Dr. Abhishek Varma
Professor
Finance, Insurance and Law
Office
SFHB State Farm Hall of Business 330
Office Hours
By appointment over Zoom
Office Phone
Email
- About
- Education
- Awards & Honors
- Research
Biography
Dr. Varma’s publications have appeared in several reputed journals including The Accounting Review, Journal of Corporate Finance, Financial Management, Journal of Banking and Finance, and Journal of Financial Services Research. His research has also been cited in the Wall Street Journal and has been abstracted in the CFA Digest.
Dr. Varma received his Ph.D. in Finance and M.S. in Statistics degrees from Washington State University. Prior to that he worked in the Premier Banking division of Hongkong and Shanghai Banking Corporation (HSBC). Dr. Varma obtained his Bachelor of Commerce (Honors) degree from University of Delhi, India.
Current Courses
FIL 190.001 Finance Fundamentals and Career Choices
FIL 242.004 Investments
FIL 242.005 Investments
Teaching Interests & Areas
Investments, Fixed Income, Risk Management and Insurance
Research Interests & Areas
Investments, Behavioral Finance, Institutional Investors, Individual Investors, Sustainable Investing, ESG, CSR, Risk Management
PhD Finance
Washington State University
Pullman, WA
MS Statistics
Washington State University
Pullman, WA
BS Commerce (Honors)
University of Delhi
New Delhi, India
Outstanding Researcher Award, Department of Finance, Insurance & Law
Illinois State University
2020
2017 Finance, Insurance and Law Master Teacher
Illinois State University
2017
Outstanding Reviewer
Journal of Banking and Finance
2017
Outstanding Paper Award
Review of Behavioral Finance, Emerald Literati Network
2015
Outstanding Researcher Award
Department of Finance, Insurance and Law, Illinois State University
2015
Country Financial Faculty Scholar
College of Business, Illinois State University
2014
Dixie L. Mills Faculty Scholar in Finance
Illinois State University
2014
Semi-finalist for Best Paper in Financial Review during 2012
Financial Review
2013
Outstanding Teaching Award
Department of Finance, Insurance and Law, Illinois State University
2012
Semi-finalist for Best Paper in Investments
Financial Management Association
2010
Doctoral Consortium
Financial Management Association
2007
Grants & Contracts
Grant from Center for Insurance and Financial Services. Illinois State University. (2018)
Grant from Center for Insurance and Financial Services. Illinois State University. (2017)
Grant from Center for Insurance and Financial Services. Illinois State University. (2016)
Grant from Center for Insurance and Financial Services. Illinois State University. (2015)
University Research Grant. Illinois State University. (2013)
Grant from Center for Insurance and Financial Services. Illinois State University. (2012)
Grant from Center for Insurance and Financial Services. Illinois State University. (2010)
Journal Article
Kotomin, V., & Varma, A. Debiasing Recency: Evidence from Individual Investor Stock Sales. Journal of Behavioral Finance (2025)
Nofsinger, J., & Varma, A. Keeping Promises? Mutual Funds’ Investment Objectives and Impact of Carbon Risk Disclosures. Journal of Business Ethics 187.3 (2023): 493-516.
Kotomin, V., & Varma, A. Do Large Losses Loom Larger than Gains? Salience, Holding Periods, and the Disposition Effect. Financial Review 57.2 (2022): 397-427.
Kotomin, V., & Varma, A. Do large losses loom larger than gains? Salience, holding periods, and the disposition effect. Financial Review 57.2 (2022): 397-427.
Howe, T., Kotomin, V., Liao, M., & Varma, A. A Tale of Two SMIPs: Equity and Fixed Income. Managerial Finance 46.5 (2020): 636-646.
Howe, T., Kotomin, V., Liao, M., & Varma, A. A tale of two SMIPs: equity and fixed income. Managerial Finance 46.5 (2019): 636-646.
Khan, U., Ryan, S., & Varma, A. Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. The Accounting Review 94.6 (2019): 285-307.
Nofsinger, J., Sulaeman, J., & Varma, A. Institutional Investors and Corporate Social Responsibility. Journal Of Corporate Finance 58 (2019): 700-725.
Eaton, T., Nofsinger, J., & Varma, A. Institutional Investor Ownership and Corporate Pension Transparency. Financial Management 43.3 (2014): 603-630.
Hood, M., Nofsinger, J., & Varma, A. Conservation, Discrimination, and Salvation: Investors' Social Concerns in the Stock Market. Journal Of Financial Services Research (2014)
Nofsinger, J., & Varma, A. Socially Responsible Investing and Market Crises. Journal Of Banking And Finance 48 (2014): 180-193.
Varma, A., & Nofsinger, J. Pound Wise and Penny Foolish? OTC Stock Investor Behavior. Review of Behavioral Finance 6.1 (2014): 2-25..
