Faculty Directory A to Z

• Business valuation, High frequency finance and Sentiment Analysis.

• Chairman-PGP 2006-2008
• Chairman-CMDP 2008-2010
• Adviser- Finance & Accounts 2008- 2017
• Faculty-in-charge, Financial Research and Trading Laboratory 2008-2020
• Dean (New Initiatives and External Relations) 2012-2015

• Indian Institute of Management Calcutta: August 2004-present
• Professor, Finance & Control group, 2004 – present
• Previously Professor of Finance & Accounting (May 2003- July 2004) and Associate Professor (June 2000 – May 2003) at Indian Institute of Management Lucknow
• Professor of Finance (Nov 1999 – May 2000) and Associate Professor (Nov 1995 – Oct 1999) at Institute of Management Technology Ghaziabad
• Assistant Director, Board of Studies, Institute of Chartered Accountants of India, July 1993-Oct 1995
• Lecturer in Accountancy in Durgapur Government College under West Bengal Education Service, Feb 1990- July 1993

• Asian Institute of Technology, Bangkok: Visiting Associate Professor, January 2002 term: Taught a course on “Mergers & Acquisitions”
• Department of Mathematical Sciences, Brunel University, London: Visiting Researcher, Summers 2009 and 2010
• ESCP Paris: Visiting Professor, 8-12 June, 2015: Taught a 15-hour course on “Project Finance”
• ESCP Paris: Visiting Professor, 19-25 June, 2017: Taught a 15-hour course on “Entrepreneurial Finance”

• Director, IIM Calcutta Innovation Park (August 2014-December 2018)
• Director, Bandhan Financial Holdings Limited (June 2016-present)
• Director, Calcutta Stock Exchange (May 2018-October 2021)
• Director, FujiSoft Vara Private Limited (May 2019-present)
• Director, GNRC Community Hospitals Ltd. (January 2021-present)
• Director, Nicco Parks & Resorts Ltd. (February 2021-present)

• Member, NIBM (National Institute of Bank Management) Governing Board (September 2021- present)
• Chairman, Audit Committee, Bandhan Financial Holding Limited (March 2018-present) Member, IGIDR (India Gandhi Institute of Development Research) Review Committee set up by RBI (2017-18)
• Member, NIBM (National Institute of Bank Management) Review Committee set up by RBI (2018-19)
• Member, Expert Committee of the Ministry of Corporate Affairs (May 2019-present) Special Invitee on the Accounting Standards Board of the Institute of Chartered Accountants of India (2019-20)
• Member, Academic Council, National Institute of Securities Markets (NISM), Mumbai (2018- present)
• Member, Audit Advisory Board, Director General of Audit (CAG), Kolkata (June 2018-present)

