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Centre for Finance and Economics Research (CFER)
The Centre for Finance and Economics Research (CFER) at Great Lakes Institute of Management is dedicated to promoting research excellence and innovation in the areas of finance, economics, and public policy. By engaging with academia, industry, and regulatory bodies, the Centre provides a platform for impactful research, data-driven insights, and informed policy discourse. CFER also supports student-driven projects, faculty research, and collaborative studies that shape responsible and sustainable financial decision-making.
Upcoming Conference: Finance Conference with Deputy Governor of RBI. | 26th February, 2026 | Register Now
CFER Annual Finance Conference - January 27th 2026
Prof Vidya Mahambare will represent the centre at the Global Women’s Summit to be held at the Global Trade Centre, Chennai and will participate in a Fireside Chat.
Centre for Finance and Economics Research Launch - February 2026
The Centre’s inauguration event will feature a prominent personality from India’s policymaking domain and will include the release of a white paper on the lives of young adults in India, with a particular focus on employment patterns across gender and states.
The Annual Finance Conference - February 16th 2026
The 16 th The Annual Finance Conference will focus on the theme ‘Financial Stability in a Volatile World: Risks, Resilience, and Regulation’, and will be inaugurated by the Deputy Governor of India’s Central Bank, the Reserve Bank of India, Shri T. Rabi Sankar. The conference will feature a panel discussion and the release of two white papers by the centre’s faculty members: one examining the market efficiency in the sale of non-performing assets (NPAs) by banks and the other on equity market microstructure issues.
Women’s Day Whitepaper Launch - March 16th 2026
Migration among single women in India for employment remains very low, with the lack of safe and affordable housing constituting a key barrier. The report to be released examines the impact of working women’s hostels in Tamil Nadu on women’s employment outcomes and lived experiences, analysing how access to secure accommodation influences labour market participation, mobility, and everyday well-being.
Research
Research at the Centre for Finance and Economics Research focuses on ideas that matter beyond journals and classrooms. Our work spans finance, economics, and public policy, bringing together rigorous analysis and real-world relevance. Faculty and associates engage with industry, regulators, and institutions to examine how markets function, how policies shape outcomes, and how financial decisions affect society at large. The Centre also supports collaborative and student-driven research that contributes to responsible, informed, and sustainable decision-making.
Goli Soda, Ivey Case Studies
Vidya Mahambare
https://www.iveypublishing.ca/s/product/goli-soda/01tOF000007YbPJYA0
Financial stress, economic policy uncertainty, and market volatility: Implications for cross boarder acquisition activity, Research In Globalization
Chandrika Raghavendra, Scopus Q1
Economic Policy Uncertainty, ESG and Credit Risk: Do Environmentally Sensitive Industries Enjoy Superior Risk Mitigation, Applied Economics
Ranjitha Ajay, Scopus Q2, ABDC/A
Logistics Capabilities as Drivers of Cross-Border Acquisitions: Empirical Insights from Advanced and Emerging Economies, Applied Economics
Chandrika Raghavendra, Scopus Q2, ABDC/A
https://www.tandfonline.com/doi/abs/10.1080/00036846.2025.2501342
Analysing the sentiment-based variation in finance ministers’ communication, Quality and Quantity
Vidya Mahambare, Scopus Q1, ABDC/B
https://link.springer.com/article/10.1007/s11135-025-02324-2
Evaluating cash transfers and health advice impact on child health: evidence from low-performing Indian states under Janani Suraksha Yojana, Indian Growth and Development Review
Vidya Mahambare, Scopus Q2, ABDC/B
Advancing Understanding of ESG Scores and Executive Compensation Relationships in the Indian Context, Global Finance Journal
Ranjitha Ajay, Scopus Q1, ABDC/A
http://sciencedirect.com/science/article/abs/pii/S1044028324000656
Dissecting E, S, and G for Risk Mitigation: Insights from the Term Structure of CDS, Applied Economics
