Distinguished Adjunct Professor

Affiliation: Director General, Delhi School of Business and Vivekanand Institute of Professional Studies, Delhi



Office: VIPS, New Delhi

Country: India

Expertise: Corporate Finance, Emerging Capital Markets, Venture Capital,  Strategic Finance

Degrees: Ph.D. in Finance, Delhi School of Economics, University of Delhi, India (1976); M Com in Finance, University of Delhi, India (1968); B Com in Management, Shri Ram College of Commerce, University of Delhi, India (1966)

Courses: –


  • Corporate finance
  • Venture capital
  • Emerging markets
  • Corporate governance
  • Strategic finance.


Academic positions

  • Delhi School of Business & Vivekananda Institute of Professional Studies, Director General, Aug 2014 – present

  • IIM Lucknow, Professor of Research, Jun 2013 – Jul 2014;
  • IIM Ahmedabad, Professor, Dean and Officiating Director Dec 1980 – Dec 2004; Professor, 1980 – 2007;
  • AIT, Acting President & VPAA & Chair Professor, Jan 2012 – Mar 2013; School of Management, Dean, Nov 2005 – Dec 2007; Visiting Professor, Sept 1995-Sept 97
  • Delhi University, MFC, Dean, Faculty of Commerce and Business and Professor & Head, Department of Financial Studies, Mar 2009 – Jan 2012
  • Pearl School of Business, Chairman, Academic Council & Director, Jan 2008 – Mar 2009
  • Universiti Sains Malaysia, Professor, May 1990 – Jun 1991
  • Kansas State University, College of Business Administration, Visiting Professor, Aug 1984 – May 1985
  • XLRI, Associate Professor, Aug 1978 – Dec 1980
  • IIT Delhi, Assistant Professor, Jan 1977-Aug 1978
  • Shri Ram College of Commerce, Lecturer, Aug 1968 – Dec 1976

Non-Academic positions

  • Indorama Polymers PCL, Director, Sep 2006 – Apr 2010 Industrial Finance Corporation of India; Hindustan Petroleum Corporation of India; Cochin Shipyard Company.



  • Finance: A Management Guide for Managing Company Funds and Profits, Prentice-Hall, reprint 2010 (First edition 1995).
  • Financial Management, Vikas, Eleventh edition, 2015 (First edition in 1979).
  • Management Accounting: A Planning and Control Approach, Vikas, Third Edition 2013 (First edition in 1983).
  • Essentials of Financial Management, Vikas, Fourth Edition 2015 (First edition 1985).
  • Essentials of Management Accounting, Vikas, Third Edition 2013. (First edition 1985).
  • Cases in Financial Management, (Co-authored with Ramesh Bhat), Tata McGraw-Hill, Repring 2016, Third edition 2015 (First edition 2005).
  • Venture Capital: The Indian Experience, Prentice-Hall, 1995.
  • Strategic Management of Public Enterprises in Developing Countries, (co-edited with S Ramnarayan), Vikas, 1997.
  • Capital Structure and the Cost of Capital, Vikas, Reprint 1996, first edition 1981.

