Puja Padhi

Professor
pujapadhi@iitb.ac.in
(+022) 2576-7385
Education:
  • Ph.D., Central University of Hyderabad, Hyderabad, India
Research Interests:
  • Financial Economics & Aplied Econometrics
  • Financing Economic Development
  • Macro Economics, Money & Banking
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. 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
  2. Puja Padhi and Lavanya Kosuri (2023), "IPO Underpricing: A Bibliographic review on its Determinants," for the Encyclopedia of Monetary Policy, Financial Markets and Banking, https://www.sciencedirect.com/science/article/abs/pii/B978044313776100074X?via%3Dihub
  3. "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.
  4. “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, ABDC list category- “A”
  5. “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
  6. “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
  7. “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
  8. “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
  9. "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
  10. “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]
  11. “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
  12. “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
  13. “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
  14. “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
  15. "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
  16. “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
  17. “Financial sustainability of business correspondent model in Mirzapur District (Uttar Pradesh, India)”, (with Vijeta Singh), (2015). Artha Vijnana, LVIII(4), pp. 276-300.
  18. “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
  19. “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
  20. “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
  21. “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
  22. “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
  23. “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
  24. “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
  25. “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
  26. “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
  27. “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”
  28. “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.
  29. “On the Linkages among Selected Asian, European and the US Implied Volatility Indices”, (2011). NSE Working Paper, WP/3/2011.
  30. “Price Discovery and Volatility Spillover Effects in Indian Commodity Market”, (with M Shiabuddin), (2010). Indian Journal of Agriculture Economics, 25(1), pp. 45-60.
  31. “Correlations Dynamics between Stock and Bond Returns Evidence from India”, with M.A. Lagesh), (2010). Artha Vijnana, LII(4), pp. 319-331.
  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.
  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)
  2. Adithya Gaiha (09408701) - Macroeconomic Effects of Capital Flows in India (Ph.D Awarded - 2015)
  3. Pramod kumar Naik (10408001) - Stock market Volatility and Real Economic Activity in Emerging Economics (Ph.D Awarded - 2015)
  4. Gautam Prakash (114087001) - Inflation in India: Nature and Causes A Study(Ph.D Awarded - 2017)
  5. Vijeta Singh (114083005) - An analysis of the impact of Microfinance in promoting Financial Inclusion in India (Ph.D Awarded - 2017)
  6. Mohan Rao Balaga (144080011) - "The Early Warnings of the Impending Currency Crises and the Ensuing Macroeconomic Costs" (PhD Awarded - 2019).
  7. Biswajit Patra (134087002) - Inter Linkages among Risk, Capital and Inefficiency: An analysis of the Banking Sector in India(Ph.D Awarded - 2020)
  8. Ipsita Sai shree (154080003) - Risk Management in Commodity Derivatives Market (Submitted 2022)
  9. Shilpa Ahuja (194083011) - Globalization - A Study of Costs and Benefits in Light of Rising Financial and Social Concern. (ongoing)
  10. Aswati (174080016) - Essays on Monetary Policy and Macro Financial Linkages(ongoing)
  11. Namrata Barik- Fuel staking in Indian House Hold (Ongoing)
  12. Simran Aggarwal – Climate Finance (Ongoing)
  13. Anamika Shrivastava: Monash-IITB student Joined 2023
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:

Sr. No. BTP/
Master's		 Name of Students Completed/
Ongoing		 Other guides,
if any		 Thesis topic
1 BTP Tushar Kumar (17B080012) Completed Solo Role of Microfinance in Women Empowerment
2 BTP Rohit Nagar (17B080012) Completed Solo Food Prices and Volatility
3 BTP Yash Jaju (17B080020) Completed Prof Piyush Pandey (SOM) Portfolio valuation
4 BTP Mayank Gupta (180040059) Completed Solo Spill Over effects of Energy Stocks in India: Relation between energy security and stock market
5 BTP Saket Mohta (18B080021) Completed Solo Role of Oil Prices in Growth.
6 BTP Dhairya Jain (18B080006) Completed Solo Portfolio Optimization
7 BTP Gargee (18B08007) Completed Solo Do firms undertaking Green Initiative create Share Holder Value.
8 BTP Jaii Patil (18B080024) Completed Solo IPO Valuation
9 BTP Yash Mutha (18B080026) Completed Solo The Linkage between Volatility Index and Stock Market Index
10 BTP Chatanya Maheswari Ongoing Solo ESG
11 BTP Riyan Jain Ongoing Solo Optimal Hedge Ratio
12 BTP Ankita Anand Ongoing Solo FINTECH and Women Empowerment

I have recently completed a DRG project in RBI DRG Study No. 48: Anatomy of Price Volatility Transmission in Indian Vegetables Market

Best Paper Awards:

    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).

  • 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:

Currently working for the adaptation of “Fundamentals of Corporate Finance, 5th edition Book by Robert Parrino, David S Kidwell, Thomas Bates, Stuart L Gillan, WILEY Publication, it will be published tentatively by apr 2023