Dr Pitabas Mohanty

Dr Pitabas Mohanty

Qualification : MA (Economics), Grad CWA, Fellow (IIM B), Fulbright Scholar at NYU-Stern.

Email : pitabasm@xlri.ac.in

Functional Area : Finance

Professional Software Knowledge : R, Python, Excel VBA

Brief Profile  

Total Experience (in months)
 300 (as on 20-NOV-22)

Experience Detail  

May 2007 till date - Professor, XLRI

August 2002 - April 2007 - Associate Professor, XLRI

April 2002 - August 2002 - Professor, TAPMI

May 1998 - March 2002 -  Associate Professor, TAPMI.

May 1997 - April 1998 - Assistant Professor, TAPMI

Dr Pitabas Mohanty

Dr Pitabas Mohanty

Achievements and Research Interest/Area of Research Interests

Academic Distinction (Awards and Scholarships)

1.Received the Best Young Teacher Award from the Association of Indian Management Schools at the 13th Annual Convention held at Visakhapatnam in 2001.

2.Got the Best Research Paper Award at the 11thAnnual Convention of AIIMS held at XLRI Jamshedpur in August, 1999 for the paper titled Group Diversification and shareholders Wealth: The case of the Indian Business Groups.

3.Got the outstanding paper award at the Capital Markets Conference held at UTI Institute of Capital Markets at Navi Mumbai in December 1998 for the paper titled Unrelated Corporate Diversification and shareholders value. 

4.Got the best paper award in the secondary market category at the Capital Markets Conference held at UTI Institute of Capital Markets at Navi Mumbai in December 1997 for the paper titled EPS: Its relationship with stock returns. 

5.Got the Citibank Research Excellence Award in 1996 for the paper titled P-E ratio and Indian Equity Research at IIM Bangalore. 

6.Got the P D Agarwal Foundation award for the thesis proposal at IIM Bangalore.

7.Got the gold medal in MA (Economics) for securing the highest mark.

Adminstrative Distinction

Other Achievements

Area of RESEARCH INTERESTS

Faculty Development Programs Attended

Courses Taught

1.Business Analysis and Valuation (This is an elective offered to the second year Business Management students)

2.Financial Modelling Using Excel (This is an elective offered to the second year Business Management students)

3.Corporate Finance (This is a core course offered to the first year MBA students)

 

Consultancy Undertaken

1.Valuation of a Private Company

2.Part of the Assessment Centre for Housing Development Bank

3.Part of the Team that prepared the Economic Policy for Government of Jharkhand

In-Company Programs

INTELLECTUAL CONTRIBUTIONS (PUBLICATIONS)