• Kamran Quddus and Ashok Banerjee (forthcoming) Understanding heuristics-based financial decision-making using behavioral portfolio strategies. Review of Behavioral Finance.https://doi.org/10.1108/RBF-05-2021-0092
• Kamran Quddus and Ashok Banerjee (forthcoming) Are professional fund managers less likely to sell winners? Evaluating how attention allocation impacts behavioural biases. IIMB Management Review. https://doi.org/10.1016/j.iimb.2022.04.001
• Ashok Banerjee, Ayush Kanodia, and Partha Ray, Deciphering Indian inflationary expectations through text mining: an exploratory approach. Indian Economic Review volume 56(1), pages 49–66 (2021)
• Ashok Banerjee and Arindam Gupta, Pradhan Mantri Jan Dhan Yojana as a financial inclusion drive: A case study of West Bengal. Decision (December 2019) 46(4):335-352 https://doi.org/10.1007/s40622-019-00226-5
• Anirban Banerjee and Ashok Banerjee, Does trade size restriction affect trading behavior? Evidence from Indian single stock futures market The Journal of Futures Markets March 2020; 40(3): 355-373. https://doi.org/10.1002/fut.22073
• Partha Ray and Ashok Banerjee, How much of RBI’s profit transfer is enough: Reading the Jalan Committee report Economic and Political Weekly, Vol LIV No 40, October 5, 2019. 13-16
• Samarpan Nawn and Ashok Banerjee, Do the limit orders of proprietary and agency algorithmic traders discover or obscure security prices? Journal of Empirical Finance. Volume 53, September 2019, Pages 109-125 https://doi.org/10.1016/j.jempfin.2019.06.003
• Samarpan Nawn and Ashok Banerjee, Do proprietary algorithmic traders withdraw liquidity during market stress? Financial Management. Vol 48. Issue 2. Summer 2019 pp 641-676
• Radha M Ladkani and Ashok Banerjee, Emerging Market Bidder Returns and the Choice of Payment Method in M&A: Evidence from India, Journal of Emerging Market Finance. Vol 17. No. 3. December 2018 pp 386-411
• Ashok Banerjee and Partha Ray, The LIC-IDBI Deal: Sieving the Substance, Economic & Political Weekly. August 25, 2018. Volume LIII no 34 pp 19-22
• Radha M Ladkani and Ashok Banerjee, More than a Fair Share? Principal-Principal Conflicts in Emerging Markets: Evidence from India, International Journal of Economics and Finance. Vol 8 No. 7 (2016) pp 31-46
• Soumya Guha Deb and Ashok Banerjee, Downside Risk Analysis of Indian Equity Mutual Funds: A Value at Risk Approach, International Research Journal of Finance & Economics. 1 (23): 216 – 230
• Soumya Guha Deb, Ashok Banerjee and B.B. Chakrabarti, Persistence in Performance of Indian Equity Mutual Funds: An Empirical Investigation, IIMB Management Review Vol 20. No. 2 (2008) 172-187
• Ashok Banerjee, Managing Risk in Mergers and Acquisitions, The Journal of Accounting and Finance, Vol. 22. No.1. Oct-March 2008. 64-69
• Soumya Guha Deb, Ashok Banerjee and B.B. Chakrabarti, Market Timing and Stock Selection Ability of Mutual Funds in India: An Empirical Investigation, Vikalpa, Vol 32. No.2 (April-June 2007) 39-51
• Soumya Guha Deb, Ashok Banerjee and B.B. Chakrabarti, Value Premium in Indian Equity Market: An Empirical Evidence, The ICFAI Journal of Applied Finance, Vol. 12, No. 12, December 2006. 41-60
• Ashok Banerjee and Neeraj Dwivedi, L&T: Restructuring Cement Business, Asian Case Research Journal, Vol. 9, No.1 (2005) 83-115
• Ashok Banerjee and Malay Bhattacharyya, Price Relationship between Index Futures and Index Spot: Evidence from India, Indian Accounting review Vol 9. No.1 June 2005 1-17
• Ashok Banerjee and Sayantan Banerjee, Availability Based Tariff: An Economic Instrument for Grid Discipline, Economic and Political Weekly, Vol XXXIX, No.35, August 28, 2004. 3939- 3946
• Ashok Banerjee and Malay Bhattacharyya, Measuring Operational Risks of Banks: An Overview, The Journal of Banking, Information Technology and Management, Vol.1. No.2 July-Dec 2004. 3-15
• Malay Bhattacharyya and Ashok Banerjee, Integration of Global Capital Markets: An Empirical Exploration. International Journal of Theoretical and Applied Finance, Vol. 7, No. 4 (2004) 385- 405.
• Ashok Banerjee, Real Option Valuation of a Pharmaceutical Company. Vikalpa, Vol 28, Number 2, April-June 2003, pp 61-73.
• Malay Bhattacharyya and Ashok Banerjee, Determinants of Capital Structure- Revisited Empirically. The ICFAI Journal of Applied Finance, Vol 7, No 2, April, 2001, pp 38-53
• Ashok Banerjee, Linkage between Economic Value Added and Market Value: An Analysis. Vikalpa, Vol 25, Number 3, July- Sept. 2000, pp 23-36
• Ashok Banerjee, Economic Value Added and Shareholder Wealth - An empirical study of relationship. Paradigm, Vol 3 Number 1, January-June, 1999, pp 99-133

