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Author: Parthajit Kayal

Dr. Parthajit Kayal

Dr. Parthajit Kayal

Assistant Professor & Placement Chair of MA Program

Tel : (91) 044 - 22300304

  • Profile
  • Publications
  • Teaching
  • Current Research

Ø  Ph.D. in Finance, Institute for Financial Management & Research (Presently- IFMR Graduate School of Business, Krea University)

Ø  M. Sc. in Economics, Madras School of Economics

Ø  B.Sc. (Hons) in Economics, Ramakrishna Mission Vidyamandira, University of Calcutta

Curriculum Vitae


1. Hazra, A., Kayal, P., and Maiti, M. 2023. An examination of the Indian small-cap cycle in relation to the US market. IIMB Management Review (Accepted).

2. Murali, M., Kayal, P., and Maiti, M. 2023. Should you invest in the companies that promote the Circular Economy idea? Management of Environmental Quality. Forthcoming (available online).

3. Venkataramani, R. and Kayal, P., 2023. Systematic Investment Plans Vs Market-Timed InvestmentsMacroeconomics and Finance in Emerging Market Economies. 16(1): 157-176.

4. Das, D., Kayal, P., and Maiti, M. 2023. A K-means Clustering model for analyzing the Bitcoin Extreme Value ReturnsDecision Analytics Journal. 6 (March 2023), 100152.

5. Maiti, M., and Kayal, P. 2023. Asymmetric Information Flow Between Exchange Rate, Oil, and Gold: New Evidence from transfer entropy approachJournal of Risk and Financial Management. 16 (1), 2.

6. Banerjee, A. and Kayal, P., 2022. Bubble Run-ups and Sell-Offs: A Study of Indian Stock MarketReview of Behavioral Finance. 14(5): 875-885.

7. Chaudhuri, I. and Kayal, P., 2022. Predicting Power of Ticker Search Volume in Indian Stock Market. IIMB Management Review. 34(2): 143-152.

8. Ranjan, S., Kayal, P., and Saraf, M. 2022. Bitcoin price prediction: a machine learning sample dimension approachComputational Economics. Forthcoming (available online).

9. Som, A. and Kayal, P., 2022. A Multicountry Comparison of Cryptocurrency vs Gold: Portfolio Optimization through Generalized Simulated AnnealingBlockchain: Research and Applications. 3(3): 100075.

10. Pavithra, S. and Kayal, P., 2022. A Study of Investment Style Timing of Mutual Funds in IndiaAsia-Pacific Financial Markets. Forthcoming (available online).

11. Nair, J. and Kayal, P., 2022. A Study of Tail-risk Spillovers in Cryptocurrency MarketsGlobal Business Review. Forthcoming (available online).

12. Saraf, M. and Kayal, P., 2022. How Much Does Volatility Influence Stock Market Returns? – Empirical Evidence from IndiaIIMB Management Review. Forthcoming.

13. SG, J. S., Kayal, P., and Balasubramanian, G., 2021. Can Equities be Safe-Haven? Journal of Emerging Market Finance. 21(1): 32-63.

14. Varma, V., Venkataramani, R., Kayal, P. and Maiti, M., 2021. Short-term Impact of COVID-19 on Indian Stock MarketJournal of Risk and Financial Management. 14(11): 558.

15. Das, R. and Kayal, P., 2021. Super Growth Portfolio – A Study of Indian Stocks. Macroeconomics and Finance in Emerging Market Economies. Forthcoming (available online).

16. Kayal, P., Dutta, S., Khandelwal, V., and Nigam, R., 2021. Information Theoretic Ranking of Extreme Value ReturnsJournal of Quantitative Economics. 19(1): 1–21.

17. Kayal, P. and Rohilla, P., 2021. Bitcoin in the Economics and Finance Literature: A SurveySN Business & Economics. 1(7): 1-21.

18. Kayal, P. and Balasubramanian, G., 2021. Excess Volatility in Bitcoin: Extreme Value Volatility EstimationIIM Kozhikode Society & Management Review. 10(2): 222-231.

19. Kayal, P. and Maheswaran, S., 2021. A Study of Excess Volatility of Gold and SilverIIMB Management Review. 33(2):133-145.

20. Sen, S. and Kayal, P., 2020. Indian Premier League (IPL) Match Victory and Sponsors’ Stock ReturnsJournal of Public Affairs. 22(1): e2352.

21. Kayal, P. and Mondal, 2020. Speed of Price Adjustment in Indian Stock market: A paradoxAsia-Pacific Financial Markets. 27: 453–476.

22. Sharma, G., Kayal, P., and Pandey, P., 2019. Information Linkages amongst BRICS countries: Empirical Evidence from Implied Volatility IndicesJournal of Emerging Market Finance. 18(3): 263-289.

23. Kayal, P., and Maheswaran, S., 2018. Speed of Price Adjustment towards Market Efficiency: Evidence from Emerging CountriesJournal of Emerging Market Finance, 17(1_suppl): S112-S135.

24. Kayal, P., and Maheswaran, S., 2017. Is USD-INR Really an Excessively Volatile Currency PairJournal of Quantitative Economics, 15(2): 329-342.

25. Maiti, M., and Kayal, P., 2017. Digitization: It’s Impact on Economic Development & TradeAsian Economic and Financial Review, 7(6): 541-549.


