MSc. Accounting, University of Pittsburgh
Ph.D. Accounting, University of Miami

Expertise

Blockchain, decentralized finance (DeFi), and international financial markets.

Education

Ph.D., Accounting, University of Miami, 2019

Masters of Science, Accounting, University of Pittsburgh, 2014

BSBA, Finance (Economics), University of Pittsburgh, 2013

Courses Taught

ACCTG 403W – Auditing (3)
Financial, compliance, internal, and operational audits; standards and procedures; sampling; EDP auditing; professional issues; application of concepts through written responses. ACCTG 403W Auditing (3) Financial statement, regulatory and contract compliance, internal and operational audits, professional standards and ethical conduct; statistical and judgmental sampling; the audit-impact of information technology; audit risk and internal control structure evaluation; application of procedures in transaction cycles; audit reporting; professional issues.

ACCTG 432 – ACCTG 432 Accounting Information Systems

ACCTG 472 – ACCTG 472 Intermediate Financial Accounting II

Selected Publications

Bhambhwani S., "DeFi Interest Rates and Treasury Yields." Finance Research Letters, Volume 111, 2026, 110678, ISSN 1544-6123, vol. 111, 2026
Bhambhwani S., "Governing Decentralized Finance (DeFi)." International Journal of Finance & Economics, 2025, 31, no. 1: 553–583., 2025
Bhambhwani S., "Creditor Enforcement and Accounting Quality: A Natural Experiment." Journal of Accounting and Public Policy, Volume 46, July–August 2024, 107214, vol. 46, 2024
Bhambhwani S., Huang A., "Auditing Decentralized Finance." The British Accounting Review, Volume 56, Issue 2, March 2024, 101270, vol. 56, no. 2, 2024
Bhambhwani S., Huang A., Dong H., "Expropriation Risk and Investment: A Natural Experiment." Journal of Financial and Quantitative Analysis, Volume 59, Issue 7, November 2024, pp. 3448 - 3478, vol. 59, no. 7, 2024
Bhambhwani S., Korniotis G., Delikouras S., "Blockchain Characteristics and Cryptocurrency Returns." Journal of International Financial Markets, Institutions & Money, Volume 86, July 2023, 101788, vol. 86, 2023
Bhambhwani S., "Disruption and Stock Markets: Evidence from Hong Kong." International Review of Financial Analysis, Volume 81, May 2022, 102109, vol. 81, 2022

Research Impact and Media Mentions

"Q&A: Is decentralized finance truly independent from traditional markets?", Penn State News, Internet, www.psu.edu/news/research/story/qa-decentralized-finance-truly-independent-traditional-markets
"Professor Coin: How Do You Price Cryptocurrencies Like Bitcoin and Ethereum?", Decrypt, Internet, decrypt.co/250329/professor-coin-how-price-cryptocurrencies
"If Price Fundamentals are Determinants, Cryptocurrency is Here to Stay", Miami Business School, Internet, news.miami.edu/mbs/stories/2019/12/cryptocurrency.html
"The fundamental drivers of cryptocurrency prices", CEPR, Internet, cepr.org/voxeu/columns/fundamental-drivers-cryptocurrency-prices

Honors and Awards