Ranjitha Ajay, Scopus Q1, ABDC/A
https://www.tandfonline.com/doi/full/10.1080/00036846.2024.2423066
Does Human Flight and Brain Drain Affect Cross-Border Acquisitions? Insights into Tobit and Binomial Regression Models, Research in International Business and Finance
Chandrika Raghavendra, Scopus Q1, ABDC/B
https://www.sciencedirect.com/science/article/pii/S0275531925000613
Commuting, Transport Infrastructure, and Gender: Evidence from Indian Metros, Journal of Social and Economic Development
Vidya Mahambare, Scopus Q2, ABDC/C
https://link.springer.com/article/10.1007/s40847-024-00413-w
Do Market, Resource, and Knowledge Distance Impact Inbound Cross-Border Acquisitions?, Global Finance Journal
Chandrika Raghavendra, Scopus Q1, ABDC/A
https://www.sciencedirect.com/science/article/pii/S1044028323000571
Stretch or Suppress: Role of Owners and Nominee Directors in Financial Distress, Journal of Emerging Market Finance
Swechha Chada, Scopus Q3, ABDC/B
Socioemotional Wealth and Cash flow Sensitivity of Cash: Evidence from India, North American Journal of Economics and Finance
Swechha Chada, Scopus Q1, ABDC/B
https://www.sciencedirect.com/science/article/abs/pii/S1062940823001468
Economic policy uncertainties and institutional ownership in India, The Journal of Economic Asymmetries
Swechha Chada, Scopus Q1, ABDC/B
https://www.sciencedirect.com/science/article/pii/S1703494923000051
The Informational Content of Central Bank Communication for the Energy Market: the Role of News versus Surprises, Applied Economics
Amar Jyoti, Scopus Q2, ABDC/A
https://www.tandfonline.com/doi/abs/10.1080/00036846.2023.2293669
Impact of carbon emissions, renewable and non-renewable energy consumption on inbound cross-border mergers and acquisition’s investment inflow, Environment, Development and Sustainability
Chandrika Raghavendra, Scopus Q1
https://link.springer.com/article/10.1007/s10668-024-04511-x
EARNINGS MANAGEMENT AND EXECUTIVE COMPENSATION: A STUDY OF THE INDIAN MANUFACTURING SECTOR, Journal of Commerce & Accounting Research
Ranjitha Ajay, ABDC/C
The political budget cycles in the presence of a fiscal rule: The case of farm debt waivers in India, Journal of Policy Modeling
Vidya Mahambare, Scopus Q1, ABDC/A
VfM audit and the UK public sector: A critical review of the VfM reports, Financial Accountability and Management
Ranjitha Ajay, Scopus Q1, ABDC/A
Women's challenging commutes in southern India: A case of the metropolitan region of Chennai, Cities
Vidya Mahambare, Scopus Q1
Whose speeches impact European markets: ECB's or the national central banks'?, European Financial Management
Jalaj Pathak, Scopus Q1, ABDC/A
Can blockchain enabled green bond issuance lead to intent to invest? A moderated mediation model, Applied Economics
Gayathri Giri, Scopus Q2, ABDC/A
Modelling asymmetric sovereign bond yield volatility with univariate GARCH models: Evidence from India, Cogent Economics & Finance
Vishwanathan Iyer, Scopus Q2, ABDC/B
Earnings quality, institutional investors and corporate cash holdings: evidence from India, International Journal of Managerial Finance
Swechha Chada, Scopus Q1, ABDC/A
Male Backlash and Female Guilt: Women’s Employment and Intimate Partner Violence in Urban India, Feminist Economics
Vidya Mahambare, Scopus 94, ABDC/A
The role of Reddit in the GameStop short squeeze, Economics Letters
Jalaj Pathak, Scopus 59, ABDC/A
What Shapes Us
What Shapes Us is a podcast about the forces that quietly influence who we become and how far we go. Through personal journeys, we explore why some people find momentum while others struggle to break through. The conversations move between lived experience and larger systems, where effort, access, chance, and context meet. Each episode lets the 5E framework emerge naturally through stories that feel real, reflective, and human.
Upcoming Episode: Sample Name
What Shapes Us Episode 1: In Talks with Sirisha Bhamidipati
Sirisha Bhamidipati is a Fulbright Scholar, IIM Ahmedabad alum, and disability-inclusion advocate who works to reframe accessibility as essential infrastructure. In this conversation with Vidya, she shares her journey of rebuilding her life after paralysis and reflects on how systems are designed to include or exclude, by choice or by default.
