Sobhesh Kumar Agarwalla
Finance and Accounting
Educational Qualifications
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Fellow (IIMA), FCA, ACS, ACMA
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Academic Affiliation
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Professor, Finance and Accounting Area, IIM Ahmedabad
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Professional Affiliation
- Fellow, Indian Institute of Management Ahmedabad
- Fellow Member, Institute of Chartered Accountants of India
- Associate Member, Institute of Company Secretaries of India
- Associate Member, Institute of Costs Accountants of India
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Teaching
Post-graduate Level Courses
Core Courses:
- Financial Reporting and Analysis (PGP and PGPX)
- Cost and Control System (PGP)
- Corporate Finance (PGP)
- Financial Markets (ePGP)
Electives (Joint offerings): (MBA and 1-year MBA Programs)
- Financial Statement Analysis
- Valuation of Firms
- Modern Investment and Portfolio Management
- Fraud Risk Assessment and Governance Mechanism
- Mergers, Acquisitions and Corporate Restructuring
Doctoral Courses
- Corporate Finance in emerging markets (Elective)
- Foundation of Finance (co-instructor)
- Empirical Research in Accounting and Corporate Governance (Elective)
Executive Education
Chair/Co-chair
- Management and Finance for Experienced CAs
- Management and Finance for Young CAs
- Mergers, acquisitions and restructuring
- Advanced Leadership Program for Chartered Accountants
- Executive Program in Business Finance (Blended learning program)
- Developing Commercial and Financial Skills for Strategic Business Decisions
- General Management Program (International Program)
- Project/Credit Appraisal in a Volatile Business
- Wealth Management and Financial Planning (Customized Program)
Teaching
I have taught the following modules in various executive education programs
- Financial Reporting
- Financial Statement Analysis
- Strategic Cost Management
- Management Control Systems
- Valuation of firms
- Corporate Finance
- Corporate Governance
- Project Finance
- Mergers and Acquisitions
Publications/ Articles/ Cases:
Articles
- "Informed trading around earnings announcements - Spot, futures, or options?", Journal of Futures Markets, Vol 39 (5), 579-589, 2019 (With Sonali Jain, Jayanth R. Varma and Ajay Pandey)
- "Indian equity options: Smile, risk premium and efficiency", Journal of Futures Markets, Vol 39 (2), 150-163, 2019 (With Sonali Jain and Jayanth R. Varma)
- "An Examination of Factors Driving Big 4 Audit Fee Premiums: Evidence from India's Audit Market". Accounting Horizons, Vol 33 (2), 43-58, 2019 (With Joshy Jacob and Naman Desai)
- "Size, Value and Momentum in Indian Equity". Vikalpa, 2017, Vol. 42 (4), 211-219 (With Joshy Jacob and Jayanth R. Varma)
- "The Impact of Self-Deception and Professional Skepticism on Perceptions of Ethicality", Advances in Accounting,Vol. 37, 85-93, 2017 (With Naman Desai and Arindam Tripathy)
- "Chit Fund Participation and Sources of Economic Value", 2016, Research Report, IIMA Publication. (With Samir K. Barua, Joshy Jacob and Jayanth R. Varma)
- "Savings, Borrowings and Remittance Behaviour of Migrant Workers in Urban India". 2016, Research Report, IIMA Publication (With Samir K. Barua, Joshy Jacob and Jayanth R. Varma)
- "Impact of introduction of call auction on price-discovery: Evidence from Indian stock market using high-frequency data". International Review of Financial Analysis, 2015, Vol. 39, 167-178 (With Joshy Jacob and Ajay Pandey)
- "Financial literacy among working young in urban India". World Development, 2015, Vol. 67, 101-109. (With Samir K. Barua, Joshy Jacob and Jayanth R. Varma)
- "Expiration-Day Effects and the Impact of Short Trading Breaks on Intraday Volatility: Evidence from the Indian Market". The Journal of Futures Market, 2013, Vol. 33(11), 1046 - 1070 (With Ajay Pandey)
- "Mandatory IPO grading: Does it help pricing efficiency?" 2015, Vikalpa.Vol. 40 (2), 132-144. (With Joshy Jacob)
- "Under-pricing of Initial Public Offerings: An Empirical Analysis of Indian IPO Market", International Journal of Strategic Management, Vol. 8(1), 2008.
