Sanjay Nawalkha : Isenberg School of Management : UMass Amherst

Professor of Finance, University of Massachusetts, Amherst Sanjay Nawalkha is a Professor of Finance at the Isenberg School of Management, University of Massachusetts Amherst. His research inter

Professor of Finance, University of Massachusetts, Amherst

Sanjay Nawalkha is a Professor of Finance at the Isenberg School of Management, University of Massachusetts Amherst. His research interests include fixed income valuation, derivative pricing, interest rate risk management, contingent claims-based portfolio theory and asset pricing. He has co-authored three fixed income books: Dynamic Term Structure Modeling; Interest Rate Risk Modeling; and Interest Rate Risk Measurement and Management. In 1997, he wrote a significant critique of Ross' APT, in which he found that virtually any K assets correlated with the true K factors can replace these factors, thereby demonstrating the theoretical vacuity of the APT pricing result. More recently, his work with Xiaoyang Zhuo has generalized the arbitrage-free valuation paradigm of Black-Merton-Scholes by creating a new class of probability measures called the “equivalent expectation measures.” These measures allow the derivation of risk and return formulas over a finite horizon under virtually all contingent claim models in finance. Nawalkha is passionate about sustainability and teaches and invests using the principles of conscious capitalism. In addition to his academic contributions, Nawalkha is a spiritual author and a co-founder of a humanitarian non-profit organization dedicated to empowering women in India.