Finance, Accounting and Control

Vinodh Madhavan currently serves as an Associate Professor at Amrut Mody School of Management, Ahmedabad University. Prior to this assignment, Vinodh Madhavan served as an Associate Professor at Finance & Accounting Area, IFMR Graduate School of Business, Krea University; as an Assistant Professor at IMT Ghaziabad, IIM Lucknow; and as an Assistant Professor on Tenure-Track in the Finance & Accounting Area at Vinod Gupta School of Management, Indian Institute of Technology Kharagpur. Vinodh Madhavan successfully completed the Doctor of Business Administration program at Golden Gate University, San Francisco in Dec '09. Based on faculty recommendations, he was awarded the “2009–2010 Outstanding Graduate Student — Doctor of Business Administration” Award, by the Dean of Ageno School of Business, Golden Gate University. Subsequent to his doctoral days, Vinodh served briefly as an Adjunct Faculty at the Department of Finance & Economics, Golden Gate University and as a Malcolm S. M. Watts III Research Fellow at Technical Securities Analysts Association of San Francisco. Vinodh’s research interests are in the areas of long memory, nonlinear time series analysis, Adaptive Market Hypothesis (AMH) and volatility modelling. Recently, Vinodh was awarded the 2024 CABE Visiting Fellowship by University of Melbourne and the 2021 Chairman’s Award for Research by Ahmedabad University. His prior works have been published in journals such as Applied Economics, International Review of Economics and Finance, International Review of Financial Analysis, Journal of Business Research, Global Finance Journal, Research in International Business and Finance, Applied Economics Letters, Journal of Economics and Finance and Journal of Asset Management

My research endeavors are geared towards examining market (in) efficiency from an asset pricing perspective. To be precise, my prior works have examined aspects such as long memory, nonlinear serial dependence and low dimensional chaos in asset classes such as Exchange Traded Funds, Credit Default Swaps, and dually-listed shares. While long memory and nonlinear serial dependence have played an instrumental role in re-examining and disputing market efficiency, the overarching theory/philosophy that has and continues to have a huge impact on the way I look at the markets in general and investor behavior in particular across asset classes is Adaptive Market Hypothesis (AMH). AMH offers an intellectual framework that aids in reconciling opposing perspectives on market efficiency that are held by proponents of efficiency (the so-called fundamentalists) and the opponents (the so-called behaviouralists) of market efficiency. AMH borrows heavily from evolutionary biology and offers a gateway for researchers to overcome the fallacy of treating market efficiency as an all or nothing phenomenon. In addition, a prominent strand of literature on portfolio diversification that has also been of interest to me is the extent of integration/segmentation of stock markets pertaining to the emerging economies with the developed stock markets of the world. This issue is of practical relevance as international investors are constantly on the lookout for global avenues that offer better risk-adjusted returns. Looking back, my research endeavors have been quite interdisciplinary. To be specific, a large proportion of my prior published works involve application of methodologies pertaining to physical sciences and hydrology to answer empirical anomalies in financial and economic time series.

Journal Articles

Mondal, S., Pradhan, R., Madhavan, V., Chatterjee, D., and Varghese, A.M. (2024) Carbon Emission Pricing: Linkages between EU ETS Spot and Futures Price and Completeness of EU ETS Futures Contracts. Journal of Emerging Market Finance https://doi.org/10.1177/09726527241248003  
[ABDC 2019: B; ABS Journal Guide (AJG) 2021: 2; Scopus-Indexed; CiteScore: 1.4; Sage]

Tripathi, V. and Madhavan, V. (2024). Moderating Effect of Corporate Governance Mechanisms on Relationship between Cash Holdings and Firm Value: Evidence from India. Economic and Political Weekly, 59(21), 83-90. 
[ABDC 2019: B; Scopus-Indexed; CiteScore: 0.8; Sameeksha Trust]

Dugar, P., Madhavan, V., Patel, P. and Kumar, S. (2024). Venture debt financing and firm development: evidence from Indian entrepreneurial landscape. Applied Economics. https://doi.org/10.1080/00036846.2024.2337819  
[ABDC 2019: A; AJG 2021: 2; Scopus-Indexed; 5-year IF: 2.001; Taylor & Francis]

Tripathi, V., Goodell, J.W., Madhavan, V. and Kumar, S. (2024). Moderating effect of capital structure on the relationship between corporate governance mechanisms and firm value: Evidence from India. International Review of Economics and Finance, 92 (April2024), 1336-1350
https://doi.org/10.1016/j.iref.2024.02.082
[ABDC 2019: A; AJG 2021: 2; Scopus-Indexed; Social Science Citation Indexed; IF: 4.5; Cite Score: 5.7; Taylor & Francis]

Shaik, M., Varghese, G., & Madhavan, V. (2024). The Dynamic Volatility Connectedness of Global Financial Assets during the Ebola & MERS Epidemic and the COVID-19 Pandemic. Applied Economics, 56(8), 880-900. 
https://doi.org/10.1080/00036846.2023.2174499
[ABDC 2019: A; AJG 2021: 2; Scopus-Indexed; 5-year IF: 2.001; Taylor & Francis]

