Puja Padhi

Professor
pujapadhi@iitb.ac.in
(+022) 2576-7385
Education:
  • Ph.D., Central University of Hyderabad, Hyderabad, India
Research Interests:
  • Financial Economics & Applied Econometrics
  • Financing Economic Development
  • Macro Economics
  • Capital Markets and Financial Intermediaries
Experience:
  • 2008-Present: Faculty at Department of Economics, IIT-Bombay
  • 2015: Visiting Faculty at IIM Amritsar
  • 2006-2008: Lecturer, Dept of Economics, Central University, Pondicherry
  • 2005-2006: Faculty, IBS Hyderbad

Publications:

  1. Agarwal, S., & Padhi, P. (2025). Greening the Nation: India’s Path Towards Sustainable Future. Energy Research Letters, Accepted, 6(Early View).
  2. Padhi, P., Kosuri, L., 2025. IPO underpricing: A bibliographic review on its determinants. In: Apergis, N. (Ed.), Encyclopedia of Monetary Policy, Financial Markets and Banking, vol. 3. Elsevier, Academic Press, pp. 182–189. https://dx.doi.org/10.1016/B978-0-44-313776-1.00074-X.
  3. Barik, N., & Padhi, P. (2024). The determinants of household cooking fuel transition: Evidence from rural India, IHDS Newsletter, December 2024.
  4. Barik, N., & Padhi, P. (2024). The determinants of household cooking fuel transition: Evidence from rural India. Environment, Development and Sustainability. Springer Nature.
  5. Barik, N., & Padhi, P. (2024). Temporal Trends and Determinants of Household Cooking Fuel Choices in India: A Comprehensive Analysis. In Modeling Economic Growth in Contemporary India. Emerald.
  6. Agarwal, S., & Padhi, P. (2024). Greening Tomorrow: A Comparative Outlook on Sustainability in India and China. In Financial Markets, Climate Risk and Renewables. Springer Nature.
  7. Patra, B., & Padhi, P. Risk, capital, and inefficiency: a study of public sector, private, and foreign banks in India. Bulletin of Monetary Economics and Banking. (Accepted for Publication in August 2023), Bank of Indonesia, https://bmeb-bi.org/index.php/BEMP
  8. "Efficiency of Indian Banks Private versus Public Sector Banks: A Two Stage Analysis", (with Biswajit and P C Padhan) Cogent Economics and Finance, Taylor & Francis, (2023), [Taylor and Francis Publications] DOI: https://doi.org/10.1080/23322039.2022.2163081
  9. "Exploring the dynamics of the equity–commodity nexus: A study of base metal futures", (with Ipsita Sai Shree), (2022), Journal of Futures Markets, [Wiley Publication] DOI: http://doi.org/10.1002/fut.22358.
  10. "Financialization of Commodity Market in India: Implications for Intragroup Investing", (with Ipsita Sai Shree) (2022), Book series Indian Studies in Business and Economics,2022, [Springer, International Edn],DOI: https://ps.1lib.in/book/21539806/4ffaa8
  11. "Macroeconomic costs of currency crises in BRICS: an empirical analysis" with (M.R. Balaga), (2020). Macroeconomics and Finance in Emerging Market Economies, [Taylor and Francis Publications] DOI: https://doi.org/10.1080/17520843.2020.1749103
  12. "Loan Demand by Microfinance Borrowers- Do Self-Help Groups and Joint Liability Groups Differ? - A Case Study of Mirzapur District", (with Vijeta Singh), (2017). International Journal of Social Economics, 44(12), pp. 1892-1905, [Emerald Publications] DOI: https://doi.org/10.1108/IJSE-02-2016-0066
  13. "Dynamic Incentives and Microfinance Borrowers: A Comparative Study of Self-Help Groups and Joint Liability Groups- A Case Study of Mirzapur District in India", (with Vijeta Singh), (2017). Journal of Land and Rural Studies, 5(1), pp. 67-92, [SAGE Publications] DOI: https://doi.org/10.1177%2F2321024916677609
  14. "On the relationship between implied volatility index and equity index returns", (with Imlak Shaikh), (2016). Journal of Economic Studies, 43(1), pp. 27-47. [Emerald Publications] DOI: https://doi.org/10.1108/JES-12-2013-0198
  15. "Investor sentiment, stock market returns, and volatility: evidence from National Stock Exchange of India". (with P.K Naik),(2016). International Journal of Management Practice, 9(3), pp. 213-237. [Inderscience Publications]
  16. "On the Linkage between Stock Market Development and Economic Growth in Emerging Market Economies: Dynamic Panel Evidence", (with P.K. Naik), (2015). Review of Accounting and Finance, 14(4), pp. 363-381. [Emerald Publications] DOI: https://doi.org/10.1108/RAF-09-2014-0105
  17. "Stock Market Volatility and Equity Trading Volume: Empirical An examination from Brazil, Russia, India, and China (BRIC)", (with P.K. Naik), (2015). Global Business Review, 16 (5S), pp. 28S-45S. [SAGE Publications] DOI: https://doi.org/10.1177%2F0972150915601235
