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Kousik Guhathakurta

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Name
Kousik Guhathakurta
Qualification
B.E., MBA, Ph.D (Jadavpur University)
Contact No.
+91-731-2439518
Email
kousikg@iimidr.ac.in
Curriculum Vitae
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Dr. Kousik Guhathakurta holds a PhD in Economics from Jadavpur University (2012) under the supervision of Prof. Basabi Bhattacharya (Department of Economics) and Prof. Asesh Roychowdhury (Department of Physics). His doctoral thesis, titled “Indian Stock Market: Examination of validity of the Geometric Brownian Motion (GBM) model to Stock Price Behaviour with particular emphasis on the Black-Scholes Option Pricing Model,” reflects his early interest in the intersection of financial markets and complex mathematical models, laying the foundation for his extensive research in empirical finance, econophysics, and nonlinear dynamics.

Dr. Guhathakurta has over two decades of academic experience, currently serving as a Professor at the Indian Institute of Management Indore (IIMI), where he previously held positions as Associate Professor and Chair of the Finance & Accounting Area. Prior to this, he was an Assistant Professor at the Indian Institute of Management Kozhikode (IIMK) and the Army Institute of Management, Kolkata. His teaching portfolio spans a wide range of courses, including Fixed Income Securities, Corporate Finance, Advanced Empirical Finance, and the Political Economy of Finance, at both the MBA and PhD levels.

In parallel, Dr. Thakurta has substantial industry experience, including managerial roles at Mitsui Babcock Energy (India) Ltd and project engineering positions at Thermax Ltd and Metal Engineering & Treatment Co Ltd, providing him with a practical understanding of financial decision-making in corporate contexts.

Dr. Guhathakurta’s research interests are diverse, encompassing empirical finance, financial econometrics, network analysis of asset markets, and the political economy of financial markets and institutions. He has published extensively in top-tier journals, including Energy Economics, Applied Economics, Finance Research Letters, Advances in accounting, Physica A, Stat and co-authored the book “Examining Stock Markets: a nonlinear dynamics perspective” (VDM Verlagsservicegesellschaft GmbH, 2012). His work often integrates cutting-edge quantitative techniques like Bayesian machine learning and network analysis to explore financial market complexities.

As a committed educator, Dr. Thakurta has supervised multiple PhD students and actively participated in academic governance, including roles as Chair of International Relations and Student Exchange at IIM Indore and Editor for a special issue on econophysics at IIMK. He has also conducted executive training programs in strategic financial management for corporate leaders in India and abroad.

Research Publications (Finance and Econophysics)

