Sanjay Ramchander


Sanjay Ramchander is the Associate Dean of Academic Programs and Professor of Finance in the College of Business at Colorado State University. Sanjay's academic training are in the areas of accounting, economics and finance having earned degrees from universities in India and the U.S.  He also holds the CFA professional designation. His scholarship interests are broadly at the intersection of asset pricing and macroeconomic fundamentals, testing theories related to the behavior and formation of asset prices in financial markets, with an emergent focus on market microstructure analysis. Sanjay's empirical work is published in leading academic journals in the discipline, and investigates diverse asset classes such as equities, bonds, currencies, commodities, derivatives, and real estate. Sanjay’s teaching is informed and inspired by his research.  He enjoys teaching all levels and topics in finance but is particularly enthusiastic about business valuation and international finance.  He has taught at various domestic and overseas universities, and is the recipient of several awards and honors including the prestigious Fulbright-Nehru scholarship.

D.B.A., Cleveland State University
M.B.A., Saint Louis University
B. Commerce, Nizam College, Osmania University (India)

Professional Certifications
Chartered Financial Analyst (CFA)

Empirical asset pricing 
Market microstructure
Business analysis & valuation
International finance

Selected (Recent) Publications

  • Adrangi, B., Chatrath, A., Christie-David, R., Miao, H., & Ramchander, S. (accepted). Stock-versus-Flow Distinctions, Information, and the Role of Inventory. Journal of Futures Markets.


  • Miao, H., Ramchander, S., & Zumwalt, J.K. (2014). S&P 500 Index-Futures Price Jumps and Macroeconomic News. Journal of Futures Markets34, 980-1001. 


  • Chatrath, A., Miao, H., & Ramchander, S. (2014). Crude Oil Moments and PNG Stock Returns. Energy Economics, 44, 225-235. 


  • Miao, H., Ramchander, S., & Wang, T. (2014). The Response of Bond Prices to Insurer Ratings Changes. Geneva Papers on Risk and Insurance, 39, 389-413. 


  • Chatrath, A., Miao, H., Ramchander, S., & Villupuram, S. (2014). Currency Jumps, Cojumps and Macro News. Journal of International Money and Finance, 40, 42-62. 


  • Elder, J., Miao, H., & Ramchander, S. (2013). Jumps in Oil Prices: The Role of Economic News. Energy Journal, 34(3), 217-237. 


  • Chatrath, A., Christie-David R.A., & Ramchander, S. (2012). Public Information, REIT Responses, Size, Leverage, and Focus. Journal of Real Estate Research, 34(4), 463-514. 


  • Black, J., Miao, H., & Ramchander, S. (2012). Return Dynamics and Trading Strategy in Alternative Trading Systems. Journal of Trading, 7(3) 52-65. 


  • Chatrath, A., Miao, H., Ramchander, S., & Villupuram, S. (2012). Corporate Bonds, Macroeconomic News and Investor Flows. Journal of Fixed Income, 22(1), 25-40. 


  • Simpson, M.W., & Ramchander, S. (2012). Asymmetric and Cross-sectional Effects of Inflation on Stock Returns under Varying Monetary Policy Conditions. Applied Financial Economics, 22(4), 285-298. 


  • Chatrath, A., Miao, H., & Ramchander, S. (2012). Does the Price of Crude Oil Respond to Macroeconomic News? Journal of Futures Markets, 32(6), 536-559.


  • Ramchander, S., Schwebach, R., & Staking, K. (2012). The Informational Relevance of Corporate Social Responsibility: Evidence from DS400 Index Reconstitutions. Strategic Management Journal, 33(3), 303-314.


  • Elder, J., Miao, H., & Ramchander, S. (2012). Impact of Macroeconomic News on Metal Futures. Journal of Banking and Finance, 36(1), 51-65. 


  • Miao, H., Ramchander, S., & Simpson, M.W. (2011). Return and Volatility Transmission in U.S. Housing Markets. Real Estate Economics, 39(4), 701-741. 


  • Trutwein, P., Ramchander, S., & Schiereck, D. (2011). Jumps in Credit Default Swap Spreads and Equity Returns. Journal of Fixed Income, 20(3), 56-70. 


  • Khalifa, A.A., Miao, H., & Ramchander, S. (2011). Return Distributions and Volatility Forecasting in Metal Futures Markets: Evidence from Gold, Silver and Copper. Journal of Futures Markets, 31(1), 55-80.

Current Working Papers

  • Price Discovery in Crude Oil Futures (with J. Elder and H. Miao)
  • Volatility Transmission across Currency, Commodity and Equity Markets: Implications for Hedging and Portfolio Selection (with A.A. Khalifa, S. Hammoudeh and E. Otranto)
  • Risk Neutral Moments and Crude Oil Returns (with A. Chatrath, H. Miao and T. Wang)
  • Short Term Options: Cliente, Information and Price Discovery (with A. Chatrath, H. Miao, and R. Christie-David)
  • The Informational Relevance of Forward-Looking Measures of Returns and Volatility in Forecasting Defaults (with H. Miao, P.A. Ryan and T. Wang)
Colorado State University | College of Business | 1201 Campus Delivery, Fort Collins, CO 80523