Research
Selected Academic Publications, Working Papers & Research-in-progress
"Market Manipulation and Corporate Finance: A New Perspective,” (co-authored with A. Chatterjea and R.A. Jarrow), Financial Management, Summer 1993, 200-209.
"Deriving Value from Derivatives," The Manager, Spring 1995.
“Market Manipulation,” (co-authored with R.A. Jarrow), Handbooks in Operations Research and Management Science, 1995, v. 9, Chapter 20, 611-630.
"Taurus: The Other Big Bang," (co-authored with J. Mistry), March 1995, Boston University Case Study (#95-04). An account of London Stock Exchange's experiment with an automated clearing and settlement system.
"Information Trading, Volatility, and Liquidity in Options Markets," (co-authored with A.F. Vila), The Research Foundation of the Chartered Financial Analysts (CFA) Institute Publications Series, January 1997, 1-26.
"Options Markets, Self-fulfilling Prophecies, and Implied Volatilities," (co-authored with R.A. Jarrow), Review of Derivatives Research, 1998, v.2, 5-37.
"An Empirical Analysis of Directional and Volatility Trading in Options Markets," (co-authored with Y. Weng), Journal of Derivatives, Winter 1999, v.77, 53-65.
"Optimal Extraction of Nonrenewable Resources when Costs Cumulate," (co-authored with J. Patel and I. Khripko), Project Flexibility, Agency, and Product Market Competition: New Developments in the Theory and Application of Real Options Analysis, (Oxford University Press, NY), Michael J. Brennan and Lenos Trigeorgis (Editors), 1999, Chapter 12, 224-253.
"Option Pricing and Foreign Investment under Political Risk,” (co-authored with E. Perotti), Journal of International Economics, December 2001, v.55 (2), 359-377.
"A Model of the Convenience Yields in On-the-run Treasuries," (co-authored with R.A. Jarrow and E. Jacquier), Review of Derivatives Research, 2004, v.7, 79-97.
"Worry-free Inflation-Indexing for Sovereigns: How Governments Can Effectively Deliver Inflation-Indexed Returns to Their Citizens and Retirees,” (co-authored with Z. Bodie and W.K. Chua), Life-cycle Investing: Financial Education and Consumer Protection (CFA Institute), The Research Foundation of the Chartered Financial Analysts (CFA) Institute Publications Series, Z. Bodie, L.B. Siegel and L. Stanton (Editors), November 2012, 139-161.
"A Tail of Two Cities: On the Downside Risk and Loss Profile of Asian and North American Hedge Funds," (co-authored with C. Kon and W. Weng), Journal of Alternative Investments, Summer 2016, v. 19, 55-77.
“Foreign Clientele Effects in Malaysian Sovereign Bond Markets: Evidence from Islamic Sukuk Bonds in Malaysia,” (co-authored with M. Chen, Z. Li, Y. Shao and M. Subrahmanyam), 2022, Critical Finance Review: Vol. 11: No. 3-4, pp 677-745. http://dx.doi.org/10.1561/104.00000124
“Replicas: Have Hedge Funds Re-Resurrected as Traditional Beta?” (co-authored with C. Kon and Z. Li), January 2021, Revise and resubmit at the Journal of Banking & Finance. (SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3704649)
“A Comprehensive Study of the Chinese Corporate Bond Market,” (co-authored with J. Mo and M. Subrahmanyam), June 2019, Working Paper. To be resubmitted to the Annual Review of Financial Economics.
“The Low-Down on Hedge Funds: Reexamining the East-West Divide,” (co-authored with C. Kon and W. Weng), April 2014, CAMRI Thought Leadership Working Paper Series.
"Discretionary Volatility Trading in Options Markets,” September 1999, Working Paper.
“Liquidity and Portfolio Management: An Intra-Day Analysis,” (co-authored with S. Mahanti and M. Subrahmanyam), March 2012, Working Paper.
“Real and Cloned Hedge Fund Performance during the COVID-19 Pandemic: An Event Study,” (co-authored with C. Kon and Z. Li), February 2021, Working Paper.
“Track to the Future: Investment, Finance and Lessons for the New Economy.” Monograph in preparation. A specialized writing of my published papers, essays, op-eds, commentaries, and other works in the areas of asset management, retirement finance and infrastructure finance. Commissioned (and to be published) by World Scientific Publishing (Expected: Spring 2022).
