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BANIKANTA MISHRA
PERMANENT POSITION: SINCE 1991
Professor of Finance
Xavier Institute of Management
Bhubaneswar 751013, India
Phone/Cell: (+91) 674-398-3864 / 943-707-5075
Fax : (+91) 674-230-0995
E-mail: banikant@ximb.ac.in
PAST (FULL-TIME & VISITING) POSITIONS
University of Michigan (Ross School of Business), Ann Arbor, USA
Visiting Professor of Finance (2007-2008)
University of Texas at Dallas, Dallas, USA
Visiting Professor of Finance (Summer 2006)
University of Michigan (Ross School of Business), Ann Arbor, USA
Visiting Professor of Finance (Spring 2002)
WHU-Koblenz, Germany
Visiting Professor of Finance (Autumn 2000)
University of Michigan (Ross School of Business), Ann Arbor, USA
Visiting Professor of Finance (1999-2000)
University of Houston (Bauer College of Business), Texas, USA
Visiting Professor of Finance (Summer 1997)
Indian Institute of Management, Calcutta, India
Visiting Faculty of Finance (Term-III 1995-96)
Emory University (Goizueta Business School), Atlanta, USA
Assistant Professor of Finance (1988-1991)
University of Florida (Warrington College of Business), Gainesville, Florida, USA
Assistant Professor of Finance (1985-1988)
New York University (Stern School), New York, USA
Instructor of Finance (1984-1985), Adjunct Instructor of Finance (Spring 1984)
Government of Orissa, India
Assistant Manager, Credit (1979-1980)
EDUCATION
M.Phil and Ph.D. in Business Administration (1985)
Major: Finance Minor: Economics Guide: Kose John
Stern School, New York University, New York, USA
Master of Arts (1978)
Major: Economics (Specialization: Econometrics)
Delhi School of Economics, Delhi, India
Bachelor of Arts (1976)
Major: Economics Minor: Statistics
Utkal University, Orissa, India
Intermediate Degree in Science (1974)
Utkal University, Orissa, India
HONORS/AWARDS
Adjunct Industry Professor (Honorary), 2011-2012
Swinburne University of Technology (Australia): Sarawak Campus, Malaysia
Outstanding Paper, 1988
Financial Management Association Annual Meeting, USA
Research Development Award, 1987-1988
University of Florida, USA
Jules Bogen Fellowship (Best Doctoral Student), 1982-1983
Stern School, New York University, USA
Alfred P. Sloan Foundation Fellowship, 1980-1981
Stern School, New York University, USA
2
PUBLISHED PAPERS/ARTICLES
Paan or Posco? (Coauthor: Birendra Kumar Nayak), Economic & Political Weekly, 25 June
2011
The Global Meltdown of Late 2000s and The Day After Tomorrow: A Futuresque Analysis,
Journal of Management and Financial Sciences, October 2010, Lead Article
Sustainable Development and Risk Management, Conference Proceedings, Global Meltdown
& After – Managing Growth, Institute of Cost and Works Accountants of India – Durgapur
Chapter, West Bengal, India, March 2010
Agriculture, Industry and Mining in Orissa in the Post-Liberalisation Era: An Inter-District and
Inter-State Panel Analysis, Economic & Political Weekly (Special Article), 15 May 2010
Evaluating Portfolio Performance: LPM-Based Risk Measures and the Mean-Equivalence
Approach, (Coauthor: Mahmud Rahman), Handbook of Finance: Volume II (pp 229-236),
Frank Fabozzi (Editor), John Wiley (USA), 2008
People’s Movement in Kalinga Nagar: An Epitaph or an Epitome?, Economic and Political
Weekly, February 18-24, 2006
Reasons for and Consequences of Reducing Interest Rate on EPF, ICFAI Reader, February
2006 (Contributor to the Debate)
Tangarpada Mines Case: A First Person Perspective of Corporate Governance Issues, ICFAI
Reader, August 2005
Agency, Externality, and Corporate Governance, Economic and Political Weekly, February 5-
11, 2005
Rating of Market Intermediaries (Coauthor: Jayesh Kumar), ICFAI Reader, February 2005
Governance in Education, Journal of Indian Institute of Public Administration (Regional
Branch, Orissa), VOL. XII 2003-04 (Special Volume on Educational Administration)
IPO Ratings: Are They Need of the Hour?, ICFAI Reader, October 2004 (Contributor to the
Debate)
Breaking B-School Barriers, Economic and Political Weekly, July 17-23, 2004
Impact of Mandatory Corporate Governance Ratings, ICFAI Reader, July 2004 (Contributor
to the Debate)
Financial Innovations: Some Old Wine and Some New, Treasury Management, February
2004 (invited article)
3
PUBLISHED PAPERS/ARTICLES (CONTINUED)
Power Sector Reform in Orissa: A Case Study in Restructuring (Coauthors: DV Ramana, B. K.
Nayak), Orissa Development Report (Planning Commission), 2002, Published by NCCDS,
Bhubaneswar
Information as a Necessary Precondition for Market Functioning; Indian Merchants
Chamber and Times Guaranty Monograph on Financial Sector: Preconditions for
Marketisation, 1998
Information Content of Insider Trading Around Corporate Announcements: The Case of
Capital Expenditure (Coauthor: Kose John); Journal of Finance, July 1990
AUTHORED NEWSPAPER ARTICLES
Agents of Change; Statesman (National English Daily), Perspectives, 16 April 2009,
http://www.thestatesman.net/page.arcview.php?clid=4&id=283760&usrsess=1
Hindustan Bro(o)ke the trust? Economic Times (India’s Wall Street Journal), Editorial Page,
31 March 1998
Need for Symmetry; Economic Times, Mumbai, Page 13, 2 March 1998
A Nobel for Hamlet; Economic Times, Editorial Page, 17 October 1997
Advantage, Insider; Economic Times, Op Ed (Opposite Editorial) Page, 3 June 1996
Raising Capital through DCBs; Economic Times, Editorial Page, 9 March 1996
Range Forwards: A Hybrid of Forward and Options; Economic Times, Panorama, 8/9
November 1993
BOOK REVIEW
Foreign Exchange, International Finance, Risk Management by A. V. Rajwade: Business
Standard, 7 January 2005
RESEARCH IN PROGRESS
IPO Performance: Subsidiaries versus Entrepreneurial Ventures (Coresearchers: Soumya
Guha Deb, XIMB, India and Jayesh Kumar, Kotak, India)
Country Sensitiveness; How Indian Firms’ Beta Vary with Foreign Indices (Coresearcher:
Mahmud Rahman, Eastern Michigan University, USA)
Dividend Volatility and Equity Risk of Indian Shares (Coresearchers: Soumya Guha Deb,
XIMB, India and Jayesh Kumar, Kotak, India)
Credit Rating and Operating Leverage Relationship for Indian Firms
EVA: Some Reflections
4
COMPLETED PAPERS
