Faculty
Dr. Rahul Kumar ( Assistant Professor )
Academics
Dr. Rahul Kumar holds a Ph.D. in Finance and Accounting from the Indian Institute of Management, Ranchi, an MBA in Financial Management from Banaras Hindu University, Varanasi, and a B.Com. (Hons.) from Delhi University, and has qualified UGC–NET (JRF) in Management and Commerce. Prior to joining DMI, he was associated with the Indian Institute of Management (IIM) Sambalpur as Assistant Professor in Accounting and Finance, where he taught Financial Management, Corporate Finance, Financial Accounting, and Financial Derivatives. He has published extensively in reputed national and international journals, including Finance Research Letters, Cogent Economics & Finance, and The Journal of Risk Finance, and has authored several teaching cases published by Ivey/Harvard Business Publishing. He is a member of the American Finance Association (AFA), The Indian Econometric Society (TIES) and the Indian Accounting Association, and serves as a reviewer for journals published by Sage and Emerald. His research interests span financial markets, corporate finance, investments and portfolio management, and corporate restructuring, with a particular focus on how corporate events such as spin-offs, derivatives listings, and crisis-driven layoffs affect firm value and market behaviour. He has supervised doctoral research, including a Ph.D. thesis on SME listing on exchanges completed in 2025, and has received recognitions such as the NSE Best Thesis Award in Financial Economics and the Best Paper Award (Young Researcher) at the SEBI-NISM Research Conference.
Summary of Experience
Development Management Institute (DMI), Patna – Assistant Professor – August 2026 to Present
Indian Institute of Management (IIM) Sambalpur – Assistant Professor – January 2023 to August 2026
Fortune Institute of International Business (FIIB) Delhi- Assistant Professor – May 2022 to January 2023
Area of Interest
Management Accounting, Financial Accounting, Financial Markets, Corporate Finance, Financial Derivatives, and Corporate Restructuring.
Publications
Journal Articles:
Kumar, R., Pandey, D. K., & Goodell, J. W. (2023). Market reactions to layoff announcements during crises: Examining impacts and conditioners. Finance Research Letters, 104423.
Kumar, R., Bhatia, P., & Gupta, D. (2021). The impact of the COVID-19 outbreak on the Indian stock market–A sectoral analysis. Investment Management and Financial Innovations, 18(3), 334–346.
Kumar, R., & Chakrabarti, P. (2022). Price Impact of Derivatives Listing and Delisting: Evidence from India. The Indian Economic Journal, 00194662221137261.
Kumar, R., Bhatia, P., & Chattopadhyay, S. (2022). The impact of leverages and operating efficiency on market value added: Empirical evidence from India. Vision, 26(3), 351–360.
Bhatia, P., Kumar, R., Chattopadhyay, S., & Dubey, R. K. (2024). Economic value added and working capital efficiency linkages: an Indian context. Accounting Research Journal.
Pandey, D. K., & Kumar, R. (2022). Lockdown, unlock, stock returns, and firm-specific characteristics: the Indian tourism sector during the Covid-19 outbreak. Current Issues in Tourism, 25(7), 1026–1032.
Gupta, S., Vaishali, & Kumar, R. (2024). Which ownership structure will sustain sustainability? An empirical examination of ESG disclosure. International Journal of Disclosure and Governance, 1–17.
Pandey, D. K., Kumar, R., & Kumari, V. (2023). Glasgow Climate Pact and the global clean energy index constituent stocks. International Journal of Emerging Markets.
Gupta, D., Kumar, R., & Chattopadhyay, S. (2022). The impact of corporate spin-offs on shareholders’ wealth: Empirical evidence from India. Cogent Economics & Finance, 10(1), 2109277.
Pandey, D. K., & Kumar, R. (2023). Russia-Ukraine War and the global tourism sector: A 13-day tale. Current Issues in Tourism, 26(5), 692–700.
Kumari, V., Kumar, R., & Pandey, D. K. (2023). Restrictions on air travel to India and the global airline industry—An event study and cross-sectional approach. Asia Pacific Management Review, 28(2), 240–251.
Gupta, D., Kumar, R., & Chattopadhyay, S. (2022). The Price of War: Effect of the Russia-Ukraine war on the Global Financial Markets. Journal of Economic Asymmetries (Forthcoming).
