Offshore Research in the financial sector – Words from a Practitioner– A talk by Mr.Manish Jain, Copal Amba

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On Monday, the 22nd of September , TAPMI proudly hosted Mr.Manish Jain, Head – Knowledge Management & Training at Copal Amba. With a diverse experience across sectors of over 13 years, Mr Jain indeed accomplished a great deal in a relatively short span. He was here to give the students an overview in general about what Copal Amba does and in particular talk about careers in the Research Outsourcing industry.

The session kicked off with Mr. Jain soliciting expectations from the industry as held by students. While giving his take on the topic, Mr. Jain said that the job of a Research Analyst was very sporadic in nature, demanding varying levels of contribution and work at different times. As the audience held varying perceptions about the equity research industry from one that is “glamorous” to one that is “boring”, Mr.Jain clarified that it is in fact neither. There is a delicate balance between glamor and routine he said. Mr.Jain also spoke about how Industry Analysis as an activity is often more complicated than it seems because one has to take into consideration the news flows, the earnings of the company, build financial models and understand the entire business model of the company. He also walked the students through some fine examples of applicability of formulae, where he correlated theory with practice.

Stressing on the importance of good report preparation, Mr Jain emphasized that good writing and presentation skills were equally or sometimes more important than being technically sound. He also highlighted other aspects of working in the research space such as respecting the privacy and confidentiality of clients which goes on to build a relationship of trust.

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Overall, it was an excellent opportunity for the students to obtain an overview of the Research Outsourcing Industry, the business and operations of Copa Amba and gain insights into careers in the offshore research and analytics space.

Back to campus – Risk Analytics and more.. (A Guest Lecture Session) by Mr Vipul Mahajan, Head Analytics – Retail & SME Banking, Yes Bank

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This Sunday (13th July 2014) TAPMI played host to its very own alumnus from the batch of 2007 – Mr. Vipul Mahajan, Head Analytics – Retail & SME Banking, Yes Bank. Recalling his days at TAPMI, Mr. Mahajan spoke about how the campus had come a long way in terms of facilities and the breadth of knowledge among students.

The session kicked off with Mr. Mahajan soliciting real life examples of analytics from the audience. Through live examples, he conveyed to the students what an Analysts life is like and more importantly stressed on the need for an analyst to be familiar with his/her data. Mr.Mahajan said he believed it is imperative for someone looking at a career in Analytics to be well versed with data and have the appetite for statistics and mathematics.

While the intuitive meaning of analytics points to logic, he said, equally important is how findings and analysis is communicated to the concerned audience. Communication is only effective if it involves putting across the analysis to a layman.

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Talking about the process flow involved in an analytics project, that involved Problem, Data, Science, Solution and Presentation in that order, Mr Mahajan emphasized that none is more important than the other and that the time required for one is often much different than that required for the other.

Further, Mr Mahajan shared a less known yet very significant application of analytics in the area of Clinical trials. Data captured in the process can be used to speed up and enhance the trials, he mentioned.

The audience was eager to know about the career progression associated with the Analytics domain. While enlightening them on this matter, Mr.Mahajan busted many myths and wrong perceptions in their minds. He also shared his own career path so far and quoted a couple of interesting anecdotes from his days as a fresh B-school graduate.

The session concluded with Mr. Mahajan walking the students through a simplified simulation of a real life analytics project on bank loan defaults, which the students seemed to grasp really well while also getting a feel of the industrial context of analytics.

MANTHAN 2014 – A Panel Discussion on the Union Budget 2014

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‘Manthan 2014’ is a Budget Analysis session of the Union Budget 2014-15, which was organized by the Finance Forum at TAPMI on July 12, 2014. The panel discussion was attended by finance professionals from industry, academia, faculty and students to discuss and analyze the implications, challenges and the opportunities of the Union Budget of 2014-15.

The panelists for Manthan 2014 included eminent personalities from the world of finance and academia. They were Dr. G V Joshi (Member of Karnataka State Planning Board), C. A. Y. Ganesh (Senior Chartered Accountant) and Prof. Avinash Paranjape.