On the Design of Convertible Bonds: University of Michigan WP (Coauthors: A. Arun
Kumar and M.P. Narayanan, University of Michigan)
Why Do Managers Issue Callable Convertibles?: University of Michigan WP (Coauthor:
M.P.Narayanan, University of Michigan)
Why Should We Prefer the Mean-LPM Rule to the Mean Variance Rule?: XIMB WP
Pricing of Forward and Futures Contract on Portfolio Assets: NYU and CUNY-Baruch
College Manuscript (Coauthors: Marti Subrahmanyam, New York University and Tom Urich)
Evaluating Performance of Consumer Loans (Coauthor: Dr. Amit Sur)
Product Differentiation under Monopoly and Competition
Endogenized Information Structure and Revelation
Lon-Term Risk Adjusted Performance of India IPOs (Coresearcher: Soumya Guha Deb,
XIMB: Xavier Institute of Management - Bhubaneswar, India)
Business Communication for Multicultural Workforce in a Globalized World
(Coresearcher: Mahmud Rahman, Eastern Michigan University, USA)
State-level Rural Credit and Economic Development in India: Do Elections Matter in this
relationship? (Coresearchers: Sushnanta Mallick, Queen Mary University of London, UK and
Tapas Mishra, University of Wales, UK)
Imposition of Communication Culture and Destruction of the Value of Commons
(Coresearcher: Mahmud Rahman, Eastern Michigan University, USA)
Reverse Dual Currency Indexed Note: A Financial Innovation (Coresearcher: Sagarika
Mishra, XIMB)
Effect of Joint Forest Management Program on Community Forest Management in
Odisha (Coresearcher: Dr Birendra Kumar Nayak, Professor and Freelance Author)
Sukinda Pata: A Case-Study on Changing Perspectives of Commons and Commons
Management due to Industrialization in Odisha (Coresearchers: Sudhir Pattnaik, Samadrusti
and Debendra Sahoo, Freelance Author)
Participative Water Management in Industrial and Non-industrial Districts of Odisha
(Coresearcher: Sagarika Mishra, XIMB)
5
CONFERENCE/SEMINAR/WORKSHOP PRESENTATION AND PARTICIPATION
2011 3rd Global Advances in Business Communication Conference at Johor Bahru,
Malaysia: Presented Imposition of Communication Culture and Destruction of the Value of
Commons
2011 3rd Global Advances in Business Communication Conference at Johor Bahru,
Malaysia: Presented Business Communications in the Era of Social Media
2011 NCDS (Nabakrushna Choudhury Centre for Development Studies) Professor Sakti
Padhi Memorial National Seminar on Issues of Inclusive Development in Contemporary
India: Presented Orissa’s Industrialization through Three Lenses: Environment, Forest, Water
2011 CPRC (Chronic Poverty Research Center) sponsored GIDR (Gujarat Institute of
Development Research) – XIMB (Xavier Institute of Management – Bhubaneswar)
Seminar on Orissa at Crossroads: Emerging Aspirations and Contestations. Member of
Organizing Committee
2011 Centre for Globalisation Research (Queen Mary University of London) Workshop,
Paper State-level Rural Credit and Economic Development in India: Do Elections Matter in
this relationship? Presented by Coauthors
2011 Institute of Mathematics and Applications, Bhubaneswar National Conference on
Quantitative Finance: Brinks, Cusps, and Perception of Possibility: Presented Reverse Dual
Currency Indexed Note (REDUCIN): A Financial Innovation
2011 IASC (International Association for Study of the Commons) International
Conference at Hyderabad, India: Presented Effect of Joint Forest Management Program on
Community Forest Management in Odisha
2011 IASC (International Association for Study of the Commons) International
Conference at Hyderabad, India: Presented Sukinda Pata: A Case-Study on Changing
Perspectives of Commons and Commons Management due to Industrialization in Odisha
2011 IASC (International Association for Study of the Commons) International
Conference at Hyderabad, India: Presented Participative Water Management in Industrial
and Non-industrial Districts of Odisha
2010 Xavier Institute of Management (Bhubaneswar, India) – York University (Toronto,
Canada) Conference on Rural Labourers in Neo-Liberal India: Member, Organizing
Committee and Chief Organizer
2010 National Institute of Advance Studies, Bangalore Conference on Agrarian and Rural
Studies: Trends, Texts, Pedagogies, and Collaborations: Spoke on Some Rural and Agrarian
Issues in Odisha
6
CONFERENCE/SEMINAR/WORKSHOP PRESENTATION AND PARTICIPATION (CONTINUED)
2010 Conference on Economic Sciences in the Light of New Economic Challenges, SGH
(Szkola Glowna Handlowa W Warszawie: Warsaw School of Economics), Poland:
Presented The Global Meltdown of Late 2000s and The Day After Tomorrow: A Futuresque
Analysis
2010 Seminar on Global Meltdown & After –Managing Growth, Institute of Cost and
Works Accountants – Durgapur Chapter, West Bengal, India: Keynote Speaker on
Sustainable Development and Risk Management
2010 Annual Meeting at Institute of Mathematics, Bhubaneswar: Spoke on Rural Financial
Development and Economic Activity: Some New Evidence from India’s State-Level Data
2009 International Finance Conference, IIM-Calcutta, India: Presented Risk-Adjusted
Performance of Indian IPOs
2009 International Finance Conference, IIM-Calcutta, India: Chaired Track 2-3-C
(Valuation, Buyback, Portfolio Selection)
2009 Global Advances in Business Communication and Practices, USA: Paper Business
Communication for Multicultural Workforce in a Globalized World presented by coauthor
2009 Panel Discussion at 5-Year Integrated Program of Utkal University: Panelist on
Financial Crisis and Challenges for Management Professionals
2009 Annual Meet of the MFC (Master of Finance and Control) Program of Utkal
University: As Guest of Honor, Spoke on World Finance at Crossroads
2009 International Conference on Business & Finance, IBS, Hyderabad, India: Presented
Plenary Talk on Management of Foreign-Exchange Exposure by Firms
2009 International Conference on Business & Finance, IBS, Hyderabad, India: Chaired
Session on Asset Pricing and Co-chaired Session on Capital Market
2008 Symposium of the Institute of Mathematics & Applications: Keynote Speaker on
“Quantitative Finance in the Context of Indian Market”
2007 Talk at the Ecumenical Centre and International Residence, Ann Arbor, USA:
Presented Industrialized” Orissa: Gold Medal or Golden Handcuffs?
