Faculty & Research

Prof. Joshy Jacob

Area

Primary Area : Finance and Accounting

Contact

Email : joshyjacob@iima.ac.in

Phone : +91-079-7152-4693

Website : Personal Website

Education

FPM, Indian Institute of Management, Lucknow

Teaching

Ph.D:

  • Empirical Asset Pricing
  • Seminar course on Behavioral Finance (Elective)

MBA / PGP-X

  • Corporate Finance
  • Valuation of Firms (Elective)
  • Behavioral Finance (Elective)
  • Unlisted Equities and Patient Capital (Elective)
  • New Venture Financing (Elective)

ePGD in Advanced Business Analytics

  • Business Acumen
  • Factor Pricing and Smart Beta Investing (Elective)

e-Mode Post Graduate Programme

  • Valuation: Numbers and Narratives (Elective)
  • New Venture Financing (Elective)

Research Area

Pricing of financial assets

Influence of behavioral issues in asset returns and corporate finance

Corporate finance issues in emerging markets

Volatility and market microstructure (with Vipul)

Behaviour and Pricing Idiosyncratic Volatility

Systematic Risk Factors in the Indian Financial Markets (with Sobhesh K. Aggarwalla & Jayanth R. Varma)

IPO Underpricing in India (Sobhesh K. Aggarwala)

Academic Experience

Ad-hoc referee for several finance and accounting journals.

Core Committee Member, JAAF India Symposium, June 2021 - Present

Editorial Board, Indian Journal of Accounting Research, January 2022 - Present

Professional Experience

Member, Financial Management Association

Funded Research Projects

2020-21, Multi Commodity Exchange of India Ltd., (INR 1,207,140) study on developing domestic price benchmarks for base metals - Lessons from Global Markets.

2019-20, Multi Commodity Exchange of India Ltd., (INR 2,596,000) for research on comparative assessment of the commodity markets of China and India. 2017-18, Multi Commodity Exchange of India Ltd., (INR 2,000,000) for research on the Impact of Base Metals Futures on User Industries.

2013-14, Citi Foundation (amount $200,000) for research on the characteristics of Informal Financial Markets in India (jointly awarded with Sobhesh Kumar Agarwalla, Samir K.Barua & Jayanth R. Varma).

2012-13, Citi Foundation (amount $150,000) for research studies on individual and household financial literacy (jointly awarded with Sobhesh Kumar Agarwalla, Samir K. Barua & Jayanth R. Varma)

2012-13, Citi Foundation (amount $150,000) for experimental studies on financial decision making of individuals and households (jointly awarded with Sobhesh Kumar Agarwalla, Samir K. Barua & Jayanth R. Varma)

Journals

Impact of operational fragility on stock returns: Lessons from COVID-19 crisis, International Review of Finance, February 2022 (with Avijit Bansal, Balagopal Gopalakrishnan and Pranjal Srivastava).

Prospect theory preferences and global mutual fund flows, Journal of International Money and Finance, Volume 125, July 2022, 102640 (with Nilesh Gupta, Anil V Mishra).

COVID-19 pandemic and debt financing by firms: Unravelling the channels, Economic Modelling (2022): 105929 (with Balagopal Gopalakrishnan, and Sanket Mohapatra)

Impact of price path on disposition bias, Journal of Banking & Finance, October, 2022 (with Avijit Bansal).

Do Big 4 auditors limit classification shifting? Evidence from India. Journal of International Accounting, Auditing and Taxation 42 (2021): 100376 (with Neerav Nagar and Naman Desai).

The Interplay between Sentiment and MAX: Evidence from an Emerging Market, Journal of Emerging Market Finance 20.2 (2021): 192-217 (with Nilesh Gupta).

Influence of endogenous reference points on the selling decisions of retail investors, European Financial Management (2021) (with Avijit Bansal and Ajay Pandey).

Risk-sensitive Basel regulations and firms' access to credit: Direct and indirect effects, Journal of Banking & Finance 126 (2021): 106101 (with Balagopal Gopalakrishnan and Sanket Mohapatra).

