Sobhesh Kumar Agarwalla

Teaching

Post-graduate Level Courses

Core Courses:

1. Financial Reporting and Analysis (PGP and PGPX)
2. Cost and Control System (PGP)
3. Corporate Finance (PGP)

Electives (Joint offerings):

1. Financial Statement Analysis (PGP/PGPX)
2. Valuation of Firms (PGP)
3. Modern Investment and Portfolio Management (PGP)
4. Fraud Risk Assessment and Governance Mechanism (PGP)

Doctoral Courses

1. Corporate Finance in emerging markets (Elective)
2. Foundation of Finance (co-instructor)
3. Empirical Research in Accounting and Corporate Governance (Elective)

Executive Education

Chair/Co-chair

1. Management and Finance for Experienced CAs
2. Management and Finance for Young CAs
3. Mergers, acquisitions and restructuring
4. Advanced Leadership Program for Chartered Accountants
5. Executive Program in Business Finance (Blended learning program)
6. Developing Commercial and Financial Skills for Strategic Business Decisions
7. General Management Program (International Program)
8. Project/Credit Appraisal in a Volatile Business

Teaching

I have taught the following modules in various executive education programs

1. Financial Reporting
2. Financial Statement Analysis
3. Strategic Cost Management
4. Management Control Systems
5. Valuation of firms
6. Corporate Finance
7. Corporate Governance
8. Project Finance

Area of Research

Current Research

Publications/ Articles/ Cases:

1. "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)
2. "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)
3. "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)
4. "Size, Value and Momentum in Indian Equity". Vikalpa, 2017, Vol. 42 (4), 211-219 (With Joshy Jacob and Jayanth R. Varma)
5. "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)
6. "Chit Fund Participation and Sources of Economic Value", 2016, Research Report, IIMA Publication. (With Samir K. Barua, Joshy Jacob and Jayanth R. Varma)
7. "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)
8. "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)
9. "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)
10. "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)
11. "Mandatory IPO grading: Does it help pricing efficiency?" 2015, Vikalpa.Vol. 40 (2), 132-144. (With Joshy Jacob)
12. "Under-pricing of Initial Public Offerings: An Empirical Analysis of Indian IPO Market", International Journal of Strategic Management, Vol. 8(1), 2008.
13. "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)
14. "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)
15. "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

1. 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

Conferences Presentations:

1. "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)
2. "Mandatory IPO Grading: Does It Help Pricing Efficiency? (With Joshy Jacob) Eastern Finance Association, Florida (April 2013) India Finance Conference, IIM Calcutta (December, 2012)
3. "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)
4. "Empirical analysis of post-listing performance of Initial Public Offerings" International Academy of Business and Economy conference at Stockholm, Sweden (June, 2008)
5. "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)
6. "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:

1. Banking the unbanked - Case (with Samir K. Barua)
2. Banking the unbanked – Teaching Note (with Samir K. Barua)
3. MSGF: A checkered saga? – Case (With Samir K. Barua)
4. MSGF: A checkered saga? – Teaching Note (With Samir K. Barua)
5. Lupin Foray into Japan – Case (with Joshy Jacob and Prem Chander)
6. Lupin Foray into Japan – Teaching Note (with Joshy Jacob)
7. ICICI Bank - FPO – Case (with Joshy Jacob and Jayanth R. Varma)
8. ICICI Bank - FPO – (Draft) Teaching Note (with Joshy Jacob and Jayanth R. Varma)
9. NTPC – FPO: Case (with Samir K. Barua)
10. NTPC – FPO:  Teaching Note (with Samir K. Barua)
11. NMDC Ltd. – FPO: Case (with Premchander)
12. NMDC Ltd. – FPO: Teaching Note  (with Premchander)

Brief Cases/Exercises:

1. Parag Sarees Private Limted 
2. Ganguly International Limited
3. DRL Limited

Consulting/ Quasi-Research Projects

1. Review of Surveillance Activities at NSE (with Prof. Jayanth R. Varma)
2. Estimating the Consumption Based Tax-base of Gujarat: A Comparative Study of Select States (with Sebastian Morris, Ajay Pandey and Astha Agarwalla)
3. Impact of the proposed GST on the Consumer Price Index in India (with Sebastian Morris, Ajay Pandey and Astha Agarwalla)
4. Independent Evaluation of Media Lab Asia (with Profs. Sebastian Morris, Rakesh Basant, Rekha Jain and Ajay Pandey)
5. Impact of Changes in Policy Framework on Prices of Fertilizers and Fertilizer Inputs and on Subsidy/Concession (with Ajay Pandey and Sebastian Morris)
6. Impact Assessment of the Jyotigram Programme of the Government of Gujarat (with Sebastian Morris, Ajay Pandey and M. S. Sriram)

Advisory work

1. Special Invitee, Valuation Standard Board of ICAI (2018)
2. Special Invitee, Accounting Standard Board of ICAI (2014)
3. 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

Thoughts/ Media

1. Crop insurance and the agrarian crisis in India, Livemint, September 7, 2017  (With Samir K. Barua)
2. Why do Indian firms pay higher fees to Big Four auditors?', Livemint, October 12, 2015 (With Joshy Jacob and Naman Desai)
3. Hard to Benchmark, The Indian Express, June  4, 2013  (With Joshy Jacob)