A former president of the American Finance Association, he has served as editor of the Journal of Finance and was the founding editor of the Review of Financial Studies. He has consulted extensively for corporations in Canada and the US, and in 1995 he was awarded the INQUIRE Europe prize for his work on corporate hedging strategies.

Co-editor of the Journal of Financial Markets, Subra is the author or co-author of numerous refereed journal articles in leading finance and economics journals.  He previously served as associate editor of Review of Financial Studies.  He is a member of the Working Research Group on Market Microstructure, recently established by the National Bureau of Economic Research (NBER).

For his scholarly efforts, he has received best paper awards at the Western Finance Association meetings and the International Conference of Finance in Taiwan and was honored with the Fama-DFA prize for the best paper in investments published in the Journal of Financial Economics (2000) and the Smith Breeden Prize for the best paper published in the Journal of Finance (1999).

Subra has served as a consultant to the Nasdaq Stock Market, the National Stock Exchange in Mumbai (Bombay, India), San Jose Mercury News, and Irwin/McGraw-Hill