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Director’s Message

Dear All,

It is an honour and privilege to serve this glorious Institute as a Director. Since the formal announcement was made I have received hundreds of messages from various stakeholders and I thank each one of them for support and warm welcome.

It is with great enthusiasm that I embrace this position and thank the Trust and Governing Council members for the opportunity given to me.

The higher education sector is facing a lot of challenges but there are also a number of opportunities and I shall work with all the stakeholders of TAPMI to take TAPMI to greater heights.

Over the next couple of months, I intend attending several events and meetings at TAPMI and Manipal University. The purpose is to learn about TAPMI and also hear your thoughts and opinions on where you wish to see TAPMI go over the next 5 years.

It is in this context that I present to you Vision 2022.

I very much look forward to hearing your views and suggestions and talking to all the stakeholders and also learn from you.

Onwards and upwards

Professor Madhu Veeraraghavan
Director and T.A. Pai Chair Professor of Finance
T.A. PAI MANAGEMENT INSTITUTE

Vision 2022

Director’s Address

Director’s Profile

  • Asset Pricing, Behavioural Finance, Corporate Finance, Corporate Governance.
  • 4543 out of 293,724 authors (As of March 16, 2017)
  • 2014 Best Paper Award at The Emerald 4th Indian Finance Conference at IIM Bangalore for the paper Firm Control and Financing Choices in Indian Firms.
  • 2014 Tie-in-Agreements in IPOs: Evidence from India, Short-listed for the Best Paper Award in the Corporate Finance Category, Financial Markets and Corporate Governance Conference, Brisbane, April 2014.
  • 2014 Local Religious Beliefs and Corporate Takeovers, Semi-finalist for the Best Paper Award, FMA Asian Conference, Tokyo, May 2014.
  • 2014 Does Managerial Skill Facilitate Corporate Innovative Success? Top Ten Download List – Paper Downloaded 27 times [with Yangyang Chen and Edward Podolski]
  • 2014 Local Gambling Preferences and Corporate Innovative Success, Top Ten Download List – Paper Downloaded 37 times [with Yangyang Chen, Edward Podolski and Ghon Rhee]
  • 2013 Best Paper Award at the MIT Sloan Asia Conference in Accounting for the paper “Executive Equity Risk-Taking Incentives and Audit Service Pricing”
  • 2011 Best Paper Award at the Finance and Corporate Governance Conference, Melbourne for the paper “Individualism, Uncertainty Avoidance and Earnings Momentum in International Markets”.
  • 2007 Vice Chancellor’s Awards for Teaching Excellence (with Damian Barry and Kevin Tant) “The Treasury Dealing Room: Technology, Innovation, Engagement and Internationalisation in Finance Education”
  • 2007 Emerald LiteratiNetwork (sponsored by Emerald Publishers) Highly Commended Award for the paper entitled “Idiosyncratic Volatility and Security Returns: Evidence from Germany and United Kingdom”.
  • 2004 Recipient of The Securities Commission Capital Market Award for the paper entitled “A Closer Look at the Size and Value Premium in Emerging Markets: Evidence from the Kuala Lumpur Stock Exchange” (with Mike Drew).
  • 2004 Recipient of The Vice Chancellor’s Research Excellence Awards, The University of Auckland.
  • 2004 Nominee for The University of Auckland New Research Excellence Award for Outstanding Research Performance.
  • 2003 Nominee for The University of Auckland New Research Excellence Award for Outstanding Research Performance.
  • 2003 Nominee for the Asian Studies Association of Australia President’s Medal for the Outstanding Thesis on Asia.
  • 2003 Nominee for The Pearson Education Accounting / Finance Lecturer of the Year Award.
  • 2001 Nominee for the Best teacher award under the Beginning Teacher Award Category, Griffith University.
  • 2000 Nominee for the Best teacher award under the Beginning Teacher Award Category, Griffith University.
  • 2000 Thesis accepted at the European Financial Management Association Doctoral Symposium. Thesis instructors: Professor Martin J. Gruber and Dr. John Parsons.
  • 1999 Nominee for the Best teacher award under the Beginning Teacher Award Category, Griffith University.
  • 2014 Financial Markets and Corporate Governance Conference, Brisbane
  • 2014 FMA Asian Conference, Tokyo
  • 2014 NSE-IGIDR Conference on Corporate Governance, India
  • 2013 MIT Asia Conference in Accounting, Shanghai
  • 2013 Asian Finance Association Annual Meetings, China
  • 2012 Australasian Finance and Banking Conference, Sydney
  • 2012 Asian Finance Association Annual Meetings, Taipei
  • 2012 American Accounting Association Annual Meetings, Washington
  • 2011 Australasian Finance and Banking Conference, Sydney
  • 2011 American Accounting Association Annual Meetings, Denver
  • 2010 Australasian Finance and Banking Conference, Sydney
  • 2009 American Accounting Association Annual Meetings, New York
  • 2008 American Accounting Association Annual Meetings, California
  • 2007 Australasian Finance and Banking Conference, Sydney
  • 2006 Global Conference on Business & Economics, Cambridge University
  • 2006 Global Finance Conference, Copacabana, Brazil
  • 2006 Southern Finance Association Annual Meetings, Destin, Florida
  • 2005 Mid-West Finance Association, 54th Annual Meeting, Milwaukee
  • 2005 FMA European Conference
  • 2005 The 12th Annual Global Finance Conference, Trinity College Dublin
  • 2005 China International Conference in Finance
  • 2005 Australasian Finance and Banking Conference, Sydney
  • 2004 12th Conference on the Theories and Practices of Securities and Financial Markets
  • 2004 Irish Association for Finance and Accounting Conference
  • 2004 Australasian Finance and Banking Conference, Sydney
  • 2003 FMA European Conference, Dublin
  • 2002 Australasian Finance and Banking Conference, Sydney
  • 2002 Econometric Society Australasian Meeting, Brisbane
  • 2002 European Financial Management Association Annual Meetings, London
  • 2001 Annual European Meeting of the Financial Management Association
  • 2000 European Financial Management Association Conference, Athens
  • Behavioral Finance, Corporate Finance and Corporate Governance.
    T.A. PAI Management Institute

