Thomas Susan

Thomas Susan

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Primary research interest is in financial econometrics and and market microstructure. This research engagement included designing the stock market index, VaR models for real-time risk management system for marginning systems, and the use of call auctions for periods of volatility. More recent research has focussed on behaviour choices in household finance, the design of bankruptcy law on the credit processes and credit markets, and behavioural choices in finance finance. The recent research, outreach and policy work can be accessed at


  • From participation to repurchase: Low income households and micro-insurance, Renuka Sane, Susan Thomas.Journal of Risk & Insurance, Forthcoming, 2019.
  • When stock futures dominate price discovery, Nidhi Aggarwal and Susan Thomas. Journal of Futures Markets, Volume 39, Number 3, March 2019
  • The real cost of credit constraints: Evidence from micro-finance, Renuka Sane, Susan Thomas. The B.E. Journal of Economic Analysis and Policy, Volume 16, Issue 1, January 2016
  • In search of inclusion: informal sector participation in a voluntary, defined contribution pension system, Renuka Sane, Susan Thomas. Journal of Development Studies, Volume 51, Issue 10, August 2015.
  • The case of the missing billions: Estimating losses to customers due to mis-sold life insurance policies, Monika Halan, Renuka Sane, Susan Thomas. Journal of Economic Policy Reforms, Volume 17, Issue 4, October 2014
  • Liquidity Considerations in Estimating Implied Volatility , Susan Thomas, Rohini Grover. Journal of Futures Markets, Volume 32, Issue 8, page 714--741, August 2012.
  • What should regulation do in the field of micro-finance, Renuka Sane, Susan Thomas. Economic and Political Weekly, 2012
  • Selection of Value at Risk models, Mandira Sarma, Susan Thomas, and Ajay Shah, Journal of Forecasting 22(4), 337–358, 2003
  • Institutional mechanisms in pension fund management: Lessons from three Indian case studies, P. S. Srinivas and Susan Thomas, Economic and Political Weekly XXXVIII(8), 706–715
  • David and Goliath: Displacing a primary market, Ajay Shah and Susan Thomas Journal of Global Financial Markets 1(1), 14–21, 2000


  • India’s Financial Markets: An Insider’s Guide to How the Markets Work. Ajay Shah, Susan Thomas, and Michael Gorham (2008), Elsevier and IIT Stuart Center for Financial Markets Press
  • Derivatives markets in India 2003, Susan Thomas, ed. (2003). Invest India – Tata McGraw–Hill Series.
  • Derivatives markets in India 1998, Susan Thomas, ed. (1998). Invest India – Tata McGraw–Hill Series.
  • Fund management in India 1998, Susan Thomas, ed. (1998). Invest India – Tata McGraw–Hill Series.

Chapters In Books

  • Rajeswari Sengupta, Anjali Sharma, and Susan Thomas (2017). “Evolution of the insolvency framework for non-financial firms in India”. In: India Development Report, 2017. Oxford University Press
  • Renuka Sane and Susan Thomas (2012). “Borrowings by Indian firms”. In: India Development Report, 2012. Oxford University Press, pp.151–158
  • Susan Thomas and Jayant Varma (2010). “Derivatives Markets”. In: Capital Markets in India. Ed. by Rajesh Chakrabarti and Sankar De. Nomura Institute of Capital Markets Research, Tokyo, and Indian School of Business, Hyderabad. Chap. 4, pp.177–224
  • Susan Thomas and Ajay Shah (2007). “Stock market indexes”. In: The Oxford Companion to Economics in India. Ed. by Kaushik Basu. Oxford, pp.503–504
  • Susan Thomas (2005). “How the financial sector in India was reformed”. In: Documenting Reforms: Case Studies from India. Ed. by S. Narayan. Observer Research Foundation
  • Susan Thomas (2005). “Commodity Markets”. In: Encyclopedia of India. Ed. by Stanley Wolpert. Charles Scribner’s Sons

  • When do regulatory hurdles work?, Nidhi Aggarwal, Venkatesh Panchapagesan and Susan Thomas,IGIDR Working Paper WP-2019-011, April 2019
  • Response of firms to listing: evidence from SME exchanges, Nidhi Aggarwal and Susan Thomas, IGIDR Working Paper WP-2017-022, November 2017
  • Assessing the economic impact of a commodities transaction tax, Arpita Pattanaik and Susan Thomas, FRG working paper, September 2017
  • The causal impact of algorithmic trading on market quality, Nidhi Aggarwal, Susan Thomas. IGIDR Working paper WP-2014-023,July 2014
  • Do futures markets help in price discovery and risk management for commodities in India?, Nidhi Aggarwal, Sargam Jain, Susan Thomas. IGIDR Working Paper WP-2014-020, June 2014