Author: Parthajit Kayal

Journals

1. Dutta, S., & Kayal, P. 2025. Robust Linear Shrinkage Estimator for Highly Volatile Times. Computational Economics. (Available online). 

2. George, A. K., Visharad, I., and Kayal, P., 2025. Machine Learning-Enhanced Quality Minus Junk (QMJ) Factor and Stock Returns: Evidence from the Indian Equity Market. Finance Research Open. 1(3), September 2025, 100041.

3. Rajendran, H., Kayal, P., & Maiti, M. 2025. A Multipurpose Hybrid Forecasting Framework for Economic Stress Scenarios: Evidence from Agriculture and Energy Sectors. Future Business Journal. 11, 185 (2025).

4. Sagwal, S., Kayal, P., and Vemuri, K., 2025. Unveiling Herding Behaviour and Stylized Market Facts through Self-Organised Criticality in a Computerised Agent-Based Speculation Game. Simulation Modelling Practice and Theory. 144 (November 2025): 103190.

5. Manian, M., & Kayal, P. 2025. Detecting and Forecasting Financial Bubbles in the Indian Stock Market Using Machine Learning Models. IIMB Management Review. 35(3), 100591.

6. Maiti, M. and Kayal, P., 2025. Performance of Circular Economy-Focused Organizations in the Stock Market and Its Societal Impact. Indian Economic Journal. 73(3), 587-592.

7. Visharad, I., Kayal, P., and Maiti, M., 2025. Data-Driven Insights from Technical Indicators to Predict the Stablecoins Price. Finance Research Open. 1(2) (June 2025), 100011.

8. Murali, M., Kayal, P., and Maiti, M. 2025. Should you invest in the companies that promote the Circular Economy idea? Management of Environmental Quality. 36(4), 877-894.

9. Vaidynathan, D., Kayal, P., and Maiti, M., 2025. A Feature Engineering Based Model Architecture for Modeling Initial Public Offerings. Applied Soft Computing Journal. 174(April 2025) 113035.

10. Maiti, M., Kayal, P., & Vujko, A. 2025. A Study on Ethical Implications of Artificial Intelligence Adoption in Business: Challenges and Best Practices. Future Business Journal. 11, 34(2025).

11. Barik, R. & Kayal, P. 2025. Financial Inclusion and Electricity Consumption: A Cross-Country Analysis of Higher-Middle and Lower-Middle Income Countries. Energy Research Letters. 6 (Early View).

12. Dutta, S., Bhansali, R., & Kayal, P. 2025. Energy Market Dynamics and Clean Energy Investments. Development and Sustainability in Economics and Finance. 6(June 2025), 100049

13. Kumar, N., Kayal, P., & Maiti, M. 2024. A Study on the Carbon Emission Futures Price Prediction. Journal of Cleaner Production. 483(10 December 2024), 144309.

14. Sen, K. A., Kayal, P., & Maiti, M. 2024. Machine Learning Approaches for Modelling Water Futures. Development and Sustainability in Economics and Finance. 2-4(December 2024), 100029.

15. Pooja, R., Kayal, P., & Maiti, M. 2024. Enhancing Portfolio Decision-making: A Capital Asset Pricing Model Based Clustering Analysis. Journal of Economic Studies. 51(9), 358-379.

16. Rajendran, H., Kayal, P., & Maiti, M. 2024. Is the American Energy Independence and Security Act of 2022 associated with Stock Market Volatility? Utilities Policy. 90(October 2024), 101813.

17. James, E., Kayal, P., Maiti, M., & Balasubramanian., G.  2024. A study on the hedging and safe havens features of non-fungible tokens segments. Journal of Emerging Market Finance. 23(4), 495-502.

18. Hazra, A., Kayal, P., and Maiti, M. 2024. An examination of the Indian small-cap cycle in relation to the US market. IIMB Management Review. 36(2), 126-136.

19. Varshini, A., Kayal, P., & Maiti, M.  2024. How good are different machine and deep learning models in forecasting the future price of metals? Full sample versus sub-sample. Resources Policy. 92(May 2024): 105040.

20. Maiti, M. and Kayal, P., 2024. Exploring Innovative Techniques for Damage Control During Natural Disasters. Journal of Safety Science and Resilience. 5(2), 147-155.

