“Generally speaking, professors are in the discovery profession,” said Anand. “You can either try and find some knowledge through research or help students discover it.”
This Aug. 2016 will mark his 15-year anniversary as a professor at the Whitman School, where Anand serves as an instructor for courses such as corporate finance, investments and trading. Prior to joining the Whitman School faculty in 2001, Anand was an investment banker in India for a Goldman Sachs joint venture. Deciding to pursue a doctorate in finance, he came to the United States and enrolled at the City University of New York, where he first taught a college-level course and connected with the teaching career path.
“I enjoyed teaching so that was a positive signal,” said Anand.
Building on the experience, Anand complemented his teaching with research on market microstructure and the study of securities trading infrastructure and ecosystems. He explores who trades, why they trade, how trading is organized, trading efficiency and optimal market design.
“The research part of being a professor is pretty compelling because it lets you work on what you find interesting—lets you think deeply about issues,” said Anand.
Anand has also recently spent time at the Securities and Exchange Commission and the Financial Industry Regulatory Authority performing rulemaking and economic analysis for the stock and options markets. At both organizations, he also researched existing market issues and analyzed the impact of rules on financial markets.
“I find these experiences incredibly valuable,” said Anand. “My research is directly aligned with these policy issues, and it is an opportunity to learn, as well as contribute to the development of markets.”
Anand translates these opportunities to the classroom, engaging students through discussions, case studies and guest speakers. For example, the chief economist of FINRA is slated to visit one of Anand’s classes this coming academic year. Sharing perspectives from the industry helps students to understand the processes and complexities of the financial world. By utilizing his own research experiences, Anand exposes Whitman students to financial challenges and opportunities, equipping them for success at Whitman and in the future.
“It’s useful to know what goes into rulemaking, rather than taking it for granted,” said Anand. “These experiences gave me (and consequently our students) a keen appreciation of regulatory challenges.”