Narayanan “Nari” Subramanian

Vice President


  • Boston


Nari Subramanian specializes in finance, with expertise across a range of financial markets, instruments, and investments. Dr. Subramanian analyzes the pricing and trading of equities, bonds, currencies, and derivatives, as well as portfolio selection, performance, and risk management of pooled investment vehicles such as exchange-traded funds (ETFs) and mutual funds. He has substantial experience in issues involving trading and market making in over-the-counter (OTC) markets. Dr. Subramanian also has experience analyzing class certification, loss causation, and damages issues in Rule 10b-5/Section 11 securities class actions in numerous industries.

Dr. Subramanian works with experts to develop testimony, and consults with clients on complex litigation in state and federal courts; investigations by regulatory authorities, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), and the European Commission (EC); and internal investigations. On behalf of clients, he has presented analyses to regulators and boards of directors. In addition, Dr. Subramanian serves on Cornerstone Research’s pro bono committee.

Dr. Subramanian’s research has been published in peer-reviewed academic journals, such as the Journal of Corporate Finance, Financial Management, Economic Theory, the Journal of Economic Behavior & Organization, and the Financial Review.

His selected representative experience includes:

ETFs, mutual funds, and other pooled investment vehicles
  • Presented analyses to SEC staff of trading by an Authorized Participant (AP) in the underlying securities of an ETF, and of the performance of quantitative stock selection models used by a mutual fund complex.
  • Presented findings to a fund board on the potential impact of ETF trading by affiliated parties.
  • Developed analysis to support trial testimony from experts on disclosure and loss causation issues related to the performance of a high yield bond fund and numerous municipal bond funds.
  • For multiple mutual fund families, addressed the consistency of cross trades with SEC Rule 17a-7 and estimated remediation in instances of potential violation.
  • Examined mutual fund portfolio selection in the context of SEC allegations of insider trading.
  • Assessed whether the holding price of certain odd lots of securities in a mutual fund portfolio represented fair value and estimated fund net asset value (NAV) in alternative pricing scenarios.
  • Analyzed investors’ redemption requests following the collapse of a Structured Investment Vehicle (SIV).
  • Analyzed portfolio design by an Automated Investment Adviser (i.e., robo-advisor) to address SEC allegations of misleading disclosures.
Trading and market making in OTC markets
  • Addressed CFTC allegations of manipulative trading and collusive behavior among interest rate swap dealers.
  • Assessed EC allegations of improper communications and collusive behavior among bond traders at dealer banks.
  • Analyzed foreign currency trading around the time of benchmark resets to address FCA allegations of collusion and manipulative trading among dealers.
  • Addressed EC allegations of anticompetitive behavior by credit default swap (CDS) dealers.
Securities class actions
  • Performed event studies and analyzed market efficiency, price impact, class conflicts, loss causation, and damages in numerous cases.
  • Evaluated timeliness and accuracy of merger disclosures made by a bank to its shareholders.
  • Analyzed post-issuance trading in IPO stocks to address allegations of manipulation by underwriters.
  • Estimated damages associated with allegedly misleading disclosures by a bank regarding a savings product.
  • Assessed the effect of complex foreign currency derivative hedges on alleged losses incurred by a Brazilian company in a class action brought by holders of American depository receipts (ADRs).
Other litigation
  • Addressed allegations of spoofing and other manipulative trading in a foreign stock market by a High Frequency Trader (HFT).
  • Performed loss causation and materiality analyses to support expert testimony in numerous cases brought by investors, monoline insurers, and regulators against issuers and underwriters of subprime and Alt-A residential mortgage-backed securities (RMBS) and synthetic collateralized debt obligations (CDOs).

Prior to joining Cornerstone Research, Dr. Subramanian was an assistant professor of finance at Brandeis University’s International Business School.


Financial Guaranty Insurance Company v. Putnam Advisory Company LLC


Cornerstone Research Experts in Focus: Andrea Eisfeldt


Exchange-Traded Funds


Trading in ETF Basket Securities by an Authorized Participant


Trading in ETF Shares by Affiliated Parties


Valuation of Odd-Lot Holdings of Securities by ETFs

Press Release

Cornerstone Research Promotes Six to Vice President in Boston, New York, and San Francisco


Excessive Risk: Corporate and Municipal Bond Funds