On the academic side, the ISTC-EC co-principal investigator is CMU Associate Professor Priya Narasimhan.

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For all those reasons, the market for municipal funds is roughly 0.2 percent of the corporate bond market, and less developed than those in emerging economies like South Africa and the Philippines, claimed Nagarajan Narasimhan, senior director of CRISIL Ratings.

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In an influential 1993 paper Narasimhan Jegadeesh, now a professor at Emory University, showed that a so-called zero cost strategy of buying stocks with the best six-month performance and shorting stocks with the worst six-month performance returned 12% a year.

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