Pradiptarathi Panda

@iimraipur.ac.in

Assistant Professor
Indian Institute of Management (IIM), Raipur

Pradiptarathi Panda


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Dr. Pradiptarathi Panda is an Assistant Professor at the Indian Institute of Management (IIM) Raipur. Prior to his tenure at IIM Raipur, he spent nine years at the National Institute of Securities Markets (NISM) engaged in teaching and research in financial markets. Starting as a Research Associate, he progressed to the position of Assistant Professor at NISM. Dr. Panda's research interests encompass Market Microstructure, Mutual Funds, International Capital Markets, Derivatives, and Innovative Financial Instruments. His teaching portfolio includes Financial Institutions and Markets (FIM), Market Microstructure-Trading and Investment in Equity and Equity Derivatives, Corporate Finance, Applied Financial Econometrics, Financial Computing using R and Python, Financial Derivatives, and Investment Management.

EDUCATION

PhD Financial markets
M.Phil. Financial Markets
Master of Finance and Control

RESEARCH, TEACHING, or OTHER INTERESTS

Finance, Economics, Econometrics and Finance
25

Scopus Publications

536

Scholar Citations

14

Scholar h-index

15

Scholar i10-index

Scopus Publications

  • Securities Market: Institutional Change and Growth
    C.K.G. Nair, Pradiptarathi Panda
    Routledge Handbook of Indian Banking and Finance, 2026
    This chapter presents a detailed account of the regulatory structure of India’s securities markets since the 1990s. It highlights how institutional reforms, especially the creation of SEBI, transformed the market through legal and technological innovations. Key developments include the dematerialisation of shares, the rise of NSE and BSE, a wide array of financial products (equities, derivatives, mutual funds, real estate investment trusts, etc.), and a booming investor base, with over 190 million demat accounts by 2025. The chapter also explores some issues on the development of market infrastructure institutions (MIIs), advancements in trading and settlement technology, and the emergence of digital payments through the JAM trinity and UPI. However, it raises concerns about regulatory fragmentation across multiple agencies (SEBI, RBI, IRDAI, PFRDA), governance disparities between public and private entities, and market vulnerabilities such as retail investor losses and inactive listed companies. It concludes by discussing the need for regulatory convergence, the potential of the GIFT-IFSC as a global financial hub, and the challenge of managing rapid regulatory and technological changes without overwhelming market participants.
  • Unconventional and Conventional Monetary Policy Spillovers to Advanced and Emerging Stock Markets
    Pradiptarathi Panda, Anjaly B., Babita Panda, Ranjan Kumar Mohanty
    Journal of Emerging Market Finance, 2026
    This article examines the impact of spillovers from unconventional and conventional monetary policies during and after the COVID-19 pandemic. The study analyses eight countries—five advanced economies (Australia, Canada, New Zealand, the United Kingdom, and the United States) and three emerging economies (Brazil, India, and South Africa), to assess monetary policy spillovers across eight sectors from 2019 to 2025, using the event study methodology. The results indicate that emerging markets experienced greater sectoral monetary policy spillovers than advanced economies. In the case of conventional monetary policy spillovers, both advanced and emerging markets responded similarly. Monetary policy is one of the most effective policies for guiding sectoral dynamics. The results of this study may help investors and policymakers. JEL Codes : E4, E44, E5
  • Does internal carbon pricing improve firm performance? Evidence from indian listed companies
    V Veeravel, Rahul B. Hiremath, Pradiptarathi Panda
    Finance Research Letters, 2025
