Finance Faculty Profiles

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to Professor John Doukas at



Dr. Seshadev Sahoo is working as associate professor in Finance at Institute of Management & Information Science (IMIS), Bhubaneswar, Odisha. He earned his PhD from Vinod Gupta School of Management, IIT Kharagpur in Finance. Dr. Sahoo holds double Post Graduate degree in Management (in Finance), and Commerce from Utkal University, Bhubaneswar (Orissa). His research interest includes: IPO valuation, Corporate Valuation, Stock Market, Mutual Fund and Indian Financial System. He has 08 research publications in refereed journals (both national and inter-national) as well as around 15 conference proceedings. He has published research papers in reputed referred journals, both national and inter-national. He is working as executive editor of “Pratibimba: The journal of IMIS” and placed in the review board of three international journals.

Affiliation: Associate Professor (Finance) at Institute of Management & Information Science (IMIS) Bhubaneswar, (Odisha), India-751002
Telephone: 09938212730, 09778980963, 0674-2431953
Fax: 0674-2433932
Teaching Interest: Security analysis & Portfolio Management, Financial Management, Financial Engineering, Accounts for Managers.

Academic Qualification
• PhD in Business Management (Finance) from IIT Kharagpur, May, 2011.
• MMS in finance from Utkal University, Bhubaneswar, (Odisha), 1994.
• M.Com from Utkal University, Vani Vihar Campus Bhubaneswar (Odisha),1992.

Refereed Articles
• Sahoo, S., (2012), “Syndicate Size, Structure and Performance: An Empirical Investigation for Indian IPOs”, The IUP Journal of Applied Finance, Accepted for publication.
• Sahoo, S. & P.Rajib (2011), “Risk proxies and IPO Underpricing: An Empirical investigation”, The IUP Journal of Applied Finance, Vol.17, No. 4, pp.38-56.
• Sahoo, S. & P.Rajib (2010), “Post Issue Promoter Groups Holding, Signalling and IPO Underprice: Evidence from Indian IPOs, International Journal of Financial Services Management (IJFSM), An Inderscience Publication, Vol.4, No. 2, pp.95-113.
• Sahoo, S. & P.Rajib, (2010) “After Market Pricing Performance of Initial Public Offerings (IPOs): Indian IPO Market 2002-2006, The Vikalpa, Indian Institute of Management Ahmedabad (IIMA), Vol.35, No. 4, pp.25-41.
• Sahoo, S. & P.Rajib (2009) “Investment Bank Prestige and IPO Underpricing: An Empirical Study”, IIMB Management Review, Indian Institute of Management, Bangalore, Vol.21, No. 3, pp.189-204.

Case Publication
• Sahoo, S. & P.Rajib (2011), edited book titled "Resource book on Case studies in Business Management: a global perspective" “Withdrawn IPO: Galaxy Surfactants Limited- A case study from Indian IPO Market” published by IMT, Ghaziabad, accepted for publication.

Papers under review
• S.Sahoo & P.Rajib (2012) “Signaling by IPO Grading: An Empirical Investigation”, International Journal of Theoretical and Applied Finance.
• S.Sahoo & P.Rajib (2011) “Valuing IPOs Using P/E Multiple: An Empirical Investigation”, Decision: The journal of Indian Institute of Management, Calcutta, under second review.
• S.Sahoo & P.Rajib (2011) “Determinants of Pricing IPOs: An Empirical Investigation, South Asian Journal of Management, an AMDISA publication.
• S.Sahoo & P.Rajib (2010) “Pattern of Subscription and IPO Underpricing: an empirical investigation”, International Journal of Accounting and Finance- an Inderscience publication.
• S.Sahoo & P.Rajib (2011) “Valuation of Fixed –Price Offers: An IPO Perspective”, IUP Journal of Financial Economics, An ICFAI University Press publication.


Harry J. Sapienza is an associate professor of Management at the University of South Carolina at Columbia. He is a spending the 1997-1998 academic year as a visiting professor at the London Business School in the area of entrepreneurship . He received his Ph. D. degree in strategic management at the University of Maryland at College Park. His research interests include the dynamics of new business formation and development, inter- and intraorganizational relations, and strategic decision making. Harry's work has appeared in both academic journals (e.g., the Academy of Management Journal, the Journal of Business Venturing, Entrepreneurship: Theory and Practice, Managerial Finance) and practitioner outlets such as Pratt's Guide to Venture Capital Sources. His dissertation on venture capitalist-entrepreneur relations won both the Heizer award from the Academy of Management and the Outstanding Dissertation award from ORSA-TIMS. He has twice won the Best Paper Award in Entrepreneurship at the Academy of Management.