What Shapes Us Episode 2: In Talks with Mitu Samar Jha
Mitu Samar Jha is the Founder and CEO of Eminence Strategy Consulting, with leadership experience across CRISIL, Aditya Birla Capital, ICICI Prudential MF, and Great Eastern Shipping. In conversation with Vidya, she traces her journey from Bihar to the corporate boardroom and reflects on how self-determination and hard work compound over time to shape outcomes.
What Shapes Us Episode 3: In Talks with Vasanth Emmanuel Jeyapaul
Vasanth Emmanuel Jeyapaul is the CEO of CAMSPay, the payments arm of CAMS, one of India’s largest financial infrastructure providers. In conversation with Vidya, he reflects on his journey from interior Tamil Nadu to shaping India’s digital payments ecosystem, and how unexpected choices and transitions have defined his path through the lens of the 5Es
CFER Associates
CFER Associates are faculty members at Great Lakes Institute of Management who are actively engaged with the Centre’s work. Their research and teaching span finance, economics, and public policy, with a focus on questions that matter to markets, institutions, and society. As Associates, they contribute to research initiatives, thought leadership, and conversations that connect academic insight with real-world relevance.
Dr. Debashis Sanyal
Director, Great Lakes Institute of Management
Area of Expertise: Finance & Accounting
Email: dsanyal@greatlakes.edu.in
Dr. Muthuraj M
Assistant Professor - Economics & Program Office
Area of Expertise: Economics
Email: muthuraj.m@greatlakes.edu.in
Dr. Chandrika Raghavendra
Assistant Professor - Economics & International Business
Area of Expertise: Macro Economics, International Business, Mergers and Acquisitions, Corporate Finance
Email: chandrika.r@greatlakes.edu.in
Dr. Vidya Mahambare
Professor - Economics
Area of Expertise: Microeconomics, Monetary policy, Gender and employment, International Trade, Development Economics
Email: vidya.m@greatlakes.edu.in
Dr. Jaydeep Mukherjee
Professor
Area of Expertise: Economics
Email: jaydeep.m@greatlakes.edu.in
Dr. Hajam Abid Bashir
Assistant Professor- Research
Email: abid.b@greatlakes.edu.in
Dr. Neeraj Jain
Assistant Professor- Finance
Area of Expertise: Risk Management, Quantitative Finance & Statistics
Email: neeraj.r@greatlakes.edu.in
Dr. Rajesh Kumar Acha
Assistant Professor - Finance
Email: rajeshkumar.s@greatlakes.edu.in
Dr. Ranjan Chakravarty
Professor of Practice - Finance
Email: ranjan.c@greatlakes.edu.in
Dr. Ranjitha Ajay
Associate Professor – Finance
Area Chair: Finance & Economics
Area of Expertise: Corporate finance, corporate governance, financial reporting quality
Email: ranjitha.a@greatlakes.edu.in
Dr. Swechha Chada
Assistant Professor - Corporate Finance
Area of Expertise: Corporate Financing, Institutional Investors, Economic Policy Uncertainties
Email: swechha.c@greatlakes.edu.in
Dr. Vishwanathan Iyer
Sr. Associate Professor - Finance & Director - Accreditations
Area of Expertise: Finance & Accounting
Email: vishwanathan.i@greatlakes.edu.in
Lavanya.G
Junior Faculty - Finance
Email: lavanya.g@greatlakes.edu.in
Madhu Kumari
Junior Faculty - Finance
Area of Expertise: Financial Management, Financial Market & Services, Security Analysis and Portfolio Management
Email: madhu.t@greatlakes.edu.in
Vishnu Prasanna
Great Lakes Institute of Management
Area of Expertise: Economics & Finance
Email: vishnu.p@greatlakes.edu.in
Anagha Shandilya
Junior Faculty - Finance
Area of Expertise: Finance
Email: anagha.s@greatlakes.edu.in
Mamta Rani
Junior Faculty - Economics & Cost Accounting
Email: mamtarani.d@greatlakes.edu.in
Saikat Das
Junior Faculty - Finance
Area of Expertise: Finance
Contact Us
For research collaborations, academic engagement, events, or general enquiries related to the Centre for Finance and Economics Research, please reach out to us. We welcome conversations with scholars, practitioners, institutions, and students who are interested in advancing research and dialogue in finance, economics, and public policy.