    • We examined the impact of internal carbon pricing (ICP) disclosure on the financial performance of Listed firms in India. • Results indicate positive and significant impact of ICP disclosure on firm performance. • The findings support the growing role of climate change mitigation and sustainability along with policy discussions. This study evaluates the effect of internal carbon pricing (ICP) disclosure on the financial performance of publicly listed firms in India, an emerging economy. Firm performance is measured through return on assets (ROA), return on equity (ROE), return on capital employed (ROCE), and earnings per share (EPS). Employing Panel-Corrected Standard Errors (PCSE) and two-stage least squares (2SLS), the analysis reveals consistent positive associations for ROA, ROE, and EPS, with ROCE positive but insignificant. Findings underscore ICP disclosure as a strategic sustainability mechanism that strengthens corporate accountability, enhances firm value, and informs policy debates on climate-related financial disclosure in emerging markets.
  • Do Position Limits in Single Stock Derivatives Benefit Equity Markets?
    Pradiptarathi Panda, Sitikantha Parida, Anjaly Balakrishnan, Latha Chari
    Australasian Accounting Business and Finance Journal, 2025
    Market-wide position limits (MWPL) and bans on F&O trading in stocks have been enforced in Indian markets since 2004. However, despite the rapid growth in derivative trading volumes in recent years, questions about the optimal position limits and their impact on market quality remain largely underexplored. During the 2019 COVID pandemic, the Securities and Exchange Board of India (SEBI) reduced the MWPL thresholds to 50% of the pre-COVID level to counter systemic risks and extreme market volatility. This regulatory change provides a natural setting to evaluate the impact of changes to MWPL and F&O on market quality in the Indian derivatives market. We find that the changes to MWPL resulted in reduced liquidity and volatility in the spot and futures markets compared to the pre-COVID levels, which declined further during the post-COVID period. However, the volatility in the future markets, particularly the overnight volatility, was greater than the spot market during the ban period. The stocks under repeated bans demonstrated significantly higher overnight volatility in futures, while other volatility measures were higher in the spot market. This analysis offers valuable insights into the evolution of liquidity and volatility in the Indian derivative markets during various pandemic phases.
  • Uncertainties and Dynamic Connectedness Among Sectors: A Case of the USA, India, France, Germany and Russia
    Ashok Kumar Mishra, Pradiptarathi Panda, Subhendu Kumar Pradhan, Ajaya Kumar Panda, Ciorstan Smark
    Australasian Accounting Business and Finance Journal, 2024
    This study examines the connectedness among the sectoral indices for the USA, India, France, Germany and Russia stock markets pre and post-COVID-19. We use the Diebold and Yilmaz spillover index to examine the study's objectives. This study finds that volatility spillover is higher during COVID-19 than before COVID-19. In addition, the volatility transmission across the sectors demonstrated mixed results regarding net volatility receivers and transmitters. However, the degree of transmission is higher for the net volatility receivers than for the net volatility transmitters. This study will help policymakers draft related policies to immunise their economy and market from spillover contagions of international markets during varying pandemic scenarios. This study would also help potential investors, including foreign institutional investors, diversify their portfolios based on the sectors with net volatility transmitters and receivers.
  • Analyzing Spillover Effects among BRICS Stock Markets: Application of Copula and DCC-MGARCH Model
    Naliniprava Tripathy, Pradiptarathi Panda
    Review of Pacific Basin Financial Markets and Policies, 2023
