Ajaya Kumar Panda

Faculty

Associate Professor

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Email
akpanda@iimmumbai.ac.in

Mobile
8605019133

Qualification
Ph.D, M.Phil, M.A (School of Economics, University of Hyderabad)

Area & Groups
Finance, Economics & Strategy

  • Ph.D, (School of Economics, University of Hyderabad; Central University)
  • M.Phil, (School of Economics, University of Hyderabad; Central University)
  • M.A (Economics, School of Economics, University of Hyderabad; Central University)

  • Working Capital Financing and Firm Profitability
  • Dynamic Capital Structure
  • Risk management and financial stability of financial institutions
  • Market interlinkages and Volatility accessment
  • Transmission of moentary policy stimulus to Firm profitability

  • Analytical Finance
  • Investment Analysis and portfolio Management
  • Financial Management
  • Financial Econometrics
  • Corporate Finance and Valuation
  • International Finance

  • Panda. A.K, Nanda S, Apoorva H. (2023), “Testing of coherence between monetary policy stimulus, financial flexibility and profitability of manufacturing firms”, International Journal of Managerial Finance

  • Panda. A.K, Nanda S, Apoorva H. and Paital, R (2023), Revisiting the drivers of firm value; an empirical investigation on manufacturing firms, Business Perspectives and Research, Accepted

  • Apoorva H., Panda A K, Venkateshwarlu M (2023), “Does companies’ financial flexibility drive their leverage dynamics? New Evidence”, Managerial Finance, Vol. 49, Issue: 2, PP: 270-290, DOI 10.1108/MF-07-2022-0317

  • Apoorva H., Venkateshwarlu M, Panda A K, Kumar Satish (2022), “What we know and what we should know about Speed of Capital Structure Adjustment: A Retrospective using Bibliometric and System Thinking Approach”, Qualitative Research in Financial Markets,
  • Panda A K., Nanda S. and Sahoo S.(2022), “Transmission of Monetary Policy Impulses to a Firm’s Profitability: An Empirical Analysis of Manufacturing Firms”, Global Economic Review, Vol.51, Issue: 3, PP: 265-285
  • Panda A K., Panda P., Nanda S., Atul Parad (2021), Information bias and its spillover effect on return volatility: A study on stock markets in the Asia-Pacific region, Pacific-Basin Finance Journal, Vol. 69, 101653, https://doi.org/10.1016/j.pacfin.2021.101653
  • Panda. A.K., Nanda S., Hegdey A., and Yadav. A. (2021), Receptivity of Capital Structure with Financial Flexibility: A study on manufacturing firms (Accepted), International Journal of Finance and Economicshttps://doi:10.1002/ijfe.2521
  • Panda. A.K. and Nanda S. (2020), Receptiveness of effective tax rate to firm characteristics; An empirical analysis on Indian listed firms, Journal of Asia Business Studies, Vol-15, Issue.1, pp: 198-214, https://doi.org/10.1108/JABS-11-2018-0304
  • Panda. A.K, Nanda S and Panda, P (2021), Working Capital Management, Macroeconomic Impacts, and Firm Profitability; Evidence from Indian SMEs, Business Perspectives and Research (Sage), Vol. 9, Issue-1, pp: 144-158, https://doi.org/10.1177/2278533720923513

  • Panda. A.K. and Nanda S. (2020), Determinants of Capital Structure; A Sector Level Analysis for Indian Manufacturing firms, International Journal of Productivity and Performance Management. , Vol 69, Issue-5, pp: 1033-60, DOI: 10.1108/IJPPM-12-2018-0451

  • Nanda S. and Panda. A.K. (2019), A Quantile Regression Approach to Trail Financial Performance of Manufacturing Firms, Journal of Applied Accounting Research. Vol. 20, No: 3, pp: 290-310, DOI: 10.1108/JAAR-06-2018-0091

  • Panda. A.K, Nanda S., and Paital R. R., (2019), An Empirical analysis of Stock Market Interdependence and volatility spillover in the Stock markets of Africa and Middle East Region, African Journal of Economic and Management, Vol. 10, No: 3, pp: 314-335, DOI: 10.1108/AJEMS-10-2018-0293