The panel discussion commenced with Dr. G V Joshi speaking about the Budget 2014 and its implication on growth and development. He started by comparing the current Budget with the earlier budgets. He was of the opinion that the current Union Budget had sufficient measures to expedite the growth rate. However, he also felt that it was too optimistic and need of the hour was to generate growth impulses, for which realism was the best approach. He highlighted with supporting facts that at present, generating growth impulses in Agriculture and service sector was not possible. “Green shoots are present, provided we seize the available opportunities” said Dr. Joshi. He specifically talked about the role Manufacturing sector could play to create more jobs as all manufacturing companies are looking for opportunities in India due to increase in Labour costs in China. He threw light on many initiatives that were mentioned in the current budget to supplement the growth of manufacturing sector. He also cautioned the gathering that everything was not perfect in the current Budget and that there was an element of populism in it. He concluded his talk with the opinion that populist measures were not good for the growth of the nation.

The second speaker in the panel was Prof. Avinash Paranjape who gave a macroeconomic perspective of the Union Budget. Prof. Paranjape thought that the budget was fantastic at first look with lots of money allocated to building infrastructure, SEZ etc. But then, he wondered how the government is going to gain the sufficient amount of money to make its proposals a reality. He highlighted that the current macroeconomic situation had twin deficits: Current account and the fiscal deficit. Worse, the economy had a continuing primary deficit and also the international confidence was low. So he was unable to gauge where the money was going to come from. Government also has a fiscal deficit target limit of 4.1%. Under these situations there will be accelerated borrowing from the government. Hence, he believes that the government expectations are far from reality.

The third and final speaker in the panel discussion was Mr. C. A. Y. Ganesh. He elaborated on the tax perspective of the union budget 2014-15. He explained in detail the various changes made in the tax structure and its implications. Mr. Ganesh opined that the present budget gave importance to manufacturing sector. He also explained the new concepts that found its way in the current budget like real estate investment trust and alternate minimum tax.

‘Manthan 2014’ ended with discussion on questions been taken up from the audience. The panel discussion enriched the audience by giving them various dimensions of the Budget 2014-15.

Guest Lecture on the Insurance Industry by Mr Sharad Mathur, SVP and National Head – Agency, Digital & Alternate Channel at SBI General Insurance Company

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The new academic year started with a lot of excitement and enthusiasm among the students, curious to learn about other’s internship experiences. The insurance sector is booming and a lot of students interned in that domain. Keeping in mind the interest of the students a guest lecture was organised for the same.

Mr Sharad Mathur honoured us with his presence on Sunday, 6th of July, 2014 and shared his work life experiences with all. Mr Mathur is the Sr. Vice President and National Head – Agency,Digital & Alternate Channel at SBI General Insurance Company.He has close to two decades of experience in the Insurance sector and has been with SBI General Insurance for the past 6 years.

Before SBI General Insurance, Mr Mathur was working with Reliance Retail Limited in the Financial Services Department as General Manager. He has worked with many big names in the industry like ICICI Lombard, Thomas Cook, Bharat Shell, MRF Limited etc. Mr Mathur has also been awarded as the “50 Most Talented Retail Professionals of India” by CMO Asia. In his illustrious career, Mr Mathur has also come out with many publications in leading business magazines and newspapers of the country.

The focus of the talk was on the insurance sector in general. From general trends to exact statistics and the greatest challenges and limitations faced by the insurance sector in India were discussed at length. The guest lecture was interactive and Mr Mathur was rather patient to answer all the questions the students had about SBI and Insurance in general.

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The interaction went ahead when Mr Mathur shared his personal experiences in the corporate world and how he made his way up the success ladder. It was truly inspiring for most of the students. It was truly awe inspiring to learn about his experiences and talk about the magnitude of domains covered under insurance ranging from automobiles to personal health insurance.

The take away was immense for everyone and not just those interested in insurance.  The best way to summarise would be in Mr Mathur’s words himself.” In the job department there will be ups and downs, don’t be disheartened with small failures since it is nothing but small term thinking. To get ahead, think like you are the CEO and work like one and see the difference.”

The session came to an end with the Placement Committee of TAPMI presenting Mr Mathur with a momento and offering the vote of thanks on behalf of the TAPMI family.

Horizon 2012 – The Finance Conclave

T. A. Pai Management Institute (TAPMI), Manipal successfully held Horizon 2012 – The Finance Conclave on 22nd September, 2012. Organized by the Student Affairs Committee, in association with the Finance Forum, the central theme of the conclave was The New Economic Order Post Crisis: Political Reforms, Regulations and Inclusive Growth.

