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The University of Massachusetts Amherst

Nikunj Kapadia, PhD

Associate Dean of Graduate Programs, Professor of Finance



PhD in Finance, Stern School of Business, New York University, 2005
Post-graduate Diploma in Management (MBA), Indian Institute of Management, Bangalore, 1986
BE (Chemical Engineering),, Maharaja Sayajirao University, Baroda, 1984

Professional Experience

Director, Corporate Board, Aurionpro Solutions Ltd, 2005-2014
Visiting Researcher, Office of Financial Research, United States Treasury, 2012

Academic Appointments

Professor of Finance, University of Massachusetts, Amherst, 9/2013-Present
Associate Professor, University of Massachusetts, Amherst, 9/2003-8/2013
Assistant Professor, University of Massachusetts, Amherst, 9/1996-8/2003

Recent Honors / Awards

College Researcher of the Year Award, Isenberg School of Management, 2012
College Outstanding Teaching Award, University of Massachusetts, 2008

Research Interests

Option Pricing
Credit and Default Risk

Teaching Interests

  • Seminar on Options
  • Financial Modeling
  • International Finance
  • Financial Engineering

Selected Publications

"Equilibrium Exercise of European Warrants," (with Gregory Willette), 2012, Review of Derivatives Research, 15 (2), 129-156.

"Limited Arbitrage Between Equity and Credit markets," (with Xiaoling Pu), 2012, Journal of Financial Economics, 105 (3), 542-564.

Das, Sanjiv, Darrell Duffie, Nikunj Kapadia and Leandro Saita, 2007,  "Common Failings: How corporate defaults are correlated," Journal of Finance 62(1),pp. 93-118.

Das, Sanjiv, Laurence Freed, Gary Geng and Nikunj Kapadia, 2006, "Correlated Default Risk," Journal of Fixed Income 16(2),pp. 7-32.