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Home / Faculty / Prof. Sunil Poshakwalwe

Prof. Sunil Poshakwalwe

Professor - Finance; Chair Professor - Finance
Email: sunil.poshakwale@flame.edu.in
Prof. Sunil Poshakwale holds a Doctor of Philosophy (PhD) in Finance from the University of Manchester, United Kingdom. He earned his Master of Business Administration (MBA) in Finance from the University of Indore and also completed a Diploma in Management Accounting from the same university. He graduated with a Bachelor of Commerce (Honours) Degree from the University of Indore.
BIO
Prof. Sunil Poshakwale holds a Doctor of Philosophy (PhD) in Finance from the University of Manchester, United Kingdom. He earned his Master of Business Administration (MBA) in Finance from the University of Indore and also completed a Diploma in Management Accounting from the same university. He graduated with a Bachelor of Commerce (Honours) degree from the University of Indore, laying a strong academic foundation for his distinguished career in finance, research, and higher education. He is a recipient of 4 prestigious scholarships including the Commonwealth Scholarship for PhD, Shastri-Indo Canadian Fellowship at Carleton University, Ottawa, Canada, and Euro-Asia Centre scholarship for participating in the ITP at INSEAD in France. He was also selected as a member of the Group Study Exchange programme of Rotary International to Argentina.

He brings over 30 years of distinguished academic, research, and leadership experience in the field of finance. He has held several prestigious academic positions in the United Kingdom, including as a Professor of Finance in the Hull University’s Business School, as Lecturer and Senior Lecturer in Finance at the University of Birmingham Business School and the University of Kent.
He is an External Advisor for Universiti Teknologi PETRONAS, Malaysia and has previously held several academic appointments as Adjunct Professor at the Graduate School of Business, University of the South Pacific, Fiji; Adjunct Faculty for the Global MBA Programme of Manchester Business School, UK; and at FLAME University, Pune. He has been an external examiner to graduate programmes of many prestigious universities including Oxford, City, Aston University.

He has published over 75 articles in peer-reviewed top finance journals and other publication outlets, presented papers and chaired sessions/ delivered keynote address in international conferences and seminars all over the world. He has successfully supervised many PhD and DBA students who now work in prestigious universities and financial services both in the UK and worldwide. He has won best research paper awards and research grants as a Principal Investigator. Sunil was named as the Best Professor of Financial Management by Asia’s Business School Awards and as one of the most influential ‘Management Gurus’ of Indian origin by Business India. He was one of the fifty top faces of Cranfield’s 50th anniversary celebrations. Woxsen University in India has established a Chair in Financial Management to recognise and honour his contributions to finance research. Sunil has examined many PhD theses from universities globally. He is Associate Editor of Research in International Business and Finance – a Q1 journal and has served on the editorial board of Global Finance Journal for over 15 years.

As an international finance expert, he conducted studies and developed reports on governance and financial sector competitiveness in Swaziland, Egypt, and South Africa for the African Development Bank (ADB). His research on ‘Quality of Corporate Governance and Firm Performance’ has been used by MAPFRE for launching a ‘Good Governance Fund.’ His work on ‘Gender Diversity’ motivated March Gestion Fondos, a boutique investment company in developing their investment strategies.

Throughout his career, Prof. Poshakwale has demonstrated exceptional academic leadership and institution-building capabilities. As the Head of the Department of Accounting and Finance and Director of the MSc in Finance & Management Programme, he transformed the programme into one of the largest and most prestigious specialised master's programmes within the School of Management. Under his leadership, the programme experienced substantial growth in student enrolment and academic reputation, culminating in its recognition in the prestigious Financial Times annual rankings. He also spearheaded the development and successful launch of the MSc in Investment Management programme in 2014, obtained CFA recognition, developed student exchange programme with Freie University Berlin and internationalised Cranfield’s MSc finance launching it in Oman in collaboration with Muscat University.

He successfully managed programme budgets exceeding £2 million and played a pivotal role in designing and strengthening finance offerings by developing innovative finance programmes, introducing new finance electives, and expanding academic departments through strategic faculty recruitment at the Professor, Reader, and Senior Lecturer levels.
Beyond academia, Prof. Poshakwale is a respected commentator on global economic and financial issues. He has been a regular contributor and subject matter expert on leading international media platforms, including TRT World Television, BBC World, and Sputnik International Radio.