  18. "A Study of Market Efficiency from Option prices: Evidence from the National Stock Exchange of India", (with Imlak Shaikh), (2015). Journal Transition Studies Review, 21(2). pp. 69-88. DOI: https://doi.org/10.14665/1614-4007-22-1-005
  19. "Backtesting of Value at Risk Methodology: Analysis of Banking Shares in India", (with Biswajit Patra), (2015), Margin: The Journal of Applied Economic Research, 9(3), pp. 254-277. [Sage Publications] DOI: https://doi.org/10.1177/0973801015583739
  20. "On the relationship of ex-ante and ex-post volatility: A sub-period analysis of S&P CNX Nifty Index Options", (with Imlak Shaikh), (2015). Journal of Emerging Market Finance, 14(2), pp. 1-36. [Sage Publications] DOI: https://doi.org/10.1177%2F0972652715584266
  21. "Information and Communication Technology in the Microfinance Sector: Case Study of Three Indian MFIs.", (with Vijeta Singh), (2015). IIM Kozhikode Society and Management Review, 4(2), pp.106-123. [SAGE Publications] DOI: https://doi.org/10.1177%2F2277975215607251
  22. "Financial sustainability of business correspondent model in Mirzapur District (Uttar Pradesh, India)", (with Vijeta Singh), (2015). Artha Vijnana, LVIII(4), pp. 276-300.
  23. "Inter-temporal relationship between India VIX and Nifty equity index", with Imlak Shaikh), (2014). The decision, 41(4), pp. 439-448. [Springer Publications] DOI: https://doi.org/10.1007/s40622-014-0046-0
  24. "The forecasting performance of implied volatility index: evidence from India VIX", (with Imlak Shaikh), (2014), Economic Change and Restructuring, 47(4), pp. 251–274. [Springer Publications] DOI: https://doi.org/10.1007/s10644-014-9149-z
  25. “On the relationship of implied, realized and historical volatility: evidence from NSE equity index options”, (with Imlak Shaikh), (2014). Journal of Business Economics and Management, 15(5), pp. 915–934. [Taylor and Francis Publications] DOI: https://doi.org/10.3846/16111699.2013.793605
  26. “Stylized patterns of implied volatility in India: a case study of NSE Nifty options”, (with Imlak Shaikh), (2014). Journal of Indian Business Research, 6 (3), pp. 231–254. [Emerald Publications] DOI: https://doi.org/10.1108/JIBR-12-2013-0103
  27. “Macroeconomic Announcements and the Implied Volatility Index: Evidence from India VIX”, (with Imlak Shaikh), (2013). Margin: The Journal of Applied Economic Research, 7 (4), pp. 417-442.[Sage Publications] DOI: https://doi.org/10.1177%2F0973801013500168
  28. “On the Linkages among Ex-ante and Ex-post Volatility: Evidence from NSE Options Market (India)”, (with Imlak Shaikh), (2013). Global Business Review, 14(3), pp. 487-505, [Sage Publications] DOI: https://doi.org/10.1177%2F0972150913496866
  29. “RBI’s Monetary Policy and Macroeconomic Announcements: Impact on S&P CNX Nifty VIX”, (with Imlak Shaikh), (2013). Transition Studies Review, 19(4), pp 445-460, [Springer Publications] DOI: https://doi.org/10.1007/s11300-013-0255-9
  30. “Emerging markets and financial crises: Regional, global or isolated shocks?”, (With Dimitris Kenourgios), (2012). Journal of Multinational Financial Management, 22(1-2), pp. 24-38. [Elsevier Publications] DOI: https://doi.org/10.1016/j.mulfin.2012.01.002
  31. “Volatility Spillover and Time-Varying Correlation among the Indian, Asian and US Stock Markets”, (with M.A. Lagesh), (2012). Journal of Quantitative Economics, 10(2), pp. 78-90
  32. “Evaluating the Hedging performance of the Constant and Dynamic Model in the Indian Stock Index Futures Market”, (2009). Journal of Quantitative Economics, 7(1), pp. 78 – 92. ABDC list category- “B”
  33. “Volatility Spillover and Time-Varying Correlation among the Indian, Asian and US Stock Markets”, (with M.A. Lagesh), (2012). Journal of Quantitative Economics, 10(2), pp. 78-90.
  34. “On the Linkages among Selected Asian, European and the US Implied Volatility Indices”, (2011). NSE Working Paper, WP/3/2011.
  35. “Price Discovery and Volatility Spillover Effects in Indian Commodity Market”, (with M Shiabuddin), (2010). Indian Journal of Agriculture Economics, 25(1), pp. 45-60.
  36. “Correlations Dynamics between Stock and Bond Returns Evidence from India”, with M.A. Lagesh), (2010). Artha Vijnana, LII(4), pp. 319-331.
  37. “Evaluating the Hedging performance of the Constant and Dynamic Model in the Indian Stock Index Futures Market”, (2009). Journal of Quantitative Economics, 7(1), pp. 78 – 92.
  1. Theory and Policy of Managerial Finance
  2. Money and Banking
  3. Financial Econometrics
  4. Applied Econometrics
Ph.d Students:

