ENLIGHTENMENT TO ERFECTION
Department of Commerce

Dr. Hirak Ray


M.Com., Ph.D.

Professor


Contact Addresses:

Phone +91-8016858494
Address(office) Department of Commerce, University of North Bengal, Darjeeling, 734013
e-Mail hirak_nbu@yahoo.com

Subject specialization: Accounting, Banking, Financial Economics and Time Series Analysis

Areas of Research Interest: Accounting, Banking, Financial Economics and Time Series Analysis

No. of Ph.D. students:    (a) Supervised: 3 (02 awarded, 01 Submitted)       (b) Ongoing: 4 .

Project Co-investigator:   Two (2)  (Major Research projects funded by UGC and ICSSR)

No. of Publications:        (a) Journal(s) : 19        ( b) Book(s) : Nil           (c) Book chapter(s): 01

Professional experiences:

Administrative Experiences:

Lectures/Resource Person/Session Chaired:

  1. Session Chairman, UGC Sponsored National Seminar on ‘Regional Imbalance and Sustainable Development in India with Special Reference to North-Eastern Region’, organised by the Siliguri College of Commerce, Siliguri, Darjeeling, 20-21st Feb. 2016
  2. Resource person in Refresher Course, Department of Commerce, University of North Bengal, Darjeeling, Dec.,11,12 and 13,2014.  Six(6) lectures.
  3. Resource person in Refresher Course, Department of Commerce, University of North Bengal, Darjeeling, 05.08.2013 and 10.08.2013. Four (4) lectures.
  4. Session Chairman, UGC Sponsored National Seminar on ‘Economic Reforms in India with Special Reference to the Socio-economic Development of North Bengal,’ organised by the Siliguri College of Commerce, Siliguri, Darjeeling, 16.03.2013.
  5. Keynote Address, UGC Sponsored National Seminar on ‘Economic Reforms in India with Special Reference to the Socio-economic Development of North Bengal,’ organised by the Siliguri College of Commerce, Siliguri, Darjeeling, 16.03.2013.
  6. Resource person in Refresher Course, Department of Economics, University of North Bengal, Darjeeling, 15.01.2013,  Two(2) lectures.
  7. Resource person in Refresher Course, Department of Commerce, University of North Bengal, Darjeeling, 08.08.2012, Two (2) lectures,
  8. Presented a paper titled “Regional and Global Integration of Indian Asset Market: A Post-liberalisation Evidence”,(with A. Lahiri) in the UGC (SAP) DRS II National Seminar on “Regional Economic Development and Women Empowerment” organised by the Department of Economics, University of North Bengal, Darjeeling, March 21-22, 2011.
  9. Resource person in Refresher Course, Department of Economics, University of North Bengal, Darjeeling, 08.03.2011, One (1) lectures.
  10. Invited Lecture on Time Series Analysis at the UGC Sponsored National Workshop on “Quantitative Data Analysis for Business and Management Research”,  organised by the Department of Commerce, University of North Bengal, Darjeeling,  Feb. 26-27, 2010.
  11. Member, Organising Committee, UGC Sponsored National Workshop on “Quantitative Data Analysis for Business and Management Research”,  organized by the Department of Commerce, University of North Bengal, Darjeeling,  Feb. 26-27 ,2010.
  12. Presented a paper titled “Extreme Value Theory: Lessons from Indian Capital Market”,(with Dr.M.K. Roy and S. Ghosh,) in the International Finance Conference, organised by the Indian Institute of  Management, Calcutta, West Bengal,3-5 Dec., 2009.
  13. Presented a paper titled “Stock Markets and Institutional Development: A  Cross-Country Study”,(with Dr.M.K.Roy and J.Biswas,) in  the International Conference on ‘Issues in Finance and Economic Development  in Developing Countries during Globalisation Era’, organised by  Sri Ram College of Commerce (University of Delhi), Delhi, 6-7 Nov.2009.
  14. Resource person in Refresher Course, Department of Commerce, University of   North Bengal, Darjeeling, 5th Dec. 2003.  Two (2) lectures.
  15. Resource person in Refresher Course, Department of Commerce, University of North Bengal, Darjeeling, Jan. 17 and 18, 2003.  Four (4) lectures.