Patel, M., Das Gupta, S., & Madhavan, V. (2023). Investment Style Consistency and Performance of Indian Fixed Income Mutual Funds. IIMB Management Review, 35, 229-239. 
https://doi.org/10.1016/j.iimb.2023.07.002 
[ABDC 2019: B; Scopus-Indexed; CiteScore: 4; Elsevier]

Khandelwal, C., Kumar, S., Tripathi, V., & Madhavan, V. (2023). Joint Impact of Corporate Governance and Risk Disclosures on Firm Value: Evidence from India. Research in International Business and Finance, 66, 102022. 
https://doi.org/10.1016/j.ribaf.2023.102022 
[ABDC 2019: B; AJG 2021: 2; Scopus-indexed; Impact Factor (IF): 6.143; Elsevier]

Saha, K., Madhavan, V., & Chandrashekhar, G.R. (2022). Relationship between ETFs and underlying indices: a fractional cointegration approach. Applied Economics, 55(27), 3184-3193.
https://doi.org/10.1080/00036846.2022.2109581 
[ABDC 2019: A; AJG 2021: 2; Scopus-Indexed; 5-year IF: 2.001; Taylor & Francis]

Patel, M., Madhavan, V., Das Gupta, S., & Kumar, S. (2023). Performance Persistence and Style Consistency of Indian Fixed-Income Mutual Funds – A Longitudinal Study. International Review of Financial Analysis, 86, 102535. 
https://doi.org/10.1016/j.irfa.2023.102535 
[ABDC 2019: A; AJG 2021: 2; Scopus-Indexed; Social Science Citation Indexed; 5-year IF: 2.001; Elsevier]

Patel, M., Madhavan, V., & Das Gupta, S. (2022). Selection Ability, Timing Ability and Performance Persistence of Indian Fixed Income Mutual Funds. Journal of Asset Management, 23(1), 46-61. 
https://doi.org/10.1057/s41260-021-00253-x 
[ABDC 2019: B; AJG 2021: 2; Scopus-Indexed; Palgrave]

Saha, K., Madhavan, V., & Chandrashekhar, G.R. (2022). Effect of COVID-19 on ETF and Index efficiency: Evidence from an Entropy-based analysis. Journal of Economics and Finance, 46(2), 347-359. 
https://doi.org/10.1007/s12197-021-09566-4 
[ABDC 2019: B; Scopus-Indexed; CiteScore: 2.0; Springer]

Varghese, G., & Madhavan, V. (2022). Long memory dynamics and relative efficiency of crude oil benchmarks: An adaptive market hypothesis perspective. Journal of Public Affairs, 22(3), e2513.
https://doi.org/10.1002/pa.2513 
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; CiteScore: 4.1; Wiley]

Varghese, G., & Madhavan, V. (2021). Nonlinearity in Global Crude Oil Benchmarks: Disentangling the effect of Time Aggregation. Journal of Emerging Market Finance, 20(3), 290-307. 
https://doi.org/10.1177/09726527211043013 
[ABDC 2019: B; AJG 2021: 2; Scopus-Indexed; CiteScore: 1.4; Sage]

Saha, K., Madhavan, V., & Chandrashekhar, G.R. (2021). Relative efficiency of equity ETFs: an adaptive market hypothesis perspective. Applied Economics Letters, 28(14), 1202-1207. 
https://doi.org/10.1080/13504851.2020.1804045 
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; 5Y IF: 1.215; Taylor & Francis]

Khandelwal, C., Kumar, S., Madhavan, V., & Pandey, N. (2020). Do board characteristics impact corporate risk disclosures? The Indian experience. Journal of Business Research, 121, 103-111. 
https://doi.org/10.1016/j.jbusres.2020.08.004 
[ABDC 2019: A; AJG 2021: 3; Scopus-Indexed; IF: 10.969; Elsevier]

Kumar, S., Madhavan, V., & Sureka, R. (2020). The Journal of Emerging Market Finance: A Bibliometric Overview. Journal of Emerging Market Finance, 19(3), 326-352. https://doi.org/10.1177/0972652720944329 
[ABDC 2019: B; AJG 2021: 2; Scopus-Indexed; CiteScore: 1.4; Sage]

Saha, K., Madhavan, V., & Chandrashekhar, G.R. (2020). Pitfalls in Long Memory Research. Cogent Economics and Finance, 8(1), 1-14. https://doi.org/10.1080/23322039.2020.1733280 
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; CiteScore: 2.3; Taylor & Francis]

Madhavan, V., Mukhopdhyay, I., & Ray, P. (2019). Does electronic trading influence stock prices? The Indian experience. Applied Economics Letters, 27(18), 1459-1462. https://doi.org/10.1080/13504851.2019.1690121 
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; 5Y IF: 1.215; Taylor & Francis]