    This study examines the nonlinear dependence and tail dependence of BRICS countries’ stock markets and the contagion effect among Brazil, Russia, India, China, and South Africa (BRICS) countries’ daily stock markets using the COPULA model from January 2000 to February 2019. The study employs the DCC-MGARCH model and Diebold and Yilmaz volatility spillover model to assess the interdependence dynamics across BRICS countries’ stock markets. The copula results suggest that the BRICS country’s stock markets are independent of each other. The conditional correlation between BRICS is negative and statistically significant, suggesting that the negative relationship among BRICS is an important signal for international investors to diversify among these countries and get the economic value of their investment. Further, Brazil, China, and South Africa are the net volatility transmitter, at the same time India and Russia are the net volatility receiver during the study period. The study proposes that policymaker of BRICS needs to interchange views and mutually map policies to appeal to global investment more.
  • Role of institutional investors in reviving loss-making firms: evidence from India
    V. Veeravel, Pradiptarathi Panda, A. Balakrishnan
    Managerial Finance, 2023
    PurposeThe present study aims to verify whether there is a positive (negative) role being played by the institutional investors on the loss-making companies' performance.Design/methodology/approachThe authors employ panel data regression and two-step system generalised method of moments (SYS-GMM) to test the above objective.FindingsThe empirical results clearly show that no positive relation is found between institutional investors and loss-making companies' performance.Research limitations/implicationsThe findings of the study might have significant implications for firms to improve the firms' operational performance [return on assets (ROA)]. Also, the firm's financial performance [return on equity (ROE)] could be improved by increasing profitability which will reflect in the share prices of the firms whereby the performance can build the investors' confidence over the firm. Market performance (Tobin's Q) could be increased by providing more attractive offers and discounts to customers to capture the business opportunities available in the market.Practical implicationsThe overall findings might have for reaching implications in the manufacturing sector with regard to allowing (disallowing) institutional investors.Social implicationsThe results of the study may help both companies and institutional investors.Originality/valueThis is the maiden attempt to study whether loss-making companies could be positively (negatively) impacted by the arrival of sophisticated institutional investors [foreign institutional investors (FIIs) and domestic institutional investors (DIIs)]. Further, this study is largely different from previous studies in terms of using new variables which are related to firm characteristics and valuation multiples. Further, seeing if the institutional investors tend to enhance the firm performance is curious.
  • Price Discovery in Agricultural Commodities Markets for India: A Case of Cotton
    Rishita Kabi, Pradiptarathi Panda, Latha Chari
    Management and Labour Studies, 2023
    This study applies vector autoregression to capture the relationships among inflation, cotton spot and futures price. Further, the autoregressive distributed lag model has been applied to capture the impact of rainfall on the cotton spot and futures price. The result of this study reveals that cotton spot price positively impacts cotton futures, while rainfall negatively impacts the price of cotton futures. There is no impact of inflation on cotton spot and futures markets. Due to the sensitivity of crops to rainfall, the monsoon plays a vital role in price discovery in the agricultural market. Similarly, inflation is another significant issue linked to agricultural prices. Further, any movement in futures prices driven by the speculative activity of traders in the commodity derivatives does not contribute to changes in the spot prices.
