Prof. S. Narayan Rao


Professor of Finance
Address: 201, Shailesh J. Mehta School of Management,
Indian Institute of Technology (I.I.T.) Bombay, Powai, Mumbai
Phone: 91-22-25767744
Mob.: +91-9833408689
Email: narayanr@som.iitb.ac.in; narayan@iitb.ac.in
Prof S N Rao

INTERESTS
Corporate Finance; Behavioral Finance; Capital Markets; Security Analysis and Portfolio Management; Financial Engineering; Valuation, Mergers & Acquisitions.

EDUCATION

Ph.D, 1992 : Indian Institute of Technology Madras, Chennai
MBA, 1985: Osmania University, Hyderabad
B Sc, 1982: Osmania University, Hyderabad
Diploma in Business Finance, 1996: ICFAI, Hyderabad

EMPLOYMENT

  • June, 2012 to date: Professor, Shailesh J. Mehta School of Management, Indian Institute of Technology Bombay, Mumbai
  • July 2010-June 2011: Professor, T A Pai Management Institute, Manipal(on sabbatical leave)
  • March 2003-May 2012: Associate Professor, Shailesh J. Mehta School of Management, Indian Institute of Technology Bombay, Mumbai
  • November 1998-February 2003: Assistant Professor, Shailesh J. Mehta School of Management, Indian Institute of Technology Bombay, Mumbai
  • July 1998-October 1998: Professor, Institute of Technology and Management, Mumbai
  • August 1997-June 1998: Associate Professor, P S G Institute of Management, Coimbatore
  • January 1996-July 1997: Senior Faculty/Consultant, ICFAI, Hyderabad
  • June 1995-December 1995: Faculty/Consultant, ICFAI, Hyderabad
  • July 1993-May 1995: Assistant Professor, UTI Institute of Capital Markets, Navi Mumbai
  • July 1992-June 1993: Research Faculty, UTI Institute of Capital Markets, Navi Mumbai

WAS VISITING FACULTY AT

  • IIM Indore
  • IIM Shillong
  • T A Pai Management Institute, Manipal
  • NITIE, Mumbai
  • NIT Surathkal

PUBLICATIONS

  1. S.Narayan Rao and Sachin Dandale, “Earnings Management-Study of Indian Equity Rights Issues and their Post-issue Performance“, The Journal of Financial Decision Making, Vol.6, No.1,pp.1-20, June 2010.
  2. S. Narayan Rao and Jijo Lukose P J , “Investment Opportunity and the Rights Issue Decision by Indian Firms”, Journal of Managerial Finance and Research, Vol.6, No.1 pp 1-14, Jan-June 2010.
  3. S. Narayan Rao and Jijo Lukose P J, “Dividend Changes and Profitability: An Empirical Study of Indian Manufacturing Firms”, The IUP Journal of Applied Finance, Vol.16, No.1, pp.5-26,January 2010.
