Prof. Jitendra Mahakud

Address for Communication

Associate Professor of Economics and Finance, Department of Humanities and Social Sciences, IIT Kharagpur, West Bengal- 721 302
Email: jmahakud@hss.iitkgp.ernet.in, jmahakud@yahoo.com, Ph No: (03222) 283694 (office), 283695(Residence), Mobile: 09434703448

Educational Background

Ph.D (2005),IIT Bombay, Mumbai.

M.Phil (2002), in Economics from Central University Hyderabad (1st Division).

M. A. (1999),in Economics from Central University, Hyderabad (1st Division).

B.A. (1997) in Economics from Ravenshaw College, Cuttack (1st Division with Distinction).

Work Experience

  1. Visiting Professor, Narsee Monjee Institute of Management Studies, Mumbai (March 2003- March 2004)
  2. Senior Lecturer, Nirma Institute of Management, Ahmedabad (March 2004- January 2005)
  3. Assistant Professor, IBS Hyderabad (January 2005- June 2006)
  4. Assistant Professor, IMT Ghaziabad (June 2006- June 2007)
  5. Assistant Professor, IIT Kharagpur (July 2007 –October 2011)
  6. Continuing as Associate Professor, IIT Kharagpur since October 2011

Subjects Taught at Post Graduate and Under Graduate Levels

Financial Institutions and Markets, Macroeconomics, Money and Banking, International Finance, Equity Research, Fixed Income Securities, Econometrics, Derivatives, Investment Management and Corporate Finance.

Areas of Research Interest

Corporate Finance, Equity Research, Portfolio Management and Financial Markets

Books Published

  • Financial Institutions and Markets: Structure, Growth and Innovations, 2009 Published by Tata McGraw Hill, New Delhi (Co-author: Prof. L.M. Bhole).