• Anirban Banerjee and Ashok Banerjee, ‘Algrithmic Traders and Volatility Information Trading’, NSE-NYU Conference on Indian Financial Markets, 10-11 December, 2019, Mumbai, India
• Anirban Banerjee and Ashok Banerjee, ‘An Inspection into Information Flow between Spot and Futures Market Through Order Imbalance’, Southwestern Finance Association 2019 Annual Conference, 13-16 March 2019, Houston, USA
• Bobbur Abhilash Chowdary and Ashok Banerjee, Window Dressing in Mutual Funds: New Evidence, Southwestern Finance Association 2019 Annual Conference, 13-16 March 2019, Houston, USA and India Finance Conference, 2018, 20-22 December, 2018, Kolkata, India
• Kamran Quddus and Ashok Banerjee, Are algorithmic traders really distracted? Evidence from Indian financial markets, NSE-NYU Conference on Indian Financial Markets, 10-11 December, 2018, Mumbai, India
• Kamran Quddus and Ashok Banerjee, ‘Investor Attention and Sentiment,’ 10th Annual Meeting of the Academy of Behavioral Finance & Economics, 18th - 20th October, 2017; 8th Emerging Markets Finance Conference; 17th - 20th December 2017, IFC, 20th - 22nd December, 2017 and IMRDC, 2nd - 4th January 2018
• Anirban Banerjee and Ashok Banerjee, “Does Trade Size Restriction Affect Trading Behaviour? – Evidence from Indian Single Stock Futures Market”, 2017 Derivative Markets Conference, Auckland Centre for Financial Research, 10-11 August 2017, Auckland, New Zealand Ashok Banerjee and Samarpan Nawn, “Market Liquidity: A Study from Proprietary lgorithmic Traders Perspective”, 28th Asian Finance Association Annual Conference, Bangkok, 2016 Samarpan Nawn and Ashok Banerjee, Price discovery contributions of proprietary and agency algorithmic traders, ICFMCF 2017 (IIT Kharagpur)
• Sayantan Kundu and Ashok Banerjee, “A Special Case of Black-Litterman Model and its Application to Indian Stock Markets – A Survey Based Approach” – India Finance Conference 2015, IIM Calcutta, 17-19 December, 2015
• Sayantan Kundu and Ashok Banerjee, “Implementing Short-term Contrarian Strategy Using Endogenous Conditioning of Black-Litterman Portfolio Model” – South Western Finance Association Conference 2015, Houston, Texas, USA, 11-14 March, 2015
• Sayantan Kundu and Ashok Banerjee, “Revisiting Momentum Strategy using Endogenous Conditioning of Black-Litterman Portfolio Model”, IIMB Management Review Doctoral Conference 2014 (IMRDC), IIM Bangalore, 22-23 December, 2014
• Sayantan Kundu and Ashok Banerjee, “Testing Short Term Contrarian Strategy using Endogenous Conditioning of Black-Litterman Portfolio Model”, India Finance Conference 2014, IIM Calcutta, 17-19 December, 2014
• Radha Ladkani and Ashok Banerjee, “Lead Kindly Light? A Blended Neo-classical and Behavioural Context of Merger Waves in Emerging Markets”, 13th FRAP –Finance, Risk and Accounting Perspectives Conference, ACRN, Cambridge, United Kingdom, November 2013
• Radha Ladkani and Ashok Banerjee, “Emerging Market Bidder Returns and the Choice of Payment Method in M&A: Evidence from India”, Midwest Finance Association Annual Meeting 2013, Chicago, USA
• Radha Ladkani and Ashok Banerjee, “Promoter Ownership and the Principal-principal conflicts: Evidence from India” 6th Doctoral Colloquium 2013, Indian Institute of Management Ahmedabad. Radha Ladkani and Ashok Banerjee, “Merger Waves in Emerging Markets: Evidence from India” Accepted for presentation at the 13th Finance, Risk and Accounting Perspectives, ACRN, being held at the Cambridge University, UK, in Nov, 2013
• Ashok Banerjee and Balram Avittathur, “Design of an Oil Management Game Software”, paper presented at the Fifth International Conference on Service Systems and Service Management ICSSSM’08), Melbourne, Australia, June 30-July 2, 2008
• Ashok Banerjee and Sahadeb Sarkar, “Modeling Regional Electricity Load in India” paper presented at the Hawaii International Conference on Business, Honolulu, Hawaii, 22-25 May, 2008.
• Debashis Saha and Ashok Banerjee, “Pricing Telecom Infrastructure in a Monopolistic Market: A Novel NPV-based Approach” paper presented at the Hawaii International Conference on Business, Honolulu, Hawaii, 22-25 May, 2008

