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Brief Profile
I am an academic researcher and educator specializing in finance and corporate governance. My work focuses on understanding financial markets, regulations, and business practices, with an emphasis on rigorous analysis and ethical scholarship. I teach, write, and collaborate on studies examining emerging market dynamics, valuation approaches, and governance issues affecting organizations in India and abroad. My goal is to contribute thoughtfully to both the academic community and broader professional discourse, helping to advance responsible leadership within business and society.
Work Experience5 yrs 1 mo
May 1997 – Apr 1998
Assistant Professor
TAPMI
May 1998 – Mar 2002
Associate Professor
TAPMI
Apr 2002 – Aug 2002
Professor
TAPMI
Achievements and Research Interest/Area of Research Interests
Academic Distinction (Awards and Scholarships)
- Received the First Prize in the Case Competition held by ISB in the ISB-Ivey Global Case Award in 2016.
- Received the Second Prize in the Case Competition held by ISB in the ISB-Ivey Global Case Award in 2017.
- Received the Best Young Teacher Award from the Association of Indian Management Schools at the 13th Annual Convention held at Visakhapatnam in 2001.
- 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.
- 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.
- 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.
- Got the Citibank Research Excellence Award in 1996 for the paper titled P-E ratio and Indian Equity Research at IIM Bangalore.
- Got the P D Agarwal Foundation award for the thesis proposal at IIM Bangalore.
- Got the gold medal in MA (Economics) for securing the highest mark.
Courses Taught
- Business Analysis and Valuation (This is an elective offered to the second year Business Management students)
- Financial Modelling Using Excel (This is an elective offered to the second year Business Management students)
- Corporate Finance (This is a core course offered to the first year MBA students)
- Financial Analytics (E-MDP Program)
Consultancy Undertaken
- Valuation of a Private Company
- Part of the Assessment Centre for Housing Development Bank
- Part of the Team that prepared the Economic Policy for Government of Jharkhand
In-Company Programs
I did several in-company programs for companies including BSE, NSE, E&Y, KPMG, Tata Steel, NTPC, JSW Steel, Kotak bank, Varroc, Cipla, Adani Group, Hisoa, and Ultratech.
Intellectual Contributions (Publications)
Journal Articles-Refereed
- Mohanty, P., & Stephen, T. (2025). Beyond Human Bias: An LLM-Driven Comparative Analysis of the Indian Penal Code (1860) and Bharatiya Nyaya Sanhita (2023). Statute Law Review, 46(1), Oxford University Press.
- Mohanty, P., & Mishra, S. (2024). Did the Indian stock market overreact to Covid-19? The North American Journal of Economics and Finance, 70, 102072.
- Menon, S., Mohanty, P., Damodaran, U., & Aggarwal, D. (2023). Examining significance of downside beta as a measure of risk – evidence from Indian equity market. International Journal of Emerging Markets.
- Nagarajan, V., Mohanty, P., & Khatua, A. (2023). Financing effects of corporate diversification: A review. Review of Managerial Science, 17(7), 2555–2585.
- Aggarwal, D., Damodaran, U., Mohanty, P., & Israel, D. (2021). Risk and ambiguous choices: individual versus groups, an experimental analysis. Review of Behavioral Finance.
- 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.
- Aggarwal, D., & Mohanty, P. (2021). Influence of imprecise information on risk and ambiguity preferences: Experimental evidence. Managerial and Decision Economics.
- Mohanty, P., & Mishra, S. (2021). A comparative study of corporate governance practices of Indian firms affiliated to business groups and industries. Corporate Governance: The International Journal of Business in Society.
- Managing Disruptions in Business: Causes, Conflicts, and Control. (2022). Supriti Mishra, Pitabas Mohanty. Palgrave Studies in Democracy, Innovation, and Entrepreneurship for Growth.
- Mohanty, P., & Mishra, S. (2022). Grasim and Aditya Birla Nuvo Amalgamation. Global Business Review.
- Banerjee, A., & Mohanty, P. (2020). Value Relevance, Earnings Management and Corporate Governance in India. Economic & Political Weekly, 55(38).
- Ashita Agrawal, Pitabas Mohanty, and Navindra Kumar Totala (2019). Does EVA Beat ROA and ROE in Explaining the Stock Returns in Indian Scenario? MLS.
- Pitabas Mohanty & Supriti Mishra (2019). Profit Opportunities from Vedanta and Cairn India Merger. Asian Case Research Journal, 23(1), 65–89.
- Do Indian stock market sentiments impact contemporaneous returns? (2018). South Asian Journal of Business Studies.
- Does good governance lead to better financial performance? (2018). International Journal of Corporate Governance.
- The Challenges at JSW Steel: Brand Valuation and Corporate Governance Issues. Asian Case Research Journal, 21(1), 231–251 (2017).
- Hike in Royalty Payments by ACC. Asian Case Research Journal, 21(2), 305–329, 2016.
- Role of industry relatedness in performance of Indian acquirers: Long and short run effects. Asia Pacific Journal of Management, 31(4), 1045–1073 (2014).
- Corporate Governance as a Value Driver for Firm Performance: Evidence from India. Corporate Governance Journal, 14(2), 265–279 (2014).
- Effect of Skewness on Optimum Portfolio Selection. Journal of Applied Finance, 19(3), July 2013.
- The Impact of Rights Issue on Stock returns in India. Asia-Pacific Journal of Finance and Accounting Review, Oct–Dec 2012.
- Predicting Acquisitions in India. Vikalpa, July–September 2012.
- Solving the circularity problem in estimating the cost of capital. ICFAI Journal of Applied Finance, March 2007.
- Modified TVA-based Performance Evaluation. IIMB Management Review, September 2006.
