• PhD (Finance), Department of Financial Studies, Delhi University, 2010.
• Post Graduate Diploma in Management (Full-Time), Indian Institute of Planning & Management, New Delhi, specializing in Finance, 2000-2002.
• Masters in Commerce, Ramjas College, Delhi University, 1998-2000.
• Graduation in Commerce, Satyawati College (Morning), Delhi University, 1995-1998.
• High School, Kulachi Hans Raj Model School, 1995.

Research Interests:

• Asset Pricing
• Valuations
• Corporate Finance
• International Finance
• ESG Investment

Teaching Interests:

• Corporate Finance
• Valuations
• Security Analysis and Portfolio Management
• Financial Derivatives
• International Finance

• Industry, Research and Teaching experience of around 2 and a half decades at prestigious academic and corporate institutions.
• Presently working as Professor (Finance) and Head - Research at IIFT.

Academic Administration:

• Campus Head-GIFT CITY
• Head - MDP
• Head - Research
• Editor - Management Journals
• Head - Accreditations and Rankings
• Organized International Conferences in the capacity of Conference Chair

ABDC & SCOPUS/Web of Science Listed Publications

Journal Publications

• Pandey,A. Bijoy, K. and Sehgal,S. (2025). “Informationally Dominant Firms in India: characteristics, return performance and earnings behaviour”, at SCMS Journal of Indian Management (Sage, ABDC C, SCOPOUS)
• Anand,Y. & Pandey,A. (2024). “Feasibility study of blockchain technology for circular economy: A bibliometric and systematic review”, Economics and policy of energy and the environment Policy, 2, 109-144. DOI: 10.3280/EFE2024-002006. (ABDC C, SCOPUS)
• Sehgal, S., Pandey, A., & Sen, S. (2024). "Relative, Absolute or Combined Strength Momentum Strategies: What works for India?", International Journal of Emerging Markets. (ABDC-B, SCOPUS Q1).
• Gupta, D. & Pandey, A. (2024). Analyzing impact of corporate governance index on working capital management through fractal functions. Chaos, Solitons & Fractals, 183. (Elsevier, SCOPUS-Q1, Web of Science).
• Yadav, M., Pandey, A., et al. (2023). Volatility spillover of green bond with renewable energy and crypto market. Renewable Energy, 212, 928-939. (Elsevier, SCOPUS-Q1, Web of Science).
• Pandey, A., & Utkarsh. (2023). “Determinants of positive financial behavior: a parallel mediation model”, International Journal of Emerging Markets. (Emerald, ABDC-B, SCOPUS, Web of Science).
• Bushra, Srivastava, S., & Pandey, A. (2023). “Demography of Investors and Behavioral Biases - An Empirical Study”, SCMS Journal of Indian Management, 20(1). (SCOPUS).
• Bushra, Srivastava, S., & Pandey, A. (2023). “Evaluation of Investor's Financial Attitude towards Trading Activity Towards Pandemic”, Purushartha, 15(2). (SCOPUS).
• Joshi, R., Pandey, A., & Singh, K. (2023). “Role of risk characteristics on capital structure adjustments: evidence from India”, Int. J. Public Sector Performance Management, 12(4), 571-583. (SCOPUS).
• Pandey, A. (2022). “An empirical analysis of calendar anomalies for Egyptian stock market”, Journal of Commerce and Accounting Research, 11(4), 15-26. (ABDC C).
• Sehgal, S., & Pandey, A. (2022). Firm Quality, Price Momentum and Stock Returns: Evidence from India, Investment Analysts Journal, 50(3), 189-208. (Taylor and Francis, ABDC B, SCOPUS).
• Pandey, A., & Sehgal, S. (2021). “Equity Market Anomalies, Asset Pricing and Portfolio Strategies: An Empirical Study for West European Economies”, Investment Management and Financial Innovation, 18(2), 245-260. (ABDC B, SCOPUS).
• Pandey, A., & Joshi, R. (2021). “Examining Asset Pricing Anomalies: an European Evidence”, Business Perspective & Research. (ABDC C, Sage, SCOPUS).
• Pandey, A., Mittal, A., & Mittal, A. (2021). “Size Effect Dead or Alive: Evidence from European Markets”, Cogent Economics & Finance, 9(1). (Taylor & Francis, ABDC B, SCOPUS, Web of Science).