2006 Campus for Finance Congress, Koblenz, Germany: Reviewer
2005 Institute of Company Secretaries of India (Bhubaneswar Chapter) Seminar on
Managing the Globalized Corporate Environment: Spoke on Foreign Exchange Risk
Management
7
CONFERENCE/SEMINAR/WORKSHOP PRESENTATION AND PARTICIPATION (CONTINUED)
2005 Indian Institute of Capital Markets Ninth Capital Markets Conference: Reviewer
2004 ICFAI-Philadelphia University International Conference on Business and Finance:
Member, Conference Advisory Committee
2004 AIB India Conference on New Role of State and Civil Society, Chennai, India:
Presented paper on State as the Civil Society
2004 Campus for Finance Congress, Koblenz, Germany: Reviewer
2003 ICFAI University and Philadelphia University International Conference on Business
& Finance, India: Gave the Plenary-Session Address on Future of Research on Indian Capital
Markets; Presented papers on A Simple Approach to Management of Consumer Loan Portfolios
and The Seven Challenges: Meeting Local Hurdles for Creating Global Opportunities;
Discussed papers in sessions on Asset Pricing and Capital Market
2003 Indian Institute of Capital Markets Seventh Capital Markets Conference, India:
Reviewer
2003 Academy of International Business and IITB-SOM International Seminar on
Globalization and India: Addressing the Challenges, India: Presented paper on Measuring
Mutual Fund Performance Using Lower Partial Moment
2003 RCM National Seminar on Export Risk Management, Bhubanerswar, India: Spoke on
Risk Management in International Trade
2002 International Seminar on Perspectives for Millennium Corporate Restructuring, India:
Keynote Speaker on Financial Restructuring
2002 UTI Institute of Capital Markets Conference on Capital Markets, India: Presented
paper Measuring Mutual Fund Performance Using Lower Partial Moment and chaired the
technical session on Derivatives and Risk Management
2001 International Conference on Management Beyond Boundaries, India: Presented a
paper on Net Banking
2000 Fourth Conference of the Swiss Society for Financial Market Research, Berne:
Reviewer
2000 International Conference of Academy of Business Administration, London, U.K.: My
paper Portfolio Performance Measures: LPM Approach was presented (summary published in
a proceeding)
2000 Second Asia Academy of Management Conference, Singapore: Reviewer
8
CONFERENCE/SEMINAR/WORKSHOP PRESENTATION AND PARTICIPATION(CONTINUED)
2000 Twelfth Annual PACAP / FMA (Financial Management Association) Finance
Conference, Melbourne, Australia: Presented a paper Portfolio Performance Evaluation: New
Perspective
2000 Twelfth Annual PACAP / FMA (Financial Management Association) Finance
Conference, Melbourne, Australia: Chaired the session Market Microstructure
2000 Eighth Southeast Asia Business Research Conference, Michigan, USA: Discussed
papers on Finance Issues
2000 Seventh Annual Global Finance Conference, Chicago, USA: Chaired the session on
Cross-Border Investments
2000 Thunderbird-EMU Conference, Arizona, USA: Moderated a session on Law and Risk
Management
2000 Martin Luther King, Junior Day, Eastern Michigan University Business School,
USA: Spoke on Global Perspective on Diversity Management
1998 UTI Institute of Capital Markets Conference on Capital Markets, Mumbai, India:
Chaired Session on Mutual Funds and Risk Management
1998 Council of CFA Annual Convention, Hyderabad, India: Invited Speaker in Technical
Session on Risk Management
1998 Times Guaranty - Indian Merchants’ Chamber Seminar, Mumbai, India: Invited
Speaker on Information as a Necessary Precondition for Market Functioning
1998 Life Insurance Corporation of India Chairman’s Club Convention, Puri, India:
Keynote Speaker on Challenges of Liberalization: Opportunities and Threats
1997 National Seminar on Innovations in Financial Market, Utkal University, India: Key-
note Speaker on Recent Developments in the Capital Market
1996 International Seminar on Contemporary Issues in Financial Services, Utkal
University, India: Keynote Speaker on New Institutions and New Instruments
1995 ICFAI National Convention, India: Anchorperson in Technical Session on Derivatives
and Capital Account Convertibility
1995 Institute of Chartered Accountants of India Seminar on Capital Market, India:
Speaker on Financial Innovation
1991 Western Finance Association Annual Meeting, USA: Chosen to present Why Do
Managers Issue Callable Convertibles?
9
CONFERENCE/SEMINAR/WORKSHOP PRESENTATION AND PARTICIPATION(CONTINUED)
1991 Symposium on Financial Services (Emory Business School Center for Leadership
and Career Services), USA: Was a member of the panel discussing Implications of
Globalization of Service-Sector Corporations in the US
1991 Southern Finance Association Annual Meeting, USA: Member of the Program
Committee; reviewed and selected papers, structured sessions, and arranged chairpersons and
discussants in the areas of Capital Structure, Investment Banking, and Agency Theory
1990 Financial Management Association Annual Meeting, USA: Presented Why Do Firms
Issue Callable Convertibles?
1989 American Finance Association Annual Meeting, USA: Presented Insider Trading
Around Corporate Announcement of Capital Expenditures
1989 Financial Management Association Annual Meeting, USA: Was a member of the
Organizing Committee; Organized and presided over the session Convertible Debt and
Agency/Signaling Issues; Reviewed papers in the area of Agency Theory, Signaling, Other Non-
traditional approaches
1988 Financial Management Association Annual Meeting, USA: Presented Investment
Announcements, Insider Trading and Market Response: Theory
1988 Western Finance Association Annual Meeting, USA: Presented Investment
Announcements, Insider Trading, and Market Response: Theory
1987 Southern Finance Association Annual Meeting, USA: Presented Why Do Firms Issue
Callable Convertibles?; Discussed A Note on the Relationship Between Changes in
Institutional Holdings and Return Volatility, authored by Professors S. W. Pruitt and K. C.
John Wei
1986 Western Finance Association Annual Meeting, USA: Presided over the session Futures
Contracts; Discussed Dividend Policy under Conditions of Capital Market and Signaling
Equilibrium, authored by Professors Dong Han and Cheng F. Lee
1985 Western Finance Association Annual Meeting, USA: Discussed The Stockholder-
Bondholder Conflict Regarding Corporate Investment and Payout Policy, authored by
Professors Robert Geske and Kuldeep Shastri
1984 European Finance Association Annual Meeting, Manchester, UK: Presented Pricing
of Forward and Futures Contract on Portfolio Assets
10
TALKS AT BUSINESS-SCHOOLS/UNIVERSITIES/ORGANIZATIONS
2011 Swinburne University of Technology, Sarawak Campus, Malaysia: Models in Research:
Abstract, Theoretical, Conceptual, Empirical, …
2011 Swinburne University of Technology, Sarawak Campus, Malaysia: Trends in Finance
Research
2011 Sambalpur University, India, UGC-ASC (Academic Staff College) Refresher Course in
Economics: Contemporary Issues in Indian Economy (Inaugural Address)
2010 Lohia Academy Trust, Bhubaneswar, India, Dr Rammanohar Lohia Birth Centenary:
Relevance of the Philosophy of Dr Rammanohar Lohia at the Present Time
2010 Forward Market Commission – FTKMC, India (and NITIE, India) National Seminar on
Commodity Markets: Education and Extension in Commodity Markets: Current Status and Scope for
Development (Moderator Speaker)
2009 University of Texas, San Antonio, USA: Managing Cash Flow Risk; People’s Movement in
Orissa and India (Summer Mini-Course)
1994 Indian Institute of Bankers and Bankers' Club of Cuttack: Emerging Trends in Indian
Banking: Competition and Diversification: The Areas of Challenge for Banks (Keynote Speaker)
1988 Emory University, Atlanta, USA: Why Do Firms Issue Callable Convertibles?
1988 Xavier Institute of Management, Bhubaneswar, India: Signaling in Finance Theory / Why Do
Firms Issue Callable Convertibles?
1988 Georgia State University, Atlanta, USA: Why Do Firms Issue Callable Convertibles?
1988 Rutgers University, Newark, USA: Insider Trading and Investment Announcements
1988 State University of New York at Buffalo, Buffalo, USA: Insider Trading and Investment
Announcements
1988 Baruch College, City University of New York, USA: Why Do Firms Issue Callable
Convertibles?
