•  avinash.ghalke@spjimr.org

Avinash Ghalke

Associate Professor, Finance & Economics

Deputy Programme Chairperson, Post Graduate Programme in General Management

Avinash Ghalke has worked in academia and industry for more than 20 years. He holds a Ph.D. from SJMSOM, IIT Bombay, and has completed his PGDBM in Finance and Systems from XLRI, Jamshedpur. He is the recipient of the prestigious CFA Charter from the CFA Institute, USA.

His professional journey has been marked by diverse experiences across various sectors, including Investment Research, Information Technology, Entrepreneurship, and Academia. His roles as an Associate Professor of Finance have provided him with a platform to nurture and guide students in the intricate fields of finance and accounting. Furthermore, he has extended his reach by engaging in executive training programs, covering topics such as capital markets, corporate finance, and excel modeling, catering to the needs of working professionals.

Avinash’s research interests are centered around capital markets, with a focus on their interfaces with Small and Medium Enterprises (SMEs), political influences, and mutual funds. His contributions to academia are exemplified by his research work, which has found its way into numerous international journals.

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Ph.D. – 2019
Focus: Finance

XLRI Jamshedpur

PGDBM, 2006
Major/Specialisation: Finance and Systems

Mumbai University

BE 2001
Major/ Specialisation: Computer Engineering


    Capital Markets, with a focus on their interfaces with

    Small and Medium Enterprises (SMEs)

    Political influences

    Mutual Funds


    Ghalke, A, Sensarma, R, Chakraborty, S, & 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)

    Ghalke, A., Kumar, S., Kakani, R., & 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)

    Jadiyappa, N, Shrivastava, S, & 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 & 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)

    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)

    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)

    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)

    Link to Google Scholar


    Ghalke, A, Kakani, RK and Varma, H, 2022, Pythagoras Global: Emerging Market Funds and the conundrum of Family Ownership, Ivey Publication


    Ghalke, A., Chakravorty, C., and Rao, SVDN, 2018, “Have SME exchanges in India delivered on their promises?”, 3rd International Conference on Financial Markets & Corporate Finance, IITK


    Ghalke, A., and Kakani, R., 2006, “Efficient Market Hypothesis: Parliament effect on Indian Stock Markets” XLRI Working Paper



    Core Course: Corporate Finance

    Elective Courses: Financial Planning & Wealth Management, Corporate Valuation, Financial Modeling


    Corporate Finance

    Corporate Valuation

    Financial Modeling


    Academic Faculty

    Associate Professor, S. P. Jain Institute of Management & Research. (Oct 2023 – Present)

    Associate Professor, Goa Institute of Management. (Mar 2022 – Sep 2023)

    Associate Professor, Institute of Management Technology, Nagpur. (Mar 2020 – Mar 2022)

    Associate Professor, Xavier Institute of Management and Research, Mumbai. (Oct 2016 – Feb 2020)

    Administrative Assignments

    Chair, Management Development Programs and Consultancy, Goa Institute of Management (Jul 22-Sep 23)

    Controller of Examinations, IMT Nagpur and XIMR (Mar 17-Mar 22)


    Kuliza Technologies (Oct 15 – Oct 16)

    Designation : Finance Controller

    Sampurna Agro Ventures (Apr 13 – Sep15)

    Designation : Director & Promoter

    Nomura Financial Services (Aug 10 – Mar 13)

    Designation : Senior Project Manager

    Nomura Structured Finance (Oct 08–Aug 10)

    Designation : Senior Associate

    Lehman Brothers (Apr 07 – Sept 08)

    Designation : Associate, European Oil and Gas Team

    Goldman Sachs (Apr 06 – Mar 07)

    Designation : Team Member, US Small Cap Stock Research

    Wipro Technologies (May 02 – May 04)

    Designation : Systems Engineer

    IIT Bombay (Sep 01-May 02)

    Designation : Research Associate


    Management/Executive Development, HPCL (Jun – Sep, 2023)

    Management/Executive Development, HPCL (Aug – Sep, 2022)

    Management/Executive Development, HPCL (Jul – Aug, 2022)

    Management/Executive Development, GIPARD (Jul 2022)


    Reviewer for International Review of Financial Analysis (ABDC-A), and International Journal of Managerial Finance (ABDC-A)


    Member of the CFA Society

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