• Pandey, A., & Singh. (2021). “Determinants of Capital Structure of Small and Medium Enterprises in India”, Empirical Economic Letters, 20(Special Issue), 101-113. (ABDC C).
• Utkarsh, Pandey, A., Ashta, A., Eli, S., & Sutan. (2020). “Catch Them Young: Impact of Financial socialization and literacy on Financial well-being of young adults”, International Journal of Consumer Studies, 00:1-11. (Wiley, ABDC A, Web of Science, SCOPUS).
• Pandey, A., & Bhama, V. (2020). “Trading Strategies using Share buyback: AN Evidence from India”, Investment Management and Financial Innovation, 17(2), 169-182. (ABDC B, SCOPUS).
• Yadav, M., & Pandey, A. (2019). “Volatility Spillover between Indian and MINT Stock Exchanges: Portfolio Diversification Strategy”, Indian Economic Journal, 67(3-4), 299-311. (Sage, ABDC B).
• Utkarsh, Pandey, A., Ashta, A., Eli, S., & Sutan. (2020). “Exploration of financial stress indicators in a developing economy”, Strategic Change: Briefing in Entrepreneurial Finance, 29, 285-292. (ABDC C, Wiley, Web of Science, SCOPUS).
• Pandey, A., & Singh, M. (2020). “Impact of Capital Structure on Firm Performance: Evidence from India”, Empirical Economic Letters, 19, 23-35. (ABDC C).
• Pandey, A., & Sehgal, S. (2019). “Board Busyness and Firm Performance: Evidence from India”, Theoretical Economics Letters, 9, 453-476. (ABDC B, ABS1).
• Pandey, A., Bhama, V., & Singh, M. (2019). “Recession Impact on Capital Structure Determinants: Evidence from India”, Journal of Management Research, 19(3), 206-220. (ABDC C).
• Sehgal, S., & Pandey, A. (2018). “Predicting Financial Crisis by Examining Risk-Return Relationship”, Theoretical Economics Letters, 8(1), 48-71. (ABDC B).
• Pandey, A., & Sehgal, S. (2017). “Volatility Effect and the Role of Firm Quality Factor in Returns: Evidence from Indian Stock Market”, IIMB Management Review, 29(1), 18–28. (Elsevier, ABDC B, Scopus).
• Pandey, A., Singh, M., & Mohapatra, A. (2017). “Behaviour of Capital Structure: Evidence from Indian Listed Companies”, Asian-African Journal of Economics and Econometrics, 17(1), 155-173. (ABDC C).
• Pandey, A., & Mohapatra, A. (2017). “Validation of Fama French Model in Indian Capital Market”, International Journal of Economic Research, 14(2), 255-272. (ABDC C, Scopus).
• Pandey, A., & Sehgal, S. (2016). “Explaining Size effect for Indian Stock Market”, Asia-Pacific Financial Market, 23(1), 45–68. (Springer, ABDC C, Scopus).
• Pandey, A., & Singh, M. (2015). “Capital Structure Determinants: A Literature Review”, African Journal of Accounting, Auditing and Finance, 4(2), 163-176. (Inderscience, ABDC C).
• Sehgal, S., & Pandey, A. (2014). “Profitable Trading Strategies based on Price Multiple Information: Evidence from India”, Afro Asian Journal of Finance and Accounting, 4(4), 408-425. (Inderscience, ABDC C, Scopus).
• Sehgal, S., & Pandey, A. (2013). “An Empirical Investigation between Net Stock Issues and Returns in India”, Management & Labour Studies, 38(4), 505-515. (Sage, ABDC C).
• Sehgal, S., & Pandey, A. (2012). “Strategic Allocation, Asset pricing and Prior Return Patterns: Evidence from Indian Commodity Market”, Vision, 16(4), 273-281. (ABDC C, Scopus, Sage).
• Pandey, A. (2012). “Relative Valuation: A sectoral view of Indian Capital Market”, Management & Labour Studies, 37. (Sage, ABDC C).
• Sehgal, S., & Pandey, A. (2010). “Equity Valuation using Price Multiples: Evidence from India”, Asian Academy of Management Journal of Accounting & Finance, 6(1), 89-108. (ABDC C, Scopus).
• Sehgal, S., & Pandey, A. (2010). “Equity Valuation using Price Multiples: A Comparative study for BRICKS”, Asian Journal of Finance and Accounts, 2(1: E4), 68-91. (ABDC C).
• Sehgal, S., & Pandey, A. (2009). “The behaviour of Price Multiples in India: 1990-2007”, Asian Academy of Management Journal of Accounting & Finance, 5(1), 31–65. (ABDC C, Scopus).