Media Commentaries, Op-Eds, Essays
Asset Management, Life-cycle Savings and Investing
BFM 89.9
9 November 2023
Interview with Joseph Cherian
A blueprint for transforming the nation's retirement landscape
The Edge (Malaysia)
Print Edition, 23 December 2023
Joseph Cherian
Lessons of the UK pension crisis
Asia Asset Management
Print & Online Editions, March 2023, Vol. 28, No. 3
Joseph Cherian and Yogi Thambiah
Much ado abt EPF: Proposals for fixing the retirement crisis
The Edge (Malaysia)
Print Edition, 22 May 2023
Joseph Cherian and Ong Shien Jin
(astro AWANI)
Asro AWANI TV
10 October 2023
Interview with Joseph Cherian
Asia Asset Management
Print & Online Editions, October 2022, Vol. 27, No. 10
Zvi Bodie and Joseph Cherian
Flexibility is key: Financing net zero
Asia Asset Management
Print & Online Editions, November 2022, Vol. 27, No. 11
Michel-Alexandre Cardin and Joseph Cherian
An Alternative Subsistence Pension Scheme Needs to be Designed for B40
Business Today (Malaysia)
10 February 2023
Joseph Cherian
PGIM's (USA) "The Accidental Plan Sponsor" Podcast
Wednesday, 11 May 2022
Panelists: Joseph Cherian (NUS) & Desmond Chew (CPF)
Funding net zero: Getting a grip on climate change
Asia Asset Management
Print & Online Editions, June 2022, Vol. 27, No. 6
Joseph Cherian and Yogi Thambiah
An abridged version of this article also appeared in NUS BIZBEAT, 14 June 2022, entitled, "The true cost of fighting climate change"
How is CPF different from other countries' pension systems?
Central Provident Fund Board's “Let's Talk CPF” Podcast
30 September 2022
Podcast with Joseph Cherian
Also available on CPFB’s Facebook page
Are cryptos an investable asset class?
Asia Asset Management
Friday, 11 February 2022
Joseph Cherian and Yogi Thambiah
The Swan Song March? An Update On China’s Big Tech Crackdown
NUS Business School Commentary
Monday, 21 February 2022
South China Morning Post
Print & Online Editions, 25 March 2022
Joseph Cherian, Jingyuan Mo, Marti G. Subrahmanyam, and Tingyi Xiao
The Road Ahead for Asset Management: Challenges and Opportunities
Keynote Address
17th Anniversary Celebration of the Faculty of Economics, State University of Jakarta (UNJ)
Tuesday, 5 April 2022
Joseph Cherian
In collaboration with Faculty of Business, Widya Mandala Catholic University, Surabaya and Department of Management, Faculty of Economic and Business, Brawijaya University, East Java
China’s Big-Tech crackdown and financial markets: Investors aren’t as afraid as you might think
NUS Business School Commentary
Friday, 20 August 2021
South China Morning Post
Print & Online Editions, 10 September 2021
Joseph Cherian and Marti Subrahmanyam
Housing monetization and retirement income streams
Monash Business School’s “Retirement Series” Podcast
14 October 2021
Podcast Interviewee: Joseph Cherian
A Turning Point Moment of Interest (or Why Is Everyone Afraid of Inflation?)
Asia Asset Management
25th Anniversary Special Edition Issue, November-December 2021
URL: www.asiaasset.com/post/25350
Joseph Cherian and Yougesh Khatri
Asia Asset Management Webinar
Tuesday, 27 April 2021
Moderator: Joseph Cherian
Video URL: https://www.asiaasset.com/post/24633
Sustainability of pension finance and pension investment design
养老金财务的可持续性与养老金投资设计︱挑战与共识·养老金改革系列之三 Yicai
Yicai
Tuesday, 2 March 2021
Also in SINA Finance and Sohu
Joseph Cherian and Emma Yan
GameStop’s rollercoaster: What really went down and could it happen here?
Channel News Asia’s (CNA) “Heart of the Matter” Podcast
Thursday, 4 February 2021
Panelist: Joseph Cherian
What constitutes market manipulation?
