Chotibhak (Pab) Jotikasthira

Professor
Corrigan Research Professor

PhD, General Business, Indiana University, 2009

Finance

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  • Bio

    Chotibhak (Pab) Jotikasthira is a Professor of Finance at the Edwin L. Cox School of Business at Southern Methodist University. Prior to joining Cox, he was an Assistant Professor at the University of North Carolina at Chapel Hill. Jotikasthira’s research interests include financial intermediation, international finance, and fixed income, with a particular focus on trading behaviors of institutional investors and their impact on asset prices. He has written extensively on the effects of institutional frictions, including regulatory capital and accounting rules, on financial intermediaries’ investment and trading incentives, which in turn shape the overall risk and interconnectedness of asset markets.

    Jotikasthira currently serves as an Associate Editor at the Review of Financial Studies.

    His research has been published in leading journals including the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, and featured in several practitioner-oriented journals and business press, including the Economist among others. Jotikasthira received his Ph.D. in finance from Indiana University in 2009. Prior to starting his doctoral coursework, he worked as a Portfolio and Risk Manager for the Bank of Thailand, where he managed $38 billion in foreign-exchange reserves invested in global fixed-income markets and developed quantitative models for formulating investment strategies.

  • Teaching

    FINA 6218 Fixed Income Securities
    FINA 6214 International Financial Markets

  • Research

    Empirical asset pricing, institutional investors, financial intermediation, international finance, fixed income

  • Select Publications

    Ellul, Andrew, Chotibhak Jotikasthira, Anastasia Kartasheva, Christian Lundblad, and Wolf Wagner, 2022, “Insurers as Asset Managers and Systemic Risk,” Review of Financial Studies 35 (December 2022), 5483-5534.

    Anand, Amber, Chotibhak Jotikasthira, and Kumar Venkataraman, “Mutual Fund Trading Style and Bond Market Fragility,” Review of Financial Studies 34 (June 2021, 2993-3044. (Previously titled “Do Buy-side Institutions Supply Liquidity in Bond Markets? Evidence from Mutual Funds.”)

    Babina, Tania, Chotibhak Jotikasthira, Christian Lundblad, and Tarun Ramadorai, “Heterogeneous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds,” Review of Financial Studies 34 (January 2021), 509-568. (Previously titled “Does the Ownership Structure of Government Debt Matter? Evidence from Munis.”)

    Gantchev, Nickolay, Oleg Gredil, and Chotibhak Jotikasthira, “Governance under the Gun: Spillover Effects of Hedge Fund Activism,” Review of Finance 23 (October 2019), 1031-1068 (Editor’s Choice Lead Article.)

    Gantchev, Nickolay, and Chotibhak Jotikasthira, “Institutional Trading and Hedge Fund Activism,” Management Science 64 (June 2018), 2930-2950. (Previously titled “Hedge Fund Activists: Do They Take Cues from Institutional Exit?”)

    Ellul, Andrew, Chotibhak Jotikasthira, Christian Lundblad, and Yihui Wang “Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading,” Journal of Finance 70 (December 2015), 2489-2538.

    Jotikasthira, Chotibhak, Anh Le, and Christian Lundblad, “Why Do Term Structures in Different Currencies Co-move?” Journal of Financial Economics 115 (January 2015), 58-83.