1988 Arizona State University, Phoenix, USA: Insider Trading & Investment Announcements
1985 University of Florida, Gainesville, USA: Stock and Bond Price Reaction to Investment
Announcements
1985 Georgia Institute of Technology, Atlanta, USA: Stock and Bond Price Reaction to Investment
announcements
1985 University of Iowa, Iowa City, USA: Stock and Bond Price Reaction to Investment Announcements
1985 Baruch College, City University of New York, USA: Stock and Bond Price Reaction to Investment
Announcements
1985 Rutgers University, Newark, USA: Stock and Bond Price Reaction to Investment Announcements
11
SELECTED OFF-CAMPUS MANAGEMENT-DEVELOPMENT-PROGRAMMES TAUGHT
Project Evaluation Criteria, Capital Budgeting, Public-Private Partnership: Executive
Development Program for the Middle and Senior Level officers of the Orissa Finance Service,
Financial Analysis, Valuation of Jobs, ROCE & EVA, Supervisory Development Program for L&T
Basics of Finance, Training Program for Executives of Nalco (National Aluminum Company)
Valuation and Financial Analysis: Training Program for Executives of L&T, April 2009
Basics of Capital Budgeting and Cost of Capital: Training Program for Executives of Paradip
Phosphates Limited (PPL)
Introduction to Finance: Training Program for Social Sector Management by the Institute for
Integrated Learning and Management and XIMB, India
India: Training Program for Senior Managers of General Motors World Headquarters, Detroit, USA
Researching Market Efficiency: ICFAI-MDP on Equity Research and Analysis, Mumbai
Currency Options; Interest-Rate Options; Index Options, Introduction to Swaps and Its
Varieties; Swap Pricing: ICFAI-MDP on Options, Futures, and Swaps, Mumbai
Innovations in Instruments of International-Transactions: ICFAI-MDP on International Finance
and Global Capital Markets, Mumbai
Beta Values: ICFAI-MDP on Equity Research and Analysis, Mumbai
Innovations in Finance; International Transactions; Derivative Assets: Annual Conference of
Balmer and Lawrie, Darjeeling
Issues in Financial Management, Managing Financial Risk: IIM-Calcutta-MDP on Strategic
Management in the Nineties, Calcutta
Quantitative Techniques in Equity Research: ICFAI-MDP on Equity Research and Analysis,
Mumbai and Calcutta
Stock-Index Futures; Hedging With Futures, Characteristics of Options; Option Pricing;
Trading-Strategies with Options; Hedged Positions in Options; Hedging With Options, Futures
Basics and Pricing; Option Pricing; Trading-Strategies with Options; Managing Options and
Futures Positions; Options and Futures on Equity Indices: ICFAI-MDP on Options and Futures,
Mumbai
Interest Rate Futures and Options: UTI-Institute-of-Capital-Markets-MDP on Management of
Interest Rate Risk, Mumbai
Currency and Interest-rate Derivatives: Indian Institute of Science MDP on Using Derivatives for
Risk Management and Speculation, Bangalore
12
CONSULTING AND ADVISORY ASSIGNMENTS
Consultant to Government of Orissa Finance Department on Design of the Concession
Agreement relating to Orissa Border Check Post Project
Consultant to Orissa Electricity Regulatory Commission for Developing a Model for
Determination of Trading Margin for Intra-state Transmission
Consultant to Government of Orissa (GoO), India, Health & Family Welfare Department
for Recruitment of Personnel for National Rural Health Mission
Consultant to GoO Health & Family Welfare Department on Modernization of Capital
Hospital
Consultant to GoO Health & Family Welfare Department for Training of Doctors
Project Coordinator, Preparation of Perspective Plan for National Food for Work Program,
Deogarh District, Orissa, India
Consultant to GoO Commerce and Transport Department for preparation of Concessions
Agreement for development of Gopalpur Port, Orissa, India and negotiation on the Concessions
Agreement with potential bidders
Honorary Advisor to GoO Commerce and Transport Department for preparation of
Concessions Agreement for development of the Dhamra Port (including negotiation with
financiers), Orissa, India
Honorary Advisor to GoO Commerce and Transport Department for preparation of
Concessions Agreement and Request for Bid for privatization of issuance of vehicle
registration and driving license in Orissa, India
Honorary Advisor to GoO Industries Department for Employee Buy-out (EBO) of Orissa
Timber & Engineering Works (OTEW) India by the OTEW Ex-employee’s Union
Honorary Advisor to Industrial Development Corporation of Orissa (IDCOL), India, for
Valuation of IDCOL Cement Limited for its sale to ACC
Honorary Advisor to GoO Industries Department for Financial and Corporate Restructuring
of Orissa Small Industries Corporation, India
Honorary Advisor to GoO Works Department for preparation of Concessions Agreement and
determination of toll and concession-period for construction and development of roads in
Orissa, India
Honorary Advisor to GoO Urban Development Department for preparation of Incentive Plan
for Builders for construction of Subsidized Low-Cost Housing in Slum Areas in Bhubaneswar
13
CURRENT SECONDARY POSITIONS: ACADEMIC & NON-ACADEMIC
Trustee, Biraj-Baradakanta Mishra Smruti Sansad (BBM Memorial Trust), Orissa, India
Member, Editorial Board, The Tribal Tribune (E-journal), India
Trustee, Citizens for Development, Orissa, India
Member, Finance Committee, National Law University - Orissa, India
Member, Curriculum Development Committee on Economics, Central University of Orissa, India
Member, Board of Studies on Computational Finance, Utkal University, Orissa, India
Member, Advisory Committee on Financial Engineering Program, IIT - Kharagpur, India
PAST SECONDARY POSITIONS/ACTIVITIES: ACADEMIC
Member, Editorial Review Board, Global Advances in Business Communications Journal, USA
Director, Sundaram (Mutual) Asset Management Company, India
Member, Research Advisory Group, Clearing Corporation of India Limited, India
Member, Editorial Board, Intn’l Journal of Applied Management and Technology, USA
Member, Academic Council, Institute of CFAs of India (ICFAI), India
Member, Academic Council, Ravenshaw (Autonomous) College, India
Member, Academy of International Business (India Chapter)
Referee, Journal of Business (University of Chicago), USA
Referee, EPW (Economic & Political Weekly), India
Member, Editorial Board, Journal of Applied Finance, India
Governor's Nominee to Senate, Utkal University, India
Member, Core Course Committee, Goizueta Business School, Emory University, USA
Chairman, Research Computing Committee, GBS, Emory University, USA
Member, Computing Advisory Council, GBS, Emory University, USA
Member, Curriculum Committee, GBS, Emory University, USA
Member, Special Admissions Committee, GBS, University of Florida, USA
Secretary, New York University Chapter, The Institute of Management Sciences, USA
President, New York University Chapter, The Institute of Management Sciences, USA
PAST SECONDARY POSITIONS/ACTIVITIES: NON-ACADEMIC
Finance and Systems Consultant, Citibank, New York, USA
Financial Consultant, Georgetown Consulting Group, Connecticut, USA
Member, Eastern Regional Committee, Industrial Development Bank of India
Member, Working Group on Monitoring & Surveillance, National Stock Exchange, India
Director, Bhubaneswar Stock Exchange, India
Member, State Planning Board, Orissa, India
Director, Industrial Development Corporation of Orissa, India
Director, Grid Corporation of Orissa, India
Member, Expert Committee, Orissa State Cooperative Bank, India
Member, Expert Committee for Demutualization & Corporatisation, Bhubaneswar Stock Exchange, India
14
DOCTORAL LEVEL INVOLVEMENT
External Examiner: Rajseh Acharya H, University of Hyderabad, India
External Examiner: Saumitra Bhaduri, Indira Gandhi Institute for Developmental Research, India
External Examiner: Pranab Ranjan Das, All India Management Association (CME), India
COURSES TAUGHT
Introductory Financial Management (BBA and MBA)
Advanced Financial Management (BBA and MBA)
Options, Futures, and Swaps (MBA / BBA)
Financial Mathematics (MBA)
Financial Engineering / FIRM: Financial Innovations and Risk Management (MBA)
International Finance (BBA and MBA)
Managing Foreign-Exchange Exposure (MBA)
Evaluating and Financing Global Projects (MBA)
Valuation / Advanced Valuation (MBA)
Investments / Portfolio Management (BBA and MBA)
Cases in Finance (MBA)
Introduction to Financial Economics: Doctoral, Guest Lectures at ICFAI, Hyderabad
EXTRA-CURRICULAR ACHIEVEMENTS/ACTIVITIES
Quarter-finalist, Doubles Tournament, 1990
Indo American Association Tennis Championship, USA
Runner-up, Doubles Tournament, 1975
Ravenshaw College Badminton Championship, India
Captain and Vice-Captain, 1969-1974
Several Cricket and Football Teams in Orissa, India
PERSONAL DETAILS
Date of Birth: 28 May 1957 (Nationality: Indian)
Married with two children (a son and a daughter)
Wife: Anita Mishra, Sociology Researcher and Home Maker
REFERENCES
Professor Marti Subrahmanyam, Department of Finance, Stern School, New York University
Suite 9-190, 44 West 4th Street, New York, NY 10012, USA (msubrahma@stern.nyu.edu)
Professor Kose John, Department of Finance, Stern School, New York University
Suite 9-190, 44 West 4th Street, New York, NY 10012, USA (kjohn@stern.nyu.edu)
Professor M.P. Narayanan, Professor of Finance, University of Michigan Business School
701 Tappan Street, Ann Arbor, MI 48109 (mpn@umich.edu)
Professor D. V. Ramana, Professor of Accounting, Xavier Institute of Management
Xavier Square, Bhubaneswar, Orissa, INDIA 751 013 (ramana@ximb.ac.in)
15
ABSTRACTS
OF
RESEARCH
AND
TEACHING
16
Summary of Some Past Research
PUBLISHED
Information Content of Insider Trading Around Corporate Announcements: The Case of Capital
Expenditure (Journal of Finance)
Co-author: Kose John
There was gathering evidence of insider-trading around corporate announcements of dividends, capital
expenditures, equity issues and repurchases and other capital structures changes. Although signaling
models have been used to explain the price reaction of these announcements, a usual assumption made
in these models is that insiders do not trade around these announcements. An innovative feature of this
paper is to model trading by corporate-insiders (subject to disclosure regulation) as one of the signals.
