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Associate Professor
Chairperson- Research and Rankings

Finance and Accounting


PhD: Finance/ Haryana Business School, GJUS&T Hisar
Masters: M.Com, Dept. of Commerce, Kurukshetra University Kurukshetra
Bachelors: B.Com,  Kurukshetra University Kurukshetra

Dr. Ashish Kumar Garg, an accomplished academic and experienced teacher, brings over 20 years of experience in MBA education. He holds a Ph.D. in Finance from Haryana Business School, India, where he analysed the impact of Foreign Institutional Investment on the Indian Stock Market. Before joining  IIM Kashipur, He served IIM Raipur and LBSIM, Delhi. His research interests span stock markets, foreign investment, earnings management, cash management, and behavioural finance. His work has been recognized and published in ABDC and ABS listed journals and renowned databases such as Springer, Sage, Scopus, and EBSCO.
In the classroom, He imparts knowledge on a variety of subjects, including Financial Accounting, Management Accounting, Corporate Finance, Investment Management, Business Valuation, Fixed Income Securities, and Behavioural Finance.
Beyond the academic sphere, he has conducted numerous management development programs and training sessions for the executives of prestigious companies like NTPC, EIL, IOCL, ONGC, BEL, DRDO, Max Healthcare, and AICTE.

Stock Markets, Behavioural Finance, Earning Management, ESG, Accounting, Corporate Finance

