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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: email@example.com 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 (firstname.lastname@example.org) Professor Kose John, Department of Finance, Stern School, New York University Suite 9-190, 44 West 4th Street, New York, NY 10012, USA (email@example.com) Professor M.P. Narayanan, Professor of Finance, University of Michigan Business School 701 Tappan Street, Ann Arbor, MI 48109 (firstname.lastname@example.org) Professor D. V. Ramana, Professor of Accounting, Xavier Institute of Management Xavier Square, Bhubaneswar, Orissa, INDIA 751 013 (email@example.com) 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
"Summary of Proposed Research"