Utpal Bhattacharya is a finance professor at the Hong Kong University of Science and Technology. He is known for his research on market integrity, especially on insider trading. In 2000, his research paper "When an Event is Not an Event" uncovered the rampant insider trading on Mexican stock markets. This led to many questions about the value and the enforceability of insider trading laws. Later, in "The World Price of Insider Trading" he discovered the fact that insider trading laws in themselves are not effective - they only start being effective once there is credible enforcement. Additionally he could "put a price on honesty", i.e. quantify the advantage of insider trading laws and the price of "window dressing" of company earnings.