Stetson School of Business and Economics
Mercer University
Fax: (478) 301-2635
Education: B.Sc. (Math and Physics), M.A. (History), M.B.A., Ph.D. (Finance; collateral area: Industrial Organization)
"Corporate Dividend Policy: Do Insiders Act as Regulators and Delegated Monitors for Unregulated Firms?"
Revise and re-submit, "Efficient Industry Structure and Scope of Banking and Non-banking Activities."
 "Asian Financial Crisis: An Update and Lessons to be Learned."
A Re-examination of Country Member Bank Cash Balances During the 1930s/Southern Economic Journal, 2000.
Economies of Scale and Scope in Commercial Banking: A Re-examination of the Microstructure/Journal of Research in Finance,  2000.
Cost Efficiency and Scale/Scope Economies among S&Ls/Managerial Finance, 1999.
Agency Cost, Market Risk, Investment Opportunities and Dividend Policy: An International Perspective/Managerial Finance,1999.
Determinants of Dividend Payout Policy: Regulated versus Unregulated Firms/ BusinessQuest,1998.
The Great Asian Meltdown: the Role of Japan/Proceedings of the 1998 Global Business Trends Conference of the Academy of  Business Administration.
Nonbanking Performance of Bank Holding Companies: An Update From 1986 - 1990/ Managerial Finance,1996.
The Role of Insiders and Dividend Policy: A Comparison of Regulated and Unregulated Firms/Journal of Financial and Strategic Decision Making, 1996.
International and domestic travel, Studying different cultures, Bicycling, Watching sports, wildlife, world news etc. on the  TV.


London Business School,
Sussex Place, Regents Park, London, NW1 4SA UK
Tel: (44) (171) 2625050
Fax: (44) (171) 7247875

Ana Paula Serra is a Lecturer at the Faculdade de Economia da Universidade do Porto where she teaches undergraduate and graduate courses in international finance and investments. She is currently engaged in doctoral research at London Business School. Her current research concentrates on tests of international capital market segmentation for emerging stock markets. Ms. Serra has worked for four years at the leading Portuguese investment banks Banco Portugues de Investimento, as a research analyst and asset manager.

Ph.D. in Finance
London Business School, University of London
Major: International Finance
Thesis: Tests of International Capital Market Integration:
Evidence from Emerging Stock Markets
Supervisor: Dr. Narayan Naik
December 1998
ISEE, Universidade do Porto
Licenciatura (5 years degree) in Economics
Faculdade de Economia do Porto, Universidade do Porto.


Carlos Serrano-Cinca is Lecturer in Accounting and Finance at the University of Zaragoza (Spain). He has been a Visiting Lecturer at the University of Southampton (UK). He received his Ph.D. in Economics and Business Administration from the University of Zaragoza in 1994. His Doctoral Thesis, entitled: "Neural Networks in Financial Statement Analysis" received the prize for the outstanding thesis of the year. His research interests include: the applications of Artificial Intelligence in Accounting and Finance; the external analysis of quantitative financial information with multivariate mathematical models. Has published articles in Journals such as Decision Support Systems, The Journal of Forecasting, Neural Computing & Applications, The European Journal of Finance, Omega: The International Journal of Management Science, etc.


Jean-Christophe Statnik is Maitre de Conferences at the Ecole Superieure des Affaires of the Universite de Lille 2, where he has realized his PhD. His research activities focus mainly on theoretical works in corporate finance. The main questions study concern the construction and the consequences of the longstanding relationship between firms and banks.


Associate Professor of Banking and Finance at "L.Bocconi University" in Milan, Italy. Professor at Credit and Insurance Area of SDA, Management and Business School of "L.Bocconi University", Milan. Researcher at Newfin, Research Centre of Financial Innovation of "L.Bocconi University", Milan. Member of the Faculty of MBA Master in Business Administration at SDA Bocconi, Bocconi University, Milan. Member of the Steering Committee of the Research Division at SDA Bocconi.

Honors: Winner of "Bocconi University Research Award" in 1998.

Consultancy experience:
Stefano Gatti has developed significant research activity and managerial education in credit management, corporate and investment banking; structured and project finance; private equity and venture capital. His contribution to the development of knowledge in such research fields on the Italian context is clearly demonstrated by his involvement as a consultant for banks and manufacturing firms and as a trainer for managers and government members of Russia, Africa and China at Giordano dell'Amore Foundation in Milan (Italy). Among other consulting tasks, he is member of the consultants committee of Alice Ventures, management company of MB Venture Closed Fund and of the Board of Directors of the Pension Fund of Italian Dentists.


Norman Strong is Professor of accounting and Financein the Manchester School of Accounting and finane at the University of manchester, which he joined in 1989. His previous academic appointment was at Newcastle University and before that he worked asan economisty with the UK Price Commission and with British Gas. He holds a BA in Economics and Accounting and an MA in Economics from Newcastle University. he has published in several academic journals including the Accounting Review and the Journal of Futures Markets and is the co-author of the book, Information and Capital Markets, Basil Blackwell.


Avanidhar Subrahmanyam is currently a Professor of Finance at UCLA. He received his Ph.D. in finance from the Anderson School in 1990. His current research interests range from the relationship between the trading environment of a firm's stock and the firm's cost of capital to behavioral theories for asset price behavior to empirical determinants of the cross-section of equity returns. Professor Subrahmanyam is the author or coauthor of numerous refereed journal articles on these and other subjects in leading finance and economics journals. He is a Co-editor of the Journal of Financial Markets, a past Associate Editor of the Journal of Finance and the Review of Financial Studies.


Antti Suhonen currently works as a derivatives marketer at Bankers Trust Company in London. He has previously worked at the Derivative Products desk at Merita Investment Banking, Helsinki, Finland. He has an M. Sc. (Economics) from Helsinki School of Economics and Business Administration and is currently preparing his Ph.D. dissertation on the Finnish financial markets in that school. His prior research has covered the pricing of ex warrants bonds in Finland (The Finnish Journal of Business Economics 3/1995) as well as the pricing of Finnish bond futures. He has co-authored the article "Financial markets and derivatives in Finland" in The Paribas Derivatives Handbook 1995/6.