Detailed testable predictions are derived for the interaction of corporate-announcements and concurrent
insider-trading. In particular, such interaction is shown to depend crucially on whether the firm is a
growth firm, mature firm, or declining firm. Empirical proxies of firm's technology can be developed
using Tobin's q ratio. In the underlying "efficient" signaling equilibrium, capital-expenditure
announcements and insider-trading convey manager's private information to the market at least cost.
The paper also addresses issues pertaining to the relation between intensity of stock-price reaction and
variance of a firm's cash flows and risk-attitude of the manager. This is a unique model in market
microstructure wherein the informed insiders have an incentive to trade even after they make
announcements and wherein the insiders trade at fair prices (implying that they do not gain at the
expense of uninformed insiders). The paper A Test of the Insider-Trading Signaling Hypothesis: The
Case of Plant Closings by Gombola, Shih, and Tsetsekos finds support for some of our hypotheses.
Range Forward: A Hybrid of Forward and Options (Economic Times)
In this article, I explain what a range-forward (RF) is. An RF is a forward contract where the buyer and
the seller agree to trade within a range; the buyer gets the right to buy at predefined maximum price,
while the seller gets the right to sell at a prefixed minimum price. The RF is thus a combination of a
call and a put option. I suggest that RF, which was introduced by Salomon Brothers in foreign-
exchange contracts, can also be used in stock-markets. I use binomial option-pricing technique to price
a simple RF contract.
Raising Capital Through DCBs (Editorial Page, Economic Times)
In this article, I talk about a relatively novel financial-instrument, the Dual-Currency Bond (DCB). The
interest payments on a DCB is specified in one currency, while the principal is specified in another. I
suggest that DCBs with $-principal and Re-interest would be attractive to NRIs and can be used by
Indian firms to raise capital abroad. I offer different whistles and bells that can be used to make the
DCB more attractive to NRIs.
Advantage, Insider (Opposite Editorial Page, Economic Times)
Here, I discuss various facets of insider-trading. Starting with the pioneering theoretical work of
Friedrich von Hayek and my theoretical model (with Kose John) of insider-trading in financial-markets,
I go on to talk about legal issues in individual and institutional insider-trading. I end with a discussion
of insider-trading from the ethical perspectives of Richard George, David Gauthier, and John Rawls.
A Nobel for Hamlet (Editorial Page, Economic Times)
17
In this article, I discuss the evolution of Options Pricing Models over time, from Bachelier’s pioneering
work at the beginning of the century to the path-breaking-work of Fisher Black and Myron Scholes that
got the latter the Nobel Prize in Economics. I also highlight the contribution of the co-winner of the
Nobel Prize, Robert Merton. Wherever possible, I provide the economic rationale behind the
mathematical assumptions resorted to by different models.
Need for Symmetry (Economic Times, Mumbai)
In this article, which is based on my talk at the seminar on Financial Sector: Preconditions for
Marketisation (organised by the Indian Merchants’ Chamber and Times Guaranty Financials) I discuss
the role of information asymmetry in functioning of goods and capital markets. I point out how
markets may “break down” or may become inneficient in the presence of such asymmetry. I also point
out how, in some contexts, “signaling” may resolve the problem of asymmetry. I point out that such
asymmetry give rise to “information externality”, which may lead to credit-crunch in recessions. I also
briefly discuss the implications of such asymmetry on the market-structure and financial-contracts.
Moreover, I show that overinformation may sometimes be as bad as underinformation. I end with some
suggestions for improving accounting standards in India.
Hindustan Bro(o)ke the trust? (Editorial Page, Economic Times)
In this article, I take up the issue of SEBI charging some HLL directors with “insider trading” in shares
of Brooke-Bond-Lipton-India-Limited with Unit Trust of India. I discuss what can be termed as insider
information and insider trading and what cannot be in that takeover context. I also point out how
compensation to UTI should be calculated in case it is found to be an aggrieved party.
COMPLETED
Working Papers
Why Do Managers Issue Callable Convertibles?
Co-author: M.P. Narayanan, University of Michigan
In this paper, we show why managers in US issue callable-convertible-debt even though both the
announcement of such an issuance and the issuance itself leads to a negative stock-price reaction.
Building on a sequential-signaling model, we show that some managers who have received a bad signal
about the future cash flow of the firm will find it preferable to issue CCD to issuing equity, debt, or
NCD (non-callable convertible debt). This is the first paper to provide a theoretical justification for
issuing CCD. Our model is also consistent with the observation that stock-price falls when CCDs are
called. Interestingly, rationale for issuing CCD is quite simple: it offers optimal risk-sharing between
the existing stockholders (including managers who own stocks) and the new claimholders. Risk-averse
managers prefer equity the most, CCD the second most, and NCD the least. On the other hand, the risk-
averse new claimholders prefer NCD the most, while their choice between CCD and equity depends on
their magnitude of risk-aversion. By issuing CCD, the managers decrease the value of their stake in the
firm, but increase the amount of capital raised, which in turn, impacts positively on their wealth.
Why Should We Prefer the Mean-LPM Rule to the Mean-Variance Rule?
18
In this paper, I derive an important result pertaining to the risk-measure of financial assets. I show that
the class of return distributions which justify the use of variance as a risk-measure also produces the
same optimal portfolio if we use LPM (lower-partial-moment) as the risk measure. If return-distribution
does not belong to this class, using LPM produces more correct optimal portfolio. LPM is intuitively
more appealing since it considers only downside risk. At the same time, it generates a security-market-
line, with the LPM-beta substituting the variance-based-beta. This model may help explain why small-
firms garner higher abnormal-returns than the others. I am experimenting with Indian data.
Endogenized Information Structure and Revelation
In this paper, I consider a scenario where a firm's manager faces the dual task of voluntarily undertaking
monitoring expenditures to solve the agency problem and of resolving the residual uncertainty regarding
the firm's technology by signaling with some activity observed by the outsider shareholders. I show that
the level of monitoring-expenditure, which solves the agency problem, can also resolve the
informational asymmetry that exists between insider-managers (who know about the firm's technology)
and uninformed outsiders.