RESEARCH & PUBLICATIONS

RESEARCH



  • Scopus Statistics (June 2023): Total citations: 510, h-index-14

  • ResearchGate (Aug 2024): Total citations: 1,529, h-Index: 21

  • Google Scholar (Aug 2024): Total citations: 2579, h-Index: 25, I-10 Index: 34


Publications in Peer-reviewed Academic Journals



  • Poshakwale, S. (with H. Khedar & V. Agarwal). 2024 Are prestigious directors mere attractive ornaments on the corporate Christmas tree?, British Journal of Management, http://doi.org/10.1111/1467-8551.12863

  • Poshakwale. S. (with Binsheng Qian and Yusen Tan). 2024 ‘E’ of ESG and Firm Performance: Evidence from China, International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2024.103751

  • Poshakwale, S., (A. Mandal, G. Power). 2020. "Do Investors Gain from Forecasting the Asymmetric Return Comovements of Financial and Real Assets?", International Journal of Finance & Economics, https://onlinelibrary.wiley.com/doi/abs/10.1002/ijfe.1961

  • Poshakwale, S., (D, Aghanya, V. Agarwal), 2020. “Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity”, Journal of Banking and Finance, 113, https://doi.org/10.1016/j.jbankfin.2019.105730

  • Poshakwale, S., (with D. Aghanya, and V. Agarwal), 2020. “The impact of regulations on compliance costs, risk-taking and reporting quality of the EU banks”, International Review of Financial Analysis 68, https://doi.org/10.1016/j.irfa.2019.101431

  • Poshakwale, S., (with Woo-Young Kang), 2019. “A New Approach to Optimal Capital Allocation for RORAC maximisation in Banks”, Journal of Banking and Finance, 106, 153-165.

  • Poshakwale, S. (with P. Chandorkar), 2019. “The impact of aggregate and disaggregate consumption shocks on the Equity Risk Premium in the United Kingdom”, Annals of Economics & Finance 20,2, 489-524.

  • Poshakwale, S., (with P. Chandorkar, V. Agarwal), 2019. “Implied Volatility and the Cross- Section of Stock Returns in the UK”, Research in International Business and Finance, 48, 271-286.

  • Poshakwale, S., J. Taunson, A. Mandal, and M. Theobald, 2019. Lower Tick Sizes and Futures Pricing Efficiency: Evidence from the emerging Malaysian market, Review of Quantitative Finance & Accounting, 53, 1135-1163. https://doi.org/10.1007/s11156-018- 0777-7

  • Poshakwale, S. (with A. Mandal), 2017. “Sources of Time Varying Return Comovements during different Economic Regimes: Evidence from the emerging Indian Equity Market”, Review of Quantitative Finance & Accounting, 48, 859-892.

  • Poshakwale, S., (with P. Chandorkar), 2017, “The impact of monetary policy shocks on the Equity Risk Premium before and after the Quantitative Easing in the United Kingdom”, Investment Management and Financial Innovation 13, (4), 146-159.

  • Poshakwale, S., (with A. Mandal), 2016. “What Drives Asymmetric Dependence Structure of Asset Return Comovements? International Review of Financial Analysis, 48, 312-330.

  • Poshakwale, S. (with A. Mandal), 2016. “Determinants of Asymmetric Return Comovements of Gold and other Financial Assets”, International Review of Financial Analysis, 47, 229-242.

  • Poshakwale, S., (with G. Ganguly), 2015. “International Shocks and Growth in Emerging Markets”, Global Finance Journal 26, 29 - 46.

  • Poshakwale, S., (T. Patra & V. Thomas). 2014. “Sovereign credit risk dynamics in the European Monetary Union (EMU)”, Applied Financial Economics 24, 15, 1031-1041.

  • Poshakwale, S., (with A. Mandal). 2014.” Investor Behaviour and Herding: Evidence from the National Stock Exchange in India”, Journal of Emerging Market Finance 13, 197-216.

  • Poshakwale, S., (with Suman Neupane). 2012. “Transparency in IPO mechanism: Retail investors’ participation, IPO pricing and returns”, Journal of Banking and Finance 26, 7, 2064-2076.

