Capital Markets, with a focus on their interfaces with
Small and Medium Enterprises (SMEs)
Political influences
Mutual Funds
- avinash.ghalke@spjimr.org
Avinash Ghalke
Associate Professor, Finance and AccountingDeputy Programme Chairperson, Post Graduate Programme in
General Management
Avinash Ghalke has over 20 years of experience in academia and industry. He holds a Ph.D. from SJMSoM, IIT Bombay, and a PGDBM in Finance and Systems from XLRI, Jamshedpur. He is also a CFA Charterholder from the CFA Institute, USA.
His career spans diverse sectors including investment research, information technology, entrepreneurship, and academia. He has mentored students in finance and accounting, and conducted executive training programmes on capital markets, corporate finance, and Excel modelling for working professionals.
Prof. Ghalke’s research interests focus on capital markets, particularly their interfaces with Small and Medium Enterprises (SMEs), political influences, and mutual funds. His work has been published in numerous international journals.
Education
SJMSOM, IIT Bombay
Ph.D., 2019
Focus: Finance
XLRI Jamshedpur
PGDBM, 2006
Major: Finance and Systems
Mumbai University
BE, 2001
Major: Computer Engineering
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Research interests
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Selected publications
Kumar, S., & Ghalke, A. (2025). ESG performance and dividend payout: The moderating role of ESG controversies and legal systems. Business Strategy and the Environment. https://doi.org/10.1002/bse.4355
Ghalke, A. and Mathews, S.M. (2025), Capital raising at Tata Motors: what to choose?, Emerald Emerging Markets Case Studies, Vol. 15 No. 1. https://doi.org/10.1108/EEMCS-07-2024-0305
Tripathi, M., Ghalke, A. and Kashiramka, S. (2024), Exploring value relevance of EVA over different stages of business lifecycle, International Journal of Organizational Analysis, Emerald Publishing Limited. https://doi.org/10.1108/IJOA-06-2024-4596
Ghalke, A, Sensarma, R, Chakraborty, S, and Kakani R, 2023, Stock markets and economic uncertainty: Roles of legislative sessions and coalition strength, European Journal of Political Economy, Vol 78, June 2023. (ABDC-A). https://www.sciencedirect.com/science/article/abs/pii/S0176268022001562
Ghalke, A., Kumar, S., Kakani, R., and Rao, K., 2023, New moon day anomalies of Amavasya and Muhurat Trading: Gestalting the role of culture and institutions, IIMB Management Review, Vol 35, Issue 2, 137-148. (ABDC-B). https://www.sciencedirect.com/science/article/pii/S0970389623000526?via%3Dihub
Jadiyappa, N, Shrivastava, S, and Ghalke, A, 2023, Social responsibility, moral hazard, and collateral requirement: Evidence from a quasi-natural experiment in India, International Review of Finance, 23(1), pp.27-36. (ABDC-A)
Ghalke, A, Haldar, A and Kumar, S, 2023, Family firm ownership and its impact on performance: Evidence from an emerging market, Review of Managerial Science, 17, 493-512. (ABS-2) https://doi.org/10.1007/s11846-022-00527-7
Ghalke, A, Kumar, S and Rao SVDN, 2022, SME financing through public equity: Review of the Indian SME Exchanges, Indian Growth and Development Review, Vol. 15 No. 1, pp. 85-97. (ABDC-B). https://www.emerald.com/insight/content/doi/10.1108/igdr-10-2021-0138/full/html?skipTracking=true
Ghalke, A and Kulkarni, S, 2022, Mutual fund manager turnover: An empirical investigation of performance, International Journal of Managerial Finance, Vol. 18 No. 5, pp. 869-887. (ABDC-A). https://www.emerald.com/insight/content/doi/10.1108/ijmf-04-2021-0195/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
Ghalke, A., 2021, Critical Perspectives on Public Systems Management in India-Through the Lens of District Administration Prabandhan: Indian Journal of Management 14.5-7, 89-91. (Scopus listed)
Ghalke, A., Chakravorty, C., and Rao, SVDN, 2018, Earnings Management in IPO Bound Firms: Evidence from Indian SME Exchanges Asian Economic and Financial Review, 8 (8), 1126-1139. (ABDC-C). https://archive.aessweb.com/index.php/5002/article/view/1733
