Ranjan D'Mello

Ranjan D'Mello


Professor of Finance






Mike Ilitch School of Business
2771 Woodward Ave.
Room 375
Detroit, MI 48201

Academic Programs

  • Finance

Ranjan D'Mello


Full Professor of Finance, 2017 - Present, Wayne State University
Interim Associate Dean 2011 - 2012
Interim Finance Department Chair 2010 - 2011
Associate Professor of Finance 2001 - 2017, Wayne State University, (Tenured in 2003)
Assistant Professor of Finance, 1995 - 2001, University of New Orleans


  • Ph.D., The Ohio State University, 1995
  • MBA, The Ohio State University, 1990
  • M.Com, Sydenham College, 1988
  • B.Com, Sydenham College, 1986  


Security Issues, Agency Costs, Payout Policies

AACSB specialty

Finance - incl Banking

Research and teaching interests

Corporate Finance


  • Corporate Social Responsibility and the Executive-Employee Pay Disparity, Ranjan D'Mello, Sungjoung Kwon, and Francesca Toscano, forthcoming, Journal of Banking and Finance.
  • The Declining Trend in Trade Credit Ratios; The Impact of Firm-Specific and Macro-Factors, 2022, Ranjan D'Mello, Mark Gruskin, and Francesca Toscano, Review of Financial Economics, 40, 389-417.
  • To Be or Not to Be All-Equity for Firms that Eliminate Long-Term Debt, 2021, Ranjan D'Mello and Mark Gruskin, Journal of Empirical Finance, 64, 183-206.
  • Economic Policy Uncertainty and Short-Term Financing: The Case of Trade Credit, 2020, Ranjan D'Mello and Francesca Toscano, Journal of Corporate Finance, 64, 101686.
  • Shareholders valuation of long-term debt and decline in firms’ leverage ratio, 2018, Ranjan D'Mello, Mark Gruskin, and Manoj Kulchania, Journal of Corporate Finance, 48, 352-374.
  • Internal Control and Internal Capital Allocation: Evidence from Internal Capital Market of Multi-segment Firms, 2017, Ranjan D’Mello, Xinghua Gao, and Yonghong Jia, Review of Accounting Studies, 22, 251-287.
  • Introduction of Equity-Based Compensation and Impact on Firm Policies, 2014, Ranjan D'Mello and Mercedes Miranda, Advances in Financial Economics, 17, 153-192.
  • Are the Benefits of Debt Declining? The Decreasing Propensity of Firms to be Adequately Levered, 2014, Ranjan D'Mello and Mark Gruskin, Journal of Corporate Finance, 29, 327-350.
  • Fundamentals or Fiction: What drives equity pricing?, 2013, Ranjan D'Mello and Mark Gruskin, Banking and Finance Review, 5, 1-20.
  • Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings, 2011, Ilhan Demiralp, Ranjan D'Mello, Frederik Schlingemann, Venkat Subramanium, Journal of Corporate Finance, 17, 1340-1359.
  • Long-term Debt and Overinvestment Agency Problem, 2010, Ranjan D'Mello and Mercedes Miranda, Journal of Banking and Finance, 34, 324-335.
  • Executive Compensation and Internal Capital Market Efficiency, 2009, Sudip Datta, Ranjan D'Mello, and Mai-Iskandar-Datta, Journal of Financial Intermediation, 18, 242-258.
  • Determinants of Corporate Cash Holdings: Evidence from Spin-offs, 2008, Ranjan D'Mello, Sudha Krishnaswami, and Patrick Larkin, Journal of Banking and Finance, 32, 1209-1220.
  • A Comparative Analysis of the Proxies for Optimal Capital Structure, 2008, Ranjan D'Mello, Joseph Farhat, Review of Financial Economics, 17, 213-227.
  • The Tax-Loss Selling Hypothesis, Market Liquidity, and Price Pressure around the Turn-of-the-Year, 2003, Ranjan D'Mello, Stephen Ferris and Chuan-Yang Hwang, Journal of Financial Markets, 6, 73-98.
  • Does the Sequence of Seasoned Equity Offerings Matter?, 2003, Ranjan D'Mello, Oranee Tawatnuntachai and Devrim Yaman, Financial Management, 32, 59-86.
  • Why do Firms Issue Equity after Splitting Stocks?, 2003, Ranjan D'Mello, Oranee Tawatnuntachai and Devrim Yaman, Financial Review, 38, 323-350 (summarized in the CFA Digest, 34,1).
  • Intra-Industry Reactions to Stock Split Announcements, 2002, Oranee Tawatnuntachai and Ranjan D'Mello, Journal of Financial Research, 25, 39-57.
  • Forced versus Voluntary Dividend Reduction; An Agency Cost Explanation, 2001, Ranjan D'Mello, Tarun Mukherjee, and Oranee Tawatnuntachai, Financial Review, 36, 1-22.
  • Capital Rationing Decisions of Fortune 500 Firms – Part II, 2001, Tarun Mukherjee, Kent Baker, and Ranjan D'Mello, Financial Practice and Education, 10, 69-77.
  • Equity Undervaluation and Decisions Related to Repurchase Tender Offers: An Empirical Investigation, 2000, Ranjan D'Mello and Pervin Shroff, Journal of Finance, October, 55, 2399-2424.
  • The Information Effects of Analysts Activity at the Announcement of New Equity Issues, 2000, Ranjan D'Mello and Stephen Ferris, Financial Management, 29, 78-95.
  • Fact and Fiction in Financial Analyst Forecasting, 2000, Ranjan D'Mello and Stephen Ferris, Corporate Finance Review, 5, 26-32.

Working Papers






Courses taught by Ranjan D'Mello

Fall Term 2024 (future)

Winter Term 2024

Fall Term 2023

Winter Term 2023

Winter Term 2022