  4. S. Narayan Rao and Sachin Dandale, “Earnings Management: A Study of Equity Rights Issues in India”, The ICFAI Journal of Applied Finance, Vol.14, No.11, pp. 20-34, November 2008.
  5. S. Narayan Rao and Jijo Lukose P J, “Operating performance and Stock Dividends-Evidence from the Bombay Stock Exchange Listed Firms”, Eurasian Review of Economics and Finance, Vol.1, No.2. June 2005.
  6. S. NarayanRao and Jijo Lukose P J, “Does Bonus Issues Signal Superior Performance?-A Study of the BSE Listed Firms” Decision, Vol.32, No.1, pp.39-64, January-June, 2005.
  7. S. Narayan Rao, “Risk Factors in the Indian Capital Markets” The ICFAI Journal of Applied Finance, Vol.10, No.11, pp. 5-15, November 2004.
  8. S. Narayan Rao,“Forecasting Volatility of S&P CNX Nifty Index Returns”, Oorja-IIIM Journal of Management and IT, Vol.2, No.3, pp.26-32, September-December 2004.
  9. S. Narayan Rao, “Index Funds-A Study of Tracking Error,” Oorja-IIIM Journal of Management and IT, Vol.2, No.1, pp.9-13, January-April 2004.
  10. S. Narayan Rao, “Derivatives Usage in Risk Management-A Study of Indian Non-Financial Firms,” Pragyaan-IMS Journal of Management and IT, Vol. 1, No.2, pp.4-14, July-December 2003.
  11. S. Narayan Rao, Virender Singh, Vivek Rajpal, and Vinay Kumar Brar “Financial Risk Tolerance of Different Demographic Segments in IIT Bombay”, Oorja-IIIM Journal of Management and IT, Vol.1, No. 1, pp.99-109. Sept-Dec. 2003.
  12. Jijo Lukose P J and S. Narayan Rao, “Operating Performance of Firms Issuing Equity Through Rights Issues”, Vikalpa-the Journal of Decision Makers, Vol.28, No.4 , pp25-40, Oct-Dec 2003.
  13. S. Narayan Rao, “The Quality of Market Volatility Forecasts Implied by S & P CNX Nifty Option Prices”, The ICFAI Journal of Applied Finance, Vol.9, No.2, pp.17-24 , May 2003.
  14. S Narayan Rao and Jijo Lukose P J , “Market Reaction to Stock Splits: An Empirical Study”, The ICFAI Journal of Applied Finance, Vol.8, No.2, pp. 26-40, March 2002.
  15. S. Narayan Rao and Jijo Lukose P J , “Determinants of Capital Structure in India: A Comparative Study of Pre-and-Post Liberalization Regime”. The Journal of Management and Accounting Research, Vol.5, No.1, pp. 73-92, July-December 2001.
  16. S. Narayan Rao, “The Adjustment of Stock Prices to Corporate Policy Announcements”, The Finance India, Vol. VIII, No. 4, pp. 941-953, December 1994.
  17. L V L N Sarma and S Narayan Rao, “Dividend policy and Signaling”, The Indian Journal of Finance and Research, Vol. 2, No.2, pp. 1-12, July 1992.