Research Articles

  • “Management and financing of e-Government projects in India: Does financing strategy add value?” (Co-author Shashank Ojha), IIMB Management Review, Volume 29, Issue 2, June 2017, Pages 90-108
  • Agency Behavior and Corporate Restructuring Choices during performance Decline in an Emerging Economy“, (coauthor Visit Ongpipattanakul) International Journal of Managerial Finance, Vol. 11, No.2. 2015, 244-267.
  • Ojha, S and Pandey, I M, “e-Procurement Project in Karnataks: A Case Study of Public Private Patnership“ Vikalpa: The Journal of Decision Makers, Vol. 39, No. 4, Oct-Dec 2014, 101-112.
  • “Sacombank-SBS Securities: Creation & Sustenance Processes”, (coauthor Anurug, Ruangrob) Asian Case Research Journal. Vol 16, Isauue 2, 307-333, 2012.
  • “Phenomenology of Willingness to save”,  (Coauthor Preecha Swasdpeera),  Journal for International Business and Entrepreneurship Development, 2012 Vol.6, No.1, pp.83 – 99.
  • “Determinants of Personal Saving: A Study of Salaried Individuals in Thailand”, (co-authored with Preecha Swasdpeera), Afro-Asian J. of Finance and Accounting, 2012 Vol.3, No.1, pp.34 – 68.
  • “Supalai Public Limited Company: A Case of Capital budgeting process” (co-authored with Worata), Vikalpa: The Journal of Decision Makers, vol. 35. No. 4, Oct-Dec 2010.
  • “Dividend Behavior of Indian Companies under Restrictive Monetary Policies”, (Co-authored with Ramesh Bhat), Managerial Finance, 33, 1, 2007, pp.4-13.
  • “What drives the shareholder value?” Asian Academy of Management Journal of Accounting & Finance, vol.1, no.1, 2005, pp.105-119.
  • “Balanced Scorecard: Myth and Reality”, Vikalpa: The Journal of Decision-Makers, 30, 1, Jan.-Mar. 2005, pp. 51-66.
  • “Capital Structure, Profitability and Market Structure”, Asia Pacific Journal of Economics and Business, vol.8, no.2, December 2004, pp. 78-91.
  • “Theories of Capital Structure: Evidence from an Emerging Market”, (Coauthored with T. Chotigeat), Studies in Economics and Finance, Vol. 22, issue 2, 2004, pp. 1-19.
  • “Stock Return Seasonality in the Emerging Malaysian Market”, International Journal of Business & Society, 5, 2, July 2004, pp. 1-16.
  • “Governance of Higher Education Institutes”, Vikalpa: The Journal of Decision-Makers, 29, 2, Apil-June 2004, pp. 79-84.
  • “Strategic and Financial Attributes of E-Commerce Firms: An Empirical Study,” (Co-authored with Hang, Lee Kam and Ali, Ruhani) ICFA Journal of Applied Finance, vol. 9, No. 2, (March 2003), pp. 54-68.
  • “Corporate Dividend Policy and Behavior: The Malaysian Evidence”, Asian Academy of Management Journal, vol. 8, no. 1, January 2003, pp. 17-32.
  • “Financial Goals Choices and Performance of Firms in Malaysia”, Capital Market Review, vol. 10, no. 2, 2002, pp. 61-75.
  • “Capital Structure and Market Power Interaction: Evidence from Malaysia”, Capital Market Review, vol. 10, no. 1, 2002, pp. 23-40.
  • “Seasonality of Malaysian Stock Market” Journal of Financial Management, vol. 15, no. 2, July-December 2002, pp. 37-44.
  • “Seasonality of Monthly Stock Returns: The Indian Evidence”, ICFA Journal of Applied Finance, vol. 8, no. 6, November 2002, pp. 53-67.
  • “Predictors of Variation in Stock Returns: Evidence from Malaysian Company Panel Data” (Co-authored with H. K. Chee), Global Business and Finance Review, vol. 17, no.1, Spring 2002, pp. 61-74.
  • “Is the Taiwan Stock Market Efficient?” (Co-authored with J. P. Gupta & Chen Chao-Fu} in Making Decisions: Recent Developments and Worldwide Applications, Zanakis, S.H., Doukidis, G & C Zopounidis (eds.), Kluwer Academic Publishers, Holland, 2000, pp. 183-196.
  • “Capital Structure Choices in an Emerging Capital Market: The Case of Thailand,” (Co-authored with T. Chotigeat and Manoj K. Ranjit), Management & Change, vol. 4, No. 1, January-June 2000, pp. 1-32.
  • “The Effectiveness of Technical Analysis in the Emerging Markets: The Case of Taiwan Stock Market,” (Co-authored with Gupta, J. P.; and Chao-Fu, Chen), Journal of Euro-Asian Management, 5, 2, (October 1999), pp. 143-172.