  • Better to Give than to Receive: A Study of BRICS Countries Stock Markets
    Pradiptarathi Panda, Wasim Ahmad, M. Thiripalraju
    Journal of Emerging Market Finance, 2023
    This study uses the MGARCH-BEKK model and Diebold–Yilmaz (DY) volatility spillover index to examine volatility spillovers among BRICS countries’ stock markets. The study finds that the own volatility spillover is more than the cross-markets and has increased during the financial crisis. In contrast, the cross-markets volatility spillovers have decreased after the financial crisis. The total net return spillover increased during the crisis period (27.30%) and the pre-crisis period (25.50%) in comparison with the post-crisis period (6.30%) and the whole sample period (10.70%). Brazil is the highest net volatility transmitter among the BRICS countries’ stock markets, and China is the highest net volatility receiver. We learned from the volatility network connectedness that China is highly connected with India regarding volatility. Foreign institutional investors may use this study’s result to find diversification opportunities across the BRICS stock markets. JEL Codes: F3, G11, G12, G15
  • Innovative Financial Instruments and Investors’ Interest in Indian Securities Markets
    Pradiptarathi Panda
    Asia Pacific Financial Markets, 2023
  • Macroeconomic Response to BRICS Countries Stock Markets Using Panel VAR
    Babita Panda, Ajaya Kumar Panda, Pradiptarathi Panda
    Asia Pacific Financial Markets, 2023
  • Risk-Managed Momentum: An Evidence from Indian Stock Market
    Simarjeet Singh, Nidhi Walia, Pradiptarathi Panda, Sanjay Gupta
    Fiib Business Review, 2022
  • Regulatory Risk Containment Measures on Single Stock Derivatives:An Impact Assessment
    Economic and Political Weekly, 2022
  • Impact of corporate governance on dividend policy: A systematic literature review of last two decades
    Debadatta Das Mohapatra, Pradiptarathi Panda
    Cogent Business and Management, 2022
  • Information bias and its spillover effect on return volatility: A study on stock markets in the Asia-Pacific region
    Ajaya Kumar Panda, Pradiptarathi Panda, Swagatika Nanda, Atul Parad
    Pacific Basin Finance Journal, 2021
  • Dynamic Connectedness among BRICS and Major Countries Stock Markets
    Pradiptarathi Panda, Shobana Vasudevan, Babita Panda
    Journal of Public Affairs, 2021
  • US and EU unconventional monetary policy spillover on BRICS financial markets: an event study
    Justinas Lubys, Pradiptarathi Panda
    Empirica, 2021
  • Forwarding Letter for Capital Markets Conference Special Issue
    Pradiptarathi Panda
    Asia Pacific Financial Markets, 2021
  • Spillovers and financial integration in emerging markets: Analysis of BRICS economies within a VAR-BEKK framework
    Saswat Patra, Pradiptarathi Panda
    International Journal of Finance and Economics, 2021
  • Working Capital Management, Macroeconomic Impacts, and Firm Profitability: Evidence from Indian SMEs
    Ajaya Kumar Panda, Swagatika Nanda, Pradiptarathi Panda
    Business Perspectives and Research, 2021
  • Stock market spillovers: Evidence from BRICS countries
    Finance India, 2020
  • Exploring Client Perceptions and Intentions in Emerging Economies: The Case of Green Banking Technology
    Mehree Iqbal, Nabila Nisha, Afrin Rifat, Pradiptarathi Panda
    Green Business Concepts Methodologies Tools and Applications, 2019
  • Exploring client perceptions and intentions in emerging economies: The case of green banking technology
    Mehree Iqbal, Nabila Nisha, Afrin Rifat, Pradiptarathi Panda
    International Journal of Asian Business and Information Management, 2018
  • Test of Five-factor Asset Pricing Model in India
    A. Balakrishnan, Moinak Maiti, Pradiptarathi Panda
    Vision, 2018
  • Return and volatility spillovers among stock markets: BRICS countries experience
    Pradiptarathi Panda, M. Thiripalraju
    Afro Asian Journal of Finance and Accounting, 2018

