Dr. Kamal Ghosh Ray

rofessor Kamal Ghosh Ray is an authority on Mergers and Acquisitions and the author of an internationally acclaimed 900+ page book titled, “Mergers and Acquisitions: Strategy, Valuation and Integration”. He is known for his unique combination of consulting, research, and academic brilliance. With a distinguished career spanning over 47 years (both academia and industries), he has earned recognition for his exceptional contributions to the field of Mergers and Acquisitions. He was bestowed with a Senior Honorary Fellowship of the Institute for Mergers, Acquisitions, and Alliances in Vienna, Austria, in 2015. Dr. Ghosh Ray is a valued member of the core group for international research on M&A, led by distinguished professors from Manchester University Business School, UK, and Tuck School of Business, Dartmouth, USA. Along with this group, he produced 4 research papers on M&A and published them in “Advances in Mergers and Acquisitions” (Emerald Publishing). In the area of M&A consulting, with over 22 years of industry experience, mostly in multinational corporations, Dr. Ghosh Ray has provided invaluable training and guidance on M&A, and corporate/project finance to senior executives/leaders of organizations such as Adani, Larsen & Toubro, Baxter, ABB, Alstom, Coca-Cola, PepsiCo, Exxon Mobil, HCL, Airtel, NTPC, NHPC, Power Grid to name a few. He worked as a visiting professor of strategic finance at Ecole Superiore de Commerce in Dijon, France. He examined Ph.D. theses at the Indian Institute of Technology, Delhi, the Indian Institute of Foreign Trade, Delhi, and the University of Madras. 

Before joining UPES, Prof. Kamal Ghosh Ray was a full Professor of Finance at Ahmedabad University, India. He held the positions of dean and director in various institutions like KREA University, Presidency University, Bangalore, VJIM, IMT, and IILM. He worked for more than a decade in ABB and held the position of Business Segment Controller before migrating to full-time academics.  He has presented research papers at esteemed conferences held at renowned institutions including MIT (USA), Syracuse University (USA), Queensland University, Amman University, and various national and international forums.   

Dr. Kamal Ghosh Ray’s ongoing research is on: 

1. Is RWI Superior to Earn-Out Payment in Mitigating M&A Valuation Risk?  
2. ESG and Latent Value for M&A Deal Pricing 
3. How Reliably Are Indian IPOs Valued? 
4. Agenda Behind Voluntary Delisting: The Case of the Bombay Stock Exchange  
5. Does Perpetual Measurement Overestimates Perceived Synergy in M&A? 
6. Do Air Polluting Companies Add Shareholder Value?  

Prof. Ghosh Ray believes in the interdisciplinary and application-oriented teaching-learning process. He uses the POGIL (Process Oriented Guiding Inquiry Learning) method wherever it applies. Most of his finance courses are taught using Excel spreadsheets. He uses data from real-time markets, government sources company reports, etc. to deal with valuation, and strategic decisions in the finance courses. He encourages student-to-student and student-to-teacher learning.   

At UPES Prof. Ghosh Ray teaches: 

1. Mergers and Acquisitions and Corporate Restructuring 
2. Corporate Valuation 
3. Capital Raising Strategies in Corporations 
4. Strategic Financial Management 
5. Financial Institutions and Markets 
6. Cost Accounting 

Professor Kamal Ghosh Ray has published peer-reviewed research papers in ABDC-B category and Scopus-indexed journals. He presented his research papers at various national and international conferences. He engages himself with the AACSB accreditation framework for the improvement of B-school academic standards.  

kamal.ghosh@ddn.upes.ac.in