On the Design of Convertible Bonds
Co-authors: A. Arun Kumar, First Boston Corporation & M.P. Narayanan, University of Michigan
This paper examines the implications of agency theory, asymmetric-information theories, and managers'
rationale for design of convertible bonds. Using 1968-1988 data, we find that, consistent with agency
theory and asymmetric model, firms with increased probability of financial distress issue convertibles
with higher equity component. Also, volatility of cash flows of firms that issue convertibles with low
equity component drops after the issue, which contradicts the asymmetric-information theories, which
view convertibles as vehicle to signal the variance of the firm's cash flows. In addition, we find that
greater the increase in interest rates, the lower the equity component, which is consistent with the
managers' rationale for reducing interest costs. Finally, we find that the greater the pre-issue run up in
stock-returns, the lower the relative-equity-component of a convertible, consistent with managers'
rationale of using convertible as "delayed equity". We, however, do not find any relationship between
convertible parameters and post-issue stock-returns.
Pricing of Forward and Futures Contract on Portfolio Assets
Co-authors: Marti Subrahmanyam, Stern School, New York University & Tom Urich, Banker’s Trust
Corporation
In contrast to the previous work that studied the relationship between forward and futures contract on
treasury bills, this study focused on portfolio-assets like gold and silver. Using a general model of
futures-pricing, we developed several testable hypotheses about the futures-forward relationship and
futures-spot ratios. Our result supports the broad hypotheses that futures-spot ratio is a function of
interest-rate. However, the influences of institutional characteristics of the markets and the imperfect
integration of the futures and spot markets may cause the ratio to vary across portfolio assets.
Evaluating Performance of Consumer Loans
Co-author: Dr. Amit Sur, Vice President, Chemical Bank, New York
19
Using database of a large commercial bank, we developed a model to help the bank manage its
consumer-loan portfolio. Using simple statistical techniques, we found out that certain characteristics
(e.g. payment delay) of customers can predict reasonably well the probability of the account becoming a
delinquent one. Using a weighted average of these variables (some of them are binary), we compute a
score for each account-holder. And, unlike other models, we develop a "probability" of the account
becoming delinquent. This score - which we call the performance score - can help a manager keep a
continuous tab on accounts, reducing credit-lines of low-score accounts and increasing for high-score
accounts.
Product Differentiation Under Monopoly and Competition
In his pioneering work on product-attributes, Kelvin Lancaster demonstrated that monopolist would
offer as many product varieties as would a competitive market. But, many subsequent research argued
that, if the profit-maximizing monopolist can discriminate among buyers, (s)he would provide less
varieties. None of these papers, however, derived conditions under which the monopolist would not
provide optimal varieties. In this paper, with relatively weak assumptions, I show that, if individuals
have different degree of "quality-sensitivity" (QS), then the monopolist may not provide any variety to
individuals with low QS if, at the point corresponding to the inferior variety, the individuals with high
QS have a higher elasticity of sensitivity with respect to change in quality.
Articles
Range Futures
In this article, I introduced a new financial instrument called Range Futures, which is a novel way of
marking a “range forward” contract to the market. I showed that this way of marking-to-market may be
not only very simple, but also economical to parties involved.
WORK IN PROGRESS
Indian Bond-Rating Standards
Coresearcher: Dr. Sankarshan Acharya, University of Illinois at Chicago, USA
The standard asset-pricing paradigm is applied to measure a credit-rating agency’s implied rating
standards, such as leverage and asset volatility, from observed bond-yield spread data. The
methodology is to measure the amount of debt that an Indian firm needs to reduce to enhance its credit
quality (as reflected in bond-rating) without changing its asset risk and size. This methodology can also
be applied to develop implementable bank-capital and deposit-insurance-premium standards based on
ratings of pools of bonds held by banks in equilibrium within a paradigm (an alternative to narrow
banking and consistent with universal banking) in which regulators act like private surrogates of bank-
debtholders, insuring debt for a price but not for profit, and banks choose their asset composition.
EVA: Some Reflections
In this paper, I look at EVA from some new perspectives to make it more amenable to be used in
valuation and evaluation exercises.
Evaluating Mutual Fund Performance using Lower Partial Moment
20
Coauthor: Mahmud Rahman, University of Michigan and Eastern Michigan University
It is therefore imperative to develop and apply risk-adjusted portfolio-evaluation measures based on the
LPM-based CAPM (LPM-CAPM). Kochman (1999) has, in fact, recognized the importance of using
downside-risk measures in portfolio-evaluation. In this paper, we develop such measures; as expected,
these new measures look similar to the traditional ones mentioned above. We also provide a new way
to evaluate the performance of a portfolio, which is similar to the M2 [Modigliani-Modigliani (1997)]
approach, but differs from it in an important way. We combine the portfolio to be evaluated with the
risk-free asset, so that the new pseudo-portfolio has the same mean as the market-portfolio (not the same
risk as M2 does). Now that these two portfolios are on the same return footing, we compare their risks.
The beauty of this approach is that we can look at more than one measure of risk simultaneously,
without having to adjust the weights in the pseudo-portfolio. Using various measures of risk, we can
compare the risk of the pseudo-portfolio (representing the portfolio under consideration) to that of the
market portfolio and observe how it varies with the different risk-measures. We can also compare the
weighted-average-risks that may be useful in certain circumstances, like when half of a portfolio-
manager's clients want to look at the total risk (as they put all their money solely with this manager),
while the other half looks only at the beta-risk. As we mentioned earlier, we would have two different
betas, one based on the mean-variance CAPM and the other on the LPM-CAPM.
We use our new measures and approach to compare different portfolios in the Asia-Pacific area and to
compare their performances with USA portfolios. Some interesting work has already been done in this
area by Marchand (1990) and Montagu-Pollock and Murphy (1990). Marchand's findings that Asia-
Pacific portfolios generally did well in bull-markets and poorly in bear-markets is of significance to us,
as the LPM risk-measure focuses on similar trends, though with respect to a risk-free index.
Default Risk and Debt Financing: Some Insights
Coresearcher: M. P. Narayanan, University of Michigan, USA
In this theoretical paper, we develop a new model to handle default-risk through debt-financing. We
also look at empirical-data to ferret out whether some of the implications of our model are corroborated
by empirical data.
EOQ Model Revisited
In this paper, I have shown that, even if we account for time-value-of-money, the EOQ can be
determined by solving an equation through iterative procedure (no closed-form solution exists). I will
test the usefulness of the model with some hypothetical numerical examples.
IPO Performance: Subsidiaries versus Entrepreneurial Ventures
Coresearcher: Jayesh Kumar
In this paper, we analyze whether transaction cost of raising new capital (e.g. investment-bankers’ fee)
through an IPO is different for firms that are subsidiaries of established firms and those that are just
new-age entrepreneurs. We also try to ferret out whether the difference is sector specific.
Country Sensitiveness: How Indian Firms’ Beta Vary with Foreign Indices
Coresearcher: Dr. Mahmud Rahman, Eastern Michigan University, USA
This paper is under construction. In this paper, we analyse how the betas of Indian firms that have
strong presence in other countries vary with the stock-indices of those countries. We further analyse
21
whether these betas depend upon the extent of India’s trade with these countries. We also investigate
whether the overseas share price (typically ADR or GDR) of the company responds more to the
variability in its overseas earnings in the foreign-currency or its rupee earnings. During the study of the
above issues, we analyse whether, over time, the Indian share indices have got more correlated with the
global indices and the indices of India’s trading partners. The study may have important implications
for the pricing of ADR/GDR and for international diversification.
PROPOSED
Price-Earnings Ratios of Indian Firms: An Analysis
In pricing shares, one approach has been to use industry P/E ratios. It has some drawbacks, however.
