About

Ravi Jagannathan is the CME Group/John F. Sandner Chair of Finance at Northwestern University's Kellogg School of Management and serves as Co-Director of the Financial Institutions and Markets Research Center at Kellogg. He has held academic positions including Piper Jaffray Professor of Finance and Associate Professor of Finance at the University of Minnesota's Carlson School of Management, as well as Assistant Professor of finance at Northwestern University's Kellogg School. His international academic appointments include Distinguished Visiting Professor at the Hong Kong University of Science and Technology, Special Terms professor at Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance, and the Indian School of Business, where he also served as Area Leader for Finance, Economics, and Public Policy. Jagannathan received his Ph.D. in Financial Economics and an M.S. from Carnegie Mellon University, an M.B.A. from the Indian Institute of Management at Ahmedabad, and a B.E. in Mechanical Engineering from the University of Madras. His research interests encompass asset pricing, capital markets, portfolio performance evaluation, and financial institutions. He is recognized for contributions such as the Hansen-Jagannathan bound, Hansen-Jagannathan distance, TGARCH/GJR volatility model, and the Conditional Capital Asset Pricing Model (Conditional CAPM). Jagannathan has served on editorial boards of leading academic journals, been a member and past president of several finance associations, and is a research associate of the National Bureau of Economic Research. His work has been published in top journals and he has received notable awards including the Graham & Dodd, Murray, Greenwald Prize for Value Investing.

Research topics

• Environmental science
• Geography
• Climatology
• Mathematics
• Finance
• Financial system
• Economics
• Business
• Meteorology
• Monetary economics

Selected publications

• Venture Investment Returns

  2025-01-01

  book-chapter1st authorCorresponding
  PublisherDOI

• A Conditional Machine Learning Model for Predicting Stock Index Returns

  SSRN Electronic Journal · 2025-01-01

  preprintOpen accessSenior author
  PublisherDOI

• Dirty Business: Transition Risk of Factor Portfolios

  National Bureau of Economic Research · 2025-02-01 · 1 citations

  reportOpen access1st authorCorresponding

  Between 2016 and 2023, the top 10% of carbon-emission-intensive firms (heavy emitters) accounted for over 90% of all Scope 1 emissions from U.S. public companies.We observe that about 35% of the market capitalization of 'Value' portfolios, compared to 5% of 'Growth' portfolios, regardless of how Value and Growth are defined, was comprised of heavy emitters.When we split the Big Value portfolio into heavy-and light-emitter stocks, we find that these two portfolios had similar realized (raw and risk-adjusted) returns and expected returns, as measured by Implied Cost of Capital, suggesting limited incremental compensation for transition risk.We also find that Big Growth low-emitter stocks consistently had lower expected returns than Big Value low-emitter stocks, with the spread widening in recent years, despite similar emission levels.This indicates that factors beyond climate concerns are necessary to fully explain the superior performance of Growth stocks relative to Value stocks over the past decade.

  PublisherDOI

• Dirty Business: Transition Risk of Factor Portfolios

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Dirty Business: Transition Risk of Factor Portfolios

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Robust Stock Index Return Predictions Using Deep Learning *

  SSRN Electronic Journal · 2024-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Expected Changes in Aridity Land Degradation and Climate Risks to the Coastal State of Andhra Pradesh, South India and Road Map to Resilience

  Advances in geographical and environmental sciences · 2024-01-01

  book-chapter
  PublisherDOI

• Limiting Initial Access to Public Capital for Long Run Growth

  SSRN Electronic Journal · 2024-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Globalization and Profitability of US Firms: The Role of Intangibles

  SSRN Electronic Journal · 2024-01-01

  articleOpen access
  PublisherDOI

• Globalization and Profitability of US Firms: The Role of Intangibles

  National Bureau of Economic Research · 2024-03-01 · 3 citations

  reportOpen access

  China's admission into the WTO in 2001 heralded a new era of globalization, increasing both import competition in domestic markets and foreign opportunities for US firms. In the aggregate, the average annual profitability of US public firms during the post globalization period (2003-2019) increased by 11.5% of the corresponding pre-globalization period (1984-2002) profitability. This increase in overall aggregate profitability was primarily driven by foreign profitability increasing by 47.4% for firms in the S&P 500 index, which are larger and have more intangible assets created by R&D and SG&A expenditures. In contrast, following globalization, the average aggregate domestic profitability of US firms remained flat, and firms employed more capital to generate sales. Firms with higher intangible assets benefited more from globalization.

  PublisherOA PDFDOI

Frequent coauthors

• Tongshu Ma

  129 shared

• Zhi Da

  127 shared

• Re‐Jin Guo

  University of Illinois Chicago

  68 shared

• Alexey Malakhov

  University of Arkansas at Fayetteville

  65 shared

• Dmitry A. Novikov

  64 shared

• Hitoshi Takehara

  Tokyo Institute of Technology

  57 shared

• Pengjie Gao

  57 shared

• Keiichi Kubota

  Tokyo Institute of Technology

  55 shared

Awards & honors

• Alexander Henderson Award for excellence in economics
• Graham & Dodd, Murray, Greenwald Prize for Value Investing