  • Panda. A.K, Nanda S., Singh V.K and Satish K., (2019) Evidence of leverage effects and volatility spillover among exchange rates of selected emerging and growth leading economies, Journal of Financial Economic Policy, Vol. 11 Issue: 2, pp.174-192, https:// doi.org/10.1108/JFEP-03-2018-0042

  • Panda. A.K. and Nanda S., (2019) The Nexus between Exchange Rate and Long-Term Investment in Indian Manufacturing Industry, Management Research Review, Vol. 42 Issue: 2, pp.174-198, https://doi.org/10.1108/MRR-01-2018-0024

  • Paital R. R and Panda. A.K., (2018) Day of the week and weekend effects in the Indian stock market, Theoretical Economics Letters, Vol. 8, PP: 2559-2568

  • Panda. A.K. and Nanda S. (2018), Time-Varying Synchronization and Dynamic Conditional Correlation among the Stock Market Returns of Leading South American Economies" International Journal of Managerial Finance, Vol. 14 Issue: 2, pp.245-262, https://doi.org/10.1108/ IJMF-11-2016-0206

  • Panda. A.K. and Nanda S. (2018), Working Capital Financing and Corporate, Profitability of Indian Manufacturing Firms, Management Decision, Vol. 56 Issue: 2, pp: 441-45, https:// doi.org/10.1108/MD-07-2017-0698

  • Panda. A.K., Nanda S. (2018), A GARCH Modelling of Volatility and M-GARCH Approach of Stock Market Linkages of North America; Global Business Review, Vol-19, Issue-6, PP:1-16, DOI:10.1177/0972150918793554

  • Nanda S. and Panda. A.K. (2018), The Determinants of Corporate Profitability; An Investigation of Indian Manufacturing Firms, International Journal of Emerging Markets, Vol-13, Issue-1, pp.66-86, https://doi.org/10.1108/IJoEM-01-2017-0013

  • Panda. A.K., Nanda S. (2017), Market Linkages and Conditional Correlation between the Stock Markets of South & Central America, Journal of Financial Economic Policy, Vol-9 Issue-2, DOI: 10.1108/JFEP-08-2016-0063

  • Panda A.K., Nanda S. (2017), Short-term and Long-term Interconnectedness of Stock Returns in Western Europe and the Global Market; Financial Innovation, Vol. 3.1, DOI: 10.1186/s40854-016-0051-8

  • Panda. A.K., Nanda S. (2016), Capital structure and exchange rate risk; An empirical analysis of Indian Non-financial firms; UDYOG PRAGATI-The journal for practicing managers, Vol: 39.3, (ISSN 0970-3365)

  • Panda. A.K., Nanda S. (2016), A Mathematical Explanation of Panzar-Rosse Model and its implication in Indian Banking Industry; Indian Journal of Economics & Business, Vol-15, (Serial)

  • Girish G.P, Vijayalakhami, Panda A.K & Rath B. (2014), Forecasting electricity prices in deregulated wholesale spot electricity market: A review: International Journal of Energy Economics and Policy, Volume 4, Issue 1, 2014, PP: 32-42

  • Girish G.P, Panda A.K & Rath B. (2013), Indian Electricity Market: Global Business and Economics Anthology, Vol: 1, Page 180 - 191, March 2013, (ISSN: 1553-1392).

  • Panda. A.K., Nanda S. (2013), An empirical analysis of market structure and the pattern of time varying return volatility on the stock markets of Western Europe, Asian - African Journal of Economics and Econometrics, Vol: 13, No-1, PP: 35-51 (Serial)

  • Ray K.K, Panda A.K (2011), The impact of derivative trading on spot market volatility: Evidence for Indian derivative market, Interdisciplinary Journal of Research in Business, UK, Vol. 1, Issue. 7, July 2011, pp: 117-13, (ISSN: 2046-7141) http://journaldatabase.info/journal/issn2046-7141

  • Panda. A.K., Sharma N. (2011) Investigation of the dynamic relationships between the stock markets of Asia Pacific: A time series approach, International Journal of Business management, Economics and Information Technology. (ISSN: 0975-296X) Vol. 3, No. 2, July-December 2011: pp: 245-256.