- "Effectiveness of financial literacy interventions in improving financial literacy among rural women in North India". Research Report, IIM Ahmedabad Publication. (With Samir K. Barua, Joshy Jacob and Jayanth R. Varma)
- "A Survey of Financial Literacy among Students, Young Employees and the Retired in India". Research Report, IIM Ahmedabad Publication. (With Samir K. Barua, Joshy Jacob and Jayanth R. Varma)
- "Structuring the Dedicated Freight Corridor Corporation of India Limited - A Lost Opportunity (Abridged)'', WCTR, 2013 conference, Rio de Janeiro, Brazil (July, 2013). (conference publication)
Databases
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Fama French and Momentum Factors: (With Joshy Jacob and Jayanth R. Varma)
- Fama French and Momentum Factors
- Six Portfolios formed on Size and Value
- Four Portfolios formed on Size and Momentum
Conference presentations
- "Impact of Introduction of Call Auction on Price-Discovery: Evidence from Indian Stock Market using High-Frequency Data" (With Joshy Jacob and Ajay Pandey) 9th Annual Conference of Asia-Pacific Association of Derivatives (APAD), Busan, Korea (August, 2013) Eastern Finance Association, Florida (April 2013)
- "Mandatory IPO Grading: Does It Help Pricing Efficiency? (With Joshy Jacob) Eastern Finance Association, Florida (April 2013) India Finance Conference, IIM Calcutta (December, 2012)
- "Whether Cross-Listing, Stock-specific and Market-wide Calendar Events impact Intraday Volatility Dynamics? Evidence from the Indian Stock Market using High-frequency Data". FEG-JFM Symposium on the Financial Econometrics of Derivative Securities and Markets at Deakin University, Australia (January, 2013)
- "Empirical analysis of post-listing performance of Initial Public Offerings" International Academy of Business and Economy conference at Stockholm, Sweden (June, 2008)
- "Intraday Activity Patterns and Market Microstructure Effects: An Empirical Investigation of Indian Capital Market Using High Frequency Data" (Thesis Proposal) Doctoral Colloquium, Indian Institute of Management, Ahmedabad (January, 2008)
- "Structuring the Dedicated Freight Corridor Corporation of India Limited – A Lost Opportunity" (With G. Raghuram) WCTR, 2013 conference, Rio de Janeiro, Brazil (July, 2013)
Cases
- Changing Perceptions and Transforming Outcomes: L&T Acquisition of Mindtree (with Asha Kaul)
- Changing Perceptions and Transforming Outcomes: L&T Acquisition of Mindtree - TN (with Asha Kaul)
- Prime Broking Default at the National Stock Exchange (with Jayanth R. Varma)
- Prime Broking Default at the National Stock Exchange - TN (with Jayanth R. Varma)
- IndiGrid: Transitioning into India's First Independent Power Transmission InvIT (B) - Case (with Ajay Pandey)
- IndiGrid: Transitioning into India's First Independent Power Transmission InvIT (B) - TN (with Ajay Pandey)
- IndiGrid: Creating India's First Power Transmission InvIT (A) - Case (with Ajay Pandey)
- IndiGrid: Creating India's First Power Transmission InvIT (A)- Teaching Note (with Ajay Pandey)
- Indus Cricket Academy- Constructing the Financial Statements - Case
- Indus Cricket Academy- Constructing the Financial Statements - TN
- Lighting up Lives Through Cooking Gas and Transforming Society Through PMUY (With Samir K. Barua)
- Lighting up Lives Through Cooking Gas and Transforming Society Through PMUY - Teaching Note (With Samir K. Barua)
- CSR at Torrent Group - Case (with Samir K. Barua)
- CSR at Torrent Group = Teaching Note (with Samir K. Barua)
- Banking the unbanked - Case (with Samir K. Barua)
- Banking the unbanked – Teaching Note (with Samir K. Barua)
- MSGF: A checkered saga? – Case (With Samir K. Barua)
- MSGF: A checkered saga? – Teaching Note (With Samir K. Barua)
- Lupin Foray into Japan – Case (with Joshy Jacob and Prem Chander)