Case Publications

• Pandey, A. “Does Momentum Anomaly provides Profitable Trading Strategy in India?”, Sage Business Cases.
• Pandey, A. (2021). Marico Ltd: Valuation of Consumer Product Company, Sage Business Cases, DOI: 10.4135/9781529764574.
• Pandey, A. (2021). Investment Strategy using Size Effect: A Case Study for India, Sage Business Cases, DOI: 10.4135/9781529761191.
• Pandey, A. (2020). “Amtek Auto Debacle: Financial Statement Analysis”, Emerging Markets Case Studies, Emerald, 10(2). (SCOPUS).
• Pandey, A., & Roy. (2016). “Effect of Exchange Rates on Exports: A Case Study for India”, Case Centre, 116-0086-1.
• Pandey, A. (2013). “Investments in Indian Sectors: Price Multiple Perspective”, Vision, 17, 169-173. (ABDC C, Scopus, Sage).

Other Refereed Publications

• Pandey, A., & Singh. (2017). “Capital Structure Theories: A Review”, AGU International Journal of Management Studies and Research, 5.
• Pandey, A., & Singh. (2017). “Mutual Fund Industry in India: An Overview”, International Journal of Academic Research in Social Sciences and Humanities.
• Pandey, A. “Stock Selection: A Price Multiple Perspective”, Dalal Street Investment Journal Magazine, Mar 23-Apr 5, 2015 Issue.
• Pandey, A. “Earnings Per Share or Book Value: Superior Value Driver in Equity Valuations”, IIMS Journal of Management Science (IIM Shillong), 6(1), January-April, 2015, pp. 1-8.
• Pandey, A. “SME Exchange: Panacea for SME Sector?”, Review of Professional Management, 2(2), 2014.
• Pandey, A. “Cashflow is King: A Myth or Reality”, Asia Pacific Journal of Management Research and Innovation (APJMRI), 8(4), 441-449. (Sage).
• Pandey, A. “Price to Earnings versus Price to Sales: A Comparative Study for Indian Capital Market”, Abhigyan, 1, 2012, 44-52.
• “The Global Economic Crisis through an Indian Looking Glass”, (Book Review) by Adarsh Kishore, Michael Debabrata Patra, and Partha Ray, ISBN: 978-81-321-0651-7, 2011, Paradigm, 2012. (Sage).
• Pandey, A. “Indian Mutual Fund Industry: Challenges and Road Ahead”, Review of Professional Management, 9, December 2011, 19-26.
• “Handbook of Equity Market Anomalies”, (Book Review) by Leonard Zacks, CEO Zacks Investment Research, 2011, Asia Pacific Journal of Management Research and Innovation (APJMRI), 8(4), 2012: 535-538. (Sage).
• Pandey, A. (2012). “Break Out Nations: In Pursuit of the Next Economic Miracles”, (Book Review) by Ruchir Sharma, Penguin, Allen Lane, ISBN: 978-1-846-14556-8, Vision, 17(1): 835-102. (ABDC C, Scopus, Sage).