Journal Articles-Refereed

    1. Aggarwal, D., Damodaran, U., Mohanty, P., & Israel, D. (2021). Risk and ambiguous choices: individual versus groups, an experimental analysis. Review of Behavioral Finance, ahead-of-print(ahead-of-print). https://doi.org/10.1108/rbf-02-2021-0017. June 2021
    2. Mohanty, P., & Mishra, S. (2021). Assessing the impact of COVID-19 on the valuation of Indian companies using a financial model. International Journal of Emerging Markets, ahead-of-print(ahead-of-print). https://doi.org/10.1108/ijoem-11-2020-1388. Oct 2021
    3. Aggarwal, D., & Mohanty, P. (2021). Influence of imprecise information on risk and ambiguity preferences: Experimental evidence. Managerial and Decision Economics. https://doi.org/10.1002/mde.3436. oct 2021
    4. Mohanty, P., & Mishra, S. (2021). A comparative study of corporate governance practices of Indian firms affiliated to business groups and industries. In Corporate Governance: The International Journal of Business in Society: Vol. ahead-of-print (Issue ahead-of-print). Emerald. https://doi.org/10.1108/cg-03-2021-0095. Oct 2021
    5. Managing Disruptions in Business: Causes, Conflicts, and Control. ISSN: 2662-365X. Jan 2022
      Author(s) : Supriti Mishra, Pitabas Mohanty
      Name of Journal/Case Centre : PALGRAVE STUDIES IN DEMOCRACY, INNOVATION, AND ENTREPRENEURSHIP FOR GROWTH
    6. Mohanty, P., & Mishra, S. (2022). Grasim and Aditya Birla Nuvo Amalgamation. In Global Business Review (p. 097215092210799). SAGE Publications. https://doi.org/10.1177/09721509221079968. March 2022
    7. Banerjee, A., and P Mohanty, Value Relevance, Earnings Management and Corporate Governance in India. Vol. 55, Issue No. 38, 19 Sept, 2020
    8. Does EVA Beat ROA and ROE in Explaining the Stock Returns in Indian Scenario? An Evidence Using Mixed Effects Panel Data Regression Model (2019), MLS
      Author(s) : Ashita Agrawal, Pitabas Mohanty and Navindra Kumar Totala
    9. Profit Opportunities from Vedanta and Cairn India Merger, VOL. 23, ISSUE 1, 65-89 (June 2019)
      Author(s) : Pitabas Mohanty and Supriti Mishra
      Name of Journal/Case Centre : ASIAN CASE RESEARCH JOURNAL
    10. Do Indian stock market sentiments impact contemporaneous returns? Vol 7, Issue 3 (2018)
      Co Author : Divya Aggarwal, Name of Journal/Case Centre : South Asian Journal of Business Studies 
    11. Does good overnance lead tobetter financial performance? Vol. 9, No. 4, (2018)
      Co Author : Supriti Mishra, Name of Journal/Case Centre : International Journal of Corporate Governance
    12. The Challenges at JSW Steel: Brand Valuation an Corporate Governance Issues, published in Asian Case Research Journal, in vol. 21, No. 01, pp. 231-251 (2017).
    13. Hike in Royalty Payments by ACC, published in Asian Case Research Journal, in vol 21, No2. pp.305-329, 2016.
    14. Role of industry relatedness in performance of Indian acquirersLong and short run effects, published in Asia Pacific Journal of Management, in December 2014 (Vol. 31, No. 4, pp. 1045 - 1073).
    15. Corporate Governance as a Value Driver for Firm Performance: Evidence from India, published in Corporate Governance Journal of Emerald (Vol. 14, No. 2, 2014, pp265 - 279).
    16. Effect of Skewness on Optimum Portfolio Selection, published in the July 2013 (Vol. 19, Issue No. 3) issue of the Journal of Applied Finance. This paper is co-authored with my student Mr. Kumar Gaurav, Associate Consultant, KPMG.
    17. The Impact of Rights Issue on Stock returns in India, published in Asia-Pacific Journal of Finance and Accounting Review, in the October-december, 2012 issue. This paper is co-authored with My student, Ms. Akshita Agarwal, Manager Cairns Energy.
    18. Predicting Acquisitions in India, published in Vikalpa in the July-September, 2012 issue. This paper is co-authored with Prof. Parama Barai of IIT Kharagpur.
    19. Solving the circularity problem in estimating the cost of capital: A Practical Approach, published in the March 2007 issue of the ICFAI Journal of Applied Finance.
    20. Modified TVA-based Performance Evaluation, published in the September 2006 issue of the IIM B Management Review
    21. Finding Cost of Capital when the Market Value of Debt is not Known, published in the August 2006 issue of Management and Labour Studies.
    22. Sources of Size Effect, published in Asia-Pacific Business Review, January-June, 2005 issue.
    23. Reducing Tracking Error of an Index Fund Using Multi-factor Mode published in the March 2004 issue of the NSE News
    24. Transaction Costs and Size Effec, published in the August 2003 issue of the ICFAI Journal of Applied Finance.
    25. Who Gains in Share Buyback, published in the November 2002 issue of the ICFAI Journal of Applied Finance.
    26. Evidence of Size Effect on Stock Returns in India, published in the July-September 2002 issue of Vikalpa, The Journal for Decision Makers.
    27. Institutional Investors and Corporate Governance in India, published in the July 2002 issue of NSE News.
    28. "Developing a Credit Rating Model with the usage of Discriminant Analysis" published in the January 2002 issue of the ICFAI Journal of Applied Finance. This is a joint paper with Prof. Biresh K Sahoo of TAPMI.
    29. "Group Diversification and Shareholders` Wealth: The case of the Indian Business Groups", published in the Journal of Applied Finance in the April 2001 issue.
    30. "Efficiency of the Market for Small Stocks", published in NSE News, in the February 2001 issue. This paper is also available in the web site of the National Stock Exchange Limited as their working paper no.2. The link to the web site is http://www.nseindia.com/home/press/feb2001.pdf.
    31. "An Exchange Ratio Determination Model for Demergers", published in the Journal of Applied Finance, in the July 2000 issue. This is a joint paper with Mr. B Dilip Jain, Assistant Consultant, AFF, Bangalore.
    32. Information asymmetry and the capital structure: An empirical investigation into the capital structure of the Indian companies published in the Journal of Applied Finance in the January 2000 issue.
      33. li>Dividend and Bonus Policies of the Indian Companies: An analysis published in Vikalpa, The journal of the Decision makers in the October-December, 1999 issue. The abstract of this paper is available in the net. The link to the web is given by

