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Suhas A. Sridharan - Emory University, Goizueta Business School. Atlanta, GA, US

Suhas A. Sridharan Suhas A. Sridharan

Assistant Professor of Accounting | Emory University, Goizueta Business School


Interested in how investors use information to resolve uncertainty and how political forces shape capital markets






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Suhas A. Sridharan joined the Goizueta Business School faculty in 2015. She earned a PhD in business administration from Stanford University's Graduate School of Business. Her research focuses on the role of information in the price discovery process in capital markets. Professor Sridharan's work has appeared in academic journals such as The Accounting Review and Review of Accounting Studies, and media outlets such as The Wall Street Journal, Financial Times, and Bloomberg News. Prior to joining Goizueta, Sridharan was a member of the faculty at the UCLA Anderson School of Management.

Areas of Expertise (5)


Political Economy

Financial Statement Analysis

Information and Price Discovery in Financial Markets


Education (2)

Stanford University Graduate School of Business: PhD, Business Administration 2013

Emory University: BA, Economics, Mathematics, and Computer Science 2008

Media Appearances (3)

Passive’s aggressive march poses thorny questions

Financial Times  online


While the performance of fund managers has improved this year, the torrential inflows into cheap exchange traded funds has continued unabated.

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ETFs Create Stock Markets That Are Both Mindless and Too Expensive, Study Says

Bloomberg Markets  online


Higher ownership of individual stocks by ETFs widens the bid-ask spreads in those shares, making them more expensive to trade and therefore less attractive.

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The Downside of ETFs

The Wall Street Journal  online


There is a lot for investors to like about exchange-traded funds, but there is also a downside for the stock market, a new study says. Many investors like ETFs because the funds are an easy way to build a diverse portfolio with fees that generally are lower than those of mutual funds.

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Articles (2)

Is There a Dark Side to Exchange Traded Funds (ETFs)? An Information Perspective

Review of Accounting Studies

2015 We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with: (1) higher trading costs (bid-ask spreads and market liquidity); (2) an increase in “stock return synchronicity”; (3) a decline in “future earnings response coefficients”; and (4) a decline in the number of analysts covering the firm. Collectively, our findings support the view that increased ETF ownership can lead to higher trading costs and lower benefits from information acquisition. This combination results in less informative security prices for the underlying firms.

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Volatility forecasting using financial statement information

The Accounting Review

2013 This paper examines whether financial statement information can predict future realized volatility incremental to the volatility implied by option market prices. Prior research establishes that option-implied volatility is a biased estimator of future realized volatility. I use an analytical framework to identify accounting-based drivers of equity returns volatility. My main hypothesis is accounting-based drivers can be used to forecast future volatility incremental to either past volatility or the market’s expectation of future volatility quantified as option-implied volatility. I confirm this empirically and show that my findings are robust to the measurement of option-implied volatility using either a model-free approach or the Black-Scholes model. I also document abnormal returns to a option-based trading strategy that takes a long (short) position in firms with financial statement information indicative of high (low) future volatility. Additionally, I provide evidence that contradicts a risk-based explanation for the incremental predictive ability of accounting-based variables. Taken together, my results indicate that the market’s failure to fully process accounting-based fundamental information explains some of the previously documented bias in implied volatility.

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