Articles in Journals

  1. Pandey, , Guhathakurta, K., & Chinnasamy, G. (2025). Ownership Structure, Earnings Management, and Value Relevance of Loan Loss Provision Components. Journal of Accounting in Emerging Economies (accepted for publication)
  2. Guhathakurta, K., & Mukhoti, S. (2025). Capital structure and product market performance: a Bayesian machine learning perspective. Applied Economics, 1–16. https://doi.org/10.1080/00036846.2025.2492901
  3. Pandey, A., & Guhathakurta, K. (2023). Use of Contingent Payment Mechanism in Nonperforming Loan Auctions. Finance Research Letters, 52, 103519. (ABDC A)
  4. Pandey, , & Guhathakurta, K. (2022). Value Relevance of Loan Loss Provision Components and the Choice of Model Specification. Advances in accounting, 58, 100600
  5. Pandey, , Tripathi, A., & Guhathakurta, K. (2022). The impact of banking regulations and accounting standards on estimating discretionary loan loss provisions. Finance Research Letters, 44, 102068.
  6. Maitra, , Guhathakurta, K., & Kang, S. H. (2021). The good, the bad and the ugly relation between oil and commodities: An analysis of asymmetric volatility connectedness and portfolio implications. Energy Economics, 94, 105061.
  7. Sandhu, , Guhathakurta, K., & Banerjee, P. (2021). Do Individual Investors Prefer a Price Range in the Equity Markets? The Journal of Wealth Management, 24(1), 105-118.
  8. Guhathakurta, K., Bhattacharya, S. N., & Bhattacharya, M. (2020). A Network Analysis of the Asia-Pacific and Other Developed Stock Markets: Pre and Post Global Financial Applied Finance Letters, 9, 112-131.
  9. Sandhu, , & Guhathakurta, K. (2020). Effects of IPO Offer Price Ranges on Initial Subscription, Initial Turnover and Ownership Structure—Evidence from Indian IPO Market. Journal of Risk and Financial Management, 13(11), 279.
  10. Banerjee, ,  &   Guhathakurta, K.   (2020).   Change‐point   analysis   in   financial networks. Stat, 9(1), e269.
  1. Guhathakurta, , Dash, S. R., & Maitra, D. (2020). Period specific volatility spill over based connectedness between oil and other commodity prices and their portfolio implications. Energy Economics, 104566.
  2. Pandey, A., & Guhathakurta, K. (2019). Nonperforming loan auction: Prudent policy response or earnings management? Journal of Public Affairs, 19(4)
  3. Chakrabarti, P., & Guhathakurta, K. (2019). Which is the right option for Indian market: Gaussian, normal inverse Gaussian, or Tsallis? IIMB Management Review, 31(3), 238-249.
  4. Guhathakurta, K. (2016). The Stock and Commodity Market Relation: is it the Same for Emerging and Developed Markets? The Empirical Economics Letters, Vol 15, 543-553
  5. Guhathakurta, K., Bhattacharya, B., & Chowdhury, A. R. (2016). Comparative analysis of asset pricing models based on log-normal distribution and Tsallis distribution using recurrence plot in an emerging market. Research in Finance, Vol. 32, 35-74
  6. Guhathakurta, (2015). Investigating the nonlinear dynamics of emerging and developed stock markets. Journal of Engineering Science and Technology Review, 8(1), 65-71
  7. Guhathakurta, K., Bhattacharya, B., & Chowdhury, A. R. (2010). Using recurrence plot analysis to distinguish between  endogenous   and   exogenous   stock   market Physica A: Statistical Mechanics and its Applications, 389(9), 1874-1882.
  8. Guhathakurta, K., Bhattacharya, B., & Chowdhury, A. R. (2010). Using Empirical Mode Decomposition to compare Gaussian and Non-Gaussian model of stock price Decision Special Issue on Finance, 37(1), 101-122
  9. Guhathakurta, , Mukherjee, I., & Chowdhury, A. R. (2008). Empirical mode decomposition analysis of two different financial time series and their comparison. Chaos, Solitons & Fractals, 37(4), 1214-1227.

Book

Guhathakurta, K., Bhattacharya, B., Roychowdhuri, A. (2012). Examining Stock Markets: a nonlinear dynamics perspective: Examining the Geometric Brownian Motion model with respect to Stock Price Movement in an Emerging Market. Germany: VDM Verlagsservicegesellschaft GmbH

Book Chapters

  1. Guhathakurta, (2015). Nonlinear Dynamics of Stock Markets During Critical Periods. In Econophysics and Data Driven Modelling of Market Dynamics (pp. 143-165). Springer International Publishing.
  2. Guhathakurta, , Marwan, N., Bhattacharya, B., & Chowdhury, A. R. (2014). Understanding the Interrelationship Between Commodity and Stock Indices Daily Movement Using ACE and Recurrence Analysis. In Translational Recurrences (pp. 211- 230). Springer International Publishing.
  3. Gangopadhyay, K., & Guhathakurta, K. (2014). Agent-Based Modeling of Housing Asset Bubble: A Simple Utility Function Based Investigation. In Econophysics of Agent-Based Models (pp. 27-44). Springer International

Working Papers

  1. Mukhoti, , & Guhathakurta, K. (2015). Product market performance and capital structure: A Hierarchical Bayesian semi-parametric panel regression model. Available at SSRN 2566832
  2. Guhathakurta, K. (2013). Investigating the nonlinear dynamics of emerging and developed stock IIMK Working Paper
  3. Gangopadhyay, , & Guhathakurta, K. (2013). Agent-Based Modeling of Housing Asset Bubble: A Simple Utility Function Based Investigation. IIMK Working Paper.
  4. Guhathakurta, K., Bhattacharya, S. N., & Bhattacharya, M. (2012). Exploring Presence of Long Memory in Emerging and Developed Stock IIMK Working Paper
  5. Guhathakurta, , Bhattacharya, S. N., Banerjee, S., & Bhattacharya, B. (2011). Comparative Analysis of Commodity & Stock Indices Daily Movement using Techniques of Nonlinear Dynamics. Available at SSRN 1972822.