Journal, Book, and Book Chapter

• Guest Editor, Special Issue, Journal of Management and Public Policy, 11(1), 2019.
• Management Practices in the New Millennium, Edited Book, 2019.
• Advances in Management, Edited Book, Bloomsbury Publication, 2016.
• Innovation and Sustainable Development, Edited Book, Bloomsbury Publication, 2016.
• Singh, M., & Pandey, A. “Goods and Service Tax: A Panacea for India”, published in the edited volume book Advances in Management, 2016.
• Singh, M., & Pandey, A. “Sustainable Development Prospects in Uttarakhand”, published in the edited volume book Innovation and Sustainable Development, 2016.
• Contemporary Issues in Business and Economy, Edited Book, Regal Publication, 2016.
• Emerging Trends in Management and Public Policy, Edited Book, Regal Publication, 2016.
• Singh, M., & Pandey, A. “Microfinance Institutions in Delhi: Challenges and Road Ahead”, published in the edited volume book Contemporary Issues in Business and Economy, 2016.
• Capital Market and Financial System in India, New Century Publication, 2014.

Research Project

• Major Research project of 18 Lakh Rs. 18 Lakhs on “India’s Export Potential for Pet Food Industry”, by Capaxil an Export promotion Council in April -December 2025
• Major Research project as Co-project Director of Rs. 13 lakhs of two years (2023-2025) on “Impact of ESG Score and Firm Quality on Corporate Performance: A Study for Asian Markets” sanctioned by Indian Council for Social Science Research (ICSSR). 

Articles Published in magazines:

1. GIFT City looks to challenge global financial hubs, Policy Circle, August 20, 2025. https://www.policycircle.org/opinion/gift-city-global-financial-hub/

2. From Risk Pricing to Equity Premiums: How Sovereign Ratings Shape Global Market Valuations, Finance Outlook India, July, 2025. https://www.financeoutlookindia.com/opinion/from-risk-pricing-to-equity-premiums-how-sovereign-ratings-shape-global-market-valuations-nwid-5699.html

3. Crypto reserves: India’s next step towards financial sovereignty, Policy Circle, April, 2025. https://www.policycircle.org/opinion/crypto-reserves-gold-reserves/

4. Dialogue to Diplomacy: QUAD is shaping the emerging global order, Policy Circle, October, 2024. https://www.policycircle.org/opinion/quad-reshaping-indo-pacific/
5. Carbon market in India: On the verge of reality, Millennium Post, June, 2024, https://www.millenniumpost.in/opinion/on-the-verge-of-reality-567786

