Contact Professor Sunil Poshakwale
- Tel: +44 (0) 1234 754404
- Email: sunil.poshakwale@cranfield.ac.uk
- ORCID
Background
Professor (Dr.) Sunil Poshakwale is a Professor of International Finance in the School of Management of Cranfield University, England since 2006. He is also an Adjunct Professor to the Graduate School of Business of the University of South Pacific, Fiji. As a former Director of Centre for Research in Finance, he led the development of high quality industry relevant research. He has published over 50 research papers in top finance journals and has presented over 60 papers in international conferences and seminars all over the world. He has successfully supervised many PhD and DBA students who work in prestigious universities and financial services both in the UK and worldwide. Sunil was named as the Best Professor of Financial Management by Asia's Business School Awards and as one of the most influential 'Management Gurus' of Indian origin by Business India. He was named as one of the fifty top faces of Cranfield's 50th anniversary celebrations. Professor Sunil Poshakwale has wide-ranging consulting experience in the area of international finance, investments and governance matters. He has served as finance expert on several projects of international banks and financial institutions. Professor Sunil Poshakwale's industry led-research on 'Quality of Corporate Governance and Firm Performance' has been used by MAPFRE for launching a 'Good Governance Fund'. His earlier work on 'Gender Diversity' was used by March Gestion Fondos in developing their investment strategies. His work on 'Political Risk' was extensively used by Atradius. He is currently developing research with an Emerging Market Focused Macro Hedge Fund. Well recognised for his finance expertise, he is regularly interviewed by print, radio and television media for his expert views on global finance. His views on global finance and economy are broadcast on the BBC World Service, TRT Television, and Sputnik International.
Professor Sunil Poshakwale is an expert in international finance and emerging markets. He has published extensively in top finance journals including Journal of Banking and Finance, Journal of International Money and Finance, International Financial Markets, Institutions and Money, Journal of Business Finance and Accounting, International Review of Financial Analysis, Review of Quantitative Finance & Accounting, Global Finance Journal, Research in International Business and Finance, and Applied Financial Economics. His work on the Emerging Chinese Financial Markets won the China Accounting and Finance Review, (CAFR) Best Research Paper Award. His work on portfolio flows in emerging markets was adjudged as the best paper in the Journal of Emerging Markets Finance by Sage. Professor Sunil Poshakwale has chaired special sessions and delivered key-note speeches in many international conferences. He serves on the editorial boards of several finance journals and regularly referees research papers for a number of high quality finance journals. Sunil has successfully supervised several PhD and DBA students. Sunil's research interests include corporate governance, investments, asset pricing, financial regulations, international finance & investments, and risk management. He serves on the editorial board of Global Finance Journal, and Research in International Business and Finance.
Professor Sunil Poshakwale has been a backbone of Cranfield's growth in finance research and MSc programmes. As Director of Cranfield's finance MSc programmes until 2016, he helped drive the School of Management into the top league of schools offering Financial Times ranked finance masters. He got the CFA recognised status for Cranfield and developed international partnership with Muscat University and student exchange programme with Freie University in Berlin.
Before joining Cranfield in 2006, Sunil held academic positions in a number of UK Business Schools; as a Professor of Finance in the University of Hull (2004-2006), as a Lecturer/Senior Lecturer in University of Birmingham (1998-2004), and as a Lecturer in the University of Kent (1997-1998). Before arriving in the UK, Sunil worked in the academia (Institute of Management Studies 1989-1994) and held a number of senior positions in the industry in India. He has received several prestigious international scholarships and awards including the Rotary International Scholarship-Argentina (1992), Euro-Asia Centre Scholarship from INSEAD (1993), Shastri Indo-Canadian Scholarship for pursuing research in Carleton University, Ottawa, Canada and the Commonwealth Scholarship to study for his PhD in Manchester Business School, Manchester University, UK. Being an alumnus, he has been a visiting Professor to the Manchester Business School's Global MBA programme for the last 18 years and has delivered finance courses all over the world.