  • Nanda S., Panda A.K. (2011), An empirical assessment of export led growth     hypothesis in the context of Indian economy, Indian Journal of Economics & Business, Vol. 10, No. 4, pp: 481-494,

  • Panda A.K. (2010), Empirical evidence of portfolio balance model of exchange rate determination: A study on Indian rupee vs. US dollar, Knowledge Hub, Vol.6, No.1, Page 1-14. (ISSN 0973-6425; UGC Approved Journal).

  • Panda A.K, Sharma N. K (2010), A time series approach to identify the dynamic interlinkages, volatility structure and long run equilibrium relationships between the stock markets of South Asia region, Journal of Managerial Finance and Research, Vol.6, No.1, Jan-June 2010.

  • Panda A.K (2007), Forecasting bilateral nominal exchange rate for   monetary model   of exchange rate determination: A study for India, IUP Journal of Applied Finance, Vol. 13, No. 6, pp. 66-79

     

INTERNATIONAL AND NATIONAL CONFERENCES

  • Discussant in the “Third Annual International Capital Markets Conference 2022”, organized by The National Institute of Securities Markets (NISM) along with the Systemic Risk Centre (SRC) at the London School of Economics (LSE) at the NISM campus on 15-16 December 2022.
  • Chaired a technical session in the Third NISM conference on Investing in Recovery - Challenges and Opportunities for Indian Securities markets organized by SEBI-NISM on 23rd and 24th Fen 2021 at NISM Campus.
  • SEBI-NISM Conference on Changing Landscape of Securities Market on January 22-24, 2020 at NISM Campus Patalganga. Title: Information Bias and its spillover effect on return volatility; A study on Stock markets of Asia pacific region
  • Capital Market Conference, November 21-22, 2019 held at NISM Campus Patalganga, Title: Determinants of Capital Structure; A Sector Level Analysis for Indian Manufacturing firms
  • 55th Annual conference of The Indian Econometric Society (TIES), Jointly organized by Mumbai school of Economics & Policy, University of Mumbai and National Institute of Security Markets, (NISM) Mumbai on 08th to 10th January 2019. Title: Non-linear relationship between Exchange rate Changes and long-term investment; A sector level Analysis of Indian manufacturing firms
  • 15th Asia Pacific Conference at Ritsumeikan Asia Pacific University, Beppu, Japan, from 11th – 12th November, 2017: Title: Exchange rate sensitivity of corporate profitability for Indian manufacturing firms”

  • 4th Polish Stata Users Group Meet, 17 October 2016 at Warsaw School of Economics, Warsaw, Poland
  • International Conference on Accounting, Finance and Financial Institutions. Theory Meets Practice (ICAFFI 2016), organized by the Poznań University of Economics and Business, Poznań, Poland, on 19-21 October, 2016. Title: Effective tax rates and firm value in Indian manufacturing and service sectors: Evidences from Indian listed firms

  • NIDA International Business Conference, 12th March 2016 at Bangkok, Thailand. Title: Exchange Rate Risk and its Determinants; A Study on Indian Non-Financial Manufacturing Firms
  • 51st Annual conference of The Indian Econometric Society (TIES), organized by Department of Economics and Centre for Research in Economic Change, Panjabi University, Patiala, Punjab during 12/12/2014 to 14/12 2014. Title: Exchange rate fluctuations and Investment behavior; a study on Indian non-financial firms
  • National Seminar on Application of Panel data jointly organized by CESS and The Indian Econometric Society (TIES) at Hyderabad, 25-26 March 2014. Title: Measuring market structure using Panzar-Rosse Model on Indian Banking Sector; A panel data analysis
  • IVth International Conference on Advances in Energy Research, 10-12 December, 2013, Indian Institute of Technology Bombay, Mumbai

  • XV National Conference of Input Output Research Association, India, Conducted by Department of Economics, University of Hyderabad, 17-19 March 2011
  • Second International Conference on Applied Economics and Time series Econometrics, 16-17 April 2010, conducted by IBS Hyderabad
  • The Conference is conducted by Center for Management Studies, Jain University, in collaboration with LATARBO University of Australia, Conference Scheduled on 10th October 2009 at Bangalore.