  • “Venture Capital Development in India” (co-authored with Shantanu Dutta), Productivity, Vol. 40, No. 3, October-December 1999, pp. 392-404.
  • “Mergers and Acquisitions in Thailand: Case Studies of Two Companies”. (Co-authored with Nyo Nyo and T. Chotigeat), Journal of Euro-Asian Management, 5, 1, July 1999, pp. 25-38.
  • “Shareholder Value Creation: A Strategic Financial Goal,” Business Analyst, Vol. 19, No. 2, July-December, 1998, pp. 1-24.
  • “Financial Management in the French-Thai Joint Ventures: An Exploratory Study”,  (co-authored with J. P. Gupta & Kin Yu Yu Win), Journal of Euro-Asian Management, Vol. 4, No. 2, October 1998, pp. 51-66.
  • “The Process of Developing Venture Capital in India”, Technovation, Vol. 18, No. 4, 1998, pp. 253-261.
  • “Financial Liberalization, the Black Market Exchange Rate and Demand for Money in South Korea, Taiwan and Thailand” (co-authored with T. Chotigeat), Journal of Foreign Exchange and International Finance, Vol. XI, No. 4, Jan.-Mar 1998, pp. 283-296.
  • “Venture Capital Investment Evaluation in Emerging Markets” (Co-authored with Chotigeat, Kim and Kim), Multinational Business Review, vol. 5, no. 2, Fall 1997, pp. 54-62.
  • “The Privatization Process: A Survey of State Owned Enterprises in Vietnam” (co-authored with J. P. Gupta and N. Hong), Sasin Journal of Management, vol. 3, 1997, pp.1-11.
  • “Working Capital Policies and Practices in Sri Lanka”, (co-authored with J. P. Gupta and K. L. Perera), Journal of Euro-Asian Management, vol. 3, no. 1, June 1997, pp. 74-97.
  • “Warrants in a Thin Market: Case of Thailand”, (co-authored with J.P. Gupta and Pornpibul Kanchanachayphoom), in Zopounidis, C. (ed.), New Operational Approaches for Financial Modelling, Physica-Verlag Heidelberg, New York, 1997, pp. 101-119.
  • “Venture Capital for Technology Financing in Taiwan”, (Co-authored with Angela Jang), Technovation, vol. 16, no. 9, 1996, pp.499-514.
  • “Venture Capital in a Developing Country: Case of Sri Lanka” (Co-authored with J.P. Gupta and R.M.D. Wickramatilke), Accounting and Business Review, Vol 3, No.2, July 1996, pp. 215-240.
  • “Emerging Bond Market in Thailand: Problems and Prospects”, (Co-authored with J.P. Gupta and T. Techa-umpornkul), Asian Academy of Management Journal, Vol 1, No.2, June 1996, pp. 32-46.
  • “Venture Capitalists’ Evaluation Criteria in a Developing Country: Case of India”, International Journal of Development Banking, Vol. 14, No.1, January 1996, pp. 3-18.
  • “Derivatives in an Emerging Market: A Study of Thailand”, (Co-authored with J.P. Gupta and T. Pinvanichkul), Journal of Foreign Exchange and International Finance, Vol. 9, No. 1, April – June 1995, pp. 43-55.
  • “Relevance of Factoring in a Developing Country: Case of India” International Journal of Development Banking, Vol.12, No.2, July 1994, pp. 37-51.
  • “Significance of Financial Goals Pursued by Companies in India: Survey Findings”, (Co-authored with Ramesh Bhat), Journal of Financial Management, July-December, 1990, pp. 1-11.
  • “Development Finance Management in LDCs – the Indian Experience”, in Briston, Samuels and Wallace (ed.), Research in the Third World Accounting, JAI Publishing Company, U.S.A., 1990, p.171-194.
  • “An Examination of Efficient Capital Market Hypothesis in the Context of Indian Economy: Survey Findings”, (co-authored with Ramesh Bhat) Journal of Financial Management: International Review of Finance, Vol.2, No. 1, January-June 1989, pp. 1-10.
  • “Focus on Management of Capital Structure of Development Finance Institutions – A Case Study of ICICI”, Nigerian Journal of Financial Management, Vol.2, No.2, December 1983, pp. 1-22.
  • “Development Finance Institutions: Functional and Financial Policy Aspects”, International Journal of Development Banking, Vol.1, No.2, July 1983, pp. 1-24.
  • “Development of Venture Capital in Asia”, ICFAI Journal of Applied Finance, Jan 1997, pp. 9-21.