• Deciphering Indian Inflationary Expectations through Text Mining: An Exploratory Approach (co-authored with Partha Ray and Ayush Kanodia), Indian Institute of Management Calcutta, WPS 830, July 2019
• “Exploring the relationship between Earnings Management and Corporate Governance characteristics in the Indian context” (co-authored with Manju Jaiswall), Indian Institute of Management Calcutta, WPS 704, July 2012
• “Are Family firms in India managing their Earnings – An exploratory study”, (Co-authored with Manju Jaiswall), Indian Institute of Management Calcutta, WPS 703, July 2012
• “Decision making framework for investments in oil industry”, (co-authored with Soubhik Chatterjee & Brij Bhushan Garg), Indian Institute of Management Calcutta, WPS 691, December 2011
• “Impact of information arrival on volatility of intraday stock returns”, (co-authored with Subhadeep Paul, Soham Hazra and Rahul Dalmia), Indian Institute of Management Calcutta, WPS 689, November 2011
• “Realized Volatility and India VIX”, (co-authored with Ritesh Kumar), Indian Institute of Management Calcutta, WPS 688, November 2011
• “Impact of information arrival on volatility of intraday stock returns”, (co-authored with Subhadeep Paul, Soham Hazra and Rahul Dalmia), WPS 689, November 2011
• “Pricing Telecom Infrastructure in a Monopolistic Market: A novel NPV-based Approach”, (co authored with Debashis Saha), Indian Institute of Management Calcutta, WPS-625, February 2008
• “Modelling daily volatility of the Indian Stock Market using intra-day data”, (co-authored with Sahadeb Sarkar), Indian Institute of Management Calcutta, WPS-588, March 2006 “Long Memory Property of Stock returns: Evidence from India”, (co-authored with Sahadeb Sarkar), Indian Institute of Management Calcutta, WPS-589, March 2006
• “A case study of Associated Cement Companies Ltd. and Gujarat Ambuja Cements Ltd.”, Indian Institute of Management Calcutta, WPS-2001-12

• Financial Accounting: A Managerial Emphasis, Excel Books, New Delhi. 3rd revised edition, 2009

Case Studies

• Ashok Banerjee and Anirban Banerjee, Managing Price Risk at Hindalco [IIMC-CRC-2020-09] Ashok Banerjee and Suren Sista, GNRC Ltd. [IIMC-CRC-2017-09]
• Bodhibrata Nag and Ashok Banerjee, Airport Express Metro Line: The Turnaround Story [IIMC CRC-2017-06]
• Bodhibrata Nag and Ashok Banerjee, Indian Railways: In Quest of a Sustainable Turnaround [IIMC-CRC-2014-04]