Book Review

  1. A Colossal Failure of Common Sense: The Incredible Inside Story of the Collapse of Lehman Brothers, Lawrence McDonald & Patrick Robinson, In IIMB Management Review 24(3), Sep
  2. Econophysics and Companies, Hideaki Aoyama Yoshi Fujiwara Yuichi Ikeda Hiroshi Iyetomi Wataru Souma, Cambiridge University Press In IIM Kozhikode Society & Management Review 2(2) 2012

Publications (related areas)

Articles in Journals, Books and edited Chapters

  1. Nonlinear dynamics of voltage fluctuation in power plants for strategic decisions (Coauthored by, Banerjee and P K Dan), edited By Santo Banerjee, Chaos and Complexity Theory for Management: Nonlinear Dynamics (IGI Global), USA, 2012
  2. “Modelling for Industrial Land Acquisition for SEZ “,(co-authored by K. Dan and Satadru Gupta) Nordicum-Mediterraneum, March 2009 Volume 4, Number 1
  3. “Modelling for Land Acquisition for SEZ”, (co-authored by K. Dan and Satadru Gupta) e-Journal of Science & Technology (e-JST), issue 8, 2008

Conferences

  1. “Green assets as hedge and safe haven: examining the role of volatility stability and spillovers between Green Bonds, Clean Cryptocurrency, Clean Energy, their conventional counterparts and Global Equity Portfolios” by U Sharma and K Guhathakurta at the SUSCON XI conference during 202-21 November 2024 held at Indian Institute of Management Sambalpur
  2. “Do green assets provide hedging and safe haven benefits: A comparison between green and conventional assets using GARCH-Copula approach” by U Sharma and K Guhathakurta at the CINSC 2024 ICMA conference during 09-10 June organized by Future Finance and Economics Association held at Henley Business School, Reading, United Kingdom
  3. “Do green assts provide hedging benefits: a comparison between green bonds and clean energy using GARCH- Copula approach” by U Sharma and K Guhathakurta at the 9th PAN IIM World Management Conference during January 22-24, 2024 held at Indian Institute of Management Sambalpur
  4. “A study on the Inflation hedging capabilities of precious metals in US, UK and JAPAN: A partial wavelet based Nonlinear perspective”, K Guhathakurta and Sai Nandan, ISDSI- Global 2023 conference, during 26-01-2024, organized by Indian Institute of Management Ranchi
  5. “A comparative analysis of the complexity of emerging and developed stock markets using recurrence quantification analysis”, K Guhathakurta and Pritam Ranjan, International Conference on Strategic Management, Decision Theory and Data Science (SMDTDS-2020) in Kolkata, India during January 4-6, 2020 organized by Indian Association for Productivity, Quality & Reliability (IAPQR ).
  6. ‘’Does targeting a Nominal price range in equity markets increase Liquidity?’, India Finance Conference 2018, 20 – 22 December 2018 in IIM Calcutta, India
  7. “Dancing in solitude or going with the mob? Checking the interconnectedness of Indian and Islamic banking system with Global banks, K Guhathakurta and Debasish Maitra”, International Conference on New Paradigms in Statistics for Scientific and Industrial Research in Kolkata, India during January 4-6, 2018, organized by Indian Association for Productivity, Quality & Reliability (IAPQR ).
  8. “Behavioural Biases of Individual Shareholders for low Nominal Price- An evidence from Indian Equity Market”, K Guhathakurta and Harsimran Sandhu, The India Finance Conference, 20 – 22 December 2017 in IIM Bangalore, India, jointly organized by IIMC, IIMB &
  9. “How closely are the Asia Pacific market related to the developed market: a network analysis”, K Guhathakurta, International conference on “Econophys-2017 and APEC-2017”, November 15- 18, 2017,jointly organized by Jawaharlal Nehru University and Delhi University, New Delhi, India
  10. “Which is the right option for the Indian market: Gaussian, Normal Inverse Gaussian or Tsallis?”
  11. Guhathakurta and Prasenjit Chakrabarti, India Finance conference at IIM Calcutta, from December 17-19,2015, jointly organized by IIMC, IIMB & IIMA.
  12. “Comparing the complexity of emerging and developed stock markets using recurrence network analysis” at Econophys-2015 Conference at Jawaharlal Nehru University, New Delhi and University of Delhi, New Delhi during November 27-December 1, 2015, organized jointly by the École Centrale Paris, Kyoto University, Saha Institute of Nuclear Physics, Jawaharlal Nehru University, University of Delhi and Boston