  • “Specialized Financial Services Institutions: Strategic and Policy Issues”, Company Secretary, Vol. 15, No. 10, October 1995, pp. 912-925.
  • “Venture Capital Investment Process and Evaluation in Thailand” (Co-authored with J.P. Gupta and R.M.D. Wickramatilke), ICFAI Journal of Applied Finance, Vol.1, No.2, July 1995, pp. 90-111.
  • “Agricultural Finance Corporation: Case of Turnaround”, (Co-authored with S. Ramnarayan), Vikalpa: The Journal of Decision-Makers, Vol.19, No.2, April-June 1994.
  • “Dividend Decision: A Study of Managers’ Perceptions”, (Co-authored with Ramesh Bhat), Decision, Vol.21, Nos.1&2, January-June 1994.
  • “How Should Companies’ Estimate Their Cost of Capital?” (Co-authored with Ramesh Bhat), ASCI Journal of Management, Vol.22, No.4, March 1993.
  • “Malta Dry-docks Corporation: Turnout Strategy”, Vikalpa: The Journal of Decision Makers, Vol.18, No.4, October-December 1993.
  • “An Estimation of Social Time Preference Rate for India and its Public Policy Implication”, (co-authored with Devi Tewari), Indian Journal of Economics, Vol. XXIV, No.292, July 1993, pp.61-73.
  • “Venture Capital for Technology Financing” in Srivastava (ed.), Biotechnology for Agriculture and Aquaculture, IBH & Oxford, 1992
  • “Lease Accounting Practices in India” (with B. Brahmaiah), Chartered Secretary, November 1991.
  • “Financial Ratio Patterns in Indian Manufacturing Companies: A Multivariate Analysis” (Co-author Ramesh Bhat), Decision, Vol.17, No.1 (Jan.-Mar. 1990).
  • “Capital Structure Decisions in Development Finance Institutions: Policy Implications”, ASCI Journal of Management, Vol.19, No.2, March 1990.
  • “Financial Policy and Strategic Management”, Indian Management, Vol.28, No.5, May 1989.
  • “Efficient Market Hypothesis: Understanding and Acceptance in India”, (co-authored with Ramesh Bhat) in Gupta, O.P. (ed.) Stock Market Efficiency and Price Behaviour: the Indian Experience, Anmol Publications, New Delhi, 1989.
  • “Capital Budgeting Practices of Indian Companies”, MDI Management Journal, Vol.2, No.1, January 1989.
  • “Issues in Lease Evaluation: Notes and Comments”, Vikalpa: The Journal for Decision-Makers, Vol.12, No.3, July-September 1987.
  • “Myths and Realities about Leasing”, Vikalpa: The Journal for Decision-Makers, Vol.11, No.4, October-December 1986.
  • “A Case for Disallowing Interest Deductibility and Reducing Corporate Tax Rate”, Chartered Accountant, Vol.XXXIII, no., May 1985.
  • “Financial Leverage in India – A Study”, Indian Management, Vol.23, No.5, March 1985.
  • “Financing Decision-making: A Survey of Management Understanding”, Review of Management, EPW, Vol. XIX, No.8, February 1984.
  • “Cost of Capital Controversy: Some Observations”, Chartered Accountant, Vol. XXX, No.7, January 1982.
  • “Working Capital Trends in India”, Chartered Accountant, Vol. XXX, No.6, December 1981.
  • “Determining Optimum Level of Current Assets”, Indian Management, February 1981.
  • The Changing Financial Environment: A Challenge for Business”, Review of Management and Systems, September 1979.
  • “The Effect of Liquidity Structure and Leverage on the Cost of Equity of a DFI: A Case Study of ICICI”, Chartered Accountant, Vol. XXVII, No.10, April 1979.
  • “Impact of Corporate Debt on the Cost of Equity”, Chartered Accountant, July 1978.
  • “Leverage, Risk, and the Choice of Capital Structure”, Management Accounting, March 1978.
  • “Implications of Corporate Income Taxes for the Cost of Capital”, Indian Journal of Accounting, June-December, 1977.
  • “Break-even Analysis with Non-linear Cost and Revenue Functions”, Business Analyst, January-June 1976.
  • “In Defense of the IRR Method”, Business Analyst, July-April 1973-74.
  • “Price Level Changes and Reporting”, Business Analyst, July- December 1968.