Faculty

Mayank Joshipura

Vice Dean, Research & Ph.D. Programme, Professor (Finance)

Email:  mayank.joshipura@sbm.nmims.edu

Dr. Mayank Joshipura is Vice Dean, Research and Ph.D. programme and Professor of Finance at School of Business Management, NMIMS University, Mumbai. Dr. Joshipura, an engineering graduate, holds Ph.D. and MBA degrees in Finance. He is an alumnus of Harvard Business School, Glocoll porgramme. He has completed a certificate programme on “Creating value through financial management” from Wharton Business School, USA. He visited Adelaide Business school on seed travel grant provided by the host institution for a two week period in 2023 where he delivered guest sessions and a research seminar. Dr. Joshipura is the recipient of the “Best Finance Professor Award” at the 23rd Devang Mehta, National Education awards in the year 2015.

Dr. Joshipura has two and half decades of experience in management education and consulting. He has worked with several reputed institutes including S P Jain Institute of Management & Research, Mumbai, where he was a faculty and Head of the Finance area, prior to joining NMIMS in 2013. He has served as visiting faculty to many reputed business schools including IIM-Lucknow, IIM-Indore, SPJIMR, and SPJCM Singapore. He has been a regular faculty for UGC refresher courses for management and commerce faculty.

Dr.Joshipura has published several journal articles and case studies in reputed international journals. 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-research project initiative. His book titled “Cases in Financial Management” has been published by Routledge (London and Newyork) has been published 2024. He has published series of articles in the leading business dailies and portals like Economic Times, Financial Express, ET Wealth, DNA Money and moneycontrol.com. Dr.Joshipura has designed and conducted several training prorammes and MDP sessions for many reputed organizations such as SBI, PNB, BSE, ISE, LIC MF, Asian Paints, ACC, Zydus Cadila, Sun pharma, IFFCO, GSPC, Gujarat Gas, V-Trans and many more.

Dr. Joshipura has keen interest in the areas of Capital markets, Behavioral Finance Fintech, Sustainable Finance, Corporate Finance and marketing of financial services.

Professional Interests

Research Interests

Capital markets, Factor Investing, Mutual Funds, Crowdfunding, Fintech, Marketing of Financial Services, Sustainable Finance, Behavioral Finance

Teaching Interests

Portfolio Management, Alternative Investments and Hedge Funds, Derivatives and Risk Management, Behavioral Finance, Wealth Management, Mergers & Acquisitions, Corporate Finance

Expertise and Research Interest

Number of Citations: 280

ORCID: https://orcid.org/0000-0001-7711-6229

Academic Background

Glocoll, Harvard Business School, USA, 2018-19

EDP, Wharton Business School, USA, Creating Value through Financial Management, 2010

Ph.D. Bhavnagar University, India, Management (Finance), 2005

M.B.A. Bhavnagar University, 1999

B.E. (Power Electronics), Saurashtra University, 1996

Service to the NMIMS University

  • April 2023-present, Editor in Chief, NMIMS Management Review (WoS, UGC care journal)
  • 2022-present: Member and (Criteria 3 owner) of University NAAC steering committee
  • 2021-Present, Member, Research and Publication Ethics Committee, NMIMS University
  • 2021-Member, University Library committee
  • 2021-March 2023, Managing Editor and I/C Editor in Chief, NMIMS Management Review
  • 2017- Present Member Board of Studies, Anil Surendra Modi School of Commerce, NMIMS University, Mumbai
  • 2018-present, Mentor, Atal Incubation center, NMIMS University,
  • 2015-2018, Chairperson, Finance Area
  • 2016-2018 Chairperson, CRISIL CCAP programme
  • 2013-15, Chairperson, MBA, Capital Markets programme

MDPs and In-Company Programms:

  • Designed and taught in MDPs/In-company programmes for several reputed organizations over past one and half decades.
  • Sample List: Asian Paints, Ambuja Cement, HPCL, CRISIL, SBI, PNB, LIC MF, IFFCO, IFFCO-Tokyo, Gujarat Gas, SEWA, Sun Pharma, BSE, V-Trans, ISE. NJ India and more.