Paper Presentations

• “Bridging Quality and Sustainability: A Bibliometric and Systematic Exploration of ESG scores in Quality Anomalies”, Global Business Research Conference at IIFT, New Delhi, Mar 26-28, 2025
• “Impact of Corporate Governance Index on Cost of Capital: An Evidence of BRICS Economies”, IMPeC-2025 Conference at IIM, Sambalpur, Jan 30 – Feb 01, 2025.
• “Does Size matters in Size Anomaly: Evidence from Asian Markets”, at 46th EBES Conference from 10th-12th January, 2024, Rome, Italy.
• “Profitable Strategies based on Equity Market Anomalies: Evidence from Europe”, at Conference on Changing Landscape for Securities Market on 22-24 January, 2020 organized by NISM and SEBI.
• “Amtek Auto Debacle: Financial Statement Analysis” at 7th PAN IIM World Management Conference by IIM Rohtak at 12-14th December, 2019.
• “Five Trillion Dollar Economy: Challenges and Road Ahead for India”, presented at 5th International Management Conference “AMRIT” on 17th-18th December, 2019, held at Fortune Institute of International Business.
• “Risk Characteristics and Capital Structure Adjustment”, at International Conference on Happiness, Performance Management in Modern Globalised Business Scenario, on 21-22 December, 2019 organized by RDIAS, New Delhi.
• “Social Equity and Inclusion in Education: Issues and Challenges”, presented at National Conference on Internal Quality Assurance Cell by SHDCHE on 8th November, 2019.
• “A study on the impact of Capital Structure on firm performance in India”, at 6th Uniglobe International Management Conference, Nepal on March 13th & 14th, 2019.
• “Recession Impact on Capital Structure Determinants: Evidence from India”, at 4th International Management Conference on Advances in Management Through Research, Innovation and Technology 2018, organized by FIIB, New Delhi in partnership with Burgundy School of Business, France; Solbridge School of Business, Korea; Sa-Dhan, and Uniglobe College, Nepal on 19th-20th December 2018.
• “Bhushan Steel Limited: Leverage a double Edged Sword”, at FIIB in International Symposium on 4th August, 2018.
• “Fiscal Policy in India: Assessing Fiscal Prudence and Fiscal Sustainability” in IV International Conference hosted by Uniglobe College, Nepal in Kathmandu on 6th and 7th March 2017.
• “Multiple Directorship and Firm Performance in Indian Listed Companies” at International Finance Conference SIFICO organized by K.G. Somaiya Institute of Management Studies and Research, Mumbai on 12th-13th January, 2017.
• “Goods and Service Tax: A Panacea for India”, at 2nd International Management Conference 2016, organized by FIIB, Burgundy School of Business, France, Sa-Dhan, and Uniglobe College, Nepal on 20th-21st December 2016.
• “Sustainable Development Prospects in Uttarakhand”, at 2nd International Management Conference 2016, organized by FIIB, Burgundy School of Business, France, Sa-Dhan, and Uniglobe College, Nepal on 20th-21st December 2016.
• “Composition of Board of Directors in Microfinance Institution in India: A Corporate Governance Perspective”, at 1st Annual International Microfinance Workshop 2016, organized by Burgundy School of Business, France, Sa-Dhan, Sahulat Microfinance Society and FIIB on 15th and 16th July 2016.
• “Testing Fama French Model for Indian Capital Market”, International Management Conference on Business and Economy: Growth, Governance and Globalisation on 5th March, 2016 at FIIB, New Delhi.
• “Microfinance Institutions in Delhi: Challenges and Road Ahead”, International Management Conference on Business and Economy: Growth, Governance and Globalisation on 5th March, 2016 at FIIB, New Delhi.
• “Sources of Size Effect: Evidence for Indian Capital Market”, at International Conference on the Role of Social Media for Organizational Sustainability (ICROSMOS), on 12th-13th February 2016, at Jaipuria Institute of Management, Noida.
• “A review of Literature of major Determinants of Capital Structure”, International Conference on Recent Advances in Engineering Science and Management on 30th August, 2015 at PHD Chambers, Delhi.
• “Volatility Effect and the Role of Firm Quality Factor in Returns: Evidence from Indian Stock Market”, at FORE International Finance Conference from 28th Dec.-30th Dec. 2014.
• “Profitable Trading Strategies based on Price Multiple Information: Evidence from India”, at 7th ISDSI and OSCM International conference organized by IMI, New Delhi from 28th Dec.-30th Dec. 2013.
• “Seasoned Equity Offerings: Empirical Evidence from India”, in 3rd International Conference, Exploring the Soul of business: An Eternal Sustainer, organized by JIMS Rohini, on 9th Feb, 2013 at India International Centre, New Delhi.
• “Price to Earnings and Price to Sales: A Comparative Study”, in the conference, “Generation Next: Managerial Challenges and Opportunities”, organized by Jaipuria Institute of Management, Noida, 14-16th Oct. 2011.