Executive Director, International Monetary Fund
Former Chief Economic Adviser, Govt of India
Professor of Finance, ISB (on leave)



1) Does Strengthening the Property Rights of Employee Inventors Spur Innovation? Empirical Evidence on “Freedom to Create” Laws Passed by U.S. States

Shashwat Alok, Krishnamurthy Subramanian, Journal of Law and Economics (Forthcoming)

2) Board Conducts in Banks

Prasanna Tantri, Samanvaya Agarwal, Saipriya Kamath, Krishnamurthy Subramanian, Journal of Banking and Finance, May 2022, Vol. 138, Page 106391.

3) Systemic Impact of Accounting Scandals on Corporate Governance in Emerging Markets: Evidence from India

Krishnamurthy Subramanian, Rajesh Chakrabarti, Journal of Law, Finance and Accounting, April 2022, Vol. 7, Issue 1, Pages 43-90

4) Bank Cleanups, Capitalization and Lending: Evidence from India

Yaskshup Chopra, Krishnamurthy Subramanian, Prasanna Tantri, Review of Financial Studies, September 2021, Vol. 34, Issue 2, Pages 4132-4176.

5) Costs of Job Rotation: Evidence from Mandatory Loan Officer Rotation

Subhendu Bhowal, Krishnamurthy Subramanian, Prasanna Tantri, Management Science, June 2020, Vol. 67, Issue 4, Pages 2075-2095.

6) Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks

Arkodipta Sarkar, Krishnamurthy Subramanian, Prasanna Tantri, Journal of Financial and Quantitative Analysis, February 2019, Vol. 54, Issue 1, Pages183-214.

7) Borrower Distress and Debt Relief: Evidence from a Natural Experiment

Saptarshi Mukherjee, Krishnamurthy Subramanian, Prasanna Tantri, Journal of Law and Economics, November 2018, Vol 61, Issue 4, Pages 607-635.

8) Employment Protection Laws and Privatization

Krishnamurthy Subramanian, Megginson William, The Journal of Law and Economics, February 2018, Vol. 61, Issue 1, Pages 97-123.

9) Localization of FPI flows: Evidence on infrastructure as a critical determinant

Rajesh Chakrabarti, Krishnamurthy Subramanian, Meka Sesha, Journal of Law, Finance, and Accounting, June 2017, Vol. 2, Issue 1, Pages 205-246.

10) Law and Project Finance

Krishnamurthy Subramanian, Tung Frederick, Journal of Financial Intermediation, January 2016, Vol. 25, Pages 154-177.

11) Corporate Governance and Innovation: Theory and Evidence

Krishnamurthy Subramanian, Haresh Sapra, Ajay Subramanian, Journal of Financial and Quantitative Analysis, August 2014, Vol. 49, Issue 4, Pages 957-1003.

12) Wrongful Discharge Laws and Innovation

Archarya Viral, Ramin Baghai, Krishnamurthy Subramanian, The Review of Financial Studies, January 2014, Vol. 27, Issue 1, Pages 301-346.

13) Labor Laws and Innovation

Krishnamurthy Subramanian, Viral Acharya, Ramin Baghai, The Journal of Law & Economics, November 2013, Vol. 56, Issue 4, Pages 997-1037.

14) Banking Deregulation and Innovation

Sudheer Chava, Alexander Oettl, Ajay Subramanian, Krishnamurthy Subramanian, Journal of Financial Economics, September 2013, Vol. 109, Issue 3, Pages 759-774.

15) Lessons from the financial crisis: failure of markets or failure of regulation?

Krishnamurthy Subramanian, Macroeconomics and Finance in Emerging Market Economies, October 2011, Vol. 4, Issue 2, Pages 343-349.

16) Bankruptcy Codes and Innovation

Krishnamurthy Subramanian, Viral Acharya, Review of Financial Studies, December 2009, Vol. 22, Issue 12, Pages 4949-4988.

17) Term Structure Estimation in Illiquid Markets

Krishnamurthy Subramanian, The Journal of Fixed Income, June 2001, Vol. 11, Issue 1, Pages 77-86.

Working Papers:

1) Bank Coordination and Monetary Transmission: Evidence from India

Shiv Dixit, Krishnamurthy Subramanian, October 2020

2) Relationship Banking and Monetary Policy Transmission: Evidence from India

Krishnamurthy Subramanian, Abhishek Bharadwaj, Prasanna Tantri, December 2019

3) Alliance, Acquisition and Excludability

Krishnamurthy Subramanian, Deepal Basak, October 2018

4) Deregulation of Entry and Systemic Bank Failures

Krishnamurthy Subramanian, K. Vaidayanathan, Ajay Yadav, February 2013

5) Valuation of Private, Innovative Targets: Evidence from Cisco’s Acquisitions

Chandrasekhar Mangipudi, Krishnamurthy Subramanian, Rajkamal Vasu, January 2013

6) The Color of Money: A Startup’s Choice among Venture Capitalists

  Krishnamurthy Subramanian, March 2012

7) Banking Deregulation and Job Creation by Entrepreneurial

Krishnamurthy Subramanian

8) The Optimal Locus of Innovation

Krishnamurthy Subramanian

9) Clicks Versus Bricks: A Theory of Difference between intangible-asset-intensive and Tangible-asset-intense Firms.

Krishnamurthy Subramanian

10) Employment Protection Laws and Income Inequality

Krishnamurthy Subramanian, Abraham Jefferson

11) Independent Directors as Information intermediaries in Emerging Markets

Krishnamurthy Subramanian