chair and Professor, Finance

Palani Rajan Kadapakkam

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Bio

Palani-Rajan Kadapakkam serves as the inaugural Frost Finance Endowed Chair in the Carlos Alvarez College of Business. Professor Kadapakkam holds a Ph.D. in finance from the University of Michigan-Ann Arbor and a PGDBA (equivalent to MBA) from the Indian Institute of Management, Ahmedabad. He was previously a faculty member at American University and the University of Houston. Professor Kadapakkam has also held a visiting faculty position at the University of Michigan-Ann Arbor.

Professor Kadapakkam’s research has been published in leading journals such as the Journal of Finance, Review of Financial Studies, Journal of Business, Journal of Financial and Quantitative Analysis, Financial Management and the Journal of Banking and Finance. His research has been recognized at UTSA with the President’s Distinguished Achievement Award (2001), and the Col. Jean Piccione and Lt. Col. Philip Piccione Endowed Research Award (2008). He has served on the Board of Advisers for the Financial Management Association’s Survey and Synthesis series.

Professor Kadapakkam currently teaches the Corporate Valuation course at the graduate level and Intermediate Corporate Finance at the undergraduate level. He has received teaching awards from the UTSA MBA Association in 2005, 2007, 2009, 2010, and 2011. He also received the E. Lou Curry Teaching Excellence Award from the College of Business in 2010.

Professor Kadapakkam’s primary area of research is corporate finance. His research has examined issues such as the source of merger synergies, Dutch auction stock repurchases, impact of stock splits, calls of convertible securities, and ex-dividend stock price behavior. His work has also addressed the efficiency of market prices in the context of the government intervention in the Hong Kong stock market, pricing of American Depositary Receipts, self-tender offers and ticker symbol changes.

Research Interests

  • Firm Financial Policies
  • Market Anomalies
  • Supply Chain Links

Degrees

  • Ph.D. University of Michigan
  • PGDBA (MBA equivalent) Indian Institute of Management, Ahmedabad
  • B. Sc (Chemistry), Loyola College, Chennai

Publications

  • “Long‐term capital gains taxes and stock prices: Evidence from India.” with M. Fallah, International Journal of Finance & Economics, Vol. 28, No. 3, 2023, pp. 3033-3054.
  • “Pay for Performance, Partnership Success, and the Internal Organization of Venture Capital Firms” (with Karan Bhanot), Journal of Corporate Finance, Vol. 75, 2022, 102246
  • Stability of Supplier-Customer Relationship and Supplier Capital Structure (with M.G. Oliveira), Journal of Banking and Finance 130, September 2021, 106183.
  • “Effects of Customer Financial Distress on Supplier Capital Structure,” with M. Oliveira and M. Beyhaghi, Journal of Corporate Finance, Vol. 42, February 2017, pp. 131-149.
  • “The Debt Trap: Wealth Transfers and Capital Structure Choice,” with A. Meisami and J. Wald, Financial Review, 2016, Vol. 51, No. 1, pp 5-35.
  • “Exchange Traded Funds, Size-Based Portfolios, and Market Efficiency,” with T. Krause and Y. Tse, Review of Quantitative Finance and Accounting, Vol. 45, No. 1, 2015, p. 89-110.
  • “Investor Ignorance in Markets for Worthless Stocks,” with H. Zhang, Journal of Financial Markets, Vol. 19, 2014, p. 197-218.
  • “Impact of Liquidity on the Futures-Cash Basis: Evidence from the Indian Market,” with U. Kumar, Journal of Futures Markets, Vol. 33, No. 3, March 2013, pp. 266-298.
  • “Lost in Translation: Delayed Ex-Dividend Adjustment of Hong Kong ADRs, with A. Meisami and Y. Shi,” Journal of Banking and Finance, Vol. 34, Issue 3, March 2010, pp. 647-655.
  • “How do Mergers Create Value? A Comparison of Taxes, Market Power and Efficiency Improvements as Explanations for Synergies, with Erik Devos and Srinivasan Krishnamurthy,” Review of Financial Studies, March 2009, pp. 1179-1211.
  • “Ex-dividend Returns: The Mexican Puzzle, with V. Martinez,” Journal of Banking and Finance, Vol. 32, Issue 11, November 2008, pp. 2453-2461.
  • “What's in a Nickname?–Price and Volume Impacts of a Pure Ticker Symbol Change, with L. Misra,” Journal of Financial Research, Spring 2007, pp. 53-71.
  • “Anatomy of a Government Intervention in Index Stocks–Price Pressure or Information Effects?,” with K. Bhanot,” Journal of Business, March 2006, pp. 963-986.
  • “Stock Splits, Broker Promotion and Decimalization, with S. Krishnamurthy and Y.Tse,” Journal of Financial and Quantitative Analysis, December 2005, pp. 873-895.
  • “Reduction of Constraints on Arbitrage Trading and Market Efficiency: An Examination of Ex-Day Returns in Hong Kong After Introduction of Electronic Settlement,” Journal of Finance, December 2000, pp. 2841-2861.
  • “Capital Gains Taxes and Stockholders’ Response to Tender Offers: Evidence from Dutch Auction Repurchases, with S. Seth,” Financial Review, Vol. 32, Issue 3, 1997, pp. 145-166.
  • “Stock Reaction to Dividend Savings of Convertible Preferred Calls: Free Cash Flow or Price Pressure Effects, with A.P.C. Tang,” Journal of Banking and Finance, Vol. 20, November 1996, pp. 1759-1773.
  • “Trading Profits in Dutch Auction Self Tender Offers, with S. Seth,” Journal of Finance, Vol. 49, March 1994, pp. 291-306.
  • “The Role of Private and Public Debt in Corporate Capital Structures, with J.C. Easterwood,” Financial Management, Autumn 1991, pp. 49 57.
  • “The Value of Shelf Registration for New Debt Issues, with S.J. Kon,” Journal of Business, April 1989, pp. 271 292.