Awards and Achievements

  • Head of the Open Science Policy Working Group as NMIMS University.
  • Received Seed Travel Grant to Visit Adelaide Business School, Adelaide University from October 23-November 3, 2023. During the visit
    • conducted master class on Investment Strategies
    • Delivered Finance research seminar to the group of 30 finance faculty and PhD candidates
    • Attended Finance Research Network Conference on Corporate Finance and
    • Held series of meetings with Activity heads and Dean of Adelaide Business Schools to explore possible collaboration opportunities.
  •  Received the BEST FACULTY AWARD for 2023-23 at SBM-NMIMS University Convocation on April 15, 2023.
  • Received in-house research grant for “Predicting IPO Listing Gains Using Gray Market Premium”
  • Received first and the only internal research grant awarded to SBM-NMIMS faculty from NMIMS University for year 2015-16 for the research on “What explains the cross section of expected returns: Idiosyncratic volatility or preference for lotteries?”
  • Received “Best Professor in Finance” award at 23rd Devang Mehta National Education Awards, 2015
  • Won the best paper award at Great Lakes-Union Bank Finance conference, 2015.
  • Won the first prize for the best paper dug NICOM-2010
  • Awarded two funded research projects by National Stock Exchange of India in 2008 and 2009
  • Awarded and supervised two research projects under National Stock Exchange of Indian in 2012 under their Student research project initiative (we were the first to receive the funding and complete the work under this initiative)
  • Expert Guest for RadioOne, Ahmedabad “Finance and Investments Series” from January 2015-May 2015, Monday-Friday 8:00am to 9:00am
  • Appeared as a Panel member on Doordarshan for a panel discussion on Capital Markets Sponsored by Ministry of Finance
  • Served as a core committee member for Curriculum Development of “Post Graduate Diploma in Event Management” set up by Director of Technical Education, Government of Gujarat
  • Regular resource person for UGC Refresher course for Management & commerce teachers conducted by Gujarat University
  • Designed and delivered many long and short duration programmes at Ahmedabad Management Association including Diploma in Capital Markets ( 6 months diploma) and Managing Investments (30 hour programme conducted for 15 batches).

Ph.D. Supervision and Intellectual Contributions

Candidate

Topic

My Role

Status

Dr. Shilpa Peswani

Evidence and Attributes of Low Risk Investment Strategy

Guide

Ph.D. awarded

Dr. Manoj Panda

Essays on Merger and Acquisitions in India

Guide

Ph.D. awarded

Dr. Sudhanshu Pani

Essays in Market Microstructure

Co-guide

Ph.D. awarded

Dr. Sandeep Kudatkar

Critical Analysis of PPP model in Infrastructure sector in India

Co-guide

Ph.D. awarded

Ms. Nikita Kedia

Essays on ESG Investing

Guide

Under Progress (expected-December 2024)

Prof. Tanvi Joshi

Active Share and Active Fund Measures: Do They Predict Mutual Fund Performance?

Guide

Under progress

(Expected June 2024)

Mr. Divya Tulsyan

Essays on Risk Anomaly

Guide

Under progress

(Expected June 2024)

Shreya Lalwani

Risky Financial Asset holding & Financial well-being of Young adults: The role of Family Financial Socialization, Financial education, Financial literacy & risk tolerance.

Guide

Under progress

(Expected March 2025)

Intellectual Contributions

Select Journal Articles (ABDC B category and higher)

For complete list of publications visit

https://scholar.google.com/citations?hl=en&user=Do8vBE0AAAAJ&view_op=list_works&sortby=pubdate

  • Non Fungible Tokens: A Hybrid Review and Framework Development, Electronics Commerce Research (ABDC A, Clarivate IF: 3.7 SSCI Q1, SCOPUS Q1, CS: 7.2)
  • Asymmetric Impact of Russia-Ukraine War on Global Stock Markets, Journal of Prediction Markets, Journal of Prediction Markets (ABDC B)
  • Sustainable investing and financing for sustainable development: A hybrid review, Sustainable Development, (WoS Clarivate IF= 12.5, SCOPUS Q1 (CS =15.2, ABDC listed)
  • Role of product advantage in Shaping Product Outcome: A hybrid review, Marketing Intelligence and Planning, (ABDC A, SCOPUS (CS =7.1), WoS (Clarivarte IF: 4.4)
  • What determines the performance of pharmaceutical firms in India on account of COVID-19 interventions?, International Journal of Phrarmceutical and Healrthcare Marketing, (ABDC C, SCOPUS (CS =2.8), WoS (Clarivarte IF: 1.2)

           (ABDC A, WoS (Clarivate IF =  5.3), SCOPUS (CS = 9.9), ABS listed)