21. Das, R. and Kayal, P., 2024. Super Growth Portfolio – A Study of Indian Stocks. Macroeconomics and Finance in Emerging Market Economies. 17(1), 95-109.

22. Ghosh, A., Kayal, P., & Bagchi, P.  2024. Climate Change and Tourism: Assessing the Nexus and Climate-Related Disasters in Diverse Economies. Journal of Cleaner Production. 443(March 2024), 141097.

23. Rajendran, H., Kayal, P., & Maiti, M.  2024. Harnessing Machine Learning for Predicting Cryptocurrency Returns. Global Business Review. Forthcoming (Available Online).

24. Kayal, P., and Dutta, S. 2023. Regime Switching and Causal Network Analysis of Cryptocurrency Volatility: Evidence from Pre-Covid and Post-Covid Analysis. Digital Finance. 6(2), 319-340.

25. Kayal, P., and Maiti, M. 2023. Examining the Asymmetric Information Flow between pairs of Gold, Silver, and Oil: A Transfer Entropy Approach. SN Business & Economics. 3(10), 1-22.

26. Vaidynathan, D., Kayal, P., and Maiti, M., 2023. Effects of economic factors on median list and selling prices in the U.S. housing market. Data Science and Management. 6(4), 199-207.

27. Dutta, S., Kayal, P., and Balasubramanian, G., 2023.  Volatility Spillover and Directionality in Cryptocurrency and Metal Markets. Journal of Emerging Market Finance. 22(4), 464-485.

28. George, A. K., Kayal, P., & Maiti, M. 2023. Nexus of Corporate Social Responsibility Expenditure (CSR) and Financial Performance: Indian Banks. Quarterly Review of Economics and Finance. 90, 190-200.

29. Saraf, M. and Kayal, P., 2023. How Much Does Volatility Influence Stock Market Returns? – Empirical Evidence from India. IIMB Management Review. 35(2), 108-123.

30. Ranjan, S., Kayal, P., and Saraf, M. 2023. Bitcoin price prediction: a machine learning sample dimension approach. Computational Economics. 61(4), 1617-1636.

31. Pavithra, S. and Kayal, P., 2023. A Study of Investment Style Timing of Mutual Funds in India. Asia-Pacific Financial Markets. 30, 49-72.

32. Venkataramani, R. and Kayal, P., 2023. Systematic Investment Plans Vs Market-Timed Investments. Macroeconomics and Finance in Emerging Market Economies. 16(1), 157-176.

33. Das, D., Kayal, P., and Maiti, M. 2023. A K-means Clustering model for analyzing the Bitcoin Extreme Value Returns. Decision Analytics Journal. 6(March 2023), 100152.

34. Maiti, M., and Kayal, P. 2023. Asymmetric Information Flow Between Exchange Rate, Oil, and Gold: New Evidence from transfer entropy approach. Journal of Risk and Financial Management. 16(1), 2.

35. Banerjee, A. and Kayal, P., 2022. Bubble Run-ups and Sell-Offs: A Study of Indian Stock Market. Review of Behavioral Finance. 14(5), 875-885.

36. Chaudhuri, I. and Kayal, P., 2022. Predicting Power of Ticker Search Volume in Indian Stock Market. IIMB Management Review. 34(2), 143-152.

37. Som, A. and Kayal, P., 2022. A Multicountry Comparison of Cryptocurrency vs Gold: Portfolio Optimization through Generalized Simulated Annealing. Blockchain: Research and Applications. 3(3), 100075.

38. Nair, J. and Kayal, P., 2022. A Study of Tail-risk Spillovers in Cryptocurrency Markets. Global Business Review. Forthcoming (available online).

39. SG, J. S., Kayal, P., and Balasubramanian, G., 2021. Can Equities be Safe-Haven? Journal of Emerging Market Finance. 21(1), 32-63.

40. Varma, V., Venkataramani, R., Kayal, P. and Maiti, M., 2021. Short-term Impact of COVID-19 on Indian Stock Market. Journal of Risk and Financial Management. 14(11), 558.

41. Kayal, P., Dutta, S., Khandelwal, V., and Nigam, R., 2021. Information Theoretic Ranking of Extreme Value Returns. Journal of Quantitative Economics. 19(1): 1–21.

42. Kayal, P. and Rohilla, P., 2021. Bitcoin in the Economics and Finance Literature: A Survey. SN Business & Economics. 1(7), 1-21.