CFER Annual Finance Conference - January 27th 2026
Prof Vidya Mahambare will represent the centre at the Global Women’s Summit to be held at the Global Trade Centre, Chennai and will participate in a Fireside Chat.
Centre for Finance and Economics Research Launch - February 2026
The Centre’s inauguration event will feature a prominent personality from India’s policymaking domain and will include the release of a white paper on the lives of young adults in India, with a particular focus on employment patterns across gender and states.
The Annual Finance Conference - February 16th 2026
The 16 th The Annual Finance Conference will focus on the theme ‘Financial Stability in a Volatile World: Risks, Resilience, and Regulation’, and will be inaugurated by the Deputy Governor of India’s Central Bank, the Reserve Bank of India, Shri T. Rabi Sankar. The conference will feature a panel discussion and the release of two white papers by the centre’s faculty members: one examining the market efficiency in the sale of non-performing assets (NPAs) by banks and the other on equity market microstructure issues.
Women’s Day Whitepaper Launch - March 16th 2026
Migration among single women in India for employment remains very low, with the lack of safe and affordable housing constituting a key barrier. The report to be released examines the impact of working women’s hostels in Tamil Nadu on women’s employment outcomes and lived experiences, analysing how access to secure accommodation influences labour market participation, mobility, and everyday well-being.
Research
Research at the Centre for Finance and Economics Research focuses on ideas that matter beyond journals and classrooms. Our work spans finance, economics, and public policy, bringing together rigorous analysis and real-world relevance. Faculty and associates engage with industry, regulators, and institutions to examine how markets function, how policies shape outcomes, and how financial decisions affect society at large. The Centre also supports collaborative and student-driven research that contributes to responsible, informed, and sustainable decision-making.
Goli Soda, Ivey Case Studies
Vidya Mahambare
https://www.iveypublishing.ca/s/product/goli-soda/01tOF000007YbPJYA0
Financial stress, economic policy uncertainty, and market volatility: Implications for cross boarder acquisition activity, Research In Globalization
Chandrika Raghavendra, Scopus Q1
Economic Policy Uncertainty, ESG and Credit Risk: Do Environmentally Sensitive Industries Enjoy Superior Risk Mitigation, Applied Economics
Ranjitha Ajay, Scopus Q2, ABDC/A
Logistics Capabilities as Drivers of Cross-Border Acquisitions: Empirical Insights from Advanced and Emerging Economies, Applied Economics
Chandrika Raghavendra, Scopus Q2, ABDC/A
https://www.tandfonline.com/doi/abs/10.1080/00036846.2025.2501342
Analysing the sentiment-based variation in finance ministers’ communication, Quality and Quantity
Vidya Mahambare, Scopus Q1, ABDC/B
https://link.springer.com/article/10.1007/s11135-025-02324-2
Evaluating cash transfers and health advice impact on child health: evidence from low-performing Indian states under Janani Suraksha Yojana, Indian Growth and Development Review
Vidya Mahambare, Scopus Q2, ABDC/B
Advancing Understanding of ESG Scores and Executive Compensation Relationships in the Indian Context, Global Finance Journal
Ranjitha Ajay, Scopus Q1, ABDC/A
http://sciencedirect.com/science/article/abs/pii/S1044028324000656
Dissecting E, S, and G for Risk Mitigation: Insights from the Term Structure of CDS, Applied Economics
Ranjitha Ajay, Scopus Q1, ABDC/A
https://www.tandfonline.com/doi/full/10.1080/00036846.2024.2423066
Does Human Flight and Brain Drain Affect Cross-Border Acquisitions? Insights into Tobit and Binomial Regression Models, Research in International Business and Finance
Chandrika Raghavendra, Scopus Q1, ABDC/B