Asia Asset Management (online)
Thursday, 4 February 2021
Joseph Cherian
Also appeared as a NUS BIZBEAT Thought Leadership Commentary - 23 Apr 2021
In Bonds We (Still) Trust: Part 2
Asia Asset Management
February 2021, Vol. 26, No. 2
Also in SINA Finance and Sohu
Joseph Cherian and Emma Yan
Also appeared as a NUS BIZBEAT Thought Leadership Commentary - 23 Apr 2021
Principles-Based MPF: Taking Stock
Asia Asset Management
December 2020 - January 2021, Vol. 25/26, No. 12/1
Joseph Cherian
Preparing for the Road Ahead: Making the Most of Multi-Asset Strategies
Asia Asset Management Webinar
Wednesday, 28 October 2021
Panellist/ Speaker: Joseph Cherian
Why It’s ‘Too Early’ to Give Up on Replicating Hedge Funds
Institutional Investor
Friday, 9 October 2020
My working paper “Replicas: Have Hedge Funds Re-Resurrected as Traditional Beta?” was featured in Institutional Investor, Bloomberg News, Yahoo Finance, Business Times (Singapore), MSN Money, Financial Advisor, etc.
Asia Asset Management
October 2020, Vol. 25, No. 10
Joseph Cherian and Emma Yan
On Asset Management Trends in Asia
Asia Asset Management Webinar
Friday, 10 July 2020
Panellist/ Speaker: Joseph Cherian
Asia Asset Management
July 2020, Vol. 25, No. 7
Joseph Cherian and Ong Shien Jin
Also appeared in AAM’s online edition
Are hedge funds just traditional beta?
Asia Asset Management
April 2020, Vol. 25, No. 4
Joseph Cherian, Christine Kon and Li Ziyun
Asia Asset Management
December 2019 - January 2020 Vol. 24/25 No. 12/1
Joseph Cherian and Manish Sansi
The Edge
Thursday, 12 December 2019
Joseph Cherian and Manish Sansi
An abridged version of The Asia Asset Management article, Algo's got rhythm, from Dec 2019
A time bomb: Low birth rates, longevity put pressure on pension systems
Asia Asset Management
November 2019 Vol. 24, No. 11
Joseph Cherian and Emma Yan
Where are we on the CPF Lifetime Retirement Investment Scheme?
The Business Times
Saturday, 14 September 2019
Joseph Cherian and Emma Yan
High fees fleece CPF members of investment returns
The Business Times
Monday, 26 February 2018
Joseph Cherian
If it ain’t broke, don’t fix it: just improve it
Asia Asset Management
September 2017 Vol. 22 No. 9
Joseph Cherian
Time ripe for Singapore to become Asian corporate bond trading hub
The Business Times
Wednesday, 7 October 2015
Joseph Cherian and Marti Subrahmanyam
Seizing the day (Seeking Relevance in a Shrinking Sandbox)
Asia Asset Management
August 2015 Vol. 20, No. 8
Joseph Cherian
A version of this article also appeared in The Business Times, 10 September 2015, entitled, “Seeking Relevance in a Shrinking Sandbox"
The State of the Asset Management Industry: Tipping Points and Trends
Asia Asset Management
20th Anniversary Special Edition Issue, November 2015
Ranjan Chakravarty and Joseph Cherian
The Central Provident Fund (CPF): Making a Good Programme Even Better
NUS Lee Kwan Yew School of Public Policy IPS Commons
Saturday, 16 August 2014
Joseph Cherian and Danny Yong
The role of the state in the pension system
The Business Times
Tuesday, 25 October 2011
Joseph Cherian and Laurent Lassalvy
Infrastructure Finance Initiative
Making infrastructure assets more palatable
Asia Asset Management
May 2018, Vol 23, No. 5
Ranjan Chakravarty, Joseph Cherian, Kiyoshi Nishimura and Wong Heang Fine
Building uncertainty, flexibility into infrastructure megaprojects
The Business Times
Friday, 27 January 2017
Michel-Alexandre Cardin and Joseph Cherian
Singapore as global hub for infrastructure finance
The Business Times (Print)
Wednesday, 6 January 2016
Ranjan Chakravarty and Joseph Cherian
为什么亚投行能为中国和亚洲带来双赢?
NetEase
Monday, 24 August 2015
Caijing
Monday, 24 August 2015
Joseph Cherian
Adapted from NUS Think Business article of 3 July 2015
Singapore can play key role in AIIB
The Business Times
Friday, 3 July 2015
Joseph Cherian
Adapted from Think Business article of 3 July 2015
Oh, behave! Why the AIIB can be a win for China and Asia
NUS Think Business
Friday, 3 July 2015
Joseph Cherian
Singapore: The next hub for global transaction services?