  • Financial Management (TERM 2)
  • Behavioural Finance (TERM 6)
  • Research Proposal (PhD Course)
  • Corporate Finance – I (BKFS Program)
  • Corporate Governance and Ethics (BKFS Program)
  • Strategic Finance (PGDM Program)
  • Student Managed Investment Course (PGDM and BKFS Program)
  • Monash University – Department of Accounting and Finance

  • Postgraduate Courses
  • Case Studies in Finance (AFF 5300)
  • Financial Management and Theory (AFF 9250)
  • University of Auckland – Department of Accounting and Finance

  • Undergraduate Courses – Stage 2 Paper. Financial Management (Finance 251)
  • Undergraduate Courses – Stage 3 Papers. Advanced Financial Management (Finance 351), Modern Corporate Finance (Finance 751)(Honors Program)
  • Executive Programs Financial Management (FINMGT 601)
  • Griffith University – School of Accounting and Finance

  • MBA Courses – Asia Pacific Capital Markets, Financial Management, Portfolio Management and Derivative Securities
  • MPA Courses – Aspects of Corporate Finance
  • Bachelor of International Business – Quantitative Methods for Financial Management
  • BBA Courses – Business Finance
  • Bachelor of International Finance Courses – Asia Pacific Capital Markets, Investment Analysis and Management
  • Queensland University of Technology – School of Economics and Finance

  • Master of Applied Finance – International Finance, An Introduction to International Finance
    Bachelor of Commerce – Honours (Monash University)

  • Aosheng Chang (2012), What explains the value of cash?
  • Fotis Grigotis (2012), Anomalies and Options Trading
  • Constantine Koutsantony (2011), Stock price Response to S and P 500 Additions and Deletions: Do Options Matter?
  • Lubomir Slavtchev (2010), Investor Inattention Hypothesis and Earnings Announcements: U.S. Evidence
  • Nicholas Wheadon (2010), Accruals, Value-Glamour and Implied Volatility: U.S. Evidence
  • Mark Chudek (2009), Post Earnings Announcement Drift and Stock Returns: Canadian Evidence
  • Toby Allen (2008), Do Rival Firms Generate Abnormal Returns? Australian Evidence
  • Yusuf Hamzah (2007), The Anatomy of Size and Value Premium: Australian Evidence.
  • Daniel Beaver (2007), Characteristics of Going Private.
  • Sebastian Stryjkowski (2006), Value Vs. Glamour Stocks: Australian Evidence.
  • Mei Ting Ng (2005), An Examination of the Dividend Yield Strategy in the Singapore Stock Exchange.
  • Alina Manjossova (2005), Idiosyncratic Risk and Asset Return Premiums: Australian Evidence.
  • Shifali Mudumba (2005), Can Stock Return Momentum Explain the Smart Money Effect? An Investigation into the Australian Managed Funds Industry.
  • Bachelor of Commerce (University of Auckland)

