Leading Business School in India | NMIMS | School ofBusinessManagement |Top B School in India| NMAT

For further information please fill the details below:

First Name
Last Name
Mobile Number
Email Address
Program Enquired
School Enquired
Home > Faculty-and-research > Faculty >
Dr. Mayank H. Joshipura

Dr. Mayank H. Joshipura

Professor & Program Chairperson
MBA Capital Markets, SBM, NMIMS

Phone - (022) 4235-5834
Email: mayank.joshipura@nmims.edu


  • Certificate programme on "Creating value through financial management”, Wharton Business School, USA.
  • Ph.D., Bhavnagar University, 2005. Major: Management
  • MBA, Bhavnagar University, 1999.
  • Major: Finance
  • Diploma in Taxation Law & Practices, Bhavnagar University, 1999.
  • B.E., Saurashtra University, 1996. Major: Power Electronics

Honors and Awards

First prize for the best paper at NICOM 2010.

Courses Taught

Portfolio Theory and Practices, Financial Econometrics, Investment and Portfolio Management, Mergers and Acquisitions, Corporate Restructuring and Valuation, Corporate Finance, Behavioural Finance.

Teaching Experience - 15 years

Teaching and Pedagogical Innovations

Industry/ Consulting Experience

He has one and half decade of experience in management education and consulting. He has been a regular faculty for UGC refresher courses for management and commerce faculty. He has completed two funded research projects for National Stock Exchange of India. He also has supervised two funded research projects under NSE’s student’s research project initiative. He has designed and conducted several training programmes and MDP sessions for many reputed organizations. He has keen interest in the areas of Derivatives, Portfolio management, Behavioral Finance Quantitative applications in finance, financial risk management and corporate finance.

Service to the University

Member, Academic Council, School of Business Management. (2013 - Present).

Service to the School

Chairperson, MBA, Capital Markets. (2013 - Present).

Ph.D. Topic

Public Distribution System in India: A study of (Technical and Financial Feasibility) IT application for distribution system reform

Research Interest

Market efficiency, Behavioral finance, Portfolio strategies, Innovative financing as a source of competitive advantage and valuation of long dated options and convertible securities.

Recent Publications

Book Chapters

  • Joshipura, M., Gandhi, A. Comparison of spread strategies to create profitable trading opportunities. In Amandio F C Da Silva (Ed.), Advanced Trading Strategies in Options. The ICFAI University Press.
  • Joshipura, M., Gandhi, A. Creating low-risk trading strategies using derivative products. In Amandio F C Da Silva (Ed.), Advanced Trading Strategies in Options. The ICFAI University Press.
  • Joshipura, M. Mortgage Innovation: An insight into reverse mortgage. In Dhandapani Alagiri (Ed.), IUP series on debt markets in India: Recent developments. The ICFAI University Press.
  • Joshipura, M., Wats, S. (2014). Evidence of Long Term Reversal and Contrarian Profits from Indian Stock Markets (1st ed.).

Refereed Journal Articles

  • Joshipura, M., S. (in press). There are three pillars of successful equity investing: Discipline, Patiance and Luck. If you have the first two, Luck has no choice but oblige. Auckland University of Technology.
  • Joshipura, N., Joshipura, M. (2017). Beta Anomaly and Comparative Analysis of Beta Arbitrage Strategies. NMIMS Management Review, XXXIII, 57-72.
  • Joshipura, M., Joshipura, N. (2016). The Volatility Effect: Evidence from India. Applied Finance Letters, 5(1).
  • Joshipura, M. (2016). Low Risk Anomaly: Indian Evidence. Journal of Internatinonal Finance and Economics, 16(2), 49-57. http://www.iabe.org/domains/IABE-DOI/Journal.aspx?P=9
  • Joshipura, M., Joshipura, N. (2015). Risk Anomaly: A Review of Literature. Asian Journal of Finance and Accounting, Macro Think Institute, VII(2), 138-151.
  • Joshipura, M., Janakiraman, S. (2015). Price and Volume effects associated with scheduled changes in constituents of index: Study of Nifty Index in India. Inderscience Enterprise. http://www.inderscience.com/jhome.php?jcode=AAJFA
  • Wats, S., Joshipura, M. (2014). Test Of Momentum Investment Strategy: Empirical Evidence From The Indian Stock Market. SSRN.
  • Joshipura, M. (2013). Market reaction to bonus announcement in post global financial crisis era: Evidence from India. Asian Journal of Finance and Accounting, V(2).
  • Joshipura, M. (2013). Low risk Anomaly: A new enemy of market efficiency. IUP Journal of Risk Management, X(3).
  • Joshipura, M. (2011). Test of momentum investment strategy: Evidence from Indian Stock Market. Journal of International Finance and Economics, XI(2).
  • Joshipura, M. (2010). Does the stock market overreact? Empirical evidence of contrarian returns from Indian markets. Review of Business Research, X(4).
  • Joshipura, M. (2010). Is an introduction of derivatives trading cause-increased volatility? Indian Journal of Finance, IV(2).
  • Joshipura, M. (2009). Price & Liquidity Effects of bonus: empirical evidence from Indian Stock Market. IUP Journal of Applied Finance, XV(1).
  • Joshipura, M. (2009). Price & Liquidity Effects of Stock Split: Empirical Evidence from Indian Stock Market. Indian Journal of Finance, III(10).

Case Studies

  • Joshipura, M. (2013). Tata Power: Innovation in Financing and Growht (3rd ed., vol. III). Emerald Emerging Market Case Studies.
  • Joshipura, M. (2011). HDFC Ltd: Tale of India’s First NCD + Warrant Issue.
  • Joshipura, M. (2011). HDFC Ltd: Tale of India’s First NCD + Warrant Issue. ECCH.
  • Joshipura, M. (2011). HDFC Ltd: Tale of India’s First NCD + Warrant Issue, Teaching Note. ECCH.
  • Joshipura, M., V., S., A., A. (2011). Tata Steel Convertible Securities (B). Ivey Case Publishing, Harvard Business Publication.

Research Currently in Progress

"Behavioral Strategies" (On-Going).

"What explains the cross section of expected returns: Idiosyncratic volatility or preference for lotteries?" (On-Going).

Research Objectives:

  • To investigate significance of extreme positive returns in predicting cross section of expected returns
  • To investigate significance of extremeness positive returns predicting cross section of expected returns controlling for other known effects. (i.e. size, value, momentum, liquidity, skewness etc).
  • To investigate significance of idiosyncratic volatility in predicting cross section future returns.
  • Major: Finance
  • To investigate whether extreme positive returns is simply a proxy for high idiosyncratic volatility
  • To investigate significance of extreme positive returns in reversing idiosyncratic volatility effect in predicting cross section of expected returns.
© Copyright 2021. Shri Vile Parle Kelavani Mandal (SVKM) All Rights Reserved.   Disclaimer  |  Privacy Policy