An Examination of Factors Driving Big 4 Audit Fee Premiums: Evidence from India's Audit Market. Accounting Horizons 33.2 (2019): 43-58 (Naman Desai, and Sobhesh Kumar Agarwalla).

Size, Value, and Momentum in Indian Equities (2017), Vikalpa, 42, 4, p211-219 (with Sobhesh Kumar Agarwalla & Jayanth R. Varma).

Impact of the Introduction of Call Auction on Price Discovery: Evidence from the Indian Stock Market Using High-Frequency Data (2015), International Review of Financial Analysis, 39, p167-178 (with Sobhesh Kumar Agarwalla & Ajay Pandey).

Mandatory IPO Grading: Does it Help Pricing Efficiency? (2015), Vikalpa 40, 2, p132-144 (with Sobhesh Kumar Agarwalla).

Financial Literacy among Working Young in Urban India (2015), World Development 67, p101-109 (with Sobhesh Kumar Agarwalla, Samir K.Barua & Jayanth R. Varma).

Default Risk Characteristics of Poll-Based Bond Spreads (2010), Journal of Emerging Market Finance, 9, p51-70 (with M. Jayadev).

Economic Slowdown and Indian Firms: An Overview (2009), Vikalpa, 34, p59-66 (with Prem Chander).

Stock Volatility Estimation and Forecasting with Range-Based Estimators (2008), Journal of Futures Markets, 28, p561-581 (with Vipul).

Forecasting Performance of Extreme-Value Volatility Estimators (2007), Journal of Futures Markets, 27, p1085-1105 (with Vipul).

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Books

Betting against beta in the Indian market SK Agarwalla, J Jacob, JR Varma, E Vasudevan, The Financial Landscape of Emerging Economies, 29-44.

Academic Conferences

2022 AAA Western Region Conference, April 2022.

2022 FMA European Conference, July 2022.

A minimum buyback requirement in open market repurchases: Impact on the signaling role (with Ajay Pandey and Pranjal Srivastava).

2021 FMA Virtual Conference, October 2021.

European Financial Management Association 2021

French Finance Conference 2021

When the market went viral: COVID-19, stock returns, and firm characteristics (with Avijit Bansal, Balagopal Gopalakrishnan and Pranjal Srivastava)

Second Annual Capital Markets Conference 2021


NISM-CLSM conference, Mumbai, January 2020

NISM-CLSM conference, Mumbai, January 2020

FRG-IGIDR-IIM Udaipur Field Workshop on Market Microstructure, February 2020.

2020 FMA Virtual Conference, October 2020.

Impact of price path on disposition bias (with Avijit Bansal)

NISM-TIES Research Seminar, August 2020

28th SFM Conference 2020, Taiwan, December 2020

15th Conference on Asia-Pacific Financial Markets, Seoul, South Korea, December 2020

India Finance Conference, December 2019.

Investor Sentiment and Open Market Repurchases (with Suman Saurabh and Ajay Pandey)

India Finance Association, IIM Ahmedabad, December 2019

Midwest Finance Association, 68th Annual Meeting, Chicago, March 2019.

14th Conference on Asia-Pacific Financial Markets, Seoul, South Korea, December 2019.

Impact of Regulation on Market Perceptions: Evidence Based on Related Party Transactions (with Naman Desai, Monika Gupta & Ajay Pandey), American Accounting Association, Western Region Meeting, Vancouver Washington, April 12-14, 2018.

The Direct and Indirect Efects of Rating-contingent Basel Regulations on Financing of Firms: Cross-country Evidence (with Balagopal Gopalakrishnan & Sanket Mohapatra), The 16th INFINITI Conference on International Finance, Poznan, University of Economics and Business, Poland, June 11-12, 2018.

Lender Moral Hazard in State-owned Banks. Evidence from an Emerging Economy (with Balagopal Gopalakrishnan and Ajay Pandey), SSEM EuroConference 2018: Emerging Market Economies University of Lodz, Poland, June 7-8, 2018.

