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Dr. Tushar Panigrahi

Profile of Tushar Ranjan Panigrahi

Teaching InterestResearchSoftware and Analytical Skills

Tushar Ranjan Panigrahi
Dr. Tushar Ranjan Panigrahi, is working as an Associate Professor in Finance with ITM Business School, Kharghar, Mumbai. He earned his PhD from Ravenshaw University, Odisha in Management. Dr. Panigrahi holds double Masters degree: MBA in Finance from IBCS, Odisha and M.A in Economics from Ravenshaw University, Odisha. His research interest includes Foreign Direct Investment, Capital Market and Statistical model building in financial markets. He has a total of 15years of teaching experience. Dr. Panigrahi has worked as a trainer for Bombay Stock Exchange (BSE) and Tata Institute of Social Science. He has conducted several training programs on Spreadsheet Modelling, Financial Modelling, Investment Planning and Business Analytics in various academic institutes in Mumbai and Odisha.
Academic Qualification
April 2016
Ph.D in Management from Department of Commerce & Business Management, Ravenshaw University, on “Foreign Direct Investment in India: Determinants, Linkages, Impact and Policy Implications.”
June 2004
M.B.A. in Finance and Marketing from Institute of Business & Computer science (Then affiliated to Utkal University), Odisha
July 2002
M.A. in Economics from Ravenshaw Autonomous College, (Then affiliated to Utkal University), Odisha
March 2000
Diploma in Computer Operations from National Institute of Information Technology (NIIT)
July 1999
B.A. (Economics Hons) from B.J.B. College (Utkal University) Bhubaneswar, Odisha
• Financial Management
• Security Analysis & Portfolio Management
• Derivatives and Risk Management
• Corporate Finance
• Financial Modeling
• MS Excel Applications in Finance
• Managerial Economics
• Spreadsheet Modelling
• Managerial Economics
• Macroeconomics
Research Interest
• Credit Risk Modeling
• Capital Market
• Time-series econometric modelling
• Asset Pricing Modelling
• Valuation of Securities and Fundamental Analysis
• Foreign Direct Investment
Current Research
• Statistical Model Building in Financial Markets, Capital Market Research
• Analytical Problem Solver & Excellent Command on XL Miner, SPSS, SPSS Modeler, E-Views and SOLVER
• MS Excel (Trainer)
• Financial & Investment Analysis (Trainer)
• Forecasting Stocks and Indices Price (Trainer)
• Portfolio Selection and Construction (Trainer)
Academic Experience
Academic Experience of 16+ years

24th Oct 2017
Associate Professor in Finance, Institute for Technology & Management (ITM), Kharghar, Navi Mumbai


• Teaching and Research
• Mentoring Student Projects
• Organizing International conference

11th Dec 2014 to 14th Oct 2017
Assistant Professor in Finance, St. Francis Institute of Management Research, Mumbai
4th Jul 2012 to 9th Dec 2014
Assistant Professor in Finance, Thakur institute of Management Studies & Research, Mumbai
16th Jun 2008 to 28th May 2012
Assistant Professor in Finance, Institute of Management & Information Science, Bhubaneswar, Odisha
18th Dec 2006 to 5th Jun 2008
Assistant Professor in Finance and Economics, ICFAI National College (INC), Bhubaneswar, Odisha
6th Apr 2004 to 16th Dec 2006
Assistant Professor in Finance and Economics, The NIS Academy, Bhubaneswar, Odisha
Training Programme Conducted (Trainer)
• Conducted workshop for Bombay Stock Exchange on “Investors Protection Fund” from April to November 2017.
• Conducted a workshop on “Research Methodology Using Excel and SPSS” for the research scholars and Academicians at Department of Education, Rashtriya Sanskrit Sansthan, Shree Sadashiv Campus, Odisha in November 2019
• Conducted Training program on “Financial Models for Startups” for several small startup companies under Connoisseur Hub in September 2019.
• Conducted a workshop on “Predictive Research Methodology using SPSS” for the research scholars and faculty members at NCRD’s Sterling Institute of Management Studies in June 2019.
• Conducted workshop on “Research Leveraged on SPSS” for the research scholars at Department of Commerce & Management, Ravenshaw University, Odisha in May 2019
• Conducted workshop on “Excel to Excel in Life” for faculties and students at Sasmira’s Institute of Management and Research in March 2019.
• Conducted workshop on “Excel in You” for management professionals at Sasmira’s Institute of Management and Research in March 2018.
• Conducted Faculty & Staff Development Program on “Excel Applications” at ITM Business School, Navi-Mumbai in November 2017.