43. Kayal, P. and Balasubramanian, G., 2021. Excess Volatility in Bitcoin: Extreme Value Volatility Estimation. IIM Kozhikode Society & Management Review. 10(2), 222-231.

44. Kayal, P. and Maheswaran, S., 2021. A Study of Excess Volatility of Gold and Silver. IIMB Management Review. 33(2),133-145.

45. Sen, S. and Kayal, P., 2020. Indian Premier League (IPL) Match Victory and Sponsors’ Stock Returns. Journal of Public Affairs. 22(1), e2352.

46. Kayal, P. and Mondal, 2020. Speed of Price Adjustment in Indian Stock market: A paradox. Asia-Pacific Financial Markets. 27, 453–476.

47. Sharma, G., Kayal, P., and Pandey, P., 2019. Information Linkages amongst BRICS countries: Empirical Evidence from Implied Volatility Indices, Journal of Emerging Market Finance. 18(3), 263-289.

48. Kayal, P., and Maheswaran, S., 2018. Speed of Price Adjustment towards Market Efficiency: Evidence from Emerging Countries. Journal of Emerging Market Finance, 17(1_suppl), S112-S135.

49. Kayal, P., and Maheswaran, S., 2017. Is USD-INR Really an Excessively Volatile Currency Pair. Journal of Quantitative Economics, 15(2), 329-342.

50. Maiti, M., and Kayal, P., 2017. Digitization: It’s Impact on Economic Development & Trade. Asian Economic and Financial Review, 7(6), 541-549.

Book Chapters:

1. Saraf, M. and Kayal, P., 2022. Role of Digital Financial Inclusion in Promoting Economic Growth and Freedom. In Digitalization and the Future of Financial Services. Springer, Cham, 163-180.

2. Som, A. and Kayal, P., 2022. AI, Blockchain, and IoT. In Digitalization and the Future of Financial Services. Springer, Cham, 141-161.

3. Kayal, P., and Maheswaran, S., 2018. Leverage Effect and Volatility Asymmetry. In Current Issues in Economics and Finance. Springer, Singapore.

Book Reviews:

1. Kayal, P., 2021. Book Review: Applied Financial Econometrics: Theory, Methods and Application, Policy Circle, 29 September.

Working Papers:

1. Barik, R., & Kayal, P. 2025. Financial Inclusion and Electricity Consumption: A Cross-Country Study of Upper-Middle and Lower-Middle Income Countries. MSE Working Paper 277/2025.

2. Manian, M., & Kayal, P. 2024. Detecting and Forecasting Financial Bubbles in the Indian Stock Market Using Machine Learning Models. MSE Working Paper 270/2024.

3. Subramanian, A. and Kayal, P., 2023. Application of Volatility-Managed Portfolios in the Context of a Volatility Index. MSE Working Paper 242/2023.

4. Thillaikkoothan, P. and Kayal, P., 2022. Multiple Dimensions of Cyclicality in Investing. MSE Working Paper 216/2022.

5. Saraf, M. and Kayal, P., 2022. How Much Does Volatility Influence Stock Market Returns? – Empirical Evidence from India. MSE Working Paper 215/2022.

6. Chaudhuri, I. and Kayal, P., 2022. Predicting Power of Ticker Search Volume in Indian Stock Market. MSE Working Paper 214/2022.

7. SG, Janani Sri. and Kayal, P., 2020. Going Beyond Gold: Can Equities be Safe- Haven? MSE Working Paper 203/2020.

8. Kayal, P., Dutta, S., Khandelwal, V. and Nigam, R., 2020. Information Theoretic Ranking of Extreme Value Returns.  MSE Working Paper 195/2020.

9. Chebolu-Subramanian, V., Kayal, P., Mathur, P., and Khan, T., 2019. Product Recalls in India and the Impact on Stock Prices. IFMR GSB Working Paper WP19-03.

News Paper Articles:

1. Gupta, S. and Kayal, P., 2025.  India Beyond the Dollar: Navigating a shifting currency order. Moneycontrol, 8 September.