RECENT SCHOLAR PUBLICATIONS

  • Unconventional and Conventional Monetary Policy Spillovers to Advanced and Emerging Stock Markets
    P Panda, B Anjaly, B Panda, RK Mohanty
    Journal of Emerging Market Finance, 09726527251408565 , 2026
    2026
    Citations: 1
  • Do Position Limits in Single Stock Derivatives Benefit Equity Markets?
    P Panda, S Parida, A Balakrishnan, L Chari
    Australasian Accounting, Business and Finance Journal 19 (5) , 2025
    2025
  • Does Internal Carbon Pricing Improve Firm Performance? Evidence from Indian Listed Companies
    V Veeravel, RB Hiremath, P Panda
    Finance Research Letters, 108780 , 2025
    2025
    Citations: 1
  • Reallocation of resources through the creditors under IBC, 2016 A case study of Ruchi Soya Industries Ltd.- Part 2
    J Panchali, P Pradiptarathi
    The Case House of IIM Raipur (CHIRP) , 2025
    2025
  • Can this company be saved from the brink of disaster? A case study of Ruchi Soya Industries Ltd.– Part 1
    J Panchali, P Pradiptarathi
    The Case House of IIM Raipur (CHIRP) , 2025
    2025
  • Performance of Active and Passive Mutual Funds in India—Pre and During COVID
    S Joshy, P Panda
    HANDBOOK OF FINANCIAL ECONOMETRICS, STATISTICS, TECHNOLOGY, AND RISK … , 2025
    2025
  • Uncertainties and Dynamic Connectedness Among Sectors: A Case of the USA, India, France, Germany and Russia
    AK Mishra, P Panda, SK Pradhan, AK Panda, C Smark
    Australasian Accounting, Business and Finance Journal 18 (3) , 2024
    2024
    Citations: 4
  • Greening Indian Financial Markets for Sustainable Development-https://ro.uow.edu.au/aabfj/vol18/iss3/1/
    P Panda, L Chari, C Smark
    Australasian Accounting, Business and Finance Journal 18 (3), 1-6 , 2024
    2024
    Citations: 1
  • Critical Role of Media in Generating Awareness About Commodity Derivatives Market
    P Panda, R Kohli
    Commodity Insights Year Book 2024 by MCX and IIM Banglore, 86-90 , 2024
    2024
    Citations: 1
  • Analyzing Spillover Effects Among BRICS Stock Markets: Application of Copula and DCC-MGARCH Model
    N Tripathy, P Panda
    Review of Pacific Basin Financial Markets and Policies 26 (04), 2350023 , 2023
    2023
    Citations: 2
  • Price Discovery in Agricultural Commodities Markets for India: A Case of Cotton
    R Kabi, P Panda, L Chari
    Management and Labour Studies 48 (4), 478-496 , 2023
    2023
    Citations: 7
  • Role of institutional investors in reviving loss-making firms: evidence from India
    V Veeravel, P Panda, A Balakrishnan
    Managerial Finance 49 (12), 1865-1885 , 2023
    2023
    Citations: 4
  • Better to Give than to Receive: A Study of BRICS Countries Stock Markets
    P Panda, W Ahmad, M Thiripalraju
    Journal of Emerging Market Finance 22 (2), 164-188 , 2023
    2023
    Citations: 12
  • Innovative Financial Instruments and Investors’ Interest in Indian Securities Markets
    P Panda
    Asia-Pacific Financial Markets 30 (1), 1-12 , 2023
    2023
    Citations: 21
  • Macroeconomic Response to BRICS Countries Stock Markets Using Panel VAR
    B Panda, AK Panda, P Panda
    Asia-Pacific Financial Markets 30 (1), 259-272 , 2023
    2023
    Citations: 21
  • Impact of corporate governance on dividend policy: A systematic literature review of last two decades
    D Das Mohapatra, P Panda
    Cogent Business & Management 9 (1), 2114308 , 2022
    2022
    Citations: 24
  • Is Non-Renewable Energy Still the Driver of Economic Growth?
    H Sinha, P Panda
    Commodity Insights Yearbook 2022 2022, 9-17 , 2022
    2022
  • Performance of Active and Passive Mutual Fund Schemes in India.
    S Sabare, A Mishra, N Dheeraj, N Sanjaykumar, P Panda
    IUP Journal of Financial Risk Management 19 (3) , 2022
    2022
  • Risk-Managed momentum: an evidence from indian stock market
    S Singh, N Walia, P Panda, S Gupta
    FIIB Business Review 11 (3), 347-358 , 2022
    2022
    Citations: 4
  • Regulatory Risk Containment Measures on Single Stock Derivatives An Impact Assessment
    L Chari, P Panda, CKG Nair
    Economic & Political Weekly 57 (20), 77 , 2022
    2022