  • Alshater, M. M., Joshipura, M., Khoury, R. El, & Nasrallah, N. (2023). Initial Coin Offerings: a Hybrid Empirical Review. Small Business Economics. https://doi.org/10.1007/S11187-022-00726-2

          (ABDC A, ABS 3, WoS (Clarivate IF =7.1 ), SCOPUS (CS =12.8)

  • Kalro, H., & Joshipura, M. (2023). Product attributes and benefits: integrated framework and research agenda. Marketing Intelligence & Planning, ahead-of-print(ahead-of-print). https://doi.org/10.1108/MIP-09-2022-0402/FULL/XML

          (ABDC A, WoS (Clarivate IF = 4.4), SCOPUS (CS = 7.1), ABS listed)

           (ABDC B, WoS (Clarivate IF = 3.5), SCOPUS (CS = 3.5), ABS listed)

  • Joshipura, M., Joshipura, N., & Sharma, A. (2023). Demystifying disposition effect: past, present and future. Qualitative Research in Financial Markets, ahead-of-print(ahead-of-print). https://doi.org/10.1108/QRFM-07-2022-0114/FULL/XML

          (ABDC B, WoS (Clarivate IF = 1.9), SCOPUS (CS = 2.9), ABS listed)

          (ABDC B, WoS (Clarivate IF =  1.6), Scopus (CS =2.5) , ABS listed)

          (ABDC B, WoS (Clarivate IF =  1.6), Scopus (CS =2.5) , ABS listed)

          (ABDC B, WoS (Clarivate IF =  1.6), Scopus (CS =2.5) , ABS listed) 

  • Bhatt, A., Joshipura, M., & Joshipura, N. (2022). Decoding the trinity of Fintech, digitalization and financial services: An integrated bibliometric analysis and thematic literature review approach. Http://Www.Editorialmanager.Com/Cogentecon, 10(1). https://doi.org/10.1080/23322039.2022.2114160

          (ABDC B, WoS (Clarivate IF =  1.9), Scopus (CS =2.4) , ABS listed)

  • Peswani, S., & Joshipura, M. (2022). Low-risk investment strategy: sector bets or stock bets? Managerial Finance, 48(3), 521–539. https://doi.org/10.1108/MF-09-2021-0415/FULL/XML

          (ABDC B, WoS (Clarivate IF =  1.6), Scopus (CS =2.5) , ABS listed)

  • Joshipura, M., & Lamba, A. (2022). Impact of the COVID-19 outbreak on stock returns of Indian healthcare and tourism sectors. Investment Management and Financial Innovations, 20(1), 48–57. https://doi.org/10.21511/IMFI.20(1).2023.05

          (ABDC B, Scopus (CS =1.9))

  • Peswani, S., & Joshipura, M. (2021). Leverage constraints or preference for lottery: What explains the low-risk effect in India? Investment Management and Financial Innovations, 18(2), 48–63. https://doi.org/10.21511/IMFI.18(2).2021.05

          (ABDC B, Scopus (CS =1.9))

  • Joshipura, M., & Joshipura, N. (2020). Low-risk effect: Evidence, explanations and approaches to enhancing the performance of lowrisk investment strategies. Investment Management and Financial Innovations, 17(2), 128–145. https://doi.org/10.21511/IMFI.17(2).2020.11

          (ABDC B, Scopus (CS =1.9))

  • Joshipura, M., & Joshipura, N. (2020). Low-risk effect: Evidence, explanations and approaches to enhancing the performance of lowrisk investment strategies. Investment Management and Financial Innovations, 17(2), 128–145. https://doi.org/10.21511/IMFI.17(2).2020.11

          (ABDC B, Scopus (CS =1.9))

  • Peswani, S., & Joshipura, M. (2019). The volatility effect across size buckets: Evidence from the Indian stock market. Investment Management and Financial Innovations, 16(3), 62–75. https://doi.org/10.21511/IMFI.16(3).2019.07

          (ABDC B, Scopus (CS =1.9))

  • Joshipura, M., & Peswani, S. (2017). Returns to Low Risk Investment Strategy. Applied Finance Letters, 6(01), 2–15. https://doi.org/10.24135/AFL.V6I01.65

         (ABDC B)

  • Joshipura, M., & Joshipura, N. (2016). The Volatility Effect: Evidence from India. Applied Finance Letters, 5(1), 12. https://doi.org/10.24135/afl.v5i1.32

