Manoj Kulchania

Manoj Kulchania


Assistant Professor of Finance





311 Prentis

Office hours: Wednesdays, 10 a.m. to noon

Manoj Kulchania

Academic Programs

  • Finance

Research and teaching interests

  • Investments
  • Corporate finance
  • Market microstructure


  • Ph.D. in Business Administration (Finance), University of Pittsburgh, 2010
  • M. S. in Computer Science, Indiana University, Bloomington, 2002
  • B. S. (Hons), Indian Institute of Technology, Kharagpur, India, 1998


 Kulchania is a member of the American Finance Association and the Financial Management Association.


  • Accelerated Share Repurchases, 2011 (with Leonce Bargeron and Shawn Thomas), Journal of Financial Economics 101, 69-89.
  • Market Microstructure Changes around Accelerated Share Repurchase Announcements, 2013. Journal of Financial Research 36, 91-114.
  • Catering Driven Substitution in Corporate Payouts, 2013. Journal of Corporate Finance 21, 180-195.
  • The Flash Crash: Effects on Shareholder Wealth and Market Quality, 2014 (with Thomas Boulton and Marcus Braga-Alves), Journal of Financial Intermediation 23, 140-156.
  • Cost Structure and Payout Policy, 2016. Financial Management 45, 981-1009.
  • Cash Reserves as a Hedge Against Supply-Chain Risk, 2017 (with Shawn Thomas), Journal of Financial and Quantitative Analysis 52,1951-1988.
  • Shareholders valuation of long-term debt and the decline in firms’ leverage ratio, 2017 (with Ranjan D’Mello and Mark Gruskin), Journal of Corporate Finance, forthcoming.



• U.S. Political Corruption and Audit Fees
University of Exeter 2017
• Value of Long-Term Debt and the Decline in Leverage Ratio

 Wayne State University 2016
• Cost Structure and Payout Policy
 University of Toledo, European Financial Management Association Meetings, Financial Management Association Meetings, 2015
• Supply Chain Disruption Costs and the Substitution of Cash for Inventory*
 Marquette University, Bentley University, University of Pittsburgh, 2013
 Wayne State University, Georgia Institute of Technology, Texas A&M University, 2014, 2015
 Midwest Finance Association meetings, 2017
• The Flash Crash: Effects on Shareholder Wealth and Market Quality*
 Marquette University Finance and Economics Seminar Series, 2011
 Financial Management Association meetings, Midwest Finance Association meetings, Eastern Finance Association meetings, 2012
• Accelerated Share Repurchases*
 American Finance Association meetings, 2010
 University of Kentucky, Binghamton University and Tulane University
• Do firms cater to investor demand when repurchasing?
 Doctoral Student Consortium, Financial Management Association meetings, 2008
 Fairfield University, Florida Atlantic University, Marquette University, 2009
• Corporate Finance and Market Issues
 Presented to the Executive Program for Korean Electric Power Company executives at the Institute for Software Research, Carnegie Mellon University, Pittsburgh, 2008

* includes presentations by co-authors


• Summer Research Grant, Wayne State University, 2014-2017.
• Miles Summer Research Grant, College of Business Administration, Marquette University, 2014
• University wide Summer Research Fund Award, Marquette University, 2014
• Small Research Grant, College of Business Administration, Marquette University, 2010, 2011.
• Summer Research Grant, College of Business Administration, Marquette University, 2011-2013.
• Doctoral Student Consortium at the Financial Management Association Meetings in Dallas, 2008
• American Finance Association Student Travel Grant, 2008
• Student Honoree, 32nd Annual Honors Convocation, University of Pittsburgh, 2008
• Graduate and Professional Students’ Association, University of Pittsburgh, Travel Grant, 2008, 2009
• Katz Graduate School of Business, University of Pittsburgh, Travel Grant, 2006, 2007, 2008, 2009
• Mervis Fellowship, Katz Graduate School of Business, University of Pittsburgh, 2005-2009
• Indiana University Merit Scholarship, Indiana University, Bloomington, 2000-2002

We will create and advance knowledge, prepare a diverse student body to thrive, and positively impact local and global communities.