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Associate Professor

Finance and Accounting


Dr. Ashish Kumar Garg has obtained his Ph.D in Finance from Haryana Business School, India. His Ph. D dissertation examined the Impact Foreign Institutional Investment on Indian Stock Market. Prior to joining IIM Kashipur, he had worked with IIM Raipur and LBSIM, Delhi. He has no. of national and international publications in his account. His research work has appeared in the Journals of International repute like Springer, Sage, EBSCO host database. He has also presented a number of research papers in international and national conferences also.

He taught various courses such as Financial Accounting, Management Accounting, Corporate Finance, Investment Management, Business Valuation, Fixed Income Securities, and Behavioural Finance. His research work is primarily focused on stock market, foreign investment and behavioural finance.

  • Kumar, A., Iqbal, N., Mitra, S. K., Kristoufek, L., & Bouri, E. (2022). Connectedness among major cryptocurrencies in standard times and during the COVID-19 outbreak. Journal of International Financial Markets, Institutions and Money, 77.
  • Badhani, K. N., Kumar, A., Vo, X. V., & Tyade, M. (2022). Do institutional investors perform better in emerging markets?. International Review of Economics & Finance.
  • Das, S., Kumar, A., & Bhattacharyya, A. (2022). The impact of institutional factors on corporate mechanism of cash adjustment–New evidence from emerging Asia. International Journal of Managerial Finance
  • Chattopadhyay, M., Kumar, A., Ali, S., & Mitra, S. K. (2021). Human development and tourism growth’s relationship across countries: A panel threshold analysis. Journal of Sustainable Tourism
  • Bansal, M., & Garg, A. (2021). Do high-quality standards ensure higher accounting quality? A study in India. Accounting Research Journal
  • Bansal, M., Kumar, A., & Badhani, K. N. (2021). Do Indian firms engage in classification shifting to report inflated core earnings?. Managerial Finance. 
  • Das, S., & Kumar, A. (2021). Long-term dependency between sovereign bonds and sectoral indices of India: Evidence using Hurst exponent and wavelet analysis. Managerial Finance 
  • Kumar, A., Badhani, K. N., Bouri, E., & Saeed, T. (2020). Herding behavior in the commodity markets of the Asia-Pacific region. Finance Research Letters
  • Badhani, K. N., & Kumar, A. (2020). Market timing skill of foreign portfolio investors in India. IIMB Management Review, 32(1), 24-38.
  • Kumar, A. (2020). Empirical investigation of herding in cryptocurrency market under different market regimes. Review of Behavioral Finance
  • Chattopadhyay, M., Garg, A. K., & Mitra, S. K. (2018). Herding by foreign institutional investors: An evidential exploration for persistence and predictability. Journal of Behavioral Finance, 19(1), 73-88.
  • Garg, A. K., & Kumar, D. (2016). Return and Volatility Transmission between Crude Oil and Agricultural Commodities. International Review of Business Research Papers. 7(2), 141-151.
  • Garg, A. K., Mitra, S. K., & Kumar, D. (2016). Do foreign institutional investors herd in emerging markets? A study of individual stocks. Decision, 43(3), 281-300.
  • Garg, A. K., & Mitra, S. K. (2015). A study of lead-lag relation between FIIs herding and stock market returns in emerging economies: Evidence from India. Decision, 42(3), 279-292.
  • Garg, A. K., & Varshney, P. (2015). Momentum effect in Indian stock market: A sectoral study. Global Business Review, 16(3), 494-510.
  • Garg, A. K., & Dahiya, S. (2014). Stock Market Return & Volatility: A Study of Five Most Emerging Markets of World. Finance India, 28(3), 949-965.
  • Garg, A., & Gulati, R. (2013). Do investors herd in Indian market. Decision, 40(3), 181-196.
  • Tripathy, N., & Garg, A. (2013). Forecasting stock market volatility: Evidence from six emerging markets. Journal of International Business and Economy, 14(2), 69-93.
  • Garg, A., & Bodla, B. S. (2011). Impact of the foreign institutional investments on stock market: Evidence from India. Indian Economic Review, 46(2), 303-322.
  • Chauhan, A., & Ashish, G. (2010). An Analysis of the Feedback Trading Behavior of Foreign Institutional Investors and Mutual Funds in Indian Stock Market: An Empirical Study. Journal of Applied Research in Finance, 2(4), 110-120.
  • Garg, A., Bodla, B. S., & Chhabra, S. (2010). Seasonal anomalies in stock returns: A study of developed and emerging markets. IIMS Journal of Management Science, 1(2), 165-179.

Financial Accounting, Management Accounting, Business Valuation, Financial Statement Analysis and Forensic Accounting

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