Book Chapter

• Partha Ray and Ashok Banerjee How much of RBI’s Profit Transfer is Enough in Indian Economy: The Great Slowdown (ed) Uma Kapila, Economic Developments in India (EDI) Volume 248. Academic Foundation. 2020

Magazine

• “Exploiting News for Profit”, a?tha e-magazine, August 2012, Vol 1, Issue 1 “Social Media and Sock Returns”, a?tha e-magazine, September-2012-Vol-1-Issue-2 “PIN – A metric to measure information-based trading” a?tha e-magazine, October-2012-Vol-1- Issue-3
• FII Flows and Indian Stock Market”, a?tha e-magazine, November-2012-Vol-1-Issue-4 “Wrong Signal”, a?tha e-magazine, December-2012-Vol-1-Issue-5
• “Market Microstructure and Liquidity”, a?tha e-magazine, January-2013-Vol-1-Issue-6
• “Algorithmic Trading”, a?tha e-magazine, February-2013-Vol-1-Issue-7
• “Commodity Transaction Tax”, a?tha e-magazine, March-2013-Vol-1-Issue-8 “Unified Regulatory Authority: Is It Desireable?” a?tha e-magazine, April-2013-Vol-1-Issue-9
• “Corruption And Stock Market” a?tha e-magazine, May-2013-Vol-1-Issue-10 “Towards a Sentiment Index for Foreign Institutional Investment” a?tha e-magazine, June-2013- Vol-1-Issue-11
• “Cement Industry in India: Sign of Consolidation” a?tha e-magazine, September-2013-Vol-2- Issue-1
• “Famous “Gene” Fama and the World of Finance”, a?tha e-magazine, November-2013-Vol-2- Issue-2
• “Bonus Debentures”, a?tha e-magazine, January-2014-Vol 2-Issue 3
• “High Frequency Traders – Bad Boys?”, a?tha e-magazine, May-2014-Vol 2-Issue 5
• “An update on FII sentiment index”, (co-authored with Rimly Kar) a?tha e-magazine, July-2014- Vol 2-Issue 6
• “Social Impact Bonds”, a?tha e-magazine, September 2014, Vol 2, Issue 7 “Share Buyback: Lessons from Corporate Finance”, a?tha e-magazine, November 2014, Vol 2, Issue 8
• “Auditors! Don’t Rush!”, a?tha e-magazine, January 2015, Vol 2, Issue 9
• “The Hoarders”, a?tha e-magazine, March 2015, Vol 2, Issue 10
• “Algorithmic Trading and Market Liquidity”, (co-authored with Samarpan Nawn), a?tha e magazine, May 2015, Vol 2, Issue 11
• “Greek Crisis: The Untold Story”, a?tha e-magazine, July-2015-Vol 2-Issue-12 “Attention Please!”, (co-authored with Kamran Quddus), a?tha e-magazine, September-2015- Vol-3-issue-1
• “Words speak more than numbers”, (co-authored with Ahona Chakraborty), a?tha e-magazine, November-2015-Vol-3-issue-2
• “Masala Bonds: An Innovative Financial Instrument”, a?tha e-magazine, January-2016-Vol-3- issue-3
• “A Bit of Bitcoin”, a?tha e-magazine, March-2016-Vol-3-issue-4
• “Tale of Direct Tax Collections in India”, a?tha e-magazine, May-2016-Vol-3-issue-5 “Equity Restructuring: Analysing a new guideline”, a?tha e-magazine, July-2016-Vol-3-issue-6
• “Deleveraging Balance Sheet”, a?tha e-magazine, September-2016-Vol-3-issue-7
• “Announcement of Cyrus Mistry’s Removal: A Look at Market Reaction”, (co-authored with Kamran Quddus), a?tha e-magazine, November-2016-Vol-3-issue-8
• “Budget 2017: Any good news for startups?”, a?tha e-magazine, January-2017-Vol-3-Issue-9 “Share Buyback and Indian IT Firms: Any Signal?”, a?tha e-magazine, March-2017-Vol-3-Issue 10
• “Developing a Comprehensive Earnings Management Score (EMS)”, (co-authored with Jayanta Mandi and Deep N Mukherjee, a?tha e-magazine, May-2017-Vol-3-Issue-11 “Predicting Corporate Default Using Text”, (co-authored with Sanjeev Kumar), a?tha e-magazine, July-2017-Vol-3-Issue-12
• “Audit Market”, (co-authored with Leesa Mohanty), a?tha e-magazine, September-2017-Vol-4- Issue-1
• “GST and Corporate Finance- A note”, a?tha e-magazine, November-2017-Vol-4-Issue-2
• “Performance of Hedge Funds in India”, (co-authored with Bobbur Abhilash Chowdary), a?tha e magazine, January-2018-Vol-4-Issue-3
• “Valuing Start-ups- Part I”, a?tha e-magazine, March-2018-Vol-4-Issue-4 “Valuation of Start-ups: Part II”, a?tha e-magazine, May-2018-Vol-4-Issue-5 “Crowdsourcing Inflationary Expectations through Text Mining: Do the Pink Papers whisper or talk loudly?”, (co-authored with Partha Ray and Ayush Kanodia), a?tha e-magazine, May-2018- Vol-4-Issue-5
• “Pro-cyclical Behaviour of Indian Mutual Funds”, (co-authored with Bobbur Abhilash Chowdary), a?tha e-magazine, July-2018-Vol-4-Issue-6
• “Theory of Mind and Algorithmic Trading”, (co-authored with Samarpan Nawn) a?tha e magazine, Sept-2018-Vol-4-Issue-7
• “Dynamics of Crude Oil Price”, a?tha e-magazine, November-2018-Vol-4-Issue-8
• “Spotlight on Angel Tax”, a?tha e-magazine, January-2019-Vol-4-Issue-9 “Shares with Differential Voting Rights”, a?tha e-magazine, March-2019-Vol-4-Issue-10
• “Digitalization of Payments in India: What has happened in the last five years?”, a?tha e magazine, May-2019-Vol-4-Issue-11
• “Direct Tax in the Union Budget 2019: Two areas of Concern” artha e-magazine, July-2019-Vol 4-Issue-12
• “Implications of Recent Bank Mergers”, (co-authored with Akshay Narayan) artha e-magazine, September-2019-Vol-5-Issue-1
• “Social Stock Exchange- A Good Initiative”, artha e-magazine, November-2019-Vol-5-Issue-2