Research opportunities
I am interested in supervising PhD/DBA and collaborate on the following areas of research:
Emerging markets
International Finance
International portfolio investments
Corporate governance and Diversity of corporate boards
Macro-economy and financial markets & corporate performance
Derivatives and stock markets
Volatility spillovers and comovements
Market structure and liquidity
Financial regulation
Banking
Current activities
I am currently working on following projects:
1. MiFID regulation and pricing efficiency
2. Quality corporate governance, board composition, diversity and firm performance
3. EU reporting and disclosure directives and bank risk taking
4. Macroeconomic uncertainty and firm performance
5. Culture and bank performance & risk
6. Fintech and financial inclusion
Clients
1. MAPFRE, SA, Madrid, Spain - Completed research project on 'Corporate Governance and the Performance of the EU firms'. MAPFRE, SA is one of the largest Latin American Insurance companies. MAPFRE adopted our research and launched a 'good governance fund' on 15th February, 2017 in Madrid. See, https://noticias.mapfre.com/en/news-corporate/mapfre-is-launching-the-good-governance-fund-mutual-fund-combining-investment-in-value-and-good-corporate-governance/
2. Successfully completed research on 'Gender Diversity and Performance of FTSE 100 Firms', for March Gestión de Fondos, a boutique investment company based in London, 2016.
3. Impact of Financial Regulation, for Compliancy Services Ltd, 2014-2017.
4. Regulation and Competitiveness of Banking sector in Egypt, for the African Development Bank, 2011.
5. Modelling of Political Risk for Atradius (one of the largest commercial insurance companies), 2009.
6. Financial and Economic Governance in Egypt, for the African Development Bank, 2008.
7. Economic and Financial implications and Quality of governance, for the African Development Bank, 2005.
Publications
Articles In Journals
- Mandal A, Poshakwale SS & Power GJ. (2021). Do investors gain from forecasting the asymmetric return co‐movements of financial and real assets?. International Journal of Finance & Economics, 26(3)
- Poshakwale S, Aghanya D & Agarwal V. (2020). The impact of regulations on compliance costs, risk-taking, and reporting quality of the EU banks. International Review of Financial Analysis, 68
- Aghanya D, Agarwal V & Poshakwale S. (2020). Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity. Journal of Banking & Finance, 113
- Kang W-Y & Poshakwale S. (2019). A new approach to optimal capital allocation for RORAC maximization in banks. Journal of Banking & Finance, 106
- Poshakwale SS, Chandorkar P & Agarwal V. (2019). Implied volatility and the cross section of stock returns in the UK. Research in International Business and Finance, 48
- Poshakwale SS, Taunson JW, Mandal A & Theobald M. (2019). Lower tick sizes and futures pricing efficiency: evidence from the emerging Malaysian market. Review of Quantitative Finance and Accounting, 53(4)
- Poshakwale SS & Chandorkar P. (2019). The impact of aggregate and disaggregate consumption shocks on the equity risk premium in the United Kingdom. Annals of Economics and Finance, 20(2)
- Poshakwale SS & Mandal A. (2017). Sources of time varying return comovements during different economic regimes: evidence from the emerging Indian equity market. Review of Quantitative Finance and Accounting, 48(4)
- Poshakwale S & Chandorkar P. (2016). The impact of monetary policy shocks on the equity risk premium before and after the Quantitative Easing in the United Kingdom. Investment Management and Financial Innovations, 13(4)
- Poshakwale SS & Mandal A. (2016). What drives asymmetric dependence structure of asset return comovements?. International Review of Financial Analysis, 48
- Poshakwale SS & Mandal A. (2016). Determinants of asymmetric return comovements of gold and other financial assets. International Review of Financial Analysis, 47
- Poshakwale S & Ganguly G. (2015). International shocks and growth in emerging markets. Global Finance Journal, 26
- Poshakwale S & Mandal A. (2014). Investor Behaviour and Herding: Evidence from the National Stock Exchange in India. Journal of Emerging Market Finance, 13(2)
- Patra T, Poshakwale SS & Thomas V. (2014). Sovereign credit risk dynamics in the European Monetary Union (EMU). Applied Financial Economics, 24(15)
