Professor of Finance
Mike Ilitch School of Business
2771 Woodward Avenue
Detroit, MI 48201
Corporate finance, mergers and acquisitions, cash holdings, capital structure, payout policy and 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
Research and teaching interests
- Corporate finance
- Market