First of all, to the extent that price depends on actual cash-flows, price-to-cash-flow may be a superior
ratio than P/E. Second, a priori, it appears to be a mistake to use industry P/E-ratios, whether for IPOs
or for seasoned shares. A firm's P/E should typically be a function of the following factors: (1) expected
growth in the firm's cash flows, (2) its debt-equity ratio, (3) its operating leverage, and (4) variability in
its sales. Sales-variability is influenced, inter alia, by the type of its products (e.g. consumer durable or
not), availability of substitutes for its products, importance of its products (e.g essential commodity or a
luxury item), the firm's monopoly power, geographic location (small town or big metropolis), and
characteristics of its clientele (rich or middle class). In this project, I will take a cross-section of Indian
firms and determine whether the above variables explain the differences in P/E-ratios across firms. I
will also ferret out the variables that actually affect P/E and the relative importance of each variable.
Risk and Returns of Stocks and Bonds in India
In this paper, I will study the risk and return from investment in bonds and stocks in Indian capital
market. I will try to decipher if interesting patterns in return exist. Using cointegration-analysis, I will
determine whether stocks in India have been a good hedge against inflation. Second, I will try to
determine the correlation between return on Indian stocks and those on foreign stocks and analyze if the
correlation has increased over time. Third, I will check whether the beta of important Indian scrips are
significantly lower from the perspective of a foreign investor (one holding a global portfolio) vis-à-vis
that of an Indian investor who is not allowed to hold foreign scrips. I will also check if betas are
constant across time. Lastly, I will check how well the market-indices represent the overall change in
the economy.
Financial Innovations in Money and Capital Markets in India
In this project, we plan to analyze the details of all the financial innovations that have been implemented
in India. It will range from lease-securitization to diff-swaps and from commercial-papers to euro-
convertible-bonds. Besides finding out the advantages to both the issuer and the investors, we will
study the complete process leading to the choice of a specific new financial-instrument. We will
analyze the aftermath of the transaction and evaluate whether, in hindsight, the innovation was a good
move for the company. The project would be of enormous help to the Indian corporations who are
planning to raise capital from within the country and abroad.
A Return Generating Model for Indian Securities
22
How the stock prices are determined in Indian bourses still remains an enigma for many. Though
several researchers have tried to fit CAPM and similar models to Indian data, attempts have not been
made to fit a wide array of models to share prices. I will study if any of the following can explain the
risk-return relationship for Indian shares: (1) CAPM, (2) Gibbon's Multivariate Model, (3) Arbitrage
Pricing Theory, (4) Three-moment Asset-pricing Model, (5) Mean-Lower-Partial-Moment Approach,
and (6) the Quadratic Market Model. Alternatively, I will check whether there exist non-risk-based
explanations based on presence of market frictions or irrational investors or due to biases in computing
returns. If any of these models can explain the risk-return relationship in India reasonably well, that
would be a very significant contribution.
23
TEACHING
COURSES DEVELOPED
Options, Futures, and Swaps
Currency Swap; Interest-rate Swap; Differential Swap, Forward Swap, and other Swap Varieties;
Swaptions; Pricing Currency and Interest-rate Swaps; Pricing Amortizing Swap; Risks of Swaps;
Option Strategies; Binomial and Black-Scholes Options-Pricing-Models; Options on Stocks, Bonds, and
Stock-Index; Currency Options; Options on Interest-rate; Caps, Floors, and Collars; Futures Contracts;
Commodity Futures; Backwardation and Contango; Futures on Index, Currency, and Interest-rate; TB
and Eurodollar Futures; Programme Trading, Portfolio Insurance, and Index Arbitrage; Margin
Requirements on Futures; Organisation of a Futures Exchange
Financial Innovations and Risk Management (FIRM)
Innovative financial instruments; institutional changes and new instruments of international debt and
equity markets; securitization; duration based asset-liability management; forwards, futures, options,
range-forwards, and swaps; building an effective hedge; hedging with derivatives; delta hedging in
portfolio management; hedging with index-calls and index-puts; portfolio insurance; index arbitrage;
use of derivatives in mitigating risks in project-financing; innovative instruments of foreign trade
Financial Engineering
Innovations in Debt and Equity; Swaps; International Lending and Loan Syndication; Euronote and
Euro-commercial-paper Programmes; Securitization; Financing of International Trade; Project
Financing; International Debt Offerings, GDRs, and ECBs; International Equity Offerings; Capital
Adequacy Norms; Country-risk Determination
Investment Banking
Definition of Investment Banking; Financial Innovation in Market Making; Mergers and Acquisitions;
Risk Arbitrage; Venture Capital Financing; IPO and Equity Issues; Market Making and New Issues;
Shelf Registration; The New Face of Investment Banking; Investment Banking in Europe; Insider
Trading Problems
Valuation
Basics of Valuation and Capital Structure; Tax-Unadjusted and Tax-Adjusted Cost of Capital; Adjusted
Present Value (APV); Methods of DCF Valuation; Consistency Between Valuation Methods; Treatment
of Capital Structure under Different Scenarios, Different Approaches to Valuation (E.g. Direct
Comparison, Adjusted Book Value); Valuation of Real Options
Financial Mathematics
Definition of and Measures of Risk Aversion, Types and Characteristics of Different Class of Utility
Functions, Arrow-Debreu Securities and Asset Pricing, Optimal Capital Structure and Optimal
Consumption-Investment Decision in an Arrow Debreu Framework, Optimal Portfolio Selection under
Uncertainty, Stochastic Processes (including Martingale and Markov and Weiner Processes) and
Stochastic Calculus (including Ito’s Lemma), Black-Scholes OPM Framework
24
EXECUTIVE-DEVELOPMENT/TRAINING-PROGRAMMES DEVELOPED
Researching Market Efficiency
Currency Options
Interest-Rate Options
Index Options
Introduction to Swaps and Its Varieties
Swap Pricing
Innovations in Instruments of International-Transactions
Quantitative Techniques in Equity Research
Beta Values
Innovations in Finance
Instruments of International Transactions
Derivative Assets
Issues in Financial Management
Managing Financial Risk
Stock-Index Futures
Hedging With Futures
Characteristics of Options
Option Pricing
Trading-Strategies with Options
Hedging With Options
25
Teaching Ratings For Courses
Term Year Course Class-Size Rating Scale School
Fall 1985 Adv. Corp Finance (BBA) 13 2.33 1 Worst, 5 Best Florida
To to to
Fall 1986 “ 31 3.89
Spr 1987 “ 34 3.71 “
To to to
Spr 1988 “ 40 4.38
Fall 1988 Adv. Corp Finance (BBA) 17 2.75* 1 Best, 5 Worst Emory