Selective List of Publications:

  1. ‘Lucas Critique and Indian Economic Activities’; ICFAI journal of APPLIED FINANCE, Vol.13,No2, pp.46-56, Feb, 2007.  ISSN 0972-5105.
  2. 'Economic Policy Regimes and Indian Economic Activities’; Vidyasagar University Journal of Commerce,   Vol. 12, pp. 64-79, Mar,2007.  ISSN 0973-5917.
  3. ‘Macroeconomic Variables and Stock Market Behaviour: An Indian Experience’;  Artha Vijnana: Journal of the Gokhale Institute of Politics & Economics, Pune, India, Vol.XLIX. No. 3 and 4, pp. 255-274, Sept-Dec, 2007 , ISSN 0971-586X.,  Cited by 2 
  4. ‘Dynamic Interactions of Exchange Rates, Stock Prices  and Macroeconomic Variables in  India’; ICFAI journal of APPLIED FINANCE; Vol.14, N0.8,pp 19-33, Aug, 2008,  ISSN 0972-5105.   Cited by 8, 
  5. 'Capital Market: Levels of Development and Impediments to Growth -- Some International Evidences’; ( with M.K.Roy and J.Biswas)ICFAI journal of APPLIED FINANCE,Vol.15 No 5,pp 5-22,  May 2009,   ISSN 0972-5105.   Cited by 3
  6. ‘Bank, Market and Economic Growth: Empirical Evidence from South Asia’; ( with M.K.Roy and J.Biswas), South Asia Economic Journal, SAGE, Vol. 10, No.2,pp.403-428, July- Dec.2009.   ISSN 1391-5614. DOI: 10.1177/139156140901000206, Cited by 1, H-Index of the Journal= 5 (Coverage 2007-2014, source www.scimagojr/Journalsearch.php?q=12100156731&tip=sid , last accessed 25.03.2016)
  7. Finance and Growth: Theory and International Evidence’; ( with M.K. Roy and  J.Biswas), IIMS Journal of Management Science, IIM Shillong,Vol.1, No.2, July-December 2010, pp. 1-23,   ISSN 0976-030X.
  8. Investing in Global Equities: A Cross Country Approach (January 17, 2011). (with M.K.Roy) Available at SSRN: http://ssrn.com/abstract=1751453 or http://dx.doi.org/10.2139/ssrn.1751453
  9. ‘Estimating the Tails: Application of EVT in Indian Capital Market’; ( with M.K.Roy and  S.Ghosh),Prajnan, National Institute of Bank Management, Pune, India, Vol.XL,No. 3,  pp 215-232,Oct-Dec 2011,  ISSN 0970-8448.
  10. ‘Regional and Global Integration of Indian Asset Market: A Post Liberalisation  Evidence – Revisited’;(with A.Lahiri) in C.M. Mukhopadhyay, A.Bhuimali and K. Datta (Eds),Regional Economic Development and Women Empowerment,( First Edition , January,2012, ISBN:  978 - 93 - 81274 - 07 - 1, pp: 25-35),New Delhi Publishers, New   Delhi- 110059.
  11. ‘Benefits from International Diversification: Indian Experience’; ( with M.K.Roy and T.Roy); CEA Journal of Economics,(European Center for Economic Analyses, Macedonia). Vol.7, Issue 1,pp 5-16, June 2012.   ISSN 1857-5269.
  12. ‘Financial Markets and Growth: A study of South-East Asian Economies’; ( with J.Biswas), JM International Journal of Finance, Vol. 2,Issue 3,pp 145-159,July 2012, ISSN 2229-6123.
  13. ‘Measurement of Catastrophic Failure: Application of E.V.T and Hill Index in Indian Capital market’; ( with M.K.Roy  and  S.Ghosh) International Research Journal of Finance and Economics, EuroJournals Publishing, Inc..,Issue. 95,pp 12-23, Aug.2012, ISSN: 1450-2887 ,U K, H-Index of the Journal= 9 (Coverage 2009-2012, source www.scimagojr/Journalsearch.php?q=17700156323&tip=sid ,last accessed 25.03.2016)   
  14. ‘Risk Diversification: A Cross Country Cointegration Approach’; (with T. Roy and A.Lahiri), Asian Journal of Research in Business Economics and Management, Volume 2, Issue 9, pp 259-279 (September, 2012) ISSN: 2249‐7307(On Line),
  15. ‘Do the Indian stock market traits influence the Foreign Institutional Investors?’; (with A. Lahiri, and Joy Sarkar) ANWESAN, Vol. 1, Issue 1,pp40-62, (March 2013), Journal of the Department of Commerce, University of North Bengal, ISSN no.2321-0370.
  16. Does IFRS Reduce ‘Home Bias' in Asset Management?, (with Joydeep Biswas), ANWESAN, Vol. 2, Issue 1, pp. 73-91, (March 2014), Department of Commerce, University of North Bengal, ISSN no.2321-0370.
  17. Financial Sector Development and Economic Performance :The Role of Banks and Stock Market, (With M.K.Roy and J.Biswas); Journal of Indian School of Political Economy,  Pune, Vol. XXXVI, No. 1, (January -March, 2014), pp. 127-149.  ISSN : 0971-0396,
  18. ‘Macroeconomic Link to Indian Capital Market: A Post-liberalization Evidence’; (with Joy Sarkar), Modern Economy, Vol.5,No.4, April, 2014, pp 272-288, Scientific  Research Pub.  Inc, USA, ISSN (Print) 2152-7245, ISSN (Online) 2152-7261, DOI:10.4236/me.2014.54029 .  Cited by 3, 1339 downloads, 2502 views (as on 24.03.2016 ,displayed by the Journal), H-Index of the Journal= 12 (Coverage 2011-2015, source www.scrip.org/journal/Journalcitationdetails.aspx?JournalID=163 , last accessed 25.03.2016) 
  19. ‘Volatility Effect on Correlation’; (with M.K.Roy and T. Roy), Asian Journal of Research in Banking and Finance, Vol. 4, No. 4, April 2014, pp.235-251. ISSN 2249-7323.
  20. ‘Integration of Domestic Financial Markets: An Indian Experience’; (with A. Lahiri and D. Dey); Asian Journal of Research in Banking and Finance,Vol.5,No.10, Oct.2015, pp1-19. ISSN:2249-7323(online). DOI: 10.5958/2249-7323.2015.00121.2 ,DOI: 10.5958/2249-7323.2015.00121.2