https://www.sciencedirect.com/science/article/pii/S0275531925000613
Commuting, Transport Infrastructure, and Gender: Evidence from Indian Metros, Journal of Social and Economic Development
Vidya Mahambare, Scopus Q2, ABDC/C
https://link.springer.com/article/10.1007/s40847-024-00413-w
Do Market, Resource, and Knowledge Distance Impact Inbound Cross-Border Acquisitions?, Global Finance Journal
Chandrika Raghavendra, Scopus Q1, ABDC/A
https://www.sciencedirect.com/science/article/pii/S1044028323000571
Stretch or Suppress: Role of Owners and Nominee Directors in Financial Distress, Journal of Emerging Market Finance
Swechha Chada, Scopus Q3, ABDC/B
Socioemotional Wealth and Cash flow Sensitivity of Cash: Evidence from India, North American Journal of Economics and Finance
Swechha Chada, Scopus Q1, ABDC/B
https://www.sciencedirect.com/science/article/abs/pii/S1062940823001468
Economic policy uncertainties and institutional ownership in India, The Journal of Economic Asymmetries
Swechha Chada, Scopus Q1, ABDC/B
https://www.sciencedirect.com/science/article/pii/S1703494923000051
The Informational Content of Central Bank Communication for the Energy Market: the Role of News versus Surprises, Applied Economics
Amar Jyoti, Scopus Q2, ABDC/A
https://www.tandfonline.com/doi/abs/10.1080/00036846.2023.2293669
Impact of carbon emissions, renewable and non-renewable energy consumption on inbound cross-border mergers and acquisition’s investment inflow, Environment, Development and Sustainability
Chandrika Raghavendra, Scopus Q1
https://link.springer.com/article/10.1007/s10668-024-04511-x
EARNINGS MANAGEMENT AND EXECUTIVE COMPENSATION: A STUDY OF THE INDIAN MANUFACTURING SECTOR, Journal of Commerce & Accounting Research
Ranjitha Ajay, ABDC/C
The political budget cycles in the presence of a fiscal rule: The case of farm debt waivers in India, Journal of Policy Modeling
Vidya Mahambare, Scopus Q1, ABDC/A
VfM audit and the UK public sector: A critical review of the VfM reports, Financial Accountability and Management
Ranjitha Ajay, Scopus Q1, ABDC/A
Women's challenging commutes in southern India: A case of the metropolitan region of Chennai, Cities
Vidya Mahambare, Scopus Q1
Whose speeches impact European markets: ECB's or the national central banks'?, European Financial Management
Jalaj Pathak, Scopus Q1, ABDC/A
Can blockchain enabled green bond issuance lead to intent to invest? A moderated mediation model, Applied Economics
Gayathri Giri, Scopus Q2, ABDC/A
Modelling asymmetric sovereign bond yield volatility with univariate GARCH models: Evidence from India, Cogent Economics & Finance
Vishwanathan Iyer, Scopus Q2, ABDC/B
Earnings quality, institutional investors and corporate cash holdings: evidence from India, International Journal of Managerial Finance
Swechha Chada, Scopus Q1, ABDC/A
Male Backlash and Female Guilt: Women’s Employment and Intimate Partner Violence in Urban India, Feminist Economics
Vidya Mahambare, Scopus 94, ABDC/A
The role of Reddit in the GameStop short squeeze, Economics Letters
Jalaj Pathak, Scopus 59, ABDC/A
What Shapes Us
What Shapes Us is a podcast about the forces that quietly influence who we become and how far we go. Through personal journeys, we explore why some people find momentum while others struggle to break through. The conversations move between lived experience and larger systems, where effort, access, chance, and context meet. Each episode lets the 5E framework emerge naturally through stories that feel real, reflective, and human.
Upcoming Episode: Sample Name
What Shapes Us Episode 1: In Talks with Sirisha Bhamidipati
Sirisha Bhamidipati is a Fulbright Scholar, IIM Ahmedabad alum, and disability-inclusion advocate who works to reframe accessibility as essential infrastructure. In this conversation with Vidya, she shares her journey of rebuilding her life after paralysis and reflects on how systems are designed to include or exclude, by choice or by default.