• Conducted a training workshop for the management trainers on “Predictive Research Analysis using Excel” at NCRD’s Sterling Institute of Management Studies May 2017
• Conducted workshop for faculties on “Applications of Ms-Excel in the teaching Pedagogy of Management programme” at St. Francis Institute of Management & Research in June ,2016
• Conducted workshop on “Excel in You” at Sasmira’s Institute of Management and Research in October 2016.
Refereed Research Publication
• Mall, Sunita. Panigrahi, Tushar., & Patil, Prasad., (20xx) “Return Spillover and Volatility Spillover amongst Stock Indices of the Top Eight Economies: A Case of Multivariate GARCH Approach”, [Under Review in Annals of Finance-B-Grade]
• Mall, Sunita. Panigrahi, Tushar., & Patil, Prasad., (20xx), “A Study of Spill-overs in Banking Indices of India and The US: A VAR-MGARCH Approach”. [Under Review in Journal of Quantitative Economics-B-Grade]
• Panigrahi, Tushar., Agarwala, Pinky., & Dabhekar, Aditya., (20xx), “Impact of Credit Rating on The Stock Returns and Capital Structure: A Case of Automobile and Auto-Ancillary Companies Rated by CRISIL & ICRA”. [Under Review in Asia-Pacific Journal of Management Research and Innovation, Sage Publications -SCOPUS Listed Journal]
• Mall, Sunita., & Panigrahi, Tushar., (2019), “Capital markets & Economic growth: A tale of BRICS Countries”, is accepted to be published in the Journal of Applied Business and Economics, North American Business Press, Volume No – 21, Issue – 6 ISSN No. 1499-691X [ABDC –“ C “ grade Journal]
• Panigrahi, Tushar., Mall, Sunita. & Thomas, Stephina., (2019), “Predicting financial solvency of commercial borrowers: case of non-banking financial companies”, Accounting and Finance research, Sciedu Press, Volume No – 8, Issue – 3 ISSN No. 1927-5986 [ ABDC –“ C “ grade Journal]
• Panigrahi, Tushar & Mall, Sunita. (2017), “Relationship Between FDI Distribution And Regional Economic Aggregates: An Evidence From India”, Romanian Economic and Business Review, Volume No – 12, Issue – 4, pp 109-124. ISSN . 1842-2497. [ABDC –“ C “ grade Journal]
• Panigrahi, Tushar & Mall, Sunita. (2017), “India’s Competitive Position Amongst The Asian Economies: An Empirical Study On FDI Inflow”, European Journal of Finance and Banking Research Vol. 7. No. 7. Pp. 1-23. ISSN: 1933-3420. [ABDC –“ C “ grade Journal]
• Panigrahi, T & Panda,B. (2012), “Factors Determining FDI Inflow to India, China & Malaysia: An Empirical Analysis”, Asia-Pacific Journal of Management Research & Innovation (APJMRI), PP: 89 – 100. ISSN: ISSN: 2321-0729 http://abr.sagepub.com/content/8/2/89.short?rss=1&ssource=mfr [SCOPUS Listed Journal]
• Panigrahi, Tushar. Patra, Rabinarayan & Satapathy, Sanjay Kumar, (2015), “Foreign Direct Investment in Indian States: A Trend Analysis” in International Research Journal of Business and Management (IRJBM) – (www.irjbm.org ) Volume No – VIII, March – 2015, Issue – 4, pp 107-117. ISSN: 2322 083X . irjbm.org/irjbm2013/march2015/Paper16.pdf or http://irjbm.org/?page_id=877
• Panigrahi, T. R., & Panda, B. D. (2012). Factors Influencing FDI Inflow to India, China and Malaysia: An Empirical Analysis. Journal for the Study of the Old Testament, 8(2), 213–231. https://doi.org/10.1177/0309089216677671
• Mall, Sunita & Panigrahi, Tushar. (2012), Customer Preferences: A Pilot Study on Organized Retail Industry. Productivity; Apr-Jun 2012, Vol. 53 Issue 1, pp 62
• Panigrahi, Tushar., Patra, R.N., & Satapathy, S.K., (2015), “Regional Concentration of Foreign Direct Investment in India: A Trend Estimation”, Asia-Pacific Finance and Accounting Review (AFAR). ISSN-2278-1838 (Print) & ISSN 2319-7218 (On-line)
• Panigrahi, Tushar., Patra, R.N., & Satapathy, S.K., (2015), “Distribution of Foreign Direct Investment in Indian Regions: A Trend Analysis”, Anweshak International Journal of Management ISSN: 2278-8913 (Print) ISSN: 2350-0794 (Online) Vol 4, No 2 (2015), Pagination: 157-171 , http://i-scholar.in/index.php/aijm
Book Chapters
• Panigrahi, Tushar. (2009), “How Much to Innovate? A Trade-off between Innovation and Price Instability” in ‘Marketing in Emerging Markets’, ISBN no 978-81-7446-758-4.