www.iimahd.ernet.in/vikalpa/past/v024n04.htm

    .
  1. Vaation o the Indian shares published in the Finance India in the June 1999 issue.
  2. Corporate Governance: A case of HLL and BBLIL merger" published in the Journal of Applied Finance in the Jan 1999 issue.
  3. On the cross section of stock returns: The effect of sample size on research findings published in the Journal of Applied Finance in the July, 1998 issue.
  4. On the practical impossibility of market efficiency. Published in the Journal of Applied Finance in the January 1998 issue.
  5. Changing forms of accounting and control systems and the consequences for organizational learning: An exploratory study published in ASCI Journal of Management in the September 1994 issue. This is a joint paper with Prof. R Narayanswamy of IIM Bangalore.

Published Research Monographs

Scholarly Books

  1. Spreadsheet Skills for Finance Professionals, published by Taxmann in 2016.
  2. Business Valuation: Text and Cases, published by Taxmann in 2015.
  3. Investments, published by Tata McGraw Hill Publishers. I have edited the book on Investments by Bodie, Kane and Marcus to adapt it to the Indian environment. I am the fourth author of the book in India.
  4. Principles of Corporate Finance, published by Tata McGraw Hill Publishers. I have Indianized this book originally written by Brealey, Myers, and Allen. Currently the second edition of this book was released in the Indian market.

Chapters in Scholarly books

  1. Valuation of Private Companies published in Mergers, Acquisitions, and Corporate Restructuring, edited by Prof. S Vishwanath. This is a Sage Publication. 
  2. "Small is Beautiful" published in "Indian Capital Markets: Trends and Dimensions". This is published jointly by UTI-ICM and Tata MacGraw Hill in 2002.
  3. Sources of Value Loss in Unrelated Corporate Diversification", published in "Indian Capital   Markets: Modern Perspectives and Empirical Evidences", published jointly by Allied Publishers and UTI Institute of Capital Markets in the year 2001. 
  4. "Unrelated Corporate Diversification and Shareholders` Value", published in "Indian Capital Markets: Trends and Dimensions" published jointly by Tata McGraw Hill and UTI Institute of Capital Markets" in the year 2000. 
  5. EPS: Its relationship with stock returns Published in a book titled Indian Capital Markets: Theories and Evidence published by UTI Institute of Capital Markets and Quest Publications in the year 1998. Indian Capital Markets: Theories and Evidence published by UTI Institute of Capital Markets and Quest Publications in the year 1998.

Conference Proceedings-Refereed

Paper Presentations-Refereed

International:
  1. Presented a paper titled "Study of Governance Practices followed in Indian Business Groups and Industries" in the 8th Business Research Conference held in Milan, Italy.
  2. Presented a case titled Ambuja Cements and Holcim India Merger in the 4th Asian Management Research Conference held in Dubai on 17 January, 2016.
  3. Presented a paper on How MNCs Exploit the Minority Shareholders in India at the 10th Annual London Business Research Conference at Imperial College, London, UK during August 10-11, 2015.
  4. Presented a Case on Performance or Governance: What Matters More at the 4th Asian Management Research and Case Conference held in Penang, Malaysia during January 10-12, 2015.
  5. Presented a paper tiled Corporate Governance and Financial Performance in the World Finance and Finance Symposium, held in Beijing, China on December 16  17, 2013.
  6. Presented a paper titled Corporate Governance as a Value Driver for Firm Performance: Evidence from India in the ICFR Corporate Governance in Emerging Markets Conference held on 8 December, 2011 at Hong Kong.
  7. Presented a paper titled Corporate Governance as a Value Driver for Firm Performance: Evidence from India at the Symposium on Corporate Governance in India and China held at Virginia, U.S. on 25 October, 2008.
  8. Presented a paper titled Institutional Investors and Corporate Governance in India at the 3rd
  9. ISBEE Conference held at Melbourne, Australia on 16 July 2004. 
National:
  1. Presented a paper titled Institutional Investors and Corporate Governance in India at the fifteenth AIMS conference held at XIM Bhubaneswar. 
  2. Presented a paper titled Institutional Investors and Corporate Governance in India at National Stock Exchange of India Limited on 9 August 2002. 
  3. Presented a paper titled "Small is Beautiful" at the Fourth Capital Markets Conference held at UTI ICM during 21-22 December 2000. 
  4. Presented a paper titled "Efficiency of the Market for Small Stocks" at National Stock Exchange Limited on 6th December 2000. 
  5. Presented a paper titled Real Options in Dot.Com Valuation in the seminar on Valuation of Dot.Com Companies organized by TAPMI at Hotel Taj, Bangalore on 11th November 2000. 
  6. Paper presented (in my absence): "Corporate Financial Performance Tools: Changing Paradigms" at the Conference on Corporate Sector Research - 2000" on May 12, 2000 at World Trade Center" Mumbai. 
  7. Presented a paper titled Capital Markets: New Products in the Next Millenium at the Investors Meet on 26 December 1999 organized by The Bangalore Stock Exchange. 
  8. Presented the paper titled Sources of Value Loss in Unrelated Corporate Diversification at the Capital Markets Conference 1999 organized by the UTI Institute of Capital Markets. 
  9. Presented the paper titled Group Diversification and Shareholders Wealth: The Case of the Indian Business Groups at the Annual Convention of AIIMS held at XLRI Jamshedpur held in August 1999. 
  10. Presented the paper titled Unrelated Corporate Diversification and shareholders wealth at the Capital Markets Conference 1998 organized by UTI Institute of Capital Markets.  
  11. Presented the paper titled Earnings per share: Its relationship with stock returns at the Capital Markets Conference 1997 organized by UTI Institute of Capital 