The Business Times
Wednesday, 11 January 2012
Joseph Cherian and Gourang Shah
Digital Currency, Blockchain & New Economy
Blockchain can democratise access to the best alternatives opportunities
Asia Asset Management
September 2019, Vol 24, No. 9
Joseph Cherian and Katrina Cokeng
Miscellaneous - Macro, Debt, Sustainable & Political Economy
Nomura Journal of Asian Capital Markets
Autumn 2021, Vol. 6, Issue 1, 8 September 2021
Joseph Cherian
On The Lawn with FVR | On Portfolio Management, Life Annuities, SGX, MIT, and Cornell
16 July 2023
ASB MBA Student Fabian Vera's Video Interview with Joseph Cherian
The State as Insurer of Last Resort
The Edge Singapore
Monday, 11 May 2020
Joseph Cherian and Bernard Yeung
Abridged version of the ABFER Pandemic Commentaries article on 14 April 2020
Maintaining Finance for Firms Impacted by COVID-19: Perspectives for East Asia
The World Bank
Monday, 4 May 2020
Webinar Panelist/Speaker: Joseph Cherian
The State as Insurer of Last Resort
ABFER Pandemic Commentaries
Tuesday, 14 April 2020
Joseph Cherian and Bernard Yeung
The case for state-owned pseudo-equity: saving Singapore’s private enterprises
The Business Times
Tuesday, 14 April 2020
Joseph Cherian and Marti Subrahmanyam
This article also appeared in BT Online and NUS News
Financial tradeoffs matter during pandemics
Asia Asset Management
Tuesday, 14 April 2020
Joseph Cherian
Conversations on the 2020 Pandemic: The View from Asia
NUS Business School & ABFER webinar collaboration
Thursday, 2 April 2020
Moderator, Session 3: Household finance and financial markets, Joseph Cherian
Two key steps in the economic march
South China Morning Post
Saturday, 12 November 2016
Joseph Cherian and Lee Kang Hoe
Based on “The long march to the future economy” (Business Times, 7 June 2016)
To cultivate the industries of the future we need to invest in this intangible human quality
South China Morning Post
Friday, 11 November 2016
Joseph Cherian and Lee Kang Hoe
Based on “The long march to the future economy” (Business Times, 7 June 2016)
Hazenomics: Seeing through the smoke
The Jakarta Post
Sunday, 20 September 2015
The Malaysian Insider
Monday, 21 September 2015
Ang Swee Hoon, Joseph Cherian and Jack Loo
This article was also cited in an INTER PRESS SERVICE (IPS) News Agency feature article entitled, "ASEAN Agreement on Haze? As Clear as Smoke", 13 October 2015. This article is “Hazenomics: Facing the Fire” (July 2013) revisited.
The long march to the future economy
NUS Think Business
Wednesday, 22 June 2016
Joseph Cherian and Lee Kang Hoe
This article first appeared in The Business Times (7 June 2016)
One-size-fits-all finance regulations end up fitting no one
The Business Times
Friday, 13 March 2015
Joseph Cherian, Anil Kishora and Bernard Yeung
This article also appeared in The Malaysian Insider and Malay Mail Online
Grooming Asia's finance leaders
The Business Times
Tuesday, 13 January 2015
Joseph Cherian and Bernard Yeung
This article also appeared as:
"Time for Asia’s finance leaders to step up" - The Malaysian Insider, 13 Jan 2015 and The Edge Financial Daily, 14 Jan 2015;
培养亚洲的下一代金融领导者- ForbesChina.com, 20 Mar 2015; and
培养亚洲金融新领袖 - CFO World, 20 Mar 2015
Hazenomics: Facing the Fire
NUS Think Business
Tuesday, 16 July 2013
Joseph Cherian
Asia’s resilience will see it through euro crisis
NUS Think Business
Monday, 2 July 2012
Ranjan Chakravarty and Joseph Cherian
This article also appeared in China Daily Asia Weekly (Friday - Thursday, 15 - 21 June 2012) and TODAY (Thursday, 5 July 2012)
Labour Unrest in China
The Straits Times - Ask NUS Economist column
Tuesday, 10 August 2010
Joseph Cherian and Bernard Yeung
Can the European Sovereign Debt Crisis Derail the Global Economic Recovery?
The Straits Times - Ask NUS Economist column
Thursday, 8 July 2010
Joseph Cherian and Bernard Yeung