• Panigrahi, Tushar. (2010) “Regulatory Issues in Corporate Governance” in Financial Risk Management-A Challenge for the Competitive Market, ISBN no 978-81-7446-910-6.
• Panigrahi, T. & Mall, S., (2008)“Service Quality in Indian Insurance Sector-An Analytical Approach” in proceedings of the International Conference on Financial Risk Management, having ISBN No: 978-81-7446-910-6.
Selected Conference Papers
• Ramanthan, Sowmya., Panigrahi, Tushar. & Patil, Prasad. (2020), “Return & Risk Spill-Over Effect amongst Indian Auto-makers and Global Auto-makers: A Case of Multivariate GARCH Approach” is presented at the SIMSR International Finance Conference (SIFICO) – 2020 on Risk Management in Banks and Financial Markets’. conducted by K. J. Somaiya Institute of Management Studies and Research, Mumbai on 17th & 18th January 2020.
Received Best Paper Award – Chowdhury, Seemita Bose & Panigrahi, Tushar., (2019), “Assessment Of Market Efficiency: A Case Of Major Stock Indices Of Emerging Asian Countries In Pre-Recessionary And Post Recessionary Phase” presented at the ICSSR sponsored International Conference on “Emerging Socio-Economic Trends and Business Strategy” organized at International School of Business & Media, (ISB&M) Kolkata on 18th and 19th January 2019.
• Panigrahi, Tushar., Patil, Prasad. & Dhavekar, Aditya (2019), “Return Spill-over & Volatility Spill-over Amongst Stock Indices of the Top Eight Economies: A Case of Multivariate GARCH Approach.” is presented at the International Conference on Techno-Management Trends (ICTMT) – 2019 conducted by Institute for Technology and Management, ITM – Kharghar. 15th February, 2019.
• Panigrahi, Tushar., Patil, Prasad. &. Ray, Urmimala (2018), A study of Spill-over effect in the Banking sector stocks Listed under BSE and NYSE: A Case of Multivariate GARCH Approach.” is presented at the First PAN IIT International Management Conference (PANIITIMC) – 2018 conducted by Indian Institute of Technology, IIT – Roorkee 30th November – 2nd December, 2018.
• Agarwal, Pinky,. Panigrahi, Tushar., & Bhiwandikar, Mahesh K., (2018), ” A Study of Accounting practice of the Municipal Councils: A case of Konkan region of Maharashtra” is presented at the First PAN IIT International Management Conference (PANIITIMC) – 2018 conducted by Indian Institute of Technology, IIT – Roorkee 30th November – 2nd December, 2018.
• Mall, Sunita. & Panigrahi, Tushar. (2017), “The relationship between insurance and Economic growth in India: A Cross-region study using an Econometric approach” presented at the in the 5th IIMA International Conference on Advanced Data Analysis, Business Analytics and Intelligence to be held at IIM Ahmedabad on April 08-09, 2017.
• Panigrahi, Tushar. Mall, Sunita. & Thomas, Stephina (2016), “Credit Risk Management: A Case of Comfort Group of Companies” presented at the International Finance Conference (IFC) – 2016 conducted by Indian Institute of Management, IIM Ahmedabad 19th – 21st December, 2016.
• Mall, Sunita. & Panigrahi, Tushar., (2016), A study on Cross Selling Potential in An Indian Insurance Company” presented at the 4th PAN IIM World Management Conference – 2016 held at Indian Institute of Management, IIM Ahmedabad 13th – 15th December, 2016.
• Panigrahi, Tushar., & Mall, Sunita (2015), Credit Risk Management: A Case of Indian Financial Sector, presented in International Finance Conference (IFC) -2015 conducted by Indian Institute of Management, Kolkata 17th-19th December, 2015.
• Panigrahi, Tushar., (2014), Cross Selling Model on Insurance Product: An Empirical Study, presented in PAN-IIM-WORLD Conference conducted by Indian Institute of Management, Kozhikode 5th-10th, November, 2014.
• Panigrahi, Tushar., (2009), “Role of Human Psychology & Emotions in Stock Valuation”, presented in International conference on management sciences and arts conducted by Gurukul Kangri University, Haridwara on 15th-17th September.
• Panigrahi, Tushar & Mall S., (2009), “Measuring Retail Service Quality-A Case of Retail Stores of Orissa” presented in International conference on International market at crossroad: Strategic Direction and Dimensions which was conducted at DRIEMS college, Cuttack, Odisha on 24th-25thapril, 2009
• Panigrahi, Tushar., (2009),“ How Much to Innovate? A Trade-Off between Innovation and Price Instability” was presented in International Conference on Marketing, organized by RIMS, Rourkela. On 6th-8th Sept 2009.