  • Project Title, "Modeling time varying synchronization, information bias and transmission of return volatility among international stock markets" (2022), Sponsored by Science and Engineering Research Board (SERB), Department of Science and Technology, Government of India, Budget: Rs. 6,00,000 (Six lakhs)
  • Financing preferences and determinants of capital structure- A study on Small and Medium Enterprises in Maharashtra, Sponsored by ICSSR, New Delhi, (2017-18) Budget: Rs. 7,00,000 (Seven lakhs), Status: On Progress. (Co. Project Director)
  • Scope and challenges of women participation in small scale industries; a study on rural and urban women entrepreneurs of Maharashtra; Sponsored by ICSSR, New Delhi, (2017-18) Budget: Rs. 6,00,000 (Six lakhs), Status: On Progress. (Co. Project Director)
  • Shock Spillover of Crude oil prices on Emerging Market Currencies; A Network Analysis, Sponsored by ICSSR, New Delhi, (2017-18) Budget: Rs. 5,50,000 (Five lakh Fifty Thousand), Status: On Progress. (Co. Project Director)
  • The proposal for setting up NIDHI Technology Business Incubator (TBI) at NITIE, Mumbai is approved by DST, MHRD, June-2017, Budget: Rs. 13 Cr. (Thirteen Crores) (Core Team Member)
  • Macro Research 2015-16 on topic “Corporate Financing Options in India: Banking Vs. Capital Market” Sponsored by Indian Institute of Banking and Finance (IIBF), Mumbai. Budget: Rs. 2,50,000 (two lakhs fifty thousand), Status: Completed (Project Director)

  • Recipient if AIMS-Jaipuria Outstanding Management Researcher Award (2021) presented by AIMS International (The Association of Indian Management Scholars) for significant contribution towards management research
  • Scholarship Scheme for Faculty Members from Academic Institutions – 2019 of Reserve Bank of India (RBI), on the Research Topic: Transmission of Monetary Policy Impulses on Firm Profitability; A Study on Indian Manufacturing Firms

MANAGEMENT DEVELOPMENT PROGRAMME (MDP)

FACULTY DEVELOPMENT PROGRAMME (FDP)

UNIT BASED PROGRAM (UBP)

  • UBP for L &T Pvt. Ltd. Scheduled on 06th -11th Feb 2023. (Resources Faculty)
  • UBP for L &T Pvt. Ltd. Scheduled on 09th -14th Jan 2023. (Resources Faculty)
  • Two Weeks FDP on “Mathematical and Statistical Foundation for data science”, A capacity building Program sponsored by ATAL, AICTE, 09th – 20th Jan 2023. (Co- Coordinator and course instructor)
  • Two Weeks FDP on “Applied Econometrics Models and Methods for Business Analytics”, A capacity building Program sponsored by ATAL, AICTE, 7th – 18th Nov 2022. (Course Coordinator and course instructor)
  • UBP for L &T Pvt. Ltd. Scheduled on 05th -10th Dec 2022. (Resources Faculty)
  • UBP for L &T Pvt. Ltd. Scheduled on 07th -12th Nov 2022. (Resources Faculty)
  • MDP on “Predictive Analytics and Financial Modeling (using python)”: 26th to 30th September 2022 (Course Coordinator and course instructor)
  • UBP for L &T Pvt. Ltd. Scheduled on 05th -10th Sept 2022. (Resources Faculty)
  • UBP for L &T Pvt. Ltd. Scheduled on 22nd – 27th August 2022. (Resources Faculty)
  • MDP on “Predictive Analytics and Financial Modeling (using python)”: 9th , 10th, 15th, 16th and 17th April 2022 (Course Coordinator and course instructor)
  • UBP for L &T Pvt. Ltd. Scheduled on 06th -11th Dec 2021. (Resources Faculty)
  • FDP on “Research Methodology on Applied Econometrics (Advanced)”, A capacity building Program sponsored by ATAL, AICTE, scheduled on 22nd -26th Nov (Course Coordinator and course instructor)
  • FDP on “Mathematical and Statistical Foundation for Business Analytics”, A Data Science Program sponsored by ATAL, AICTE, scheduled on 18th -22thOct (Joint Course Coordinator and course instructor)
  • MDP on “Market Risk Analytics (using python)”: 1st -5th Oct. 2021 (Course Coordinator and course instructor)
  • UBP “AXLERATE 2.0-EXPERT MOFULE”, organized for Mahindra Logistics Pvt. Ltd. Scheduled on 10th -12th August 2021. (Resources Faculty)
  • FDP on “Research Methodology on Applied Econometrics”, A capacity building Program sponsored by ATAL, AICTE, scheduled on 26th -30th July (Course Coordinator and course instructor)
  • MDP on “Financial Time Series Modeling using Python”: 25th -26th June 2021 and  2nd - 03rd July 2021, (Course Coordinator and course instructor)
  • MDP on Application of Time Series Modeling for Business Forecasting (Using STATA), 22nd – 26th March 2021 (Course Coordinator and Course Instructor)
  • MDP on “Financial Analytics with Time Series Modeling and Neural Networks using Python”, 06th - 07th - 13th - 14th and 29th Feb 2021, 5 Weekends. (Course Coordinator and course instructor)
  • MDP on “Business Decision Making During Covid-19”: 14th – 18th Dec 2020,(Resource Faculty).
  • MDP on “Financial Time Series Modeling using Python”: 10th -11th - 16th -18th & 24th Oct 2020, 5 Weekends, (Course Coordinator and course instructor)
  • Resource Faculty of ICSSR sponsored two weeks (June 2-11, 2018) capacity building workshop for Young Faculty held at NITIE
  • MDP on Finance for Non-Finance Executives for senior and middle-level executives of ONGC, and TOYO Engineering: 18th to 20th January 2018 (Course Coordinated jointly with Finance area faculties).
  • MDP on Finance for Non-Finance Executives, for senior and middle-level executives of Ministry of Defence: 27th -28th October 2016 (Course jointly Coordinated with Prof. V.K. Singh)
  • MDP on Data Analysis for Decision Making: 7th to 9th September 2015. (Resource Faculty)
  • MDP on Finance for Non-Finance Executives: 3rd to 5th August 2015. (Resource Faculty)