- Finding Cost of Capital when the Market Value of Debt is not Known. Management and Labour Studies, August 2006.
- Sources of Size Effect. Asia-Pacific Business Review, January–June 2005.
- Reducing Tracking Error of an Index Fund Using Multi-factor Model. NSE News, March 2004.
- Transaction Costs and Size Effect. ICFAI Journal of Applied Finance, August 2003.
- Who Gains in Share Buyback. ICFAI Journal of Applied Finance, November 2002.
- Evidence of Size Effect on Stock Returns in India. Vikalpa, July–September 2002.
- Institutional Investors and Corporate Governance in India. NSE News, July 2002.
- Developing a Credit Rating Model with Discriminant Analysis. ICFAI Journal of Applied Finance, January 2002.
- Group Diversification and Shareholders’ Wealth: The case of Indian Business Groups. Journal of Applied Finance, April 2001.
- Efficiency of the Market for Small Stocks. NSE News, February 2001.
- An Exchange Ratio Determination Model for Demergers. Journal of Applied Finance, July 2000.
- Information asymmetry and the capital structure: An empirical investigation. Journal of Applied Finance, January 2000.
- Dividend and Bonus Policies of the Indian Companies: An analysis. Vikalpa, Oct–Dec 1999.
- Valuation of the Indian shares. Finance India, June 1999.
- Corporate Governance: A case of HLL and BBLIL merger. Journal of Applied Finance, January 1999.
- On the cross section of stock returns: The effect of sample size on research findings. Journal of Applied Finance, July 1998.
- On the practical impossibility of market efficiency. Journal of Applied Finance, January 1998.
- Changing forms of accounting and control systems and consequences for organizational learning. ASCI Journal of Management, September 1994.
Published Research Monographs
- Mohanty, Pitabas, Designing a Course on Valuation Analytics (October 06, 2024). Available at SSRN: https://ssrn.com/abstract=4977273 or http://dx.doi.org/10.2139/ssrn.4977273
Scholarly Books
- Financial Analytics, published by Wiley in 2023.
- Spreadsheet Skills for Finance Professionals, published by Taxmann in 2016.
- Business Valuation: Text and Cases, published by Taxmann in 2015.
- 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.
- 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
- Valuation of Private Companies published in Mergers, Acquisitions, and Corporate Restructuring, edited by Prof. S Vishwanath. This is a Sage Publication.
- "Small is Beautiful" published in "Indian Capital Markets: Trends and Dimensions". This is published jointly by UTI-ICM and Tata MacGraw Hill in 2002.
- 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.
- "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.
- 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.
Paper Presentations-Refereed
International:
- 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.
- Presented a case titled Ambuja Cements and Holcim India Merger in the 4th Asian Management Research Conference held in Dubai on 17 January, 2016.
- 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.
- 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.
- 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.
- 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.
- 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.
- Presented a paper titled Institutional Investors and Corporate Governance in India at the 3rd
- ISBEE Conference held at Melbourne, Australia on 16 July 2004.
National:
- Presented a paper titled Institutional Investors and Corporate Governance in India at the fifteenth AIMS conference held at XIM Bhubaneswar.
- Presented a paper titled Institutional Investors and Corporate Governance in India at National Stock Exchange of India Limited on 9 August 2002.
- Presented a paper titled "Small is Beautiful" at the Fourth Capital Markets Conference held at UTI ICM during 21-22 December 2000.
- Presented a paper titled "Efficiency of the Market for Small Stocks" at National Stock Exchange Limited on 6th December 2000.
- 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.
- 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.
- 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.
- 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.
- 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.
- Presented the paper titled Unrelated Corporate Diversification and shareholders wealth at the Capital Markets Conference 1998 organized by UTI Institute of Capital Markets.
- Presented the paper titled Earnings per share: Its relationship with stock returns at the Capital Markets Conference 1997 organized by UTI Institute of Capital
Working Paper
- 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
- 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)
Published Articles in Newspapers/Magazines
- Independent Directors or Toothless Tigers, published in Business Line, May 4, 2016 edition. The link is available here.
Cases Developed for Teaching Purpose
- Pitabas Mohanty, Arpita Srivastava, 2025. Tesla at a Crossroad: Leadership, Politics, and Reputational Risk. In Ivey Publishing. W44676. July 9, 2025
- Mohanty, p., & Srivastava, A., (2024), ITC’s Hotel Division Demerger: Shareholders’ Dilemma, In Ivey Publishing, W38303. 30 October 2024
- Maruti Suzuki: Good Company or Good Stock (A), Ivey Case (2017)
- Maruti Suzuki: Good Company or Good Stock (B), Ivey Case (2017)
- Ambuja Cements and Holcim India Merger, Ivey Case (2016)
Other Professional Activities
Achievements in Professional Activities
- Received the First Prize in the Case Competition held by ISB in the ISB-Ivey Global Case Award in 2016.
- Received the Second Prize in the Case Competition held by ISB in the ISB-Ivey Global Case Award in 2017.
- Received the Best Young Teacher Award from the Association of Indian Management Schools at the 13th
- Annual Convention held at Visakhapatnam in 2001.
- 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.
- 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.
- 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.
- Got the Citibank Research Excellence Award in 1996 for the paper titled P-E ratio and Indian Equity Research at IIM Bangalore.
- Got the P D Agarwal Foundation award for the thesis proposal at IIM Bangalore.
- Got the gold medal in MA (Economics) for securing the highest mark.
Co-Ordinating/Organizing Workshop/Conferences /MDPS
- Organized a Conference on "Valuation of Dot.com compani
Membership of Professional Bodies
- Member of American Finance Association since 2008