Influence of endogenous reference points on the selling decisions of retail investors (with Avijit Bansal and Ajay Pandey)

India Finance Association, IIM Calcutta, December 2018

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Working Papers & Projects

A minimum buyback requirement in open market repurchases: Impact on the signalling role. IIMA Working Paper W. P. No. 2021-04-02, Ahmedabad (Pranjal Srivastava and Ajay Pandey), April 2021.

Mutual fund asset allocation during COVID-19 (with Nilesh Gupta, and Balagopal Gopalakrishnan), October 2020

Lender moral hazard in state-owned banks: evidence from an emerging economy (with Balagolpal Gopalakrishnan and Ajay Pandey), July 2018.

Impact of Continuous Auditing on Earnings Quality and Audit Fees (with Naman Desai and Arindam Tripathy), IIMA,W.P.Mo. 2016-03-21.

Market overreaction to poor long-run performance? A case of repurchase firms in India (with Sobhesh Kumar Agarwalla & Ellapulli Vasudevan), IIMA W.P. No. No. 2015-02-01.

High Frequency Manipulation at Futures Expiry: The Case of Cash Settled Indian Single Stock Futures (with Sobhesh Kumar Agarwalla & Jayanth R. Varma), IIMA W.P. No.2014-02-01.

Market Timing Ability of Indian Firms in Open Market Repurchases (with Sobhesh Kumar Agarwalla & Ellapulli Vasudevan), W.P. No. 2013-11-10.

Four Factor Model in Indian Equities Market (with Sobhesh Kumar Agarwalla & Jayanth R. Varma), IIMA W.P. No. 2013-09-05 (revised version September 5, 2014).

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Academic Presentation

Behavioral Finance - Concepts and Research Agenda, Research Summer School 2021, IIM Kolkata, May, 2021

Financial cycles: Irrational Influence, Reserve Bank of India, Delhi, May 2021

Developing Domestic Price Benchmarks for Base Metals, Hosted by MCX and CPAI, August 2021

Market Cycles and Asset Allocation, LIC AMC, September 2021

Impact of Covid-19 on Indian Markets, CAIA Association, September,2, 2020

Understanding investor behavior amidst a pandemic, ICICI Securities, June 4, 2020

Teaching Behavioural Finance Through Market Simulation, IIM Bangalore, April 2021

Research Issues in Behavioral Finance, Doctoral Workshop, Indian Institute of Management, Kolkata, May 2018

Impact of price path on disposition bias, IIM Kozhikode, 4th January 2018

Impact of price path on Disposition Bias, IIM Bangalore, 23rd January 2018

Performance of empirical asset pricing factors in India, Doctoral Workshop, Indian Institute of Management Indore, May, 2017

Re-thinking Microfinance based on Behavioural Economics, Asia Microfinance Forum, Shanghai, August 4-7, 2014

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Reports

Developing Domestic Price Benchmarks and Lessons from Global Markets – Case of Base Metals

Comparative Assessment of the Commodity Markets of China and India

Risk Management Concerns and Preferences of Participants in Base Metals Business

Viability of a Gold Exchange in India (with Jayanth R.Varma)

Other Publications

Introduction to the Special Issue on ‘Financial Distress, Bankruptcy, and Corporate Finance’ AK Agarwal, A Das, J Jacob, S Mohapatra Vikalpa 45 (2), 61-68

Insolvency and bankruptcy reforms: the way forward Abhiman Das, Anurag K Agarwal, Joshy Jacob, Sanket Mohapatra, Saket Hishikar, Saakshi Bangar, Sandeep Parekh, Sudarshana Basu, UK Sinha, Vikalpa 45 (2), 115-131

Consulting

Chairperson, Evaluation Committee (EC), IFSCA FinTech Incentive Scheme, International Financial Services Centres Authority, 2022

Member, Expert Committee on Financial Schemes for MSMEs, Commissioner of Industries and Commerce, Tamil Nadu Government, 2022

Independent Member on the Board of Directors, Paschim Gujarat Vij Company Limited, 2018

Member, Seed Investment Committee, CIIE.CO, 2018

Member, Working Group for setting up the International Bullion Exchange, under the aegis of International Financial Services Centres Authority, 2020-2021

Member, Expert Sub-Committee on Investments, Employee Provident Fund Organisation (EPFO), Ministry of Labour, Government of India. The Sub-Committee drafted the investment policies and asset allocation framework for the fund.