Nofsinger, J., & Varma, A. Availability, Recency, and Sophistication in the Repurchasing Behavior of Individual Investors. Journal Of Banking And Finance 37.7 (2013): 2572–2585.
Nofsinger, J., & Varma, A. Individuals and Their Local Utility Stocks: Preference for the Familiar. Financial Review 47.3 (2012): 423-443.
Nofsinger, J., & Varma, A. Gender Difference in Time and Risk Preferences of Financial Planners. Journal of Personal Finance 2009.8 (2009): 107-127.
Nofsinger, J., & Varma, A. How analytical is your financial advisor?. Financial Services Review 16 (2007): 245-260.
Presentations
Institutional Investors and Corporate Social Responsibility. Global Quant Investment Strategies Conference. Instinet, Nomura. (2019)
The "Green" Geography: Corporate Environmental Policies and Local Institutional Investors. SKBI-TBLI Sustainable Finance Conference,. Singapore Management University. (2019)
The “Green” Geography: Corporate Environmental Policies and Local Institutional Investors. Financial Management Association (FMA) International Annual Meeting. Financial Management Association (FMA). (2019)
Do Large Losses Loom Larger Than Gains? Salience, Holding Periods, and the Disposition Effect. Financial Management Association. (2018)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. Ohio State University - Seminar. Ohio State University. (2018)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. Rice University - Seminar. Rice University. (2018)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. American Accounting Association (AAA) Annual Meeting. American Accounting Association. (2018)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. University of Waterloo - Seminar. University of Waterloo. (2018)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. Tulane University - Seminar. Tulane University. (2018)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. University of Florida - Seminar. University of Florida. (2018)
Institutional Investors and Corporate Social Responsibility. Institute for Quantitative Investment Research (INQUIRE) - Autumn Seminar. Institute for Quantitative Investment Research (INQUIRE) - Europe. (2018)
The "Green" Geography: Corporate Environmental Policies and Local Institutional Investors. Asian Bureau of Finance and Economic Research (ABFER) Annual Meeting. Asian Bureau of Finance and Economic Research (ABFER). (2018)
Do Large Losses Loom Larger than Gains? Salience, Holding Periods, and the Disposition Effect. Southern Finance Association (SFA) Annual Meeting. Southern Finance Association. (2017)
Fair Value versus Amortized Cost Measurement and the Timeliness of Other-than-Temporary Impairments: Evidence from the Insurance Industry. INSEAD - Seminar. INSEAD. (2017)
The "Green" Geography: Corporate Environmental Policies and Local Institutional Investors. Green Finance Conference. Shanghai Institute of International Finance Centre, China; Review of Finance; University of Edinburgh Business School, UK. (2017)
The "Green" Geography: Corporate Environmental Policies and Local Institutional Investors. University of Sydney- Seminar. University of Sydney. (2017)
The "Green" Geography: Corporate Environmental Policies and Local Institutional Investors. University of Technology Sydney - Seminar. University of Technology Sydney. (2017)
The "Green" Geography: Corporate Environmental Policies and Local Institutional Investors. University of Melbourne - Seminar. University of Melbourne. (2017)
Cleaning up Dusty Closets? On the Increased Propensity of Individual Investors to Realize Longer-term Stock Losses in December. Financial Management Association (FMA) International Annual Meeting. Financial Management Association (FMA). (2016)
Institutional Investors and Socially Responsible Investments: It Just Makes (Economic) Sense. Financial Management Association (FMA) International Annual Meeting. Financial Management Association (FMA). (2016)
Institutional Investors and Socially Responsible Investments: It Just Makes (Economic) Sense. 2016 Conference on the Impact of Corporate Social Responsibility. BB&T Center for Study of Capitalism, Wake Forest University. (2016)
Central Illinois Chapter, 2nd Quarter Education Breakfast (April 15, 2015): -Invited Non-refereed Presentation entitled, "Understanding the Impact of Gains and Losses on Individuals' Stock Selling Decisions?" -Presented some research results from my two working papers with Vladimir Kotomin. Society for Financial Services Professionals (SFSP). (2015)
Cleaning up Dusty Closets? On the Increased Propensity of Individual Investors to Realize Longer-term Stock Losses in December. Southern Finance Association (SFA) Annual Meeting. Southern Finance Association (SFA). (2015)
Cleaning up Dusty Closets? On the Increased Propensity of Individual Investors to Realize Longer-term Stock Losses in December. Midwest Finance Association (MFA) Annual Meeting. Midwest Finance Association (MFA). (2015)
On the Increased Propensity of Individual Investors to Realize Long-term Stock Losses in December. Eastern Finance Association. (2015)