• Panigrahi, Tushar., (2009), “Income Inequality & the Existence of Informal Sectors in A Transition Economy- A Case of India.” was presented in the International conference on Indigenous Management Practices (ICIMP-2009) at the Department of Business Administration, Annamalai University, Tamil Nadu, on 16th – 18th July.
• Panigrahi, Tushar., (2008), “Service Attributes in Banking Sectors” presented in an International Conference organized by Punjab College of Technical Education, Ludhiana on 30th May 2008.
• Dhavekar, Aditya., & Panigrahi, Tushar., (2019), “Spill-over Effect amongst the Stock Indices, Currency Futures Indices & Commodity Futures Indices: A Case of Multivariate GARCH Approach” is presented at the “ANVESHI-2019 : 13th National Level Research Conference” organized by St. Francis Institute of Management & Research (SFIMAR), Mumbai on 1st February, 2019. The research paper is nominated and awarded as the best paper.
• Panigrahi, Tushar., Agarwal, Pinky,. & Dhavekar, Aditya., (2018), ” Impact of Credit Rating on The Stock Returns and Capital Structure: A Case of Automobile and Auto-Ancillary Companies Rated by CRISIL & ICRA” is presented at the National Conference on Industrial Engineering & Technology Management (NCIETM) 2018 conducted by NITIE, Mumbai 30th November – 1st December, 2018.
• Panigrahi, Tushar., Pandey, Jyoti., & Mall, Sunita., (2018), ” Comparative Performance Evaluation of Relative Strength Index And Moving Average Convergence & Divergence: A Case Of Twenty Sectoral Indices ” is presented at the National Conference on Industrial Engineering & Technology Management (NCIETM) 2018 conducted by NITIE, Mumbai 30th November – 1st December, 2018.
• Panigrahi, Tushar.,(2013), “FDI Inflow and Indian Economy: An Analytical Study” was presented at 5th National Seminar on ‘Economic Environment of Business’ organized by Aruna Manharlal Shah Institute of Management & Research on 21st September.
• Panigrahi, Tushar.,(2009), ” Great Recession 2008 and Great Depression 1929: A comparison” was presented in the National Seminar conducted By Srusti Academy on 8th-10th May.
• Panigrahi, Tushar.,(2008), ”Service Attributes in Banking Sectors” was presented in the National Seminar ”Structural Changes In Market Dynamics” conducted By Rajdhani College Of Engineering & Management on 3rd and 4th May.
• Panigrahi, Tushar.,(2008), “Knowledge Management in Management Education” was presented in the National Seminar of Institute of Business & Computer Studies (IBCS) on 20th -22nd February.
• Panigrahi, Tushar., (2007), “Underutilization of the Concept of Consumer Behavior in Mobile Phone Manufacturing Industries” was presented in the National Seminar “Creating Value: Challenges for Organization,” conducted by Institute of Business & Computer Studies (IBCS) on 8th -10th July.
Faculty Development Programme Attended
• Faculty Development Program on ‘Case Study Teaching & Writing’ organized by Thakur institute of management studies & research (6th & 7th December 2013).
• National Workshop on Research Methodology organized by Department of Business Administration, Berhampur University, Orissa. (29th – 30th October 2011).
• Faculty Development Workshop conducted by ICFAI National College, Head Quarter, Hyderabad. (26th November 2007 to 28th Nov 2007).
• Staff Development Program conducted by AICTE on “Building Investment Management Skill” at Shrusthi Academy of Management, Bhubaneswar. (15th – 22nd July 2007).
• Faculty Development Program for one month conducted by ICFAI National College, (HQ) Hyderabad. (8th Jan 2007 – 13th February 2007).
Projects Guided
Guided more than 100 student projects in the areas of
1. Mutual Fund Performance
2. Mutual fund Manager’s Active Management
3. Stock Market performance
4. Technical and Fundamental Analysis of Stocks, stock indices and Stock market.
5. Relevance of Market efficiency in Indian stock market, Stocks and Indices
6. Credit risk Management (Corporate and Individual)
7. Credit Appraisal and Credit rating
8. Money Market Instruments
9. Financial Awareness And Education
10. Customer’s Satisfaction Survey of Financial Products like Insurance, Mutual Fund, Stock Brokerage Firms and Banks
Professional Service Membership and Association
• A Lifetime member of Odisha Economic Association.
• A question setter of Institute of Banking Personnel Selection (IBPS) that conducts written test and personal interviews for different positions/designations in the banking industry all over India.
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