  • Joe Halapua (2004), Should investors invest in high dividend-yield stocks? Evidence from Hong Kong.
  • Pei-Shan Lin (2003), Modern Finance Versus Behavioral Finance: A Critical Review.
  • Min Ye (2003), Do Momentum Strategies Work? Evidence from Australia.
  • Master of Commerce (University of Auckland)

  • Pei Shan Lin (2004), Do Dividend-Yield Strategies Work? Australian Evidence.
  • Andy Lee (2004), Board Size and Firm Performance: Evidence from India.
  • Fredrick Davison (2004), Can firm size and book-to-market equity explain economic fundamentals? Evidence from the Asian Region.
  • Min Ye (2004) Do Analysts Overreact? Evidence from Australia and New Zealand.
  • Steven Zhu (2004) An Empirical Examination of Capital Structure of Chinese Firms.
  • Bachelor of International Finance (Griffith University)

  • Mirela Szemes (2002), Beta, Firm Size, Book-to-Market Equity, Idiosyncratic Volatility and Security Returns: Evidence from France, Germany and United Kingdom.
  • Savitha HEGGEDE (2015-), Essays in Corporate Governance, T.A. Pai Management Institute (MAIN Supervisor)
  • Sudheer REDDY (2014-), Essays in Corporate Finance, T.A. PAI Management Institute (MAIN Supervisor)
  • Kuankuan WANG (2012-) Essays on Institutional Trading (EXTERNAL Supervisor)
  • Xiaoting WEI (2010-2016) Information Content of Earnings Announcements, Analyst Recommendation Changes and Dividend Changes in the Corporate Bond Market: U.S. Evidence (JOINT Supervisor)
  • Yonatan NAVON (2010-2014) Essays in Bond Markets (MAIN Supervisor)
  • Edward PODOLSKI-BOCSAR (2010-2014) Essays in Mergers and Acquisitions (MAIN Supervisor)
  • Xiaofeng Shi (2010-2014) Fundamental Indexation: Essays on Stock Mispricing, Portfolio Diversification and Rebalancing (JOINT Supervisor)
  • Nasser ALSADOUN (2008-2011), An examination of the association between equity
    undervaluation and information risk: the signalling role of earnings quality (ASSOCIATE Supervisor)
  • Man LI (2007-2011), Asset Pricing in Emerging Markets (ASSOCIATE Supervisor)
  • Maria STRYDOM (2006-2011), Corporate Governance, Accruals Anomaly and Information Risk: International Evidence (JOINT Supervisor).
  • Shibley SADIQUE (2006-2009), Essays in Hard and Soft Information, Monash University (JOINT Supervisor).
  • Minh DO (2005-2008), Essays in Alternative Investments, Monash University (ASSOCIATE Supervisor).
    Assessor for:

  • Social Sciences and Humanities Research Council of Canada (SSHRC)
  • Discovery Early Career Research Award (DECRA) – Australian Research Council

    Accepted / Forthcoming Publications

    2017

  • National Culture and Corporate Innovation in Pacific Basin Finance Journal (ABDC A) [with Yangyang Chen and Edward Podolski]
  • Venture-Capital Backed and Commitments Test Entity: Initial Public Offerings on the ASX, in Accounting and Finance (ABDC A) (in press) [with Zoltan Murgulov, Alastair Marsden and Ghon Rhee]
  • Do Progressive Social Norms Affect Economic Outcomes? Evidence from Corporate Takeovers in Journal of Empirical Finance (ABDC A) 41, 76-95 [with Yangyang Chen, Edward Podoloski and Ghon S. Rhee]
  • 2016