Book Chapters:

1. Saraf, M. and Kayal, P., 2022. Role of Digital Financial Inclusion in Promoting Economic Growth and FreedomIn Digitalization and the Future of Financial Services. Springer, Cham, 163-180.

2. Som, A. and Kayal, P., 2022. AI, Blockchain, and IoTIn Digitalization and the Future of Financial Services. Springer, Cham, 141-161.

3. Kayal, P., and Maheswaran, S., 2018. Leverage Effect and Volatility Asymmetry. In Current Issues in Economics and Finance. Springer, Singapore.


Book Reviews:

1. Kayal, P., 2021. Book Review: Applied Financial Econometrics: Theory, Methods and ApplicationPolicy Circle, 29 September.


Working Papers:

1. Thillaikkoothan, P. and Kayal, P., 2022. Multiple Dimensions of Cyclicality in Investing. MSE Working Paper 216/2022.

2. Chebolu-Subramanian, V., Kayal, P., Mathur, P., and Khan, T., 2019. Product Recalls in India and the Impact on Stock PricesIFMR GSB Working Paper WP19-03.


News Paper Articles:

1. Murali, M. and Kayal, P., 2022. How business cycles impact market behaviourFinancial Express, 4 March.

2. Maiti, M. and Kayal, P., 2022. Why we need sustainable stock exchangesFinancial Express, 5 January.

3. Kayal, P., 2021. Protect your wealth from market bubblesFinancial Express, 21 December.

4. Maiti, M. and Kayal, P., 2021. Should you go for thematic investments? Financial Express, 14 December.

5. Kayal, P. and Saraf, M., 2021.  Know the role of alpha & beta in MF returnsFinancial Express, 7 December.

6. Maiti, M. and Kayal, P., 2021. Stablecoins safer than cryptocurrenciesFinancial Express, 3 December.

7. Kayal, P. and Saraf, M., 2021. Are you falling for a pump-and-dump scam? Financial Express, 24 November.

8. Maiti, M. and Kayal, P., 2021. Why cryptocurrency is the new investment fad? Financial Express, 17 November.

9. Saraf, M. and Kayal, P., 2021. Vetting investment opportunities in a spin-offFinancial Express, 10 November.

10. Maiti, M. and Kayal, P., 2021. Indian investors are taking to ESG investmentsFinancial Express, 3 November.

11. Saraf, M. and Kayal, P., 2021. What’s the Margin of Safety on your investment? Financial Express, 27 October.

12. Saraf, M. and Kayal, P., 2021. Know what makes smart-beta index funds smartFinancial Express, 19 October.

13. Kayal, P. & Venkataramani, R., 2021. SIP is also a smart strategy when buying stocksFinancial Express, 13 October.

14. Kayal, P. & Saraf, M., 2021. Spend time in market for long-term wealthFinancial Express, 5 October.

15. Saraf, M. & Kayal, P., 2021. Know the pros and cons of short-selling stocksFinancial Express, 29 September.

16. Saraf, M. & Kayal, P., 2021. Go for growth-adjusted value investing strategyFinancial Express, 22 September.

17. Kayal, P., 2021. Know the link between size of AUM and returnsFinancial Express, 15 September.

18. Saraf, M. & Kayal, P., 2021. Invest in low volatility stocks for stable returnsFinancial Express, 7 September.

19. Kayal, P., 2020. How much portfolio diversification is too much? Financial Express, 16 September.

20. Kayal, P., 2020. How to pick an equity fund that’s right in bad timesFinancial Express, 9 September.

21. Kayal, P. and Venkataramani, R., 2020. SIP vs lump sum mutual fund investment: Know which works best and whenFinancial Express, 31 August.

22. SG, J. S. and Kayal, P., 2020. Invest in quality stocksHindu Business Line, 26 August.

23. Kayal, P. and SG, J. S., 2020. How to choose a winning portfolio of stocksFinancial Express, 24 August.

24. Kayal, P., 2020. Five financial lessons from the current Covid pandemicFinancial Express, 17 August.

25. Kayal, P., 2020. Mutual Funds: Choose direct plans over regular plansFinancial Express, 7 August.

26. Kayal, P., 2020. Gold investing is not for everyone – here’s whyFinancial Express, 10 July.

27. Chebolu-Subramanian, V., and Kayal, P., 2019. Consumers deserve better product-recall normsThe Hindu Business Line, 5 August.


Other Articles:

1. Jena, D. and Kayal, P., 2020. Rethinking Technology and Jobs in the times of Covid-19CASPR Economic Review, 30 August

2. Kayal, P., 2020. Reviving the economy requires a balanced policy approachTrade Promotion Council of India, 18 June.

3. Kayal, P., 2020. India must start mass testing for Covid-19 with greater speedTrade Promotion Council of India, 27 March.


Ø  Asset Pricing I

Ø  Asset Pricing II

Ø  Corporate Finance

Ø  Financial Mathematics

Ø  Programming & Data Structures

Ø  Financial Regulations & Banking Supervision

Ø  Risk Management Theories & Practice

Ø  Microeconomics II

Ø  Investing

Ø  Portfolio Management

Ø  Asset Pricing

Ø  Quantitative Finance

Ø  Machine Learning