- Lupin Foray into Japan – Teaching Note (with Joshy Jacob)
- ICICI Bank - FPO – Case (with Joshy Jacob and Jayanth R. Varma)
- ICICI Bank - FPO – (Draft) Teaching Note (with Joshy Jacob and Jayanth R. Varma)
- NTPC – FPO: Case (with Samir K. Barua)
- NTPC – FPO: Teaching Note (with Samir K. Barua)
- NMDC Ltd. – FPO: Case (with Premchander)
- NMDC Ltd. – FPO: Teaching Note (with Premchander)
Brief cases/Exercises:
- Parag Sarees Private Limted
- Ganguly International Limited
- DRL Limited
Consulting/ Quasi-Research Projects
- Review of Surveillance Activities at NSE (with Prof. Jayanth R. Varma)
- Estimating the Consumption Based Tax-base of Gujarat: A Comparative Study of Select States (with Sebastian Morris, Ajay Pandey and Astha Agarwalla)
- Impact of the proposed GST on the Consumer Price Index in India (with Sebastian Morris, Ajay Pandey and Astha Agarwalla)
- Independent Evaluation of Media Lab Asia (with Profs. Sebastian Morris, Rakesh Basant, Rekha Jain and Ajay Pandey)
- Impact of Changes in Policy Framework on Prices of Fertilizers and Fertilizer Inputs and on Subsidy/Concession (with Ajay Pandey and Sebastian Morris)
- Impact Assessment of the Jyotigram Programme of the Government of Gujarat (with Sebastian Morris, Ajay Pandey and M. S. Sriram)
Advisory work
- Special Invitee, Valuation Standard Board of ICAI (2018)
- Special Invitee, Accounting Standard Board of ICAI (2014)
- Member, Finance Committee, National Law University of Odisha (2010-12)
Training Programs
Please refer to the teaching subsection for details of program designed and chaired.
Awards & Honors
Year |
Awards & Honors |
2008 |
Best Thesis Proposal Award in Doctoral Colloquium, IIM Ahmedabad
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2008 |
Outstanding Research Paper Award at International Academy of Business and Economics at Stockholm Conference, Sweden |
2006 |
Chaudhary Padmanabhan Pant Award for Scholastic Excellence at IIM Ahmedabad
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2005 |
Gold Medalist (AIR 1) in the Final Examination of the Institute of Costs and Works Accountants of India
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2005 |
Highest Marks (all India) in two courses in the Final Examination of the Institute of Costs and Works Accountants of India
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2002 |
All India Rankholder (AIR 20) in the Intermediate Examination of the Institute of Chartered Accountants of India
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2000 |
University Rankholder (6th) in B.Com (Hons) of Utkal University
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1997 |
Rankholder (3rd) in higher secondary examination (CHSE) |
Academic Service
Year |
Awards & Honors |
2012 |
Program coordinator, IIMA-Citi Financial Literacy symposium |
2013-14 |
Chairperson, Library committee
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2014 |
Special Invitee- ICAI Accounting standard board |
2014-16 |
Member, Research and publication committee, IIMA |
2010-12, 2014-16 |
Member, Library committee |
2015-17 |
Warden, IIMA |
2016-18 |
Chairperson, Finance and Accounting Area, IIMA |
2018 |
Special Invitee, ICAI Valuation standard board |
2018-20 |
Chairperson, Financial aids and awards committee, IIMA |
2019- |
Chairperson, IIMA case centre |
Thoughts/ Media
- Going concern assessment in the Covid-19 environment, Hindu Businessline, May 15, 2020 (with Jayanth R Varma) [link]
- Crop insurance and the agrarian crisis in India, Livemint, September 7, 2017 (With Samir K. Barua)
- Why do Indian firms pay higher fees to Big Four auditors?', Livemint, October 12, 2015 (With Joshy Jacob and Naman Desai)
- Hard to Benchmark, The Indian Express, June 4, 2013 (With Joshy Jacob)