Posti, L., Bhamoriya, V., Kumar, R., & Khare, R. (2023). How productive is liquid waste management practices in Indian informal micro, small and medium enterprises? Management of Environmental Quality: An International Journal.
Kumar, R., & Bhatia, P. (2024). Deciphering the link: An empirical analysis of the interplay between economic value added and dividend payouts in the Indian corporate landscape. Investment Management and Financial Innovations, 21(4), 278–288.
Bhatia, P., & Kumar, R. (2023). Do debt, and operating efficiency contributes to corporate performance? International Journal of System Assurance Engineering and Management, 1–7.
Posti, L., Khare, R., & Kumar, R. (2023). Workplace sanitation and female labour force participation in the informal sector. Economics Bulletin, 43(3), 1411–1420.
Srivastava, A., Assaf, R., Pandey, D. K., & Kumar, R. (2024). Stock price crash risk research: current trends and future directions. The Journal of Risk Finance.
Book Chapter:
Kumar, R., & Gupta, D. (2021). Analysis of the two-wheeler segment in the automobile industry: The resurgence of the scooters segment in India. In Strategic management and entrepreneurship: Contemporary practices and key industry insights (pp. 139–159). Indian Institute of Management Ranchi.
Cases and Technical Note:
Shell’s Net-Zero Dilemma: Strategic Ambition and Ethical Accountability. Ivey/Harvard Business Publishing, 2026.
Swimming with the Sharks: HPIL’s SME-to-Main Board Migration. Ivey/Harvard Business Publishing, 2025.
The Dentist’s Dilemma: Employment vs. Entrepreneurship. Ivey/Harvard Business Publishing, 2025.
Vedanta Limited: Strategic Restructuring to Tackle Conglomerate Discount. Ivey/Harvard Business Publishing, 2024.
Novel Jewels Limited: Diversifying the Legacy of AB Group. Ivey/Harvard Business Publishing, 2025.
Shanmuga Hospital Limited: Strategic Funding for Modest Expansion. Ivey/Harvard Business Publishing, 2025.
Battery Smart: Navigating Financial Strategy. Ivey/Harvard Business Publishing, 2025.
Gupta, S., & Kumar, R. (2024). Navigating the financial frontier: a case of investment decision-making in the wake of Reliance Industries Limited’s demerger. Emerald Emerging Markets Case Studies, 14(4), 1–24.
A Note on the Financial System of India. Ivey/Harvard Business Publishing, 2025.
A Note on the Global Carbon Credit Market. Ivey/Harvard Business Publishing, 2026.
A Note on Relative Valuation. Ivey/Harvard Business Publishing, 2026.
Fixed Income Securities: Concepts, Instruments, and Markets. Ivey/Harvard Business Publishing, 2026.
Awards and Recognitions
NSE Best Thesis Award in Financial Economics, 107th Indian Economic Association Annual Conference, Kurukshetra University, India, December 2024.
Best Paper Award (Young Researcher), Fourth SEBI-NISM Research Conference, National Institute of Securities Markets, Mumbai, March 2023.
Best Case Award (Accounting and Finance Track), International Case Conference 2026, Indian Institute of Management Raipur, India, January 2026.
Best Doctoral Colloquium Paper Award, 5th International Conference on Management of MSMEs (ICMM 2026), Indian Institute of Management Amritsar, India, January 2026.
Best Presentation Award, International Conference on Energy and Infrastructure Management, Pandit Deen Dayal Petroleum University, Gandhinagar, February 2020.
Second Best Case Award, Fourth AIMA-IRC Case Writing Competition and Conference, All India Management Association, New Delhi, May 2024.
Silver Prize Award, Annual Decision Making/Teaching Case Study Competition, Indian Institute of Public Administration, New Delhi, September 2024.
Third Prize Award, Curious Case Writing Competition, University of Petroleum and Energy Studies, Dehradun, March 2025.
Best Case Award (Research Scholars Track), Katastasi Annual Case Study Competition, Fortune Institute of International Business, New Delhi, October 2024.
Best Case Award (Student Track), Katastasi Annual Case Study Competition, Fortune Institute of International Business, New Delhi, October 2024.