PAPERS PUBLISHED IN EDITED VOLUMES

S Narayan Rao, “Black and Scholes-vs-GARCH Model: Volatility and Option Pricing” published in edited volume Issues in Financial Economics , published by Allied Publishers in collaboration with Department of Economics, Jadhavpur University, Kolkata, 2005.

Papers presented and published in the proceedings of International Conferences

  1. S Narayan Rao and Sravani Bharandev “Is there an association between abnormal trading volumes and 52-week high and low prices?” 25th Annual Conference of Global Finance Association held on 3-5 July 2018 at ESSCA School of Management, Paris (France). This paper was also accepted for presentation at 25th Annual Conference of Multi National Finance Society held on 24-27 June 2018, st Budapest and also at World Finance Conference held on 25-27 July 2018 at Mauritius.
  2. S Narayan Rao and Sravani Bharandev “Empirical Study of Behavioral Biases in the Indian Stock Market” 25th Annual Conference of Global Finance Association held on 3-5 July 2018 at ESSCA School of Management, Paris (France). This paper was also accepted for presentation at i) International onference on Research and Business Sustainability held on 16-17 December 2017 at IIT Roorkee (Noida Campus). The conference was organized by IIT Roorkee in association with Sheffield Business School (UK) and Waikato Management School; ii) 3rd International Conference on “Drifts in Business, Governance and Social Values: Conflicts and Challenges” organized by International Management Institute, Bhubaneswar (in association with EGADE Business School, Mexico) held on 8-9 December 2017 at Bhubaneswar and iii) 6th annual Winter Conference of the Multinational Finance Society held on 12-14 January 2018 at San Juan (Puerto Rico).
  3. S Narayan Rao ,Suhas R H and Kanika Khurana “The Indian Stock Market-Why it is always too late to sell?” International conference on Financial Markets & Corporate Finance held on 7-8 July 2017, at IIT Kharagpur.
  4. S Narayan Rao and Suhas R H “Do Indian Professional beat the Market?” 24th Annual Conference of Global Finance Association held on 4-6 May 2017, at Hempstead (NY, USA).
  5. S Narayan Rao and V Phaneendra “Stock Returns, Aggregate Earnings Surprises, and Behavioral Finance-An empirical study on Indian Market” 6th Rimini Conference in Economics and Finance held on 16-18 Sept 2016, at Waterloo (Canada).
  6. S Narayan Rao “Acquisitions in India: Analysis of Stock Market Performance” 5th World Finance Conference held on 2-4 Jyly 2014, at Department of Management Studies, Ca Foscari University of Venice, (Italy)
  7. S. Narayan Rao and Anup Dhanuka, “Long-term Stock Markets and Operating Performance of Buyback Firms in India”, 49th Annual Conference of Eastern Finance Association, held on 10-13 April 2013, St Pete Beach, Florida (USA).
  8. S. Narayan Rao and Hemal Dani, “Acquisitions: Analysis of Stock Market Performance”, International Conference on Finance and Banking, held on13-15 December 2012 at IMI Delhi. The conference was organized by International Management Institute (IMI) Delhi and ESCP Europe.
  9. S. Narayan Rao and Anup Dhanuka, “Open Market Share Buybacks: Analysis of Operating Performance”, 9th International Conference on Business and Finance, held on 6-7 January 2012 at IBS Hyderabad, Hyderabad.
  10. S. Narayan Rao and Anup Dhanuka, “Open Market Sharebuybacks: Analysis of Stock Market Performance”, India Finance Conference 2011, jointly hosted by IIM Calcutta and IIM Bangalore, held on 21-23 December 2011 at IIM Bangalore, Bangalore.
  11. S. Narayan Rao and Sachin Dandale, “Earnings Management: Study of Indian Initial Public Offerings (IPOs) and their Post-Listing Performance”, 41st Annual Conference of Financial Management Association International, held on 19-22 October 2011 at Denver (USA). This paper selected for the Top Ten sessions of the conference(among 75 papers selected from nearly 1300 papers submitted)
  12. S. Narayan Rao, “Announcement Effect of Open Market Share Buybacksin India”, at 47th Annual Conference of Eastern Finance Association, held on 13-16 April 2011 at Savannah, Georgia (USA).
  13. S. Narayan Rao, “Announcement Effect of Open Market Share Buybacksin India-Part-II”, International Finance Conference, organized by Indian Institute of Management Calcutta, held on 10-12 January 2011, Kolkata.
  14. S. Narayan Rao, “Announcement Effect of Open Market Share Buybacks in India-Part-I”, International Conference on Financial Innovations and Change for Survival and Growth, organized by Management Development Institute, Gurgaon and School of Business, University of Connecticut (USA), held on 07-08 January 2011, Gurgaon.
  15. S. Narayan Rao and Saching Dandale, “Long-term Stock Market Performance of Indian Equity Rights Issues and Earnings Management”,
    i> The 59th Annual Conference of Midwest Finance Association, held on 24-27 February 2010, Las Vegas (USA)
    ii> The 5th International Conference on Asian Financial Markets, held on 12-13 December 2009, Nagasaki (Japan)
  16. S. Narayan Rao and Sachin Dandale, “Earnings by Indian Initial Public Offerings (IPOs) and their Post-listing Performance”, International Conference on Finance organized by Indian Institute of Management Calcutta, held on 3-5 December 2009. Kolkata.
  17. S Narayan Rao and Sachin Dandale “Earnings Management: Study of Indian Equity Rights Issues and their Post-Issue Performance” The 2nd Ionina Meeting on Applied Economics and Finance held on 11-12 June 2009 , Ionina (Greece)
  18. S Narayan Rao and Sachin Dandale “Earnings Management and Performance of Indian Equity Rights Issues”, was accepted for presentation at

    i) The 21st Australasian Finance and Banking Conference held on 16-18 December 2008, Sydney (Australia)
    ii) The 16th annual conference of Global Finance Association held on 5-8 April 2009, Honolulu (USA)