Member, FICCI Committee on Commodity Markets FY 2018-19: The Committee interfaces with the Central Government on key policy matters which affect the commodities markets in India., 2018-2019

Sub-Committee Member, Committee to transform India's Gold market, The Committee has been constituted by the NITI Aayog, India's apex central planning institution., 2017

Developing a framework to assess investment potential in private and public markets, Fidelity Business Services India Pvt. Ltd., Bangalore, 2020-2021

Asset allocation and behavioural finance, Fidelity Business Services India Pvt. Ltd., Bangalore, 2019-2020

Evolving a Quantitative Asset Allocation Framework, NJ Asset Management, Mumbai,, 2021-2022

Developing a framework for capital adequacy requirements of market intermediaries, National Stock Exchange (NSE) , 2020-2021

Study on developing domestic price benchmarks for base metals, Lessons from Global Markets, Multi Commodity Exchange of India Ltd, 2020-2021

Research on comparative assessment of the commodity markets of China and India, MultiCommodity Exchange of India Ltd., 2019-2020

Estimation of cost of capital, Mumbai International Airport Ltd, 2019-2020

Research on the Impact of Base Metals Futures on User Industries, Multi Commodity Exchange of India Ltd, 2017-2018

Awards & Honors

2021 - Second Best Paper Award, Annual Capital Markets Conference 2021, NISM, (with Pranjal Srivastava and Ajay Pandey for paper titled “A Minimum Buyback Requirement in Open Market Repurchases: Impact on the Signalling Role”)

2018 - CFA Best Paper Award, India Finance Association Conference, December, 2018 (jointly with Balagopal Gopalakrishnanan and Ajay Pandey for paper titled “Lender moral hazard in state-owned banks: Evidence from an emerging economy”)

2018 - Best paper award at the Asia-pacific Applied Economics Association Doctoral Conference in Changsha, China, January 2018, (jointly with Balagopal Gopalakrishnanan and Ajay Pandey for paper titled “Lender moral hazard in state-owned banks

2017 - `Philip Thomas Memorial Case Award for the year 2017' (jointly with Jayanth R.Varma), for the best case at Indian Institute of Management, Ahmedabad (for case titled Angels and Crowds)

`IIML-Bharti Foundation Fellowship' awarded to the outstanding Ph.D student at Indian Institute of Management, Lucknow

In the Media

Account aggregators: a game-changer for financial inclusion in India?(with Balagopal Gopalakrishnan)

The Banker, March 2021

Why a comfortable retirement requires many layers of planning, Money Control, (with Rajesh Krishnamoorthy)

Money Control, November, 2021

What would it take to increase liquidity in base metals futures

The Economic Times, September 2021

To Maximise Value of Troubled Firms, the Insolvency and Bankruptcy Code Needs More Reforms

The Wire, October 2021

Lessons from Chinese commodities market

BusinessLine, March 2021

How to resolve Indian corporate vulnerability to COVID-19 through policy options (with Balagopal Gopalakrishnan and Sanket Mohapatra)

BusinessLine, March 26, 2020

It's time to flatten the pandemic stereotyping (with George Kandathil and Rama Mohana R. Turaga)

The Hindu, July 16, 2020

What can help producers and users of base metals in India

Financial Express, December 31, 2019

Classification shifting and the Big Four auditors (with Naman Desai, Neerav Nagar)

Live Mint, December 27, 2016

Why do Indian firms pay higher fees to Big Four auditors?(with Naman Desai, Sobhesh Kumar Agarwalla)

Live Mint, October, 12, 2015

Pros of a spot gold exchange in India (with Jayanth R. Varma)

Live Mint, February 22, 2016

Hard to benchmark (with Sobhesh K. Agarwalla)

Indian Express, June 4, 2013

IIMA