Capital Markets, with a focus on their interfaces with
Small and Medium Enterprises (SMEs)
Political influences
Mutual Funds
Deputy 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.
Ph.D., 2019
Focus: Finance
PGDBM, 2006
Major: Finance and Systems
BE, 2001
Major: Computer Engineering
Small and Medium Enterprises (SMEs)
Political influences
Mutual Funds
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
Ghalke, A, Kakani, RK and Varma, H, 2022, Pythagoras Global: Emerging Market Funds and the conundrum of Family Ownership, Ivey Publication
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
Ghalke, A., and Kakani, R., 2006, Efficient Market Hypothesis: Parliament effect on Indian Stock Markets XLRI Working Paper
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.
Core Course: Corporate Finance
Elective Courses: Financial Planning and Wealth Management, Corporate Valuation, Financial Modelling
Corporate Finance
Corporate Valuation
Financial Modelling
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)
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)
Designation : Finance Controller
Designation : Director & Promoter
Designation : Senior Project Manager
Designation : Senior Associate
Designation : Associate, European Oil and Gas Team
Designation : Team Member, US Small Cap Stock Research
Designation : Systems Engineer
Designation : Research Associate
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)
Reviewer for International Review of Financial Analysis (ABDC-A), and International Journal of Managerial Finance (ABDC-A)
Member of the CFA Society