What Shapes Us Episode 2: In Talks with Mitu Samar Jha
Mitu Samar Jha is the Founder and CEO of Eminence Strategy Consulting, with leadership experience across CRISIL, Aditya Birla Capital, ICICI Prudential MF, and Great Eastern Shipping. In conversation with Vidya, she traces her journey from Bihar to the corporate boardroom and reflects on how self-determination and hard work compound over time to shape outcomes.
What Shapes Us Episode 3: In Talks with Vasanth Emmanuel Jeyapaul
Vasanth Emmanuel Jeyapaul is the CEO of CAMSPay, the payments arm of CAMS, one of India’s largest financial infrastructure providers. In conversation with Vidya, he reflects on his journey from interior Tamil Nadu to shaping India’s digital payments ecosystem, and how unexpected choices and transitions have defined his path through the lens of the 5Es
CFER Associates
CFER Associates are faculty members at Great Lakes Institute of Management who are actively engaged with the Centre’s work. Their research and teaching span finance, economics, and public policy, with a focus on questions that matter to markets, institutions, and society. As Associates, they contribute to research initiatives, thought leadership, and conversations that connect academic insight with real-world relevance.
Dr. Debashis Sanyal
Director, Great Lakes Institute of Management
Area of Expertise: Finance & Accounting
Email: dsanyal@greatlakes.edu.in
Dr. Muthuraj M
Assistant Professor - Economics & Program Office
Area of Expertise: Economics
Email: muthuraj.m@greatlakes.edu.in
Dr. Chandrika Raghavendra
Assistant Professor - Economics & International Business
Area of Expertise: Macro Economics, International Business, Mergers and Acquisitions, Corporate Finance
Email: chandrika.r@greatlakes.edu.in
Dr. Vidya Mahambare
Professor - Economics
Area of Expertise: Microeconomics, Monetary policy, Gender and employment, International Trade, Development Economics
Email: vidya.m@greatlakes.edu.in
Dr. Jaydeep Mukherjee
Professor
Area of Expertise: Economics
Email: jaydeep.m@greatlakes.edu.in
Dr. Hajam Abid Bashir
Assistant Professor- Research
Email: abid.b@greatlakes.edu.in
Dr. Neeraj Jain
Assistant Professor- Finance
Area of Expertise: Risk Management, Quantitative Finance & Statistics
Email: neeraj.r@greatlakes.edu.in
Dr. Rajesh Kumar Acha
Assistant Professor - Finance
Email: rajeshkumar.s@greatlakes.edu.in
Dr. Ranjan Chakravarty
Professor of Practice - Finance
Email: ranjan.c@greatlakes.edu.in
Dr. Ranjitha Ajay
Associate Professor – Finance
Area Chair: Finance & Economics
Area of Expertise: Corporate finance, corporate governance, financial reporting quality
Email: ranjitha.a@greatlakes.edu.in
Dr. Swechha Chada
Assistant Professor - Corporate Finance
Area of Expertise: Corporate Financing, Institutional Investors, Economic Policy Uncertainties
Email: swechha.c@greatlakes.edu.in
Dr. Vishwanathan Iyer
Sr. Associate Professor - Finance & Director - Accreditations
Area of Expertise: Finance & Accounting
Email: vishwanathan.i@greatlakes.edu.in
Lavanya.G
Junior Faculty - Finance
Email: lavanya.g@greatlakes.edu.in
Madhu Kumari
Junior Faculty - Finance
Area of Expertise: Financial Management, Financial Market & Services, Security Analysis and Portfolio Management
Email: madhu.t@greatlakes.edu.in
Vishnu Prasanna
Great Lakes Institute of Management
Area of Expertise: Economics & Finance
Email: vishnu.p@greatlakes.edu.in
Anagha Shandilya
Junior Faculty - Finance
Area of Expertise: Finance
Email: anagha.s@greatlakes.edu.in
Mamta Rani
Junior Faculty - Economics & Cost Accounting
Email: mamtarani.d@greatlakes.edu.in
Saikat Das
Junior Faculty - Finance
Area of Expertise: Finance
Contact Us
For research collaborations, academic engagement, events, or general enquiries related to the Centre for Finance and Economics Research, please reach out to us. We welcome conversations with scholars, practitioners, institutions, and students who are interested in advancing research and dialogue in finance, economics, and public policy.