  • Poshakwale, S., (with C. Thapa). 2012. “Country-specific equity market characteristic and foreign equity portfolio allocation”, Journal of International Money and Finance, 31, 2, 189-211.

  • Poshakwale, S., (with T.Patra and Kean Ow-yong).2012. “Determinants of Corporate Dividend Policy in Greece”, Applied Financial Economics, 22, 1079-1087.

  • Poshakwale, S., (with J. Ford and Wee Ching Pok). 2012. “The Predictability of KLSE CI Stock Index Futures Returns and the Conditional Multifactor APT Model”, Journal of Emerging Markets Finance, 11, 1, 37- 60.

  • Poshakwale. S., (with C. Thapa). 2011 “Investor Protection and International Equity Portfolio Investors”, Global Finance Journal, 22, 116-129.

  • Poshakwale, S., (with B. Qian). 2011. “Competitiveness and Efficiency of the Banking Sector and Economic Growth in Egypt”, African Development Review, 23, 1, 99–120.

  • Poshakwale, S., (with C. Thapa). 2010. “International Equity Portfolio Allocations and Transaction Costs”, Journal of Banking and Finance, 34, 11, 2627-2638.

  • Poshakwale, S., (with V. Agarwal) 2010. “Size and Book-to-Market Anomalies and Omitted Leverage Risk”, European Journal of Finance, 16, 3, 263-279.

  • Poshakwale, S., (with C. Alexakis and T. Patra) 2010. “Predictability of Stock Returns using Financial Statement Information: Evidence on Semi-strong Efficiency of Emerging Greek Stock Market”, Applied Financial Economics, 20, 16, 1321-1326.

  • Poshakwale, S., (with C. Thapa) 2010. ‘’Foreign Investors and Global Integration of Indian Equity Market’’, Journal of Emerging Market Finance, 9, 1-24. Best Article in Journal of Emerging Market Finance of all articles during 2009 and 2010. See: http://emf.sagepub.com/cgi/reprint/9/1/1

  • Poshakwale, S., (with W. Pok and J L Ford) 2009. “Stock Index Futures Hedging in the Emerging Malaysian Market”, Global Finance Journal, 20, 3, 273-288. .

  • Poshakwale, S., (with C. Thapa) 2009. “The Impact of Foreign Investment Flows on Global Linkages of the Asian Emerging Equity Markets”, Applied Financial Economics, 19, 22,1787-1802.

  • Poshakwale, S., (with K.P. Aquino) 2008. “The Dynamics of Volatility Transmission and Information Flow between ADRs and their Underlying Stocks’’, Global Finance Journal, 19,187-201.

  • Poshakwale, S., (with T. Patra) 2008. “Long-run and Short-run Relationship between the Main Stock Indexes: Evidence from the Athens Stock Exchange’’, Applied Financial Economics, 18, 1402-1410.

  • Poshakwale, S., (with K.P. Aquino) 2006. “Price Determinants of American Depositary Receipts: A Cross-sectional Analysis of Panel Data”, Applied Financial Economics, 16, 16, 1225-1237.

  • Poshakwale, S., (with F. Patra) 2006. ”Economic variables and stock returns: Evidence from the Athens stock exchange”, Applied Financial Economics, 16, 13, 993-1005.

  • Poshakwale, S., (with C. Alexakis, N. Niarchos, & T.Patra) 2005. “The Dynamics betweenStock Returns and Mutual Fund Flows: Empirical Evidence from the Greek Market”, International Review of Financial Analysis, 14, 5, 559-569.

  • Poshakwale, S., (with K. Perez and Wing-Keung Wong) 2005. “Is it Worth Diversifying Internationally with American Depositary Receipts?” The International Journal of Finance, 17, 3, 3622 - 3643.

  • Poshakwale, S., (with John K. Courtis) 2005, “Disclosure Level and Cost of Equity Capital: Evidence from the Banking Industry”, Managerial and Decision Economics, 26, 431-444.

  • Poshakwale, S., (with M. Theobald). 2004. “Market Capitalisation, Cross Correlations, the Lead/Lag Structure and Microstructure Effects in the Indian Stock Market”, International Financial Markets, Institutions & Money, 14, 385-400.