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Case studies
Ghalke, A, Kakani, RK and Varma, H, 2022, Pythagoras Global: Emerging Market Funds and the conundrum of Family Ownership, Ivey Publication
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Conferences
Ghalke, A., and Sinha, D., Governance transitions: Impact of SME to mainboard migration in India. Paper presented at the International Finance Conference 2024, XLRI-Jamshedpur, India (September 13–14, 2024)
Ghalke, A., Kumar, S., Impact of ESG on dividend policy: A cross country analysis, India Finance Conference (IFC), 2023 held at the N. L. Dalmia Institute of Management Studies and Research, Mumbai (December 2023)
Ghalke, A., Chakravorty, C., and Rao, SVDN, 2018, Have SME exchanges in India delivered on their promises?, 3rd International Conference on Financial Markets and Corporate Finance, IITK
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Working papers
Ghalke, A., and Kakani, R., 2006, Efficient Market Hypothesis: Parliament effect on Indian Stock Markets XLRI Working Paper
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Periodicals
Ghalke, A., (2024). The fintech revolution: How digital disruption is reshaping the future of banking. Express Computer.
Ghalke, A., (2024). Tata Group’s bold move: Can it reimagine India’s aviation. India Education Diary.
Ghalke, A., (2024). Turning around for success: What the Indian airline industry requires for success? Samna (Marathi).
Ghalke, A. (2024). How mutual fund flows are making Dalal Street Aatmanirbhar. The Economic Times.
Ghalke, A. (2024). Turning around for success: What the Indian airline industry requires for success? ET Travel World.
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Courses
Core Course: Corporate Finance
Elective Courses: Financial Planning and Wealth Management, Corporate Valuation, Financial Modelling
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Teaching interest
Corporate Finance
Corporate Valuation
Financial Modelling
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Work experience
Academic faculty
Associate Professor, S. P. Jain Institute of Management & Research. (October 2023 – present)
Associate Professor, Goa Institute of Management. (March 2022 – September 2023)
Associate Professor, Institute of Management Technology, Nagpur. (March 2020 – March 2022)
Associate Professor, Xavier Institute of Management and Research, Mumbai. (October 2016 – February 2020)
Administrative assignments
Chair, Management Development Programs and Consultancy, Goa Institute of Management (July 22 – September 23)
Controller of Examinations, IMT Nagpur and XIMR (March 17 – March 22)
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Professional positions
Kuliza Technologies (October 15 – October 16)
Designation : Finance Controller
Sampurna Agro Ventures (April 13 – September 15)
Designation : Director & Promoter
Nomura Financial Services (August 10 – March 13)
Designation : Senior Project Manager
Nomura Structured Finance (October 08 – August 10)
Designation : Senior Associate
Lehman Brothers (April 07 – September 08)
Designation : Associate, European Oil and Gas Team
Goldman Sachs (April 06 – March 07)
Designation : Team Member, US Small Cap Stock Research
Wipro Technologies (May 02 – May 04)
Designation : Systems Engineer
IIT Bombay (September 01-May 02)
Designation : Research Associate
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MDPS/FDPS
Management/Executive Development, HPCL (June – September, 2023)
Management/Executive Development, HPCL (August – September, 2022)
Management/Executive Development, HPCL (July – August, 2022)
Management/Executive Development, GIPARD (July 2022)
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Reviewer experience
Reviewer for International Review of Financial Analysis (ABDC-A), and International Journal of Managerial Finance (ABDC-A)
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Professional memberships
Member of the CFA Society