  19. S Narayan Rao and Sachin Dandale “Earnings Management in Indian Firms: Study of Equity Rights Issues”, International Conference on Business and Finance organized by ICFAI Business School (Hyderabad)and Bentley College (Boston, USA) held 11-12 January 2008, in Hyderabad.
  20. S Narayan Rao and R Kaushik “Earnings Management in Indian Firms: Study of Equity Rights Issues (A preliminary study)” 14th Global Finance Association Conference held on 1-4 April 2007, Melbourne(Australia)
  21. S Narayan Rao, Rajeev B Kulkarni and Kiran Shesh “Forecasting volatility of S&P CNX Niftry Index Returns” the 14th Global Finance Association Conference held in on 1-4 April 2007.,Melbourne(Australia)
  22. S Narayan Rao and Jijo Lukose P J, “Agency Cost, Investment Opportunity and the Rights Equity Issue Decision – Evidence from an Emerging Market “, the 16th Annual Conference of Asian Finance Association held on 11-13 July 2005, Kuala Lumpur (Malaysia)
  23. S Narayan Rao and Jijo Lukose P J, “Dividend Changes, Profitability and Earnings -A Study of Indian Manufacturing Firms”, the 16th Conference Asian Finance Association heldon 11-13 July 2005, Kuala Lumpur (Malaysia)
  24. S Narayan Rao and Jijo Lukose P J , “Information content and Stock Dividends in the Indian Market: Evidence from operating performance and long-run stock returns”, 17th Annual Australasian Finance and Banking Conference held in on 15-17 December 2004, Sydney (Australia)
  25. S Narayan Rao, Nirmesh Yadav, Rohit Bansal, and Palkesh Jain, “Pricing for S&P CNX Options: Comparison of Black-Shcloes, GARCH &Closed-form GARCH Models”, the 8th European Conference of Financial Management Association held on 2-5 June 2004,Zurich, (Switzerland)
  26. S Narayan Rao, “Black and Scholes-vs-GARCH Model: Volatility and Option Pricing”, the 53rd Annual Conference of Midwest Finance Association, held on 18-20 March, 2004, Chicago (USA)
  27. S Narayan Rao, “Risk Factors in the Indian Capital Markets”, the 1st International Conference on Business and Finance, organized by the ICFAI University in association with Philadelphia University (USA) ,held on 15-16 December 2003,Hyderabad.
  28. S Narayan Rao and Jijo Lukose P J , “Determinants of Capital Structure in India: A Comparative Study of Pre-and-Post Liberalization Regime”the 10th Global Finance Conference held on 15-17 June 2003, Frankfurt(Germany)
  29. S Narayan Rao and Jijo Lukose P J, “Rights Issues and Operating Performance: Evidence from India”, the 10th Global Finance Conference held on 15-17 June 2003, Frankfurt(Germany)
  30. S Narayan Rao and M Ravindran , “Performance Evaluation of Indian Mutual Funds”, the15th Australasian Finance and Banking Conference held on 16-18 December 2002, Sydney (Australia)
  31. S Narayan Rao and Jijo Lukose P J, “An Empirical Study on the Determinants of the Capital Structure of Indian Firms”, the 15th Australasian Finance and Banking Conference held on 16-18 December 2002, Sydney (Australia)
  32. S Narayan Rao and Jijo Lukose P J , “Operating Performance and Stock Dividends-Evidence from the Bombay Stock Exchange Listed Firms”, the 14th Northern Finance Association Conference held on 27-29 September 2002, Banff (Canada)