• Ashok Banerjee and Partha Ray, Gold Rush or Limits of Alchemy?, Financial Express, September 06, 2020
• Ashok Banerjee and Partha Ray, RBI’s Hamletian dilemma, Business Standard, July 28, 2020
• Ashok Banerjee and Partha Ray, The new normal for state borrowing, Business Standard, July 09, 2020
• Ashok Banerjee and Partha Ray, Digital payments and the pandemic, Business Standard, June 12, 2020
• Ashok Banerjee, Covid-related disclosures by Indian companies, Business Standard, May 20, 2020
• Ashok Banerjee and Partha Ray, Crude collapse and price disconnect, Business Standard, April 23, 2020
• Ashok Banerjee and Leesa Mohanty, Why the Big 4 continue to gain in the audit industry, Business Standard, 10 November 2017
• Ashok Banerjee, Jayanta Mandi and Deep N Mukherjee, Earnings management in stressed firms, Business Standard, 1 August 2017
• Ashok Banerjee, In search of new opportunities. Business Standard, 13 April 2017 Ashok Banerjee, Free cash flow usage: What buyback by Indian IT mean for shareholders. Business Standard, 13 April 2017
• Samarpan Nawn and Ashok Banerjee, Some Algorithm and Blues, The Economic Times, 26th Oct 2015
• Ashok Banerjee #Sentimental with Twitter, The Economic Times, 13 August 2015