Research Papers Published / Accepted in Refereed Journals

  1. Asset Pricing Models, Cross Section of Expected Stock Returns Behaviour and Financial Market Anomalies: A Review of Theories and Evidences Journal of Management Research, (co-author: S.R. Dash) (Accepted).
  2. Dividend Smoothing and Business Groups: Evidence from Indian Companies, Global Business Review, Vol. 19, No.3 (Co-author: Nishant B. Labhane) (Accepted for June 2018 Issue).
  3. Factors Affecting the Likelihood of Paying Dividends: Evidence from Indian Companies, Journal of Management Research, (Co-author: Nishant B. Labhane), (Accepted).
  4. Firm Characteristics and Total Factor Productivity: Evidence from Indian Manufacturing Firms, Margin: The Journal of Applied Economic Research,(Co-authors:Lopamudra D. Satpathy and Prof. B. Chatterjee) (Accepted).
  5. Investor Sentiment and Stock Market Volatility: Evidence from India, Journal of Asia-Pacific Business, Vol. 17, No.2, pp.173-202, 2016 ((Co-author: J. Kumari).
  6. Determinants of Dividend Policy of Indian Companies: A Panel Data Analysis, Paradigm, Vol.20, No.1, pp. 36-55, 2016 (Co-author: Nishant B. Labhane)
  7. Market Anomalies, Asset Pricing Models, and Stock Returns: Evidence from the Indian stock market, Journal of Asia Business Studies, Vol. 9 Issue. 3 pp. 306 – 328, 2015 (co-author: S.R. Dash).
  8. Does Investor Sentiment Predict the Asset Volatility? Evidence from Emerging Stock Market India, Journal of Behavioral and Experimental Finance, Vol. 8, pp. 25-39, 2015 (Co-author: J. Kumari).
  9. Relationship Between Conditional Volatility of Domestic Macroeconomic Factors and Conditional Stock Market Volatility: Some Further Evidence from India, Asia-Pacific Financial Markets, Vol. 22, pp.87-111, 2015, (Co-author: J. Kumari).
  10. Do Asset pricing Models Explain Size, Value, Momentum and Liquidity Effects? A Case of an Emerging Stock Market, Journal of Emerging markets Finance Vol.13, pp. 217-251, 2014, (co-author: S.R. Dash).
  11. A Comparative Assessment of Unconditional Multifactor Asset-pricing Models: Evidence from Indian Stock Market, Journal of Management Research, Vol. 13, No.1, PP. 35-54, 2013 (Co-author: S.R. Dash).
  12. Impact of Business Cycle on Bank Capital Buffers: Evidence from India, Journal of Economics, Management, and Financial Markets, Vol. 8, No.2, PP. 110-127, 2013 (Co-author: S.R. Dash).
  13. Impact of Investor Sentiment on Stock Return: Evidence from India, Journal of Management Research, Vol. 13, No.3, 2013 (Co-author: S.R. Dash).
  14. Investor Sentiment and Stock Return: Do Industries Matter?, Margin: The Journal of Applied Economic Research, Volume 7, pp 315-349, 2013, (co-author: S.R. Dash).
  15. Conditional Multifactor Asset Pricing Model and Market Anomalies, Journal of Indian Business Research, Vol.5, No.4, 2013 (Co-author: S.R. Dash).
  16. Historical Market-to-Book Ratio and Corporate Capital Structure: Evidence from India, Global Business Review, Vol.13, No.2, pp. 339-350, 2012 (Co-author: S. Mukherjee).
  17. Are Trade-off and Pecking Order Theories of Capital Structure Mutually Exclusive? Evidence from Indian Manufacturing Companies, Journal of Management Research, Vol. 12, No.1, pp.41-55, 2012 (Co-author: S. Mukherjee).
  18. Impact of Macroeconomic Condition on Financial Leverage: Evidence from Indian Firms, Journal of Management Research, Vol.12, No.3, pp.128-140, 2012, (Co-author: S. Mukherjee).
  19. Impact of Macroeconomic Condition on Financial Leverage: Evidence from Indian Firms, Journal of Management Research, Vol.12, No.3, pp.128-140, 2012, (Co-author: S. Mukherjee).
  20. Relationship between Stock Prices, Exchange Rate and the Demand for Money in India, Journal of Economics, Management, and Financial Markets, Vol. 7, No.3, PP. 31-52, 2012 (Co-author: Jyoti Kumari).
  21. Investor Sentiment, Risk Factors and Stock Return: Evidence from Indian Non-Financial Companies, Journal of Indian Business Research, Vol.4, No.3, pp. 194-218, 2012 (Co-author: S.R. Dash).
  22. Dynamic Adjustment towards Target Capital Structure: Evidence from Indian Companies, Journal of Advances in Management Research, Vol. 7, No.2, 2010, PP. 250-266 (Co-author: S. Mukherjee).
  23. Determination of Target Capital Structure in India: A Partial Adjustment Approach, International Journal of Accounting and Finance, Vol.2, No.2,2010, pp.220-235 (Co-author: A.K. Misra).
  24. Growth Opportunity and Capital Structure Dynamics: Evidence from Indian Manufacturing Companies, Journal of Management Research, Vol.10, No.3, 2010, PP.180-192 (Co-author: S. Mukherjee).
  25. Emerging Trends in Financial Market Integration- The Indian Experience, International Journal of Emerging Markets , Vol. 4, No.3, 2009, pp. 235-251(Co-author: A.K Mishra).
  26. Effect of Leverage and Adjustment Costs on Corporate Performance: Evidence from Indian Companies, Journal of Management Research, Vol. 9, No.1, 2009, pp. 35-42 (Co-author: A.K. Mishra).
  27. Determinants of Financial Performance of Indian Companies: A Panel Data Analysis, Journal of Business Management Research, Vol 1, No.2, 2009, pp. 1-26 (Co-author: S. Mukherjee).
  28. Do Adjustment Costs Affect the Corporate Investments in India: A Dynamic Panel Data Analysis, Indian Journal of Finance, Vol. III, No-1, 2009, pp.10-17.
  29. Stock Market as a source of Finance: Evidence from Indian Private Corporate Sector, Indian Journal of Economics, Vol. LXXXVI, No-343, April, 2006. (Co-author: Prof. L.M.Bhole).
  30. Testing the Pecking Order Theory of Capital Structure: Evidence from Indian Corporate Sector, The ICFAIJournal of Applied Finance, Vol. 12, No-11, 2006, pp. 16-26.
  31. Bank as a Source of Finance: Evidence from Indian Corporate Sector, Prajnan, Vol.XXXIV, No-3, October-December 2005 (Co-author: L.M. Bhole).
  32. Foreign Capital Financing of Indian Corporate Sector: Trends and Determinants during the Period of Liberalization, Journal of Applied Finance, Vol. 11, No.10, November 2005. (Co-author: L.M. Bhole).
  33. Trends and Determinants of Private Corporate Sector Savings in India, Economic and Political Weekly, Vol. XL, No. 39, September, 24-30 2005, pp. 4243-4250 (Co-author: L.M.Bhole)
  34. Shareholding Pattern and Dividend Policy: Evidence from Indian Private Corporate Sector, The ICFAI Journal of Applied Finance, Vol. 11, N0. 9, pp. 40-55, October 2005.
  35. Determinants of Bank Finance to Corporates: Evidence from Indian Companies,Journal of Bank Management, Vol. IV, No.3, pp. 26-33, August 2005.
  36. Corporate Retained Earnings in India: Trends and Determinants, Journal of Applied Finance, Vol.11, No.6, pp. 59-72, July 2005.
  37. Determinants of External Equity Finance: Evidence from Indian Corporate Sector, Journal of Applied Finance, Vol.11, No.5, June 2005, pp. 56-69. (Co-author: P.K. Rath).
  38. Determinants of Foreign Capital: A Dynamic Analysis, Journal of Applied Economics, Vol. IV, No.4, pp.36-50, July 2005. (Co-author: L.M. Bhole).
  39. Trends and Determinants of Corporate Capital Structure in India: A Panel Data Analysis, Finance India, Vol. XVIII, No. 1, March 2004. (Co-author: L.M.Bhole).
  40. Behaviour of Trade Credit in India: Time Series and Panel Data Analysis, Economic and Political Weekly, Vol. XXXIX, No. 12, March 20-26, 2004, pp. 1277-1290. (Co-author: L.M. Bhole). (40)Determinants of Corporate Capital Structure in India: A Dynamic Panel Data Analysis, Journal of Applied Finance, Vol.9, No.6, 2003. (Co-author: L.M. Bhole).