23 3.22 “
Spr 1989 Spec. Topics & Cases in Fin (MBA) 13 2.69 “
Fall 1989 Corporate Finance (BBA) 29 1.76 “
To to to
Spr 1991 “ 31 2.58
Fall 1990 Investment Banking (MBA) 14 2.14 “
Autm 1995 Financial Engineering (MBA) 45 -N/A- 2 Worst, 8 Best XIMB
Options, Fut., Swaps (MBA) 41 “
International Fin. (MBA) 39 “
Applied Finance (MBA) 15 “
Wint 1995 Fin. Mgmt. (Executive MBA) 32 -N/A- “
Financial Mgmt- I (MBA) 107 6.86 “
(2 Sections)
Spr 1996 Options, Fut., Swaps (MBA) 115 -N/A- IIMC
Autm 1996 Fin. Innov. & Risk Mgmt. (MBA) 34 -N/A- “ XIMB
Wint 1996 Intern. Fin. (Executive MBA) 15 6.57 “
Financial Mgmt- I (MBA) 104 7.23 “
(2 Sections)
Summ 1997 Principles of Fin. Mgmt (BBA) 40 4.39 Not So Good Houston*
“ 29 3.65 Quite Good
Autm 1997 Financial Engineering (MBA) 21 6.19 2 Worst, 8 Best XIMB
Options, Fut., Swaps (MBA) 27 5.91 “
International Fin. (MBA) 30 5.47 “
Applied Finance (MBA) 31 6.86 “
Wint 1997 Financial Mgmt - I (MBA) 2 Sec. 108 6.59 “
(* Evaluation of the Course)
26
Term Year Course Class-Size Rating Scale School
Autm 1998 Fin. Innov. & Risk Mgmt. (MBA) 23 7.20 “ XIMB
Intn’l Finance & Business (MBA) 47 6.08 “
Wint 1998 Fin. Inn. & Risk Mgmt. (Exec.MBA) 8 7.50
Financial Mgmt - I (MBA) 2 Sec 116 -N/A- “
Spring 1999 Commercial Banking (MBA) 14 N/A- “
Fall 1999 Options and Futures (MBA: 1.5) 28 2.64 1 Worst, 5 Best Michigan
Financial Management (MBA) 66 3.78 "
Financial Management (MBA) 48 4.07 "
Investments (BBA) 56 4.53 "
Winter 2000 Financial Management 77 3.21 "
Fall 2000 Advanced Corporate Finance 65 2.73* " WHU, Germany
Autm 2000 International Finance 41 4.68 " XIMB
Wint 2000 Financial Management - I 103 4.33 "
Options, Futures, & Swaps 10 N/A "
Spring 2001 Financial Management – II 90 3.22 “
Autm 2001 Options, Futures & Swaps 24 3.91 “
International Finance & Risk Mgmt. 9 5.00 “
Spring 2002 Financial Management (MBA) 71 3.17 1 Worst, 5 Best Michigan
2002-2005 Variety courses Feedback continues to be at the top XIMB
Summer 2006 Options & Futures Markets (MBA) 20 4.64 1 Worst, 5 Best UT- Dallas
Options & Futures Markets (BBA) 32 1.96
Financial Management (MBA) 24 3.31
Financial Management (MBA) 36 2.26
2006-2007 Financial Management (MBA) 121 4.52# “ XIMB
Financial Mathematics (MBA) 23 4.45
Financial Engineering (MBA) 34 4.42
Financial Management (Exec-MBA) 56 4.32
Fall 2007 Financial Management (BBA) 72 4.71 1 Worst, 5 Best Michigan
Financial Mgmt & Policy (MBA) 30 3.78
Winter 2008 International Finance (BBA) 40 4.40
Eval & Financing Global Proj (MBA) 14 4.38
Multinational Financial Mgmt (MBA) 19 4.71
2008-2009 Financial Management 121 N/A “ XIMB
Options, Future, Swaps 46 4.11
Valuation 64 4.02
N/A => Not Available, * No benchmark available. # Instructor’s Ability to Communicate
27
Teaching Ratings For Training Programs
Month/Year Topic Class-Size Rating Scale Venue
Aug 1994 Introduction to Financial 65 Excellent ** Mumbai
Swaps and Applications
Aug 1994 Stock Index Options 65 Excellent ** Mumbai
Aug 1994 Currency Options 65 Very Good ** Mumbai
Aug 1994 Valuation and Other 65 Excellent ** Mumbai
Aspects of Swaps
Aug 1994 Interest Rate Options 65 Excellent ** Mumbai
Sept 1994 Quantitative Tools for 90 Excellent ** Mumbai
Equity Research
Sept 1994 Beta Values 90 Very Good ** Mumbai
Sept 1994 Market Efficiency 90 Excellent ** Mumbai
Sept 1994 Instruments of 85 Excellent ** Mumbai
International Transactions
Feb 1995 Quantitative Methods 50 Excellent ** Calcutta
For Equity Research
March 1995 Options Pricing 85 Excellent ** Mumbai
March 1995 Equity Index Futures 85 Very Good ** Mumbai
March 1995 Trading Strategies for 85 Excellent ** Mumbai
Equity and Interest Rates
March 1995 Hedging Positions in Options 85 Excellent ** Mumbai
July 1995 Options Basics 75 Excellent ** Mumbai
July 1995 Options Pricing Exercises 75 Excellent ** Mumbai
July 1995 Options and Futures on 75 Very Good ** Mumbai
Equity Indexes
Month/Year Topic Class-Size Rating Scale Venue
28
July 1995 Trading Strategies and 75 Excellent ** Mumbai
Exercises
July 1995 Managing Options and 75 Excellent ** Mumbai
Futures Positions
Dec 1995 Derivative Markets 65 Excellent ** Hyderabad
Dec 1998 Risk Management 100 Excellent ** Hyderabad
Apr 1999 Primer on Derivatives 30 3.65 ## Mumbai
Apr 1999 Regulation of Derivatives 30 3.40 ## Mumbai
Apr 1999 LTCM Debacle: Group Disc. 30 2.88 ## Mumbai
Apr 1999 Information Asymmetry 30 3.44 ## Mumbai
** Excellent, Very Good, Good, Fair, Poor
## Computed by taking the following equivalents: Excellent=4, Good=3, Satisfactory=2, Unsatisfactory=1
14 April 2011
29
Brief Bio-Data of Professor Banikanta Mishra
Banikanta Mishra received his M.A. in Economics in 1978 from Delhi School of Economics
and Ph.D. in Finance and Economics in 1985 from Stern School of New York University. He
taught from 1984 to 1991 at New York University, University of Florida, and Emory
University in USA before returning to his hometown in India and joining Xavier Institute of
Management, Bhubaneswar (XIMB) in 1991. After joining XIMB, he has been a Visiting
Professor at Indian Institute of Management-Calcutta in India, WHU in Germany, and
University of Michigan at Ann Arbor, University of Texas at Dallas, and University of Houston
in USA.
In USA, he received Jules Bogen Fellowship at Stern (given to the best doctoral student), Sloan
Foundation Fellowship, and “Outstanding Paper Award” from Financial Management
Association of USA.
He was a Director of BNP Paribas - Sundaram Asset Management Company, Grid Corporation
of Orissa, and Industrial Development Corporation of Orissa. He was a Consultant to Citibank,
New York and Georgetown Consulting Group, Connecticut and held advisory positions in
National Stock Exchange of India, Industrial Development Bank of India, and Bhubaneswar
Stock Exchange. He has also been a consultant to the Government of Orissa.
He has presented papers in various conferences in India, USA, UK, and Australia and has
published papers in international journals like Journal of Finance; he has also written
occasionally in The Economic Times. He has been in the Editorial-Board of the International
Journal of Applied Management and Technology published from USA and ICFAI Journal of
Applied Finance and been a referee for Journal of Business (published by the University of
Chicago) and Economic and Political Weekly. He has been a member of the Research
Advisory Committee of the Clearing Corporation of India and the Academic Council of ICFAI.
He has sometimes been invited to speak or be interviewed on social issues, including by BBC
on Power Sector Reform and by Eastern Michigan University Business School for Martin
Luther King, Junior, Day Lecture on Global Diversity; he has occasionally written on such
issues in periodicals, including the Economic and Political Weekly.
His teaching interests are in Corporate Finance, International Finance, Derivatives, Financial
Engineering, Risk Management, and Valuation, while his research interests are in Information
Asymmetry, Market Efficiency, Financial Instruments, Risk Measurement, Mutual Fund and
Portfolio Management, Credit Rating, Globalization, Corporate Governance, Industrialization,
and Economic Development.
30
