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Jyoti Gupta is Professor of Finance at ESCP Europe, with teaching and research activities at both the London and Paris campuses. He graduated with honors in Mechanical Engineering from the Indian Institute of Technology, Kharagpur, India and obtained his Ph.D. from the University of Manchester, UK.
He started his carrier as a junior lecturer and Research Fellow at the University of Manchester followed by five years in industry; he worked as Senior Research scientist for English Electric and Morgan Group.
He joined ESCP Europe in 1976 as an Assistant Professor. His first appointment was in Iran, at the then newly created business school, the International School of Management in Tehran (a joint venture between the Chamber of Commerce and Industries Paris and the Iran Chamber of Commerce). He was nominated Professor of ESCP Europe in 1985.
In 1993, Professor Gupta was appointed the Dean and Director of the School of Management (SOM) at the Asian Institute of Technology (AIT), Bangkok, Thailand. He held this position till 1998.
He has published extensively in various refereed journals in English and French and written several books. He has been the Editor of the Euro-Asia Journal of Management and also the Editor of a special issue of the European journal of Operations Research. He is involved in consulting activities with various companies in the private sector and has also worked as a consultant to the World Bank and the European Commission.
He has taught regularly as a visiting professor at several universities internationally, including the CEIBS (China European Business School), Shanghai and the Indian Institutes of Management and at the Management Development Institute in India, as well as in business schools in Eastern Europe.
Emerging markets, Family owned Groups
The Indian economy is dominated by family owned groups. These include the recently created companies in the Software industry (Infosys, Wipro, Satyam etc), and also industrial groups with a long history (Tata, Birla, Mahindra, Ambani). These groups are characterized by their diversity of activities and their ability to maintain their control over all the companies they manage. The objective of this research is to analyze their financial performance including their sources of funds. The research intends to analyze the performance of the different companies managed by the family and compare them with other companies in the same sector group. The idea is to test whether they create incremental value for their shareholders. The research is intended to be both case-based and empirical in nature.
Corporate Restructuring and Control
Consolidations in certain sectors are taking place at an accelerated pace. This is a direct consequence of the activism of shareholders. Financial engineering techniques are being used to innovate on the financial structures put in place in the mergers and acquisitions and leveraged buy-out operations. The objective of the research is to analyze the consolidation process, in particular in the banking and the pharmaceutical industries. It is intended to analyze the effectiveness of these operations using time series analysis and abnormal returns.
Behavioral Finance and Emerging Financial Markets
The classical financial theory is based on the assumption that the investors are rational and markets efficient. Studies have shown that these assumptions are at best partially true and do not explain the results obtained in real life. In the case of IPO’s or secondary offerings, the issues are systematically under priced. In the case of mergers and acquisition operations the acquiring companies often pays substantial premiums leading to the destruction of values for the shareholders. The market and investor sentiments play an important role. The objective of this study is to develop a conceptual model which integrates the investor sentiments. The case of IPO’s will be studied first, followed by mergers and acquisitions. IPO under pricing is a pattern that is consistently observed in most of the world’s stock markets. The first paper will try to develop a calibratable sentiment pricing model.
The research intends to test the model based on the data from the IPOs in the Indian market. A comparative analysis will then be carried out between the developed and the emerging markets.