Working Paper

  1. Relationship Between the Changes in Ownership and Performance of Indian Firms around IPO: A Panel Data Analysis, MPRA Paper Number 6192, 2007 (Munich University, Germany, available through the RePEc) (Co-authors: Manas Mayur and Manoj Kumar).

Papers Published in Conference Proceedings

  1. Impact of Investor Sentiment and Cross Sectional tests of Alternative Asset Pricing Models: Evidences from Indian Equity Market, Australian Academy of Business and Social Sciences Conference 2014, 25-26 August 2014, Kuala Lumpur
  2. Investor Sentiment and Cross Sectional tests of Alternative Asset Pricing Models: Evidences from Indian Stock Market, India Finance Conference 2013, IIM Ahmedabad.
  3. Investor Sentiment and Stock Price: Evidence from India, XI Capital Market Conference- 2012, Indian Institute of Capital Markets, December 21-22 2012. Mumbai, India (Best Paper Award)
  4. Determinants of Adjustment Speed to Target Capital Structure: Evidence from Indian Manufacturing Firms, Presented in the International Conference on Economics and Finance-ICEFR-2011 held at Singapore Organized by IEEE on February 26-28, 2011.
  5. Relationship between ownership and performance of IPO: A panel data analysis Presented at COSMAR 2007, held at IISC, Bangalore.
  6. Testing the Pecking Order Theory of Capital Structure: Evidence from Indian Corporate Sector, Presented in International Conference on Business and Finance organized by ICFAI University and Philadelphia University, USA on December 2005.
  7. Equity Financing by Indian Corporates: A Demand Side Analysis, SEBI-ICFAI Internal Conference on Emerging Securities Market, held in January-2005.
  8. Leverage and the Corporate Performance of the Indian Joint-Stock Companies: A Dynamic Analysis, Seventh Capital Market Conference, Indian Institute of Capital Market, Mumbai, held in December 18-19, 2003.
  9. Determinants of Corporate Savings in India: A Panel Data Analysis, Sixth Capital Market Conference, Indian Institute of Capital Market, Mumbai, held in December 19-20, 2002

Books (Edited Volumes)

  1. Advances in Research in Business and Finance (Corporate Finance), 2006 Published by IUP, Hyderabad (Co-author: V. Narender).
  2. Advances in Research in Business and Finance (Investment Management), 2006 Published by IUP, Hyderabad (Co-author: C.S. Mishra).

Projects Undertaken

  1. Consultancy Services for Carrying Out the Work Related to Planning and Designing of the R&R Colony for Odisha Ultra Mega Power Project Sponsored by M/s PFC Consulting Limited.
  2. Economic Impact Assessment of National Food Security Act Sponsored by MHRD, Department of Higher Education, New Delhi.
  3. Social Impact Assessment of National Food Security Act Sponsored by MHRD, Department of Higher Education, New Delhi.
  4. Reconfiguring DANA (generosity) as a New Institutional Financial Mechanism for Social Enterprises Sponsored by MHRD, Department of Higher Education, New Delhi.
  5. Improving End-of-Life Care (EoLC) for the Elderly by Integrating Indic Perspectives on Ageing and Dying Sponsored by MHRD, Department of Higher Education, New Delhi.
  6. Developed One Video and One Web Courses on Security Analysis and Portfolio Management in National Programme on Technology Enhanced Learning (NPTel) sponsored by Government of India

Training Programmes Conducted

  1. Title of the Programme: Financial Modelling and Risk Management: Theory and Practice May 24-27, 2010
  2. Title of the Programme: Financial Modelling and Risk Management: Theory and Practice May 25-28, 2009
  3. Title of the Programme: Strategic Management: Theory and Practice May 22-25, 2008