  • Iqbal, N., Bouri, E., Liu, G., & Kumar, A., “Volatility spillovers during normal and high volatility states and their driving factors: A cross‐country and cross‐asset analysis”, International Journal of Finance & Economics, (2022). (ABS 3, ABDC - B) 
  • Bansal, Manish; Kumar, Ashish, Bhattacharyya, Asit and Bashir, Hajam Abid, “Predictors of revenue shifting and expense shifting: Evidence from an emerging economy”, Journal of Contemporary Accounting & Economics, (2022). (ABDC – A, ABS- 2). 
  • Chattopadhyay, Manojit; Kumar, Ashish;  Ali, Salman and  Mitra, Subrata Kumar, “Human development and tourism growth’s relationship across countries: a panel threshold analysis”, Journal of Sustainable Tourism, Publisher: Routledge, Taylor and Francis.  (2021). (ABDC – A*, ABS – 3)
  • Kumar, Ashish, Najaf Iqbal, Subrata Kumar Mitra, Ladislav Kristoufek, and Elie Bouri. "Connectedness among major cryptocurrencies in standard times and during the COVID-19 outbreak." Journal of International Financial Markets, Institutions and Money (2022): 101523.. Publisher - Elsevier.  (2022). (ABDC – A, ABS - 3)
  • Badhani, K.N., Kumar, Ashish, Xuan, V. Vo. and Tyade, Mangesh, “Do institutional investors perform better in emerging markets?”, International Review of Economics and Finance, Accepted. Publisher - Elsevier.  (2022). (ABDC – A, ABS - 2)
  • Das, Santanu; Kumar, Ashish and Bhattacharyya, Asit, “The impact of institutional factors on corporate mechanism of cash adjustment – New evidence from emerging Asia”, International Journal of Managerial Finance, Accepted. Publisher: Emerald. (ABDC – A, ABS-2).
  • Kumar, Ashish, Badhani, K.N., Bouri, Elie and Saeed, Tareq, “Herding behavior in the commodity markets of the Asia-Pacific region”, Finance Research Letters, Vol. 41, pp. 101813. Publisher - Elsevier.  (2020). (ABDC – A, ABS - 2)
  • Chattopadhyay, Manojeet, Garg, Ashish and Mitra, S.K., “Herding by foreign institutional investors: an evidential exploration for persistence and predictability”, Journal of Behavioral Finance, Vol. 19(1), Jan. 2018, pp. 73-88. Publisher Taylor and Francis. (ABDC – A, ABS - 2)
  • Ali, Asgar; Badhani, K.N. and Kumar, Ashish, “Does low-risk anomaly exist in the Indian equity market? A test using alternative risk measures”, Journal of Economic Studies, Publisher: Emerald. (ABDC – B, ABS-2).
  • Bansal, Manish; Kumar, Ashish and Kumar, Vivek, “Gross profit manipulation in emerging economies: Evidence from India”, Pacific Accounting Review, Vol. 34 (1), pp. 174-196. (2022). Publisher: Emerald. (ABDC – B). 
  • Ajay Adhikari, Manish Bansal, and Ashish Kumar, “IFRS Convergence and Accounting quality: A case in India”, International Journal of Accounting, Auditing and Taxation,, Publisher: Elsevier, (ABDC – B)
  • Das, Santanu and Kumar Ashish, “Long-term dependency between sovereign bonds and sectoral indices of India: evidence using Hurst exponent and wavelet analysis”. Managerial Finance, Vol. 47 (10), pp. 1448-1464. Publisher: Emerald (2021). (ABDC -B, ABS - 1).
  • Bansal, Manish, Kumar, Ashish and Badhani, K.N., “Do Indian firms engage in classification shifting to report inflated core earnings?”, Managerial Finance, Vol. 47 (11) pp. 1533-1552. Publisher: Emerald. (2021) (ABDC-B, ABS - 1)
  • Manish Bansal and Ashish Kumar, “Do high-quality standards ensure higher accounting quality? A study in India.”, Accounting Research Journal. Vol. 34 (6), pp. 597-613. Publisher: Emerald. (2021) (ABDC – B, ABS - 2). 
  • Kumar, Ashish, “Empirical investigation of herding in crypto-currency market under different market regimes”, Review of Behavioral Finance, Vol. 13(3), pp. 297-308. Publisher: Emerald. (2021). (ABDC – B, ABS - 1)
  • Badhani, K.N. and Garg, Ashish, “Market Timing Skills of Foreign Institutional Investors in India”, is accepted for publication by IIMB Management Review, Vol 32 (1), March- 2020, pp. 24-38. Publication of IIM Bangalore and Elsevier. (ABDC – B)
  • Garg, Ashish and Varshney, Pankaj, “Momentum Effect in Indian Stock Market: A Sectoral Study” Global Business Review, Vol.16(3), pp. 494 -510 (2015).  Publisher: International Management Institute (IMI), Delhi & Sage Publication. (ABDC – C, ABS - 1)
  • Garg, Ashish and Bodla, B.S.,“Impact of The Foreign Institutional Investments on Stock Market: An Indian Evidence” ‘Indian Economic Review’, Vol. 46 (2), pp. 303-322, (2011). ISSN 0019-4670, Publisher: Delhi School of Economics, Delhi University. (ABDC – C)
  • Tripathy, Naliniprava and Garg, Ashish, “Forecasting Stock Market Volatility: Evidence from Six Emerging Markets” Journal of International Business and Economy (JIBE), Vol. 14 (2), pp. 69-93. (2013) Publisher: College of Business, San Francisco State University & the Institute for Industrial Policy Studies, United States. (ABDC – C)
  • Garg, Ashish and Kumar Dilip, “Return and Volatility Transmission between Crude Oil and Agricultural Commodities” International Review of Business Research Papers. Vol. 7 (2), Sep. 2016, pp. 141-151. (ABDC – C)
  • Garg, Ashish and Dahiya, Suman, “Stock Market Return & Volatility: A Study of Five Most Emerging Markets of World”, Finance India, Vol. 28 (3), September 2014, pp. 949-965. Pulisher: Indian Institute of Finance, New Delhi. (ABDC- C)
  • Garg, Ashish, Ray, K.K. and Mitra, S.K., Cases in Management (Strategy and General Management), published by ET Cases, The Times for Learning Ltd.Times of India Group, 2015 ISBN; 978-81-931001-1-0.
  • Garg, Ashish, Ray, K.K. and Mitra, S.K., Cases in Management (Finance, Marketing and HR), published by ET Cases, The Times for Learning Ltd.,Times of India Group, 2015 ISBN; 978-81-931001-1-3.
  • Chapters in Book:
  • Garg, Ashish, “A Study of Risk Prediction Ability of Historical Simulation and Portfolio Normal Methods of Var Calculation: An Indian Evidence" Business and Management: Contemporary Research Issues, Published by Macmillan Publishers India Ltd. in its advanced research series, 2011, pp.277-291. ISBN 13: 978-0230-32185-4.
  • Garg, Ashish, “Impact of Increasing in Trading Hours on Indian Stock Market”, Emerging Issues in Finance and Accounting”, Published by Himalayas Publication House, 2012, pp. 43-51. ISBN: 978-93-5051-346-0.
  • Garg, Ashish and Mitra, S.K. (2015), “Gopal Plastics: Capital Structure Decision”, Case Centre, Reference No. 115-006-1.

Being the part of the team, checked the financial viability of the Forest Research Institutes in India under the broad project titled Performance Study of ICFRI (2017). 

  • Chairperson Student Affairs (2016-2019)
  • Chairperson Admission (2021 – 2023)
  • Co- Chairperson Admission (2019-2021)
  • Chairperson Purchase Committee (2019 – 2021)
  • Chairperson Finance and Accounting Area (2019-2021)

Financial Accounting, Management Accounting, Business Valuation, Fixed Income Markets and Advance Financial Statement Analysis and Forensic Accounting.