Research (Leading To Ph.D. Degree) and Research Projects:

  1. Supervision of research scholars (leading to Ph.D. Degree):

    1. Joydeep Biswas
      • University            University of North Bengal, Darjeeling, Indi
      • Title                        Financial Liberalization and Stock Market Behaviour:  Experiences of India and Select Asian Countries
      • Status                       Admitted to the Degree,   2009  (23.03.2009)
      • Joint Supervisor:     Dr. M.K. Roy. Department of Commerce, University of  North Bengal, Darjeeling, India
    2. Tamojit Roy
      • University               University of North Bengal, Darjeeling, India
      • Title                       Cross Country Diversification of Fund and Risk 
      • Management: Lessons for Indian Investors
      • Status                      Admitted to the Degree,  2015  (07.08.2015)
    3. Surajit Ghosh
      • University               University of North Bengal, Darjeeling, India
      • Title                        Studies on Indian Capital Market Upheavals: A Behavioural Finance Approach
      • Status                      Submitted on 16.07.2014
    4. Joy Sarkar
      • University              University of North Bengal, Darjeeling, India
      • Status                   Successfully defended the Synopsis and applied for Registration, Dec., 2015
      • Joint Supervisor Prof.(Dr.) S.N. Dhar, Department of Commerce, University of North Bengal, Darjeeling, India
    5. Debashree Dey
      • University            University of North Bengal, Darjeeling, India
      • Status                  Successfully defended the Synopsis and applied for Registration, Dec., 2015
      • Joint Supervisor Prof.(Dr.) S.N. Dhar, Department of Commerce, University of North Bengal, Darjeeling, India
    6. Abhijit Lahiri              (Working)
    7. Sabyasachi Bose         (Working)
                                           
  2. Major Research Projects:
    1. Project Title:                Investing in Global Equities: A Cross-Country  Cross-Industry Approach
      Duration:                        April 1, 2007 to March 31, 2010
      Funding Agency:            University Grants Commission, New Delhi
      Funds Sanctioned:          Rs. 1,90,000 only
      Principal Investigator:     Dr. M.K. Roy
      Co-Investigator:             Dr. Hirak Ray
      Status:                            Final report submitted on 20.01.2011/09.02.2011
    2. Project Title:                Risk Reduction in an Open Economy: A Model for Indian Investors
      Duration:                        Nov.1, 2007 to March 31, 2010
      Funding Agency:            Indian Council of Social Science Research, New Delhi   
      Funds Sanctioned:          Rs. 2,29,050 only
      Principal Investigator:     Dr. M.K. Roy
      Co-Investigator:             Dr. Hirak Ray
      Status:                            Final report submitted on 05.01.2011