- Patra T, Poshakwale S & Ow-Yong K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22(13)
- Neupane S & Poshakwale SS. (2012). Transparency in IPO mechanism: Retail investors’ participation, IPO pricing and returns. Journal of Banking & Finance, 36(7)
- Thapa C & Poshakwale SS. (2012). Country-specific equity market characteristics and foreign equity portfolio allocation. Journal of International Money and Finance, 31(2)
- Ford JL, Pok WC & Poshakwale S. (2012). The Return Predictability and Market Efficiency of the KLSE CI Stock Index Futures Market. Journal of Emerging Market Finance, 11(1)
- Poshakwale SS & Thapa C. (2010). Foreign Investors and Global Integration of Emerging Indian Equity Market. Journal of Emerging Market Finance, 9(1)
- Agarwal V & Poshakwale S. (2010). Size and book-to-market anomalies and omitted leverage risk. The European Journal of Finance, 16(3)
- Thapa C & Poshakwale SS. (2010). International equity portfolio allocations and transaction costs. Journal of Banking & Finance, 34(11)
- Alexakis C, Patra T & Poshakwale S. (2010). Predictability of stock returns using financial statement information: evidence on semi-strong efficiency of emerging Greek stock market. Applied Financial Economics, 20(16)
- Pok WC, Poshakwale SS & Ford JL. (2009). Stock index futures hedging in the emerging Malaysian market. Global Finance Journal, 20(3)
- Poshakwale SS & Aquino KP. (2008). The dynamics of volatility transmission and information flow between ADRs and their underlying stocks. Global Finance Journal, 19(2)
- Patra T & Poshakwale SS. (2008). Long-run and short-run relationship between the main stock indexes: evidence from the Athens stock exchange. Applied Financial Economics, 18(17)
- Patra T & Poshakwale S. (2006). Economic variables and stock market returns: evidence from the Athens stock exchange. Applied Financial Economics, 16(13)
- Aquino KP & Poshakwale S. (2006). Price determinants of American Depositary Receipts (ADR): a cross-sectional analysis of panel data. Applied Financial Economics, 16(16)
- Poshakwale S & Courtis JK. (2005). Disclosure level and cost of equity capital: evidence from the banking industry. Managerial and Decision Economics, 26(7)
- Pok WC & Poshakwale S. (2004). The impact of the introduction of futures contracts on the spot market volatility: the case of Kuala Lumpur Stock Exchange. Applied Financial Economics, 14(2)
- Poshakwale S. (2002). The Random Walk Hypothesis in the Emerging Indian Stock Market. Journal of Business Finance & Accounting, 29(9-10)
- Poshakwale S & Murinde V. (2001). Modelling the volatility in East European emerging stock markets: evidence on Hungary and Poland. Applied Financial Economics, 11(4)
- Wood D & Poshakwale S. (1997). Market Anomalies in Selected Emerging and Developed Stock Markets. Asia-Pacific Journal of Accounting, 4(1)
Conference Papers
- Poshakwale S, Taunson J & Mandal A. (2019). Volatility spill-over and price discovery in the Malaysian gold futures market
- Poshakwale S & Agarwal V. (2019). Does Good Corporate Governance Matter? Evidence from Large European Firms
- Poshakwale S & Vineet A. (2018). Do Women on Board Add Value?
- Aghanya D, Poshakwale S & Agarwal V. (2017). The impact of statutory audit and corporate reporting directives on compliance costs, risk-taking and reporting quality of the EU banks
- Poshakwale S & Chandorkar P. (2015). The response of UK equity risk premium to global monetary policy shocks
- Aghanya D, Poshakwale S & Agarwal A. (2015). What is "good regulation? The impact of leaving the EU on the UK financial services
- Aghanya DE, Poshakwale S & Agarwal V. (2015). What is "good regulation?" The impact of leaving the EU on the UK financial services
- Taunson J & Poshakwale S. (2014). Tick size reduction, liquidity and pricing efficiency of index futures: Evidence from emerging Malaysian market
- Poshakwale S & Mandal A. (2014). A New Look at the Return Comovements: Evidence from the Emerging Indian Equity Market
- Poshakwale SS & Thapa C. (2011). Investor protection and international equity portfolio investments
- Poshakwale SS & Qian B. (2011). Competitiveness and Efficiency of the Banking Sector and Economic Growth in Egypt
- Poshakwale S. (2010). Impact of bank financing on IPO underpricing: Evidence from the emerging Indian market
- Poshakwale S. (2010). Does new bank loan at the time of IPO reduce information asymmetry?