  • Poshakwale, S., (with Wee Ching Pok). 2004. “The Impact of Introduction of FutureContracts on the Spot Market Volatility: The Case of Kuala Lumpur Stock Exchange”Applied Financial Economics, 14, 2, 143-154.

  • Poshakwale, S., 2002. “The Random Walk Hypothesis in the Emerging Indian Stock Market”, Journal of Business Finance and Accounting, 29 (9) & (10), Nov/Dec. 2002, 1275-1299.

  • Poshakwale, S., (with V Murinde). 2001 “Volatility in Emerging Markets in Central and Eastern Europe: Evidence on Croatia, Czech Republic, Hungary, Poland, Russia, and Slovakia”, The Journal of European Research Studies, Volume IV, Issue (3- 4), 73-101.

  • Poshakwale, S., (with V. Murinde). 2001. “Modelling the Volatility in East European Emerging Stock Markets: Evidence on Hungary and Poland”, Applied Financial Economics, 11, 445-456.

  • Poshakwale, S., 2001. “Foreign Equity Investment, Market Segmentation and Volatility in the Emerging Chinese Stock Markets”, China Accounting and Finance Review, Vol. (March) Number 1, 137-166. Winner of the CAFR 2001 Best Paper Award.

  • Poshakwale, S., (with D. Wood). 1997. "Market Anomalies in Selected Emerging and Developed Stock Markets", Asia-Pacific Journal of Accounting (now called Asia Pacific Journal of Accounting and Economics), Vol. 4 (June), No.1, 73-92.

  • Poshakwale, S., (with R.D. Pathak). 1996. “Development Banking in Canada and India: A Comparative Study”, South Asian Journal of Management, October-December, 15-32.

  • Poshakwale, S., (with D. Wood and B. Dasgupta). 1996. "Investigating the Dynamics of Polish WIG-20", Modelling and Analysing Economies in Transition, Vol.1, 237-257.

  • Poshakwale, S., 1996. "Evidence on Market efficiency and Day-of-the-week Effect in the Indian Stock Market", Finance India, Vol. X, No.3, 605-616.

  • Poshakwale, S., 1996. "Competing for the Future Global Portfolio Investment", Udyog Pragati , National Institute of Industrial Engineering, Vol.XLX, 2, No. 2, 14-21.

  • Poshakwale, S., 1996. "Evaluation of Recent Debates on the Case Study Method and Factors for Successful Conduct of Case Studies", Synergy, Vol.1, No. 1, 65-78.

  • Poshakwale, S., 1995. "An Analytical Study of State Financial Corporation's Performance in India", Finance India, Vol. IX, No. 1, 15-126.

  • Poshakwale, S., (with R.D. Pathak, & R. Jain). 1994. "Towards a Participative Work Culture- A Case Study of Deepak Woollens Pvt. Ltd.", Indian Journal of Public Enterprises, India, June 1994.


Working Papers:


Papers under review



  • Poshakwale, S. (with Y.Cheng and W. Ahamad) Academic Directors and Corporate Violations: Evidence from China, (under submission), British Journal of Management. 2. Poshakwale. S. (with Binsheng Qian and A. Mandal) Market Frictions, Ambiguity, and Asset Pricing: Evidence from China, (under review), Review of Quantitative Finance & Accounting.

  • Poshakwale. S. (with Binsheng Qian). Economic Policy Uncertainty and Stock Returns: Misprising or Discount? (R&R), Global Finance Journal.

  • Poshakwale, S. (with G. Power, CH Chow, A. Mandal) Optimizing the performance of credit scoring models for microcredit loans using non-financial data, Under Review, International Journal of Electronic Commerce.

  • Poshakwale. S. (with Binsheng Qian and Yusen Tan) Managerial Overconfidence and Information Opacity: Evidence from China (Under review), Review of Quantitative Finance & Accounting.

  • Poshakwale, S. (with Binsheng Qian) The Green Bond Premium Paradox, (Under review) Journal of Chinese Economic and Business Studies.

  • Poshakwale. S. (with Yue Cheng and Wasim Ahmed) Academic directors and corporate social responsibility: empirical evidence from China, (under submission) Corporate Governance: An International Review.


Published Working papers



  • S. Poshakwale & V. Agarwal (2020). “Does Gender Diversity Matter? SSRN, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3615993

  • S. Poshakwale (with V. Murinde). “Interaction between the Stock Market and Foreign Exchange Market: Evidence on European Emerging Markets”, Birmingham Business School working paper, 2003.

  • Poshakwale, S., (with V. Murinde and A. Janc). 1999. “Modelling the Nature of Volatility Conditions in East European Emerging Stock Markets”, Proceedings of the ACE/PHARE Conference on Building Financial Institutions in Transition Economies, Poznan, Poland, 14-15 May 1999.

  • S. Poshakwale “Conditional Variance and Non-linear Effects in Disaggregated Data: Comparative Evidence from the Indian and the UK Stock Markets”, Birmingham Business School working paper, 1999.

  • S. Poshakwale. “Day-of-the-week Effects in Paris, London and Frankfurt Bourses” Discussion papers in Corporate Finance, No. 03-98, The University of Birmingham.

  • S.Poshakwale “Are Emerging Markets more Volatile than the Developed Markets? Evidence from Some Developed and Emerging Markets”, Birmingham Business School working paper, 1998.


 


Conference Presentations:


Conference presentations and chairing



  • Poshakwale, S. (with Binsheng Qian, and A. Mandal) “Market ambiguity and cross-section of expected stock returns: evidence from China”, World Finance Conference, Nicosia, Cyprus, 30 July 30- 2 Aug, 2024. 2. Poshakwale. S. (with Yue Cheng and Wasim Ahmed) “Academic directors and corporate social responsibility: empirical evidence from China”, selected for presentation at the Financial Management & Accounting Research Conference 2024, Cyprus, June 16-18, 2024.

  • Poshakwale, S. (with Y.Cheng and Wasim Ahamad) “Academic Directors and Corporate Violations: Evidence from China”, 31st Annual Global Finance Conference, University of Cagliari, Sardinia, Italy, June 18 -20-2024Global Finance Conference,

  • Poshakwale, S. and Woo Young kang, “Cultural Similarity and Bank Interconnectedness”, 12th International Research Meeting in Business & Management, Nice, France, June-5-8, 2023.

  • Poshakwale, S. H. Khedar, and V. Agarwal, “Prestigious Directors, Firm Acquisitions, Financial Policies, and Risk”, 30th Global Finance Conference, Treviso, Italy, June 12-14, 2023.

  • Poshakwale, S. and D. Aghanya, “The economic impact of Brexit: evidence from the UK stock market”, 28th Annual Meeting of Multinational Finance Society, Gdansk, Poland, June 36-29, 2022.

  • Poshakwale, S. and V. Agarwal, “Does Board Gender Diversity Matter?, FMAR Conference, Paphos, Cyprus, 19-21 September 2020.

  • Poshakwale, S. and V. Agarwal, “Does Good Corporate Governance Matter? Evidence from Large European Firms”, INFINITI conference, Glasgow, 9-11 June, 2019.

  • Poshakwale, S., J. Taunson, A. Mandal, “Volatility spill-over and price discovery in the Malaysian gold futures market”, Global Finance Conference, Zagreb, June 5-7, 2019.

  • Poshakwale, S., and Vineet Agarwal, “Do Women on Board Add Value?”, Financial Management Association (FMA) Europe Conference, Kristiansand, Norway, June 14-16, 2018.

  • Poshakwale, S., Poudel Ramji, Vineet Agarwal, “Board Characteristics and Firm Performance in India, 17th INFINITI Conference on International Finance, Valencia, Spain, 11-12 June 2017.

  • Poshakwale S. and A. Mandal, “Forecasting Asymmetric Comovements of Multi-asset Returns during different Economic Regimes”, Global Finance Conference, Fresno, CA, USA, 22-23, June 2016.

  • Poshakwale, S. and V. Agarwal, “Gender Diversity and Performance of UK FTSE 100 firms”, 22nd Annual Conference of the Multinational Finance Society, Halkidiki, Greece, June 28- July 1, 2015.

  • Poshakwale, S. and P. Chandorkar, “Global Monetary Policy Shocks and UK Equity Risk Premium”, 13th INFINITI Conference on International Finance, Ljubljana, 8-9 June 2015.

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