           (ABDC B)

Cases

HDFC Limited: Tale of India’s First NCD + Warrant Issue! - The Case Centre. (2009). Retrieved April 18, 2023, from https://www.thecasecentre.org/products/view?id=103456

Joshipura, M., & Sivaraman, V. (2022). To tender or not: an investor’s dilemma in the first hostile takeover in Indian IT services industry. Emerald Emerging Markets Case Studies, 12(4), 1–31. https://doi.org/10.1108/EEMCS-04-2022-0075/FULL/XML

Joshipura, M., Sivaraman, V., & M. Nawani, S. (2013). Tata Power Ltd: innovation in financing growth. Emerald Emerging Markets Case Studies, 3(3), 1–10. https://doi.org/10.1108/EEMCS-04-2013-0029/FULL/XML

Tata Steel Limited: Convertible Alternative Reference Securities (B). (2010). Retrieved April 18, 2023, from https://store.hbr.org/product/tata-steel-limited-convertible-alternative-reference-securities-b/910N32

Book

Joshipura, M., & Mathur, S. (2024). Cases in Corporate Finance. Routledge (T&F).

Joshipura Mayank (Editor), Smart Beta Investing: The Cornerstone of Smart Beta Investing, Imperial Publication (Edited book)

News Paper Articles

  • Stock Markets: Is there a valuation in bubble of the quality stocks, Financial Express, November 22, 2019.
  • How Individual Investors succumb to performance chasing behavior, Financial express, October 4, 2019
  • Equity Investing: Creating wealth with Discipline and Patience, Financial Express, September 19, 2019.
  • Equity Investments: How to separate value stocks from value trap? Financial Express, (April 19, 2019)
  • Planning to Invest in stock markets?  Here’re smart ways to know your risk appetite, January 29, 2019.
  • Stock markets: Are we headed for a bubble burst? Financial express, January 21, 2019.
  • NSE Dynamic Asset Allocation Indices: Dawn of a new era. Financial Express, November 12, 2018
  • High risk is not equal to high return, Financial Express, October 16, 2018.
  • Investment Planning: How Gold can help balancing equity risk in your portfolio, Financial Express, Oct 23, 2018.
  • Indian Investors should add foreign stocks to their investment portfolios, ET Wealth-Economic Times, July 9, 2018
  • Stock Markets: Benefits of Low Volatility Investing, Financial Express, March 7, 2018.
  • LTCG tax: How to reduce long term capital gains tax on equity; here are steps you can take, Financial Express (February 12, 2018)
  • How to make the right choice in new LTCG regime, Financial Express, February 6, 2018.
  • Equity Investments: How to create wealth without stock picking, timing and luck, Financial Express (January 26, 2018)
  • Are you waiting to buy on dips? Is it a good investment strategy?, www.moneycontrol.com , September 14, 2017
  • Gold ETF: A new kid on the Investment Block” DNA Money (Ahmedabad Ed.), February, 14, 2007
  • Performance analysis of Gujarat & Gujarat based companies” DNA Money (Ahmadabad Ed.), December 31, 2006 & January 01, 2007
  • Measuring the risk-adjusted performance” DNA Money (Ahmedabad Ed.), December, 19, 2006
  • Get ready for a roller coaster ride” The Economic Times (Ahmedabad Ed.) , December, 11, 2006,
  • Growth in organized retailing and carrier opportunities in retailing” The Times of India (Ahmedabad Ed.), December, 11, 2006

Business Magazines:

  • India’s Growth Story: What is required for achieving sustainable double digit growth?” ICFAI Reader, October 2009. The Icfai University Press
  • Comparison of spread strategies to create profitable trading opportunities.”  Treasury Management, August 2007, The Icfai University Press (Co-authored with Ajab Gandhi)
  • Creating low-risk trading strategies using derivative products”. Treasury Management, September 2007, The Icfai University Press (Co-authored with Ajab Gandhi)
  • Mortgage Innovation: An insight into reverse mortgage”. Treasury Management, December 2007, The Icfai University Press

Chapters in Books:

  • 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 (Co-authored with Ajab Gandhi)
  • Creating low-risk trading strategies using derivative products”. in Amandio F C Da Silva (Ed.) Advanced Trading Strategies in Options, , The Icfai University Press
  • 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 Mayank and Kedia Nikita (2024), Creating Impact Through Public Investments, Sustainable Finance, Financing, Impact and Value Creation.
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