- Poshakwale S. (2009). Investor Protection Regulations and Foreign Equity Portfolio Investments
- Poshakwale S. (2009). Employee Participation in IPOs
- Poshakwale S & Thapa C. (2008). The impact of foreign equity investment flows on integration of Asian emerging equity markets
- Neupane S & Poshakwale S. (2008). Venture backed IPOs in Emerging Markets: Do they reduce Information Asymmetry?
- Poshakwale S & Thapa C. (2007). Foreign investors and global linkages of Indian equity markets
- Poshakwale S. (2007). Foreign Portfolio Investments and Equity Market Comovements: Evidence from the Emerging Indian Stock Market
- Poshakwale S, Ching P & Ford J. (2006). Hedging with stock index futures: Evidence from the Malaysian markets
- Agarwal V & Poshakwale S. (2006). Does distress risk explain size and Book-to-market effects?
- Poshakwale S. (2005). Volatility transmission dynamics between ADRs and underlying shares
- Alexakis C, Niarchos N, Patra T & Poshakwale S. (2005). The dynamics between stock returns and mutual fund flows: empirical evidence from the Greek market
- Poshakwale S. (2004). Exchange rate and stock price interactions in European emerging financial markets before and after the Euro
- Poshakwale S & Theobald M. (2004). Market capitalisation, cross-correlations, the lead/lag structure and microstructure effects in the Indian stock market
- Poshakwale S. (2003). Interaction between the stock market and foreign exchange market: Evidence on European emerging markets
- Poshakwale S. (2000). What Are the Key Features of Volatility in East European Emerging Stock Markets? Evidence on Hungary and Poland
- Poshakwale S. (1999). Conditional Variance and Non-linear Effects in Disaggregated Data: Does the Market Microstructure Matter? Comparative Evidence from the Indian and UK Stock Markets
- Poshakwale S. (1999). Modeling the Nature of Volatility Conditions in the East European Emerging Stock Markets
- Poshakwale S. (1998). Foreign Equity Investment and Volatility: Evidence from Chinese Emerging Markets
- Poshakwale S. (1998). Linear and Nonlinear Volatility in the Hungarian and Polish Emerging Markets: An Analysis and Comparison
- Poshakwale S. (1995). Non-linear Structure of Polish Stock Market
- Poshakwale S. (1995). An Empirical Investigation of the Structure and Dynamics of the Chinese Stock Market
- Chng Y, Poshakwale S & Ahmed W. Academic directors and corporate social responsibility: empirical evidence from China
- Chng Y, Poshakwale S & Ahmed W. Academic directors and corporate social responsibility: empirical evidence from China
Books
- Poshakwale S & Mandal A. (2020). Large-Sample Theory In Lee CF & Lee J (eds), Handbook of Financial Econometrics, Mathematics, Statistics, and Machine Learning. WORLD SCIENTIFIC.
- Poshakwale S & Mandal A. (2020). Large-Sample Theory In Lee CF & Lee J (eds), Handbook of Financial Econometrics, Mathematics, Statistics, and Machine Learning. World Scientific.
- Poshakwale S & Wood D. (1998). Conditional variance and nonlinearity in the Polish emerging market In Choi J & Doukas J (eds), Emerging Capital Markets: Financial and Investment Issues. Quorum Books.
- Poshakwale S. (1998). Market efficiency In The Blackwell Encyclopaedic Dictionary of Finance.
- Poshakwale S & Wood D. (1997). The impact of regulatory changes in the Indian stock market: An event study In Titus V, Sundaram S & Kulkarni K (eds), Economic Liberalisation: Its Impact on Indian Economy, Business and Society. Association of Indian Economic Studies.
- Poshakwale S & Wood D. (1997). A recent evidence on return seasonalities in major stock market indices In Topsacalian P(ed.), Contemporary Developments in Finance. Groupe Sup de CO Montpellier, ESKA Editions.
- Poshakwale S, Wood D & Dasgupta B. (1996). Investigating the dynamics of Polish WIG-20 In Modelling and Analysing Economies in Transition (1).
- Poshakwale S. Market Efficiency In Wiley Encyclopedia of Management. Wiley.