  • Trade-Based Manipulation: Beyond the Prosecuted Cases, forthcoming in Journal of Corporate Finance (ABDC A*) [With Suman Neupane, Ghon Rhee and Kuluru Vithanage]
  • Does High Quality Auditing Mitigate or Encourage Private Information?, forthcoming in Contemporary Accounting Research (ABDC A*) [with Yangyang Chen, Bin Srinidhi and Shibley Sadique]
  • Board Independence and Internal Control Weakness: Evidence from SOX 404 Disclosures, in AUDITING: A Journal of Practice and Theory (ABDC A*) [With Yangyang Chen, Robert Knechel, Vijay Marisetty and Cameron Truong]
  • Cash Holdings and Bond Returns around Takeovers, forthcoming in International Review of Financial Analysis (ABDC A) [with Edward Podolski and Cameron Truong]
  • Auditor Client Specific Knowledge and Internal Control Weaknesses: Some Evidence on the Role of Auditor Tenure and Geographic Distance, forthcoming in Journal of Contemporary Accounting and Economics (ABDC A) [with Yangyang Chen, Ferdinand Gul and Cameron Truong]
  • Religious Beliefs and Local Government Financing, Investments and Cash Holding Decisions forthcoming in Journal of Empirical Finance (ABDC A) [with Yangyang Chen, Zoltan Murgulov and Ghon S. Rhee]
  • 2015

  • Executive Equity Risk-Taking Incentives and Audit Service Pricing, forthcoming in The Accounting Review (ABDC A*) 90 (6), 2205-2234 [with Yangyang Chen, Ferdinand Gul and Leon Zolotoy]
  • Individualism, Uncertainty Avoidance and the Profitability of Momentum Strategies in International Markets, forthcoming in Contemporary Accounting Research (ABDC A*) [with Paul Dou and Cameron Truong]
  • CEO Risk-Taking Incentives Cost of Equity Capital, forthcoming in Journal of Business Finance and Accounting (ABDC A) 42 (7 and 8), 915-946 [with Yangyang Chen and Cameron Truong]
  • Does Managerial Ability Facilitate Corporate Innovative Success?, in Journal of Empirical Finance (ABDC A) 34, 313-326 [with Yangyang Chen and Edward Podolski]
  • Stock Liquidity and Managerial Short-termism, in Journal of Banking and Finance (ABDC A*) 60, 44-59. [with Yangyang Chen, Ghon Rhee and Leon Zolotoy]
  • 2014

  • Local Gambling Preferences and Corporate Innovative Success, forthcoming in Journal of Financial and Quantitative Analysis (ABDC A*) 49(1), 77-106 [with Yangyang Chen, Edward Podolski and Ghon S. Rhee]
  • National Culture and Cash Holdings Around the World, forthcoming in Journal of Banking and Finance (ABDC A*) 50(1) 1-18 [with Yangyang Chen, Paul Dou, Ghon Rhee and Cameron Truong]
  • Is the Accrual Anomaly Robust to Firm-Level Analysis? forthcoming in International Review of Financial Analysis (ABDC A) 34, 157-165 [with Maria Strydom and Michael Skully]
  • Factors affecting the Birth and Fund-Flows of Commodity Trading Advisors. forthcoming in Australian Journal of Management (ABDC A) [with Minh Do, Robert Faff, Paul Lajbcygier and Mikhail Tupitsyn]
  • 2013

  • Informed Options Trading Prior to Takeovers – Does the Regulatory Environment Matter?, in Journal of International Financial Markets, Institutions and Money 27, 286-305 [with Edward J. Podolski and Cameron Truong] [ABDC – A]
  • Soft Information and Economic Activity: Evidence from the Beige Book, in Journal of Macroeconomics 37, 81-92 [with Shibley Sadique, Francis In and Paul Wachtel] [ABDC – A]
  • Stock Price Response to S and P 500 Additions and Deletions: Do Options Trading Volume Matter? in Journal of International Financial Markets, Institutions and Money 23, 379-401 [with Yangyang Chen, Constantine Koutsantony and Cameron Truong] [ABDC – A]
  • Work Under Consideration For Publication (Revise and Resubmit)

  • In the Mood for Creativity: Weather Induced Mood, Inventor Productivity and Firm Value [Revise and Resubmit] in Management Science (ABDC A*) [with Yangyang Chen, Edward Podolski and Paul Hsu]
  • Managerial Mood and Earnings Forecast Bias: Evidence from Sunshine Exposure [Revise and Resubmit] in Journal of Accounting Research (ABDC A*) [With Chen Chen, Yangyang Chen and Edward Podolski]
  • The Role of Affect in Shaping the Behavioural Consequences of CEO Equity Incentives [Revise and Resubmit] in Journal of Management (ABDC A*) [with Don O’Sullivan and Leon Zolotoy]
  • Work Under Consideration For Publication (Papers Under Initial Submission)

  • Managerial Mood and Corporate Earnings Management Practices in Journal of Accounting & Economics (ABDC A*) [with Yangyang Chen, Edward Podolski and Leon Zolotoy]