  1. Imlak Shaikh (10408301) - A study of option’s implied volatility: evidence from Indian derivative market (Ph.D Awarded - 2014), Currently working as faculty at MDI, Gurgaon
  2. Adithya Gaiha (09408701) - Macroeconomic Effects of Capital Flows in India (Ph.D Awarded - 2015), Currently working at RBI
  3. Pramod kumar Naik (10408001) - Stock market Volatility and Real Economic Activity in Emerging Economics (Ph.D Awarded - 2015), Currently working as faculty at IIT Madras
  4. Gautam Prakash (114087001) - Inflation in India: Nature and Causes A Study (Ph.D Awarded - 2017), Currently working at RBI
  5. Vijeta Singh (114083005) - An analysis of the impact of Microfinance in promoting Financial Inclusion in India (Ph.D Awarded - 2017), Currently at MIT WorldPeace University, Pune
  6. Mohan Rao Balaga (144080011) - The Early Warnings of the Impending Currency Crises and the Ensuing Macroeconomic Costs (PhD Awarded - 2019), Currently at IIT, Dharwad
  7. Biswajit Patra (134087002) - Inter Linkages among Risk, Capital and Inefficiency: An analysis of the Banking Sector in India (Ph.D Awarded - 2020), Currently at IISER, Bhopal
  8. Ipsita Sai shree (154080003) - Risk Management in Commodity Derivatives Market (Ph.D Awarded - 2024), Currently at IRMA, Anand, Gujarat
  9. Aswati Nair (174080016) - Essays on Monetary Policy and Macro Financial Linkages (ongoing)
  10. Shilpa Ahuja (194083011) - Capital Mobility, Exchange Rates, and Policy Choices: Assessing India’s Monetary Trade-offs(ongoing)
  11. Namrata Barik (204080010)- Fuel staking in Indian House Hold (Ongoing)
  12. Simran Aggarwal (214080004) - Climate Finance (Ongoing)
  13. Anamika Shrivastava (22d2022) - Monash-IITB student Joined 2023 (Ongoing)
  14. Jaya Gupta (22d0711) - Food Price Dynamics and Inflation (Ongoing)
Post Doctoral:

