Monday, April 22, 2019
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MMSMA and SSMYRA Awardees



Dr Banikanta Mishra,

Professor of Finance,

Xavier Institute of Management (Xavier University),

Bhubaneswar 751013, Odisha, India


Having done his PhD at one of the best and strongest departments in theoretical finance in the world and training in statistics and econometrics during bachelor’s to doctorate, Dr Banikanta Mishra works on both theoretical and empirical issues.  His most influential work, an extension of his doctoral thesis, is “Information Content of Insider Trading Around Corporate Announcements: The Case of Capital Expenditure”, that received the Best Paper Award at the 1988 Financial Management Association Annual Meeting in USA and later got published in the world’s best finance journal, the Journal of Finance, and has been cited for more than hundred times. After returning to his home-state of Odisha in 1991, he felt the need to focus back on economic issues.  While he kept working on financial issues, he spent four years to bring out an exhaustive study of Odisha’s agriculture, industry, and mining and comparing it to that of other major states in India.  The article, “Agriculture, Industry and Mining in Orissa in the Post-Liberalisation Era: An Inter-District and Inter-State Panel Analysis”, examines – both analytically and using sophisticated econometric techniques – the path taken by the three important sectors of the state: agriculture, industry, and mining.  Based on an inter-district and inter-state panel analysis, the paper highlights the serious decline in the Orissa’s agricultural sector – still the only significant determinant of per capita income in the state – while the mining sector, be it in production or exports, has flourished.”  It is the longest Special Article ever carried in an issue of the Economic and Political Weekly (EPW), a leading journal of the world as per the global ranking.  Even a critique of the paper lauds the article for its unique class. “The paper, written in an unusually lucid style, with the blending of journalistic fervor and academic rigor, is an important contribution to the recent discourse on the tyranny of the neoliberal economic policies, pursued in Orissa, characterized by high levels of initial poverty and inequality, on the one hand, and the predominance of the primary sector in determining the levels of per capita income, on the other” (Pattnaik and Shah, EPW, Vol XLV, Pages 756-759).  Similarly, his study, “On Political Economy of State-Level Credit Flows and Economic Development in Rural India: Non-linearity and Convergence”, along with his two coauthors from UK, is one of the first studies in the world to link financial development and growth at a state or regional level, as against the country level as done by most or all other studies.  In addition, he is doing the exhaustive analysis of the long-term risk-adjusted performance of Indian IPOs (initial public offerings) preliminary findings of which has already been presented in an international conference.  Besides, his pioneering coauthored theoretical works have brought in novel model-building into business-communication (“Business Communication for Multicultural Workforce in a Globalized World”) and influence of communication mode on valuation of common property resources (“Imposition of Communication Culture and Destruction of the Value of Commons”).  The latter path-breaking work has made some interesting policy recommendations that are quite useful for commons management in resource-rich Indian states like his native Odisha.  His more recent work are on a) evaluating the long-term performance of Indian IPOs and relating it to the IPO grades, b) analyzing whether price-discovery for Nifty derivatives take place in NSE in India or SGX in Singapore, where it also trades, and c) whether there is value-premium and size-premium among Indian equity and whether it varies across different size-classes and value-classes, respectively.


Brief CV of Dr Banikanta Mishra


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