  13. “Investigating chaos in emerging and developed stock markets using recurrence network analysis at the 4th India Finance Conference 2014, jointly organised by IIMC, IIMB and IIMA during December 17-19, 2014 at IIMB.
  14. “Delineated momentum returns & firm specific risk” at the 4th India Finance Conference 2014, jointly organised by IIMC, IIMB and IIMA during December 17-19 at IIMB.
  15. “Nonlinear dynamics of stock markets during critical periods” at Econophysics-Kolkata VIII, Saha Institute of nuclear Physics Kolkata, 14-17 March, 2014
  16. “Using Recurrence Analysis to identify bubbles and endogenous crashes” , The 3rd India Finance Conference, jointly organised by IIMC, IIMB and IIMA during December 18-20, 2013 at IIMA
  17. “Investigating the nonlinear dynamics of emerging and developed stock markets”, The 2nd International Conference on Econophysics held at Lucy Hotel, Kavala, Greece during 13–14 September 2013
  18. “Comparing nonlinear dynamics of emerging and developed stock markets using Empirical Mode Decomposition”, 3rd IIMA Conference on Advanced Data Analysis, Business Analytics and Intelligence, IIM Ahmedabad 13-14 April 2013
  19. “Agent Based Modelling of Housing Asset Bubble”, Econophys-Kolkata VII, Saha Institute of nuclear Physics Kolkata, 8-12 November, 2012
  20. “Using Recurrence Analysis to compare Gaussian and Non-Gaussian Models of Stock Price movement in an emerging market” , 4th International Symposium on Recurrence Plots at The Hong Kong Polytechnic University, China during 5-7 December, 2011
  21. “Investigating presence of Nonlinearity in Indian Stock Markets”, the International Finance Conference 2011 at Indian Institute of Management, Calcutta during January 10-12, 2011
  22. “Investigating presence of Nonlinearity in Indian Commodity Markets, the 2nd IIMA International Conference on Advanced Data Analysis, Business Analytics and Intelligence at Indian Institute of Management Ahmedabad during 8-9 January, 2011
  23. “Using Techniques of Nonlinear Dynamics to compare stock price return distribution based on Gaussian and Tsallis Distribution”, Shanghai International Symposium on Nonlinear Science and Applications – 2010 (Shanghai NSA 2010), held on June 29 – July 4, 2010, at Xuzhou Normal University, Xuzhou, and Fudan University, Shanghai, China.
  24. “Using Empirical Mode Decomposition to compare Stock and Commodity Return Distribution”, International Conference on Infrastructure Finance (ICIF 2010) during June 03-05, 2010 at the Indian Institute of Technology, Kharagpur
  25. “An Empirical Investigation of Beta Stability in the Indian Stock Market, International Conference on Infrastructure Finance (ICIF 2010) during June 03-05, 2010 at the Indian Institute of Technology, Kharagpur
  26. “Using Empirical Mode Decomposition to compare Gaussian and Non-Gaussian model of stock price distribution” presented at International Finance Conference during December 3-5, 2009 at Indian Institute of Management, The same article has been selected for a special edition of Decision, April 2010. (Only 5 out of 80 have been selected)
  27. “Stock Price Return distribution: Non-Gaussian Gaussian- an empirical examination” presented at 1st IIMA International Conference on Advanced Data Analysis, Business Analytics and Intelligence on June 6-7, 2009 held at Indian Institute of Management, Ahmedabad
  28. Comparative Analysis of Commodity & Stock Indices Daily Movement using Techniques of Nonlinear Dynamics”, at the 11th Annual Conference on Money and Finance in the Indian Economy presented at Indira Gandhi Institute of Development Research, Mumbai, during 23-24 January 2009
  29. Analysing Financial Crashes Using Recurrence Plot- A Comparative Study on Selected Financial Markets at National Conference on “Forecasting Financial Markets in India (FFMI 2008)”, held during December 29-31, 2008 presented at the Indian Institute of Technology,
  30. “An Examination of Critical Periods of Stock Price Movements Using Recurrence Plot”, International conference ‘Issues in Finance: Theory and Empirics’ organized by the Centre for advanced Studies, Department of Economics, Jadavpur University, January 2006

Newspaper publication

“Save thy neighbour: A survival strategy”, Free Press, June 7, 2020