Papers presented and published in the proceedings of National Conferences

  1. S Narayan Rao and Jijo Lukose P J, “Dividends, Profitability, and Earnings-An Empirical Analysis”, Conference on Research in Finance and Accounting, Lucknow, 17-18 March, 2005. The conference was organized by Indian Institute of Management, Lucknow.
  2. S Narayan Rao and Jijo Lukose P J, “Agency Cost, Investment Opportunity and the Rights Equity Issue Decision-Evidence from an Emerging Market”, Conference on Research in Finance and Accounting , Lucknow, 17-18 March, 2005. The conference was organized by Indian Institute of Management, Lucknow.
  3. S Narayan Rao, Vrijesh Kumar Gupta, and Rama Niwas Jha, “Does Price Momentum Strategy Work in the Indian Stock Market?”, the 7th Capital Market Conference, Navi Mumbai, 18-19 December, 2003. The conference was organized by Indian Institute of Capital Markets
  4. Jijo Lukose P J and S Narayan Rao “Does Bonus Issue Signal Superior Profitability? A Study of the BSE Listed Firms”, the 6th Capital Market Conference, Vashi (Navi Mumbai), on 19-20 December, 2002.This conference was organized by Indian Institute of Capital Markets.
  5. S Narayan Rao, Virender Singh, Vivek Rajpal, and Vinay Kumar Brar”Financial Risk Tolerance-the development of a risk assessment instrument”, National Seminar on Money and Finance,
  6. S Narayan Rao, Parag Jain, Pankaj Kumar Ratnesh, and Dhiraj Khot “The Quality of Market Volatility Forecasts implied by S&P Nifty Index Options Prices”, National Seminar on Money and Finance, , Irinjalkuda, 28-29 November, 2002. This conference was organized by Department of Economics – Christ College
  7. S Narayan Rao, Saurabh Huddar, Saswata Kundu, and Shubhadeep Ghosh “Derivatives usage in Risk Management-a study of Indian non-financial firms”, National Seminar on Money and Finance, Irinjalkuda, 28-29 November, 2002. This conference was organized by Department of Economics-Christ College
  8. S Narayan Rao, Anindya Sanyal, Bibhash Dhar, and Sunil Varma “To hedge or not to hedge- the performance of simple strategies for hedging foreign exchange risk”, proceedings of National Seminar on Money and Finance, , Irinjalkuda, 28-29 November, 2002. This conference was organized by Department of Economics – Christ College
  9. Jijo Lukose P J and S Narayan Rao “Event Study Methodology in Finance: Issues in Measuring Market Behavior”, proceedings of National Conference on Business Research, Coimbatore , 17-18 November, 2002. This conference was organized by PSG Institute of Management, Coimbatore,
  10. S Narayan Rao and M Ravindran “Performance Evaluation of Growth Funds”, proceedings of National Conference on Business Research, Coimbatore , 17-18 November, 2002. This conference was organized by PSG Institute of Management, Coimbatore,
  11. S Narayan Rao, Lanka Ratna Kishore, and Sanjeev Kumar Sahu”Stock Futures-the impact of their trading on the underlying stocks”, proceedings of National Conference on Business Research, Coimbatore , 17-18 November, 2002. This conference was organized by PSG Institute of Management, Coimbatore,

Papers listed on Social Sciences Research Network (SSRN)

(accessible at: www.ssrn.com/author=345575)

  1. S Narayan Rao and Phaneendra Vajrala ‘Stock Returns, Aggregate Earnings Surprises, and Behavioural Finance – An Empirical Study on Indian Market’
  2. S Narayan Rao and Suhas R H ‘Do Indian Professional Investors Beat the Market?’
  3. Jijo Lukose and S Narayan Rao ‘Dividend Changes and Profitability: An Empirical Study of Indian Manufacturing Firms’
  4. S Narayan Rao and M Ravindran, “Performance Evaluation of Indian Mutual Funds”
  5. S Narayan Rao and Jijo Lukose P J , “An Empirical Study on the Determinants of the Capital Structure of Listed Indian Firms” This paper was among the Top Ten download list for “Emerging Markets: Finance Hits”
  6. Jijo Lukose P J and S Narayan Rao, “Does Bonus Issues Signal Superior Profitability-A Study of BSE Listed Firms”
  7. Jijo Lukose P J and S Narayan Rao, “Operating Performance of the Firms Issuing Equity through Rights Offer”, This paper was among the Top Ten download list for “Emerging Markets: Finance Hits”
  8. Jijo Lukose and S Narayan Rao, “Information content of Stock Dividends in the Indian Market:Evidence from Operating Performance and Long-run stock returns”
  9. Jijo Lukose and S Narayan Rao , “Agency Cost, Investment Opportunity and the Rights Equity Issue Decision – Evidence from an Emerging Market”
  10. Jijo Lukose and S Narayan Rao, “Dividend Changes, Profitability and Earnings – A Study of Indian Manufacturing Firms”
  11. S. Narayan Rao and Sachin Dandale. “Earnings Management: A Study of Equity Rights Issues in India”