MOST CITED SCHOLAR PUBLICATIONS

  • Exploring client perceptions and intentions in emerging economies: The case of green banking technology
    M Iqbal, N Nisha, A Rifat, P Panda
    Green Business: Concepts, Methodologies, Tools, and Applications, 49-70 , 2019
    2019
    Citations: 71
  • Working Capital Management, Macroeconomic Impacts, and Firm Profitability: Evidence from Indian SMEs
    AK Panda, S Nanda, P Panda
    Business Perspectives and Research 9 (1), 144-158 , 2021
    2021
    Citations: 70
  • Spillovers and financial integration in emerging markets: Analysis of BRICS economies within a VAR‐BEKK framework
    S Patra, P Panda
    International Journal of Finance & Economics 26 (1), 493-514 , 2021
    2021
    Citations: 49
  • Dynamic Connectedness among BRICS and Major Countries Stock Markets
    P Panda, S Vasudevan, B Panda
    Journal of Public Affairs , 2020
    2020
    Citations: 39
  • Return and volatility spillovers among stock markets: BRICS countries experience
    P Panda, M Thiripalraju
    Afro-Asian Journal of Finance and Accounting 8 (2), 148-166 , 2018
    2018
    Citations: 35
  • Information bias and its spillover effect on return volatility: A study on stock markets in the Asia-Pacific region
    AK Panda, P Panda, S Nanda, A Parad
    Pacific-Basin Finance Journal 69, 101653 , 2021
    2021
    Citations: 30
  • US and EU unconventional monetary policy spillover on BRICS financial markets: an event study
    J Lubys, P Panda
    Empirica, 1-19 , 2020
    2020
    Citations: 29
  • Green Bond A Socially Responsible Investment (SRI) Instrument
    P Panda
    Research Bulletin 43 (I), 97-113 , 2017
    2017
    Citations: 27
  • Impact of corporate governance on dividend policy: A systematic literature review of last two decades
    D Das Mohapatra, P Panda
    Cogent Business & Management 9 (1), 2114308 , 2022
    2022
    Citations: 24
  • Test of Five-factor Asset Pricing Model in India
    A Balakrishnan, M Maiti, P Panda
    Vision 22 (2), 153-162 , 2018
    2018
    Citations: 24
  • Innovative Financial Instruments and Investors’ Interest in Indian Securities Markets
    P Panda
    Asia-Pacific Financial Markets 30 (1), 1-12 , 2023
    2023
    Citations: 21
  • Macroeconomic Response to BRICS Countries Stock Markets Using Panel VAR
    B Panda, AK Panda, P Panda
    Asia-Pacific Financial Markets 30 (1), 259-272 , 2023
    2023
    Citations: 21
  • Asymmetric and Volatility Spillover Between Stock Market and Foreign Exchange Market: Indian Experience.
    P Panda, M Deo
    IUP Journal of Applied Finance 20 (4) , 2014
    2014
    Citations: 21
  • Asymmetric cross-market volatility spillovers: evidence from Indian equity and foreign exchange markets
    P Panda, M Deo
    Decision 41 (3), 261-270 , 2014
    2014
    Citations: 17
  • Better to Give than to Receive: A Study of BRICS Countries Stock Markets
    P Panda, W Ahmad, M Thiripalraju
    Journal of Emerging Market Finance 22 (2), 164-188 , 2023
    2023
    Citations: 12
  • Price Discovery in Agricultural Commodities Markets for India: A Case of Cotton
    R Kabi, P Panda, L Chari
    Management and Labour Studies 48 (4), 478-496 , 2023
    2023
    Citations: 7
  • Rise and Fall of Interest Rate Futures in Indian Derivative Market
    P Panda, M Thiripalraju
    International Journal of Financial Management 5 (1), 57-68 , 2015
    2015
    Citations: 6
  • Stock Markets, Macroeconomics and Financial Structure of BRICS Countries and USA
    P Panda, M Thiripalraju
    Prajnan - Journal of Social and Management Sciences 49 (2), 123-159 , 2020
    2020
    Citations: 5
  • Uncertainties and Dynamic Connectedness Among Sectors: A Case of the USA, India, France, Germany and Russia
    AK Mishra, P Panda, SK Pradhan, AK Panda, C Smark
    Australasian Accounting, Business and Finance Journal 18 (3) , 2024
    2024
    Citations: 4
  • Role of institutional investors in reviving loss-making firms: evidence from India
    V Veeravel, P Panda, A Balakrishnan
    Managerial Finance 49 (12), 1865-1885 , 2023
    2023
    Citations: 4