Madhavan, V., & Ray, P. (2019). Price and Volatility Linkages between Indian Stocks and their European GDRs. Journal of Emerging Market Finance, 18(2S), S213-S237. https://doi.org/10.1177/0972652719846353 
[ABDC 2019: B; AJG 2021: 2; Scopus-Indexed; CiteScore: 1.4; Sage]

Varghese, G., & Madhavan, V. (2019). Nonlinear dynamics in crude oil benchmarks: an AMH perspective. Applied Economics Letters, 26(21), 1798-1801.
https://doi.org/10.1080/13504851.2019.1602700 
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; 5Y IF: 1.215; Taylor & Francis]

Rao, P., Kumar, S., & Madhavan, V. (2019). A study on the factors driving the Capital Structure Decisions of Small and Medium Enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50. 
https://doi.org/10.1016/j.iimb.2018.08.010 
[ABDC 2019: B; Scopus-Indexed; CiteScore: 4; Elsevier]

Madhavan, V., & Ray, P. (2018). Evolving Efficiency of Dually-listed Indian Stocks:  A Nonlinear Perspective. Journal of Quantitative Economics, 16(1), 13-35.  
https://doi.org/10.1007/s40953-017-0076-5 
[ABDC 2019: B; Scopus-Indexed; CiteScore: 1.4; Springer]

Madhavan, V. (2017). How interrelated are MIST equity markets with the developed stock markets of the world? Cogent Economics and Finance, 5(1). https://doi.org/10.1080/23322039.2017.1362822
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; CiteScore: 2.3; Taylor & Francis]

Madhavan, V., & Arrawatia, R. (2016). Relative Efficiency of G8 Sovereign Credit Default Swaps and Bond Scrips: An AMH Perspective. Studies in Microeconomics, 4(2), 127-150. 
https://doi.org/10.1177/2321022216649479 
[ABDC 2019: C; Scopus-Indexed; CiteScore: 0.9; Sage]

Madhavan, V., & Maheswaran, S. (2016). Indian Exchange Traded Funds (ETFs): Relationship with Underlying Indices. Economic and Political Weekly, 51(12), 142-148. https://www.jstor.org/stable/44004148
[ABDC 2019: B; Scopus-Indexed; CiteScore: 0.8; Sameeksha Trust]

Madhavan, V. (2014). Investigating the Nature of Nonlinearity in Indian Exchange Traded Funds (ETFs). Managerial Finance, 40(4), 395-415. 
https://doi.org/10.1108/MF-07-2013-0170 
[ABDC 2019: B; AJG 2021: 1; Scopus-Indexed; CiteScore: 2.3; Emerald]

Madhavan, V. (2013). Nonlinearity in investment grade Credit Default Swap (CDS) Indices of US and Europe: Evidence from BDS and close-returns tests. Global Finance Journal, 24(3), 266-279. 
https://doi.org/10.1016/j.gfj.2013.10.006 
[ABDC 2019: A; AJG 2021: 2; Scopus-indexed; IF: 2.853; CiteScore: 5; ABDC 2013: B; Elsevier]

Madhavan, V. (2012). How inter-related is American and European Credit Default Swap Indices market? : A Search for Transatlantic Kinship. Review of Business Journal, 32(1), 111-119.

Madhavan, V., & Pruden, H. (2011). Implications for Risk Management and Regulation: A study of long-term dependence in Credit Default Swap (CDS) Indices Market. International Federation of Technical Analysts Journal, 8, 36-44.

Book

Madhavan, V., & Ray, P. (2023). Law of One Price: A Chronicle of Dually-Listed Indian Stocks. Routledge Focus on Management and Society. Routledge.

Working Papers

Madhavan, V., & Ray, P. Efficiency of Indian ADRs and their underlying stocks: An Adaptive Market Perspective from Nonlinear Models. Indian Institute of Management Calcutta WPS - 785 (July 2016)

Madhavan, V., & Ray, P. How Far is Mumbai from Luxemburg and London? : Price and Volatility Linkages between Indian GDRs and Their Underlying Domestic Shares. Indian Institute of Management Calcutta WPS - 740 (February 2014).

Madhavan, V. Bivariate Cointegration and Time Varying Co-Movements of MIST Equity Markets with Developed Stock Markets of the World. Indian Institute of Management Lucknow WPS: 2012-2013/27.

Madhavan, V. Modelling the Long-Term and Short-Run Relationship between Indian Local Exchange Traded Funds (ETFs) and their Underlying Indices. Indian Institute of Management Lucknow WPS: 2012-2013/26.  

Armchair Caselet

Madhavan, V. Value Accretion/Dilution in Business Combinations: An Integrated Perspective. Published by Institute of Management Technology Ghaziabad and Distributed by ET Cases. FIN-2-0028 and FIN-02-0028A (June 2016). Was also featured in Economic Times on 26th July 2016.

Newspaper articles

Ray, P., & Madhavan, V. The Big Bull vs. the Silent Dragon. Published in Business Standard on April 27th, 2021.

Madhavan, V., & Ray, P. How to revive depository receipts market. Published in The Hindu BusinessLine on February 5th, 2020.