Workshops/Professional Courses Organized

  • Coordinated a Professional Course Title: Deep Learning in Finance, Course instructor: Rahul Rai, Professor & Dean’s Distinguished Professor, Department of Automotive Engineering, Clemson University, International Center for Automotive Research (CU-ICAR) Greenville, SC. Course Duration: 15 Hours, October 2021.
  • Organized a workshop on “Research Methods using Design Science and Rigorous Case Study Approach”, by Prof. Jayanth Jayaram, from University of Oklahoma, Norman, OK 73019. Duration: 15 hours, 18th – 20th Dec 2021.
  • Coordinated a professional course Title: “Societal development and its impact on supply chain management and logistics”, Course instructor: Sunderesh Heragu from Oklahoma State University, Stillwater OK 74078 USA, Duration: 10 Hours From: 24 May – 28 May 2021.
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  • Coordinator, Fellow Programme, from 01st April 2021 to 21st June 2022
  • Member, PGP Committee, from 01st April 2021 to 21st June 2022
  • Member, Admission Committee, from 01st April 2021 to 21st June 2022
  • Member, Investment Committee, from 20th Oct. 2020 Till Date
  • Member, Advertisement Committee, from 20th Oct. 2020 Till Date
  • Professor In-charge Micro Credit course from 23rd Sept 2020 to 21st June 2022
  • Member, Placement Committee from 08th July 2020 to 21st June 2022
  • Member, Marks/Grades Moderation Committee from 19th May 2020 to till date
  • Member, Innovation & Entrepreneurship committee from 19th May 2020 to till date
  • Member, Technical Evaluation Committee (TEC) from 31st Jan 2020 to 21st June 2022
  • Nodal officer of Ek Bharat Shresth Bharat club, NITIE
  • Area Coordinator (Accounting and Finance Area) from May 2018 to 23 Nov. 2020
  • Member, Financial Aid and Scholarship Committee, for 2018-19 Till date
  • Warden Taylor Hall from 1st May 2019 till date
  • Member of Institute Disciplinary Committee from 1st May 2019 till date
  • Professor In-charge Institute Cultural Committee from 1st May 2019 till date.
  • Member Library Committee from (May 2018 to April 2019) and 2021 June till date