2. Kayal, P. and Maiti, M., 2023.  A contrarian investor has to be courageous. Financial Express, 16 September.

3. Kayal, P. and Maiti, M., 2023.  Mindful investing helps ride out market fluctuations. Financial Express, 28 June.

4. Maiti, M. and Kayal, P., 2023. Still early days for circular economy focused stocks. Financial Express, 10 May.

5. Murali, M. and Kayal, P., 2022. How business cycles impact market behaviour. Financial Express, 4 March.

6. Maiti, M. and Kayal, P., 2022. Why we need sustainable stock exchanges. Financial Express, 5 January.

7. Kayal, P., 2021. Protect your wealth from market bubbles. Financial Express, 21 December.

8. Maiti, M. and Kayal, P., 2021. Should you go for thematic investments? Financial Express, 14 December.

9. Kayal, P. and Saraf, M., 2021.  Know the role of alpha & beta in MF returns. Financial Express, 7 December.

10. Maiti, M. and Kayal, P., 2021. Stablecoins safer than cryptocurrencies. Financial Express, 3 December.

11. Kayal, P. and Saraf, M., 2021. Are you falling for a pump-and-dump scam? Financial Express, 24 November.

12. Maiti, M. and Kayal, P., 2021. Why cryptocurrency is the new investment fad? Financial Express, 17 November.

13. Saraf, M. and Kayal, P., 2021. Vetting investment opportunities in a spin-off. Financial Express, 10 November.

14. Maiti, M. and Kayal, P., 2021. Indian investors are taking to ESG investments. Financial Express, 3 November.

15. Saraf, M. and Kayal, P., 2021. What’s the Margin of Safety on your investment? Financial Express, 27 October.

16. Saraf, M. and Kayal, P., 2021. Know what makes smart-beta index funds smart. Financial Express, 19 October.

17. Kayal, P. & Venkataramani, R., 2021. SIP is also a smart strategy when buying stocks. Financial Express, 13 October.

18. Kayal, P. & Saraf, M., 2021. Spend time in market for long-term wealth. Financial Express, 5 October.

19. Saraf, M. & Kayal, P., 2021. Know the pros and cons of short-selling stocks. Financial Express, 29 September.

20. Saraf, M. & Kayal, P., 2021. Go for growth-adjusted value investing strategy. Financial Express, 22 September.

21. Kayal, P., 2021. Know the link between size of AUM and returns. Financial Express, 15 September.

22. Saraf, M. & Kayal, P., 2021. Invest in low volatility stocks for stable returns. Financial Express, 7 September.

23. Kayal, P., 2020. How much portfolio diversification is too much? Financial Express, 16 September.

24. Kayal, P., 2020. How to pick an equity fund that’s right in bad times, Financial Express, 9 September.

25. Kayal, P. and Venkataramani, R., 2020. SIP vs lump sum mutual fund investment: Know which works best and when, Financial Express, 31 August.

26. SG, J. S. and Kayal, P., 2020. Invest in quality stocks, Hindu Business Line, 26 August.

27. Kayal, P. and SG, J. S., 2020. How to choose a winning portfolio of stocks, Financial Express, 24 August.

28. Kayal, P., 2020. Five financial lessons from the current Covid pandemic, Financial Express, 17 August.

29. Kayal, P., 2020. Mutual Funds: Choose direct plans over regular plans, Financial Express, 7 August.

30. Kayal, P., 2020. Gold investing is not for everyone – here’s why, Financial Express, 10 July.

31. Chebolu-Subramanian, V., and Kayal, P., 2019. Consumers deserve better product-recall norms, The Hindu Business Line, 5 August.

Other Articles:

1. Jena, D. and Kayal, P., 2020. Rethinking Technology and Jobs in the times of Covid-19, CASPR Economic Review, 30 August

2. Kayal, P., 2020. Reviving the economy requires a balanced policy approach, Trade Promotion Council of India, 18 June.

3. Kayal, P., 2020. India must start mass testing for Covid-19 with greater speed, Trade Promotion Council of India, 27 March.

Ø  Asset Pricing I

Ø  Asset Pricing II

Ø  Fixed Income Securities

Ø  Corporate Finance

Ø  Financial Mathematics

Ø  Programming & Data Structures

Ø  Financial Regulations & Banking Supervision

Ø  Risk Management Theories & Practice

Ø  Microeconomics II

Ø  Investing

Ø  Portfolio Management

Ø  Asset Pricing

Ø  Quantitative Finance

Ø  Machine Learning