  1. Ipsita Sai shree
M.Phil Students:

  1. Pramod K Naik (08808011), R & D Expenditure and Performance: A Study of Electrical Machinery and Electronics Goods Manufacturing Firms in India, submitted in June 2010 (co-guide).
  2. Swatilekha Thakur (128080018), Relationship Between Exchange Rate and Macroeconomic Factors: An Empirical Study in India, submitted - June 2014.
  3. Ipsita Singh (138080006), Investor Sentiment in the Stock Market
BTP / Master's Students research guidance:

  1. Tushar Kumar(17B080012), Role of Microfinance in Women Empowerment
  2. Rohit Nagar(17B080012), Food Prices and Volatility
  3. Yash Jaju(17B080020), Portfolio valuation
  4. Gargee(18B08007), Do firms undertaking Green Initiative create Share Holder Value.
  5. Jaii Patil(18B080024), IPO Valuation
  6. Yash Mutha(18B080026), The Linkage between Volatility Index and Stock Market Index
  7. Chatanya Maheswari,ESG
  8. Riyan Jain, Optimal Hedge Ratio
  9. Ankita Anand, FINTECH and Women Empowerment
  • Collaborating Researcher: Children and Climate Action: Insights from Odisha, India SSHRC-CRHS, Partnership Engage Grants (PEG), Award period: March 1, 2025 to February 28, 2026 University of Alberta
  • DRG project in RBI DRG Study No. 48: Anatomy of Price Volatility Transmission in Indian Vegetables Market
  • ID: 1575, SPARC GRANT
    Title: Evaluating the potential of circular agri-food systems on improving the socio-economic conditions of farmers (Puja Padhi as CO-PI with Prof Ritanjali Majhi and Prof Niraj Kumar University of Liverpool)
    Three of my PhD students received the Excellence in Ph.D. thesis award under my guidance at IITB

  • Imlak Shaikh (10408301) - A study of option’s implied volatility: evidence from Indian derivative market (Ph.D. Awarded - 2014)
  • Pramod Kumar Naik (10408001) - Stock Market Volatility and Real Economic Activity in Emerging Economics (Ph.D. Awarded - 2015)
  • Mohan Rao Balaga (144080011) - "The Early Warnings of the Impending Currency Crises and the Ensuing Macroeconomic Costs" (Ph.D. Awarded 2019).
    • Best Paper Awards:

  • Agarwal, S., & Padhi, P. (2024): Greening the Nation: India's Path towards Sustainable Future, International Conference on Sustainable Development & Management Practices, IIT Dhanbad. (Best paper award)
  • The Indian Citation Index (ICI) report 2016,2017 by the Confederation of Indian Industry (CII) Puja Padhi among the top 100 authors of IITs. She is one among only 10 authors from IITB included in the top 100.
  • Best Paper award for the paper entitied: “Stock Market Development and Economic Growth in Emerging Market Economies: Dynamic Panel Evidence” Presented at the *International Conference on Business Paradigms and in Emerging Markets (ICBPEM-2014)* held at *School of Management, National Institute of Technology, Rourkela *during 12th - 13th December 2014 by Pramod Kumar Naik and Puja Padhi.
  • Best Paper Award for the paper entitled "Developing an early warning system for currency crises in BRICS" at 2nd Annual Economics Conference, conducted by Sarla Anil Modi School of Economics, NMIMS Mumbai in collaboration with TIES on 12.02.2018 by Mohan Rao and Puja Padhi
  • Best Paper Award for the paper entitled "Information Content of Implied Volatility: A Sub-Period Analysis” at the International Research Conference on Management, Banking and Finance March 5th - 6th, 2012, organized by Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai ny Imlak Shaikh and Puja Padhi
Academic Text Book Publication:

...
Financial Markets, Climate Risk and Renewables

Description:This volume offers a comprehensive examination of how innovative financial strategies can address critical environmental and social challenges globally. Organized around five key themes—financial institutions fostering financial stability; volatility in financial markets; inclusive development: MSMEs, and microfinance; financial innovation for sustainability: ESG and climate finance; and fintech—it presents pioneering studies that provide deep insights into the intersection of finance and sustainable development.

...
Fundamentals of Corporate Finance, 5th edition

Description:Fundamentals of Corporate Finance develops the key concepts of corporate finance with an intuitive approach while emphasizing computational skills. Presenting the topics in a logical and stepped-out manner, this book helps students develop an understanding of key financial concepts while also enabling them to develop the critical judgments necessary to apply financial tools in real-world decision-making situations. It offers a level of rigor that is appropriate for both business and finance majors and yet presents the content in a manner that students find accessible.


Student Achievements:

  • Namrata Barik, Padhi P.(2025), "The Determinants of Household Cooking Fuel Transition: Evidence from Rural India", 45th IAEE Conference, Boğaziçi University, Türkiye, June 2024.
  • Jaya Gupta, Padhi P.(2025), "Unraveling food price dynamics in India under global oil price shocks: an empirical analysis", 99th Annual Conference of AES, University of Bordeaux, France, April 14–16, 2025.
  • Namrata Barik, Padhi P.(2025), "From Policy to Practice: Evaluating the State-wise and Gendered Impact of the Pradhan Mantri Ujjwala Yojana on Clean Cooking Fuel", 59th TIES Annual Conference, BHU, March 2025.
  • Namrata Barik, Padhi P.(2025), "Female Leadership and Firm Performance", Winter School – AHEAD Lab, IIT Roorkee, January 2025.
  • Jaya Gupta, Padhi P.(2024), "Unraveling food price dynamics in India under global oil price shocks: an empirical analysis", Winter School 2024, CDE, Delhi School of Economics, December 12–14, 2024.
  • Shilpa Ahuja, Padhi P.(2024), "Global Winds and Indian Seas: Exploring Capital Flow Dynamics", Singapore Economic Review Conference, July 31 – August 2, 2024.
  • Aswati Nair, Padhi P.(2024), "Steering Through Economic Headwinds: The Role of Financial Development and Inflation Targeting in Monetary Policy Effectiveness", at the Doctoral Finance Symposium, Henley Business School, University of Reading, UK, 04–05 July 2024
  • Simran Aggarwal, Padhi P.(2024), "Unraveling the Dynamics of Green Finance, Renewable Energy Consumption, and Carbon Emissions in India", 16th Doctoral Thesis Conference, ICFAI Hyderabad, May 9, 2024.
  • Simran Aggarwal, Padhi P.(2024), "Greening the Nation: India’s Path to Sustainable Future", Sustainable Energy Economics in the Asia-Pacific Region, Goa Institute of Management, April 12-13, 2024.
Sa-Dhan Impact Study Projects:

A. Independent Impact Assessment of Indian Microfinance sector on the lives of microfinance Borrowers - The study will be conducted by Indira Gandhi Institute of Development Research (IGIDR), Goregaon, Mumbai, a deemed University. The major Objective of the study is to assess the impact of microfinance loans on the lives of the borrowers of microfinance institutions by means of financial benefits derived, social benefits accrued, improvement in dignity of lives.

B. Study on Financial Inclusion in Under-served Areas – The study will be conducted by Prime M2i Consulting Pvt. Ltd. The objective of the study is to get a deeper sense on the reasons for exclusions of financially under penetrated districts and the possible solutions to overcome the same.