Silver Prize Award, Annual Decision Making/Teaching Case Study Competition, Indian Institute of Public Administration, New Delhi, September 2025.
Silver Award at the ICAI International Research Awards 2025, Goa, October 2025.
Faculty Qualification
Ph.D., Finance and Accounting, Indian Institute of Management, Ranchi (2018–2022)
MBA, Financial Management, Banaras Hindu University, Varanasi (2016–2018)
B.Com (Hons.), PGDAV College, Delhi University (2012–2015)
UGC NET JRF (Management, Commerce), 2018
Chartered Market Technician (CMT) – Level 1, 2025
Conference Attended
Kumar, R. (2024). Can the implementation of physical settlement enhance market transparency? Perspectives from the Indian context. 2024 Second CoS Global Conference on Financial Resilience, College of Supervisors, Reserve Bank of India, India.
Kumar, R. (2023). The role of the contract specification in market quality of the derivatives instruments: Evidence from India. 2023 4th SEBI-NISM Research Conference, India.
Kumar, R. (2024). Vedanta Unveiled: A Six-Way Vertical Spinoff Redefining the Corporate Landscape. 9th Pan-IIM World Management Conference, IIM Sambalpur, India.
Kumar, R. (2024). Does the implementation of physical settlement enhance the informativeness of the market? Evidence from India. INDAM 2024 Conference, Goa Institute of Management, India.
Kumar, R. (2023). Investigating the Impact of the Russia-Ukraine Conflict on Stock Returns in Different Sectors Across G20 Nations. ISDSI-Global Conference, IIM Ranchi.
Kumar, R., & Gupta, D. (2022). Impact of Russian Invasion on Ukraine on the Global Financial Market. The British Academy of Management Doctoral Symposium, United Kingdom.
Gupta, S., Vaishali, & Kumar, R. (2023). The Role of Ownership Structure in Determining Non-Financial Disclosure of Firms – A Multi-Country Study. 35th Asian Finance Conference, Vietnam.
Kumar, R., & Chakrabarti, P. (2022). Effect of Modification of Contract Size on the Market Quality. The British Accounting and Finance Association Annual Conference, United Kingdom (Online).
Kumar, R., & Kaur, R. (2021). A Comparative Study of US and Indian Equity Markets – An Analysis of Covid-19 Scenarios. 1st International Conference “Frontiers in International Finance and Banking”, Russia (Online).
Ashraf, S. A., & Kumar, R. (2021). Examining the impact of FinTechs in extending capital access to MSMEs. International Conference on Information Resources Management (Conf-IRM 2021), Austria (Online).
Bhatia, P., & Kumar, R. (2021). Do debt, and operating efficiency plays a valuable role in corporate performance? 21st Workshop on Accounting and Finance Research in Emerging Economies, BAFA, United Kingdom (Online).
Kumar, R., & Kumari, S. (2021). The Role of Contract Size in the Indian Derivatives Market. 8th Pan-IIM World Management Conference, IIM Kozhikode, Kerala.
Kumar, R., & Kumari, S. (2021). The Impact of Revision of Contract Size in Single Stock Futures in India. 7th International Conference on Empirical Issues in International Trade and Finance, Indian Institute of Foreign Trade, Kolkata.
Kumari, S., Bera, S., & Kumar, R. (2020). Operational & Financial Perspective of Carbon Capture & Storage. International Conference on Energy and Infrastructure Management, Pandit Deendayal Petroleum University, Gandhinagar.
Bhatia, P., & Kumar, R. (2021). How operating efficiency and leverage impact firm profitability: In the context of Indian firms listed on BSE. First Virtual International Conference on Sustainable Finance, Economics & Accounting, IIM Jammu, India.
Kumar, R., Gupta, D., & Dutta, S. K. (2020). Analysis of the Two-wheeler segment in the Automobile Industry: The Resurgence of the Scooters segment in India. 22nd Annual Convention of Strategic Management Forum (SMF 2020), IIM Ranchi, India.
Faculty Membership
American Finance Association (AFA)
The Indian Econometric Society (TIES)
Indian Accounting Association
Faculty Research Interest
Financial Markets, Corporate Finance, Financial Derivatives, and Corporate Restructuring.