Text Books

Research Report

Working paper

  1. Runup in Stock Prices priot to Mergers and Acquisitions Announcements: Evidence from India. (2014) This working paper can be downloaded from https://www.nseindia.com/research/content/res_WorkingPaper12.pdf
  2. Institutional Investors and Corporate Governance in India, NSE Working Paper No 42, available in the website of the National Stock Exchange of India (https://www.nseindia.com/content/research/Paper42.pdf)2.

Key note presentation

Published articles in newspapers/magazines

1. Independent Directors or  Toothless Tigers, published in Business Line, May 4, 2016 edition. The link is available here.

 

Cases developed for Teaching purpose

1. Maruti Suzuki: Good Company or Good Stock (A), Ivey Case (2017)
2. Maruti Suzuki: Good Company or Good Stock (B), Ivey Case (2017)
3. Ambuja Cements and Holcim India Merger, Ivey Case (2016)

Other Professional Activities

Achievements in Professional activities

 

  1. Received the First Prize in the Case Competition held by ISB in the ISB-Ivey Global Case Award in 2016. 
  2. Received the Second Prize in the Case Competition held by ISB in the ISB-Ivey Global Case Award in 2017. 
  3. Received the Best Young Teacher Award from the Association of Indian Management Schools at the 13th
  4. Annual Convention held at Visakhapatnam in 2001.
  5. Got the Best Research Paper Award at the 11th  Annual Convention of AIIMS held at XLRI Jamshedpur in August, 1999 for the paper titled Group Diversification and shareholders Wealth: The case of the Indian Business Groups.
  6. Got the outstanding paper award at the Capital Markets Conference held at UTI Institute of Capital Markets at Navi Mumbai in December 1998 for the paper titled Unrelated Corporate Diversification and shareholders value.
  7. Got the best paper award in the secondary market category at the Capital Markets Conference held at UTI Institute of Capital Markets at Navi Mumbai in December 1997 for the paper titled EPS: Its relationship with stock returns.
  8. Got the Citibank Research Excellence Award in 1996 for the paper titled P-E ratio and Indian Equity Research at IIM Bangalore.
  9. Got the P D Agarwal Foundation award for the thesis proposal at IIM Bangalore.
  10. Got the gold medal in MA (Economics) for securing the highest mark.

 

 

 

 

 

 

Chairperson/Co-Chairperson in conferences

Co-ordinating/Organizing Workshop/Conferences /MDPs

Organized a Conference on "Valuation of Dot.com companies"

Contribution towards Institution building/ development/ services such as Chairperson (Placement) etc

Guide/evaluator/ examiner at doctoral research level

Invited to deliver Keynote addresses/ speeches

Membership of Professional Bodies

  1. Member of American Finance Association since 2008

Participation in Workshops/Conferences/Forums/ Meetings etc

Professional Services such as Member/Editor of Editorial Board/ Advisory Committee etc

Reviewer/Referee in Journals/ Conferences etc

Visiting Faculty

Research Project Undertaken