The eminent personalities from industry included Dr. Manoranjan Sharma, Chief Economic Advisor, Canara Bank (Chief Guest for the Event), Mr. Arijit Mukherjee, Vice President – Wealth Management,  Anand Rathi, Mr. Hariprasad, Vice President – Treasury, Centrum, Ms. Lavanya Ashok, PIA, Goldman Sachs, Mr. Rohan Mathew, Senior Manager, ICRA, Mr. Sushil Shah, DGM, Solution Design, Asia, First Source, Mr. Shomitro Goswami, CEO, Astal Capital and Mr. Sanat Satyan, Senior Analyst, Nomura.

The entire event was divided into three main parts – inauguration ceremony, panel discussion and various lectures by guest. The event was inaugurated by Dr. Manoranjan Sharma. He spoke about the economic condition of India and the world as a whole. He also stressed on regulations and how they were impacting businesses in India. And finally he ended his speech by the advent of technology in the banking sector.

The guest lectures were filled with knowledge as the eminent industry guest spoke on various topics. Mr. Arijit Mukherjee delivered a lecture on Wealth Management. Mr. Hariprasad delivered a lecture on dynamics of foreign exchange with special focus on India. Mr. Rohan Mathew spoke on Credit Ratings. Mr. Sushil Shah spoke on the perspective and career options in Consumer Banking and Allied Activities. Ms. Lavanya Ashok spoke on opportunities and challenges in Private Equity Investing in India.

The panel discussion was on theme ‘Role of political reforms in Indian economy’. The discussion was opened by the Chief Guest, Dr. Manorajan Sharma, stressing on the paradigm shift in economic reforms part 1991. It was taken forward by Mr. Arijit Mukherjee discussing about the issues on wealth management in India, its transition from its nascent stage in the last ten years and how regulatory bodies like RBI, SEBI have taken the country forward in terms of reforms. Further, Ms. Lavanya Ashok shared her views on investment related issues, FDI and taxation. Mr. Sushil Shah shed light upon the Banking sector’s political willingness towards reforms. Mr. Hariprasad shared his opinion on RBI’s liberalisation of foreign exchange. Finally Mr. Rohan Mathew shared his outlook on Credit Rating and the transformation of Basel 2 to Basel 3. He spoke about ICRA’s approach towards economic reforms and existent rating agencies in the country.

The event ended by the Valedictory Function where Professor Chowdari Prasad, Dean (Branding and Promotions) delivered a vote of thanks to all the guest that came down to the TAPMI campus to attend the event.

International Conference on Banking and Finance 2012, Organized by TAPMI

International Conference for Banking and Finance 2012

International Conference on Banking and Finance 2012 was organised by TAPMI at Bangalore from 9th August to 11th August 2012 in hotel The Atria. It was a privilege to host Dr. Jay Ritter as chief guest at the conference. Dr. Jay Ritter is Cordell Professor of Finance at the College of Business Administration, University of Florida. He writes extensively for The Journal of Finance and other financial journals, and has contributed chapters on IPOs to several books. He is a leading academic authority on the market for newly issued stock. He has previously served on the faculties of the University of Pennsylvania’s Wharton School, the University of Michigan, and the University of Illinois and was a visiting professor at the MIT Sloan School of Management. He was introduced by Prof. S R Vishwanath

The conference saw a confluence of pre-eminent faculties from across the world present their select research papers on various topics spanning across banking and finance. Prof. Raghavendra Rau, who holds the Sir Evelyn de Rothschild chair at the Judge Business School, Cambridge University, bagged the award for best paper for his research work on “Initial Public Debt Offerings”. Prof. Vijaya Marisetty who is an Associate Professor and the head of finance group at the RMIT University’s School of Economics, Finance and Marketing, too received the award for best paper for his notable work on “Private Placements to Owner Managers: Theory and Evidence”. Prof. Shantaram Hegde, a professor of finance at University of Connecticut, School of Business who specializes in corporate finance, market microstructure and risk management was awarded as the best reviewer.

Narahari Hansoge’s notable work in the field of “Economic Transition and the Value of Business Group Affiliation: Evidence from the Indian Market” won him the award of best paper in doctoral student category.

Details of the presentations

Presenter About the presenter Title of the presentation
P. Raghavendra Rau Professor Rau holds the Sir Evelyn de Rothschild chair at the Judge Business School, Cambridge University. He has taught at a number of universities around the world, including Purdue University, the University of California at Los Angeles and most recently, the University of California at Berkeley.  He is the Co-Editor of Financial Management, and an Associate Editor of the International Review of Finance and the Quarterly Journal of Finance. Sugar and Spice and Everything Nice: What are successful directors made of?
Shantaram P. Hegde Shantaram Hegde is a professor of finance at University of Connecticut, School of Business. He specializes in corporate finance, market microstructure and risk management. He has taught at University of Notre Dame, Michigan, and Wayne State, and was a visiting scholar at Yale School of Management during 1996-1997. Corporate Governance and Risk-Taking: Evidence from M&As
Narahari Hansoge Narahari Hansoge is doctoral student in the finance area at IIM, Bangalore. His thesis is on Business Groups. His research and teaching interests are in Corporate Finance and Corporate Governance. He has an MBA from IIM, Ahmedabad and is a Chartered Accountant Economic Transition and the Value of Business Group Affiliation: Evidence from the Indian Market
P.V. Viswanath P V Viswanath is Professor of Finance at Pace University’s Lubin School of Business. He has published extensively in many top tier journals like the Journal of Finance, JFQA, Financial Management, etc. Dividend Policies of Exporting Firms in India
Vijaya Marisetty Vijaya Marisetty is an Associate Professor and the head of finance group at the RMIT University’s School of Economics, Finance and Marketing. His research has appeared in Journal of Banking, Journal of Financial Markets, Pacific Basin Finance Journal and other journals. Private Placements to Owner Managers: Theory and Evidence
Anand Srinivasan Anand Srinivasan is an Associate Professor and the head of the finance department at the National University of Singapore. His research has appeared in leading journals like the Journal of Finance, Review of Financial Studies, JFQA and Journal of Financial Economics. The bright side of lending by state owned banks: Evidencefrom Japan 
Puneet Verma Dr Puneet Verma is the Adviser in charge at the Reserve Bank of India at Lucknow. he was earlier a Research Officer and Research Fellow at RBI. He undertakes research of interest to the bank to guide the policy and operations of the bank. Comparative Performance of Different Bank Groups fromthe Era of Global Recession
Ghassen Bouslama Ghassen Bouslama is a professor at the Reims Management School, France. He specializes in Banking and Islamic Finance. Changes in Organizational Architecture and Small Business Lending Policy: The Case of Bank Acquisitions
David Feldman David Feldman is a professor of finance at the Australian School of Business. His research has appeared in the Journal of Finance, JFQA, Review of Finance, European Financial Management and other journals. His research interest is in asset pricing and derivatives. Linear Beta Pricing with Inefficient Benchmarks
Chinmoy Ghosh Chinmoy Ghosh is the Gladstein Professor of Business and Innovation at the University of Connecticut’s School of Business. He is also the Head of the Department of Finance.  He has written over forty articles in academic journals including Journal of Financial Economics, Journal of Banking and Finance, Journal of Financial Research, Journal of Risk and Insurance, Real Estate Economics, and Journal of Real Estate Economics and Finance. Corporate Governance and Acquirer Stock Returns: Evidence from the Banking Industry
Saumya Ranjan Dash Saumya Ranjan Dash is a doctoral program student at IIT Kharagpur. His research interests are in asset pricing. Does Sentiment Risk Persist as Priced Risk Factor? A Multi Factor Approach for Stock Return
Harri Ramcharran Harri Ramcharran is a professor of finance at the College of Business Administration, University of Akron, USA. He has published extensively in many journals including the Emerging Markets Review, Emerging Markets Quarterly, Energy Economics, and Multinational Business Review. His interest is in emerging markets. Stock price determination in Emerging Equity Markets: A study of the Jamaican Stock Market
Velmurugan P S Velmurugan P. is an Assistant Professor at the Department of Commerce, Pondicherry University. He was a Fulbright-Nehru Post-Doctoral Research Fellow atthe Arkansas State University during 2011-2012. His research interest is in the pricing of derivatives. Agricultural Commodity Price Spikes since 2006: A New Look at the Efficiency of U.S. Futures Markets
Latha Shanker Latha Shanker is a professor of finance at Concordia University. She was a Research Associate at the Centre for the Study of Futures Markets at Columbia University, and has held a faculty position in Finance at McMaster University. Her publications include articles in The Journal of Banking and Finance, the European Journal of Operational Research, The Journal of Multinational Financial Management, Journal of Financial and Quantitative Analysis, Journal of Futures Markets, and Journal of Financial Research,. Her current research interests are futures, options, banking and risk management. Adequate Speculation, Excessive Speculation and Crude Oil Futures Price Volatility
Kushankur Dey Kushankur dey is an Assistant Professor at TAPMI. He is a Fellow of IRMA. His research interests are in futures markets. Investigation of Informational Efficiency of India’s Coffee Futures
P. Raghavendra Rau Professor Rau holds the Sir Evelyn de Rothschild chair at the Judge Business School, Cambridge University. He has taught at a number of universities around the world, including Purdue University, the University of California at Los Angeles and most recently, the University of California at Berkeley.  He is the Co-Editor of Financial Management, and an Associate Editor of the International Review of Finance and the Quarterly Journal of Finance. Initial Public Debt Offerings
Vishwanath S R Vishwanath S R is an Associate Professor of finance at the T A Pai Management Institute. He is also the chairman of the Center for Research in Banking and Finance. His current papers examine the role of certification in financial markets. The Value of Unaffiliated Analyst Recommendations before the IPO: Evidence from Indian IPOs
Amit Bubna Amit Bubna is an Assistant Professor at the Indian School of Business. His papers have appeared in the Journal of Financial Intermediation, Review of Finance and Research in Finance. Venture Capital Communities
Vijaya Marisetty Vijaya Marisetty is an Associate Professor and the head of finance group at the RMIT University’s School of Economics, Finance and Marketing. His research has appeared in Journal of Banking, Journal of Financial Markets, Pacific Basin Finance Journal and other journals. The Impact of Capping Commissions: Evidence from a Natural Experiment In the Indian Mutual Funds Market

ICAF 2011

The first International Conference on Accounting and Finance (ICAF) was organized by TAPMI, Manipal on March 10, 2011. The three day event was inaugurated by Shri Dhanendra Kumar, the first Chairperson of the Competition Commission of India (CCI).

Dr. H S Ballal, Pro-Chancellor of Manipal University, Dr Saji Gopinath, Director of TAPMI, Prof Simon George, Dean of Academics-TAPMI, Prof. Rajiv Shah, Coordinator of ICAF, and Prof Vrishali Bhat, Co-Coordinator of ICAF were also present on the dais.

The participants included Faculty members and students from various prestigious Institutes from different parts of the globe. Management students of TAPMI, faculty members and Heads of Institutions of Manipal University Institutions graced the prestigious occasion amongst other notable invitees. Over 100 research papers were received from delegates all over the world for this event and 46 papers were presented in two days. Some of the major sponsors of the event included Chartered Institute of Management Accountants (CIMA), Pricewaterhouse Coopers, Emerald Publishers, ISI Emerging markets & SIDBI Venture ltd.

After the inauguration ceremony, Prof Poonam Puri from York University, Canada and Prof. Suresh Kalagnanam from the University of Saskatchewan, Canada opened the proceedings by presenting papers and throwing an in-depth insight into the topic of Governance.

The events on second day were kick started by Prof. Linda Robinson from the University of Waterloo, Canada and Prof. Diane Jamieson form Sheffield Hallam University, UK who talked extensively on various important factors of Forensic Accounting, Fraud & Earnings management. This was followed by a brief lecture on Risks in Emerging economies by Ms. Vidya Rajarao from PWC India. Mr.Debapriya Mukharjee from Emerald Publications, one of the leading white paper journals then had a brief talk about the Insider’s Guide for publication of white papers. This was followed by 20 paper presentations on topics such as Technology & E-Crime, Accounting Ethics & Regulation, Systematic Challenges & Whistle blowing, Earnings Management & other related Issues.

The proceeding on the third day morning began with a brief on India’s convergence with IFRS by Prof.R.Narayanaswamy from IIM Bangalore, India. This was followed by a brief insight into problems in converging to IFRS presented by Mr. Sunder Iyer of PWC, India.

24 paper presentations were made covering a host of topics on IFRS Challenges, Management Control System & Corporate Governance, IFRS & other Accounting Challenges and Related Issues in Corporate Governance. Some of the prominent international participants included speakers from Sheffield Hallam University, UK, University of Tarbiyat Modares, Iran, University of Kelaniya, Srilanka, University of Turin, Italy, amongst other major universities from the country.

The three day event culminated with a Valedictory Function for which Mr. Vinit Monga, Head of F&C Nokia Siemens, India was the chief guest. Mr. Vinit addressed the participants, students and distinguished guests present in the gathering after which all the participants were felicitated with certificates acknowledging their participation in the event.