Photo of Acharya, Sankarshan

Sankarshan Acharya

Associate Professor

Department of Finance


University Hall 2126


601 S. Morgan St., Chicago, IL 60607

Office Phone Voice:

(312) 413-9204



  • Associate Professor of Finance with tenure, CBA, University of Illinois at Chicago, 1995-present
  • Visiting Associate Professor of Finance, University of Illinois at Urbana-Champaign, 1998-1999
  • Visiting Associate Professor of Finance, Hong Kong University of Science and Technology, 2002-2003
  • Financial Economist, Federal Reserve Board, Washington, D.C., 1990-1995
  • Assistant Professor of Finance, New York University, 1986-1990
  • Corporate Manager, Salgaocar Group, Goa, 1981-1983
  • Adjunct Professor, Bombay University, 1981-1983
  • Lecturer, National Institute for Industrial Engineering, 1977-1979
  • Course Leader, Project Implementation, Monitoring and Evaluation Program at the National Institute for Industrial Engineering, 1977-1979
  • Management Consultant, Hindustan Steel‑works Construction, Calcutta, 1979-1981

Classes Taught

  • Research and Teaching in Options and Futures
  • Fixed Income Securities
  • Credit Risk
  • Banking

Awards & Affiliations

  • Loring Farwell Award for "excellent performance in Ph.D. (Finance) program,'' Northwestern U, 1986.
  • Kellogg Management School Fellowships and Graduate School Scholarships, Northwestern U, 1983-86.
  • Merit Scholarships, Indian Institute of Technology, Kharagpur, 1975-77.
  • Gold Medal for best graduate in Agricultural Engineering, Orissa U of Agri. and Technology, 1975.
  • Merit Scholarships, 1970-75; Skill Contest First Prize, 1975, Indian Council of Agricultural Research.


Selected Publications

  • “Constitutional System of Money and Finance,” Journal of Financial Transformation, January 2013
  • “No-Subsidy Mantra of Governance to Attain the Most Efficiently Competitive Economy,” forthcoming in the Journal of Governance and Regulation, 2012
  • “A Unifying Philosophy of Governance,” forthcoming in the Journal of Governance and Regulation, May 2012
  • “Unconstitutionality and Economic Inefficiency of Short Selling and Privileged Private Market Clearing,” forthcoming in the Journal of Investment Management and Financial Innovations, 2012.
  • “Safe Banking to Avoid Moral Hazard,” Journal of Risk Management in Financial Institutions, April 2008.
  • “Value of Latent Risk and Decision to Hedge,” International Journal of Research on Banks and Bank Systems, December 2007.
  • “Optimal Exchange Rate Beyond Purchase Power Parity,” Journal of American Academy of Business, December 2007.
  • “Prosperity: Optimal Governance, Banking, Capital Markets, Global Trading, and Exchange Rates,” Citizens Publishing, October 2005.
  • “Safe Banking,” Journal of American Academy of Business, August 2003.
  • “Bond Rating Enhancement Norms Using Corporate Bond Default Data: A New Methodology,” Financial Analysts Journal, August 2000.
  • “Can A Riskless Asset Be Presumed To Exist? A Latent Interest Rate Theory and Evidence,” with Dilip Madan, Chicago Board of Trade Research Symposium Proceedings, Fall 1997.
  • “Charter Value, Minimum Bank Capital Requirement and Deposit Insurance Pricing in Equilibrium,”Journal of Banking and Finance 20, 1996.
  • “Value of Latent Information: Alternative Event Study Methods,” Journal of Finance, March 1993.
  • “Debt Buybacks Signal Sovereign Countries’ Creditworthiness: Theory and Tests,” (with Ishac Diwan), International Economic Review, November 1993.
  • “Maximizing the Market Value of a Firm to Choose Dynamic Policies for Managerial Hiring, Compensation, Firing and Tenuring.” International Economic Review, May 1992.
  • “Optimal Bank Reorganization Policies and Pricing of Federal Deposit Insurance” (with Jean-Francois Dreyfus). Journal of Finance, December 1989.
  • “A Generalized Econometric Model and Tests of a Signaling Hypothesis with two Discrete Signals,” Journal of Finance, June 1988.
  • “Monitoring Financial Institutions” (with Greg Udell). New Palgrave Dictionary of Money and Finance, 1992.
  • “Shortage Cost Parameter for an Inventory Model.” Industrial Engineering Journal, 1983.
  • “Optimal Fleet Size-A Case of Compound Waiting Lines in Transportation and Transhipping.” Industrial Engineering Journal, October 1983.


Northwestern University, Ph. D. (Finance), 1986
Indian Institute of Technology, M. Tech. (Industrial Management), 1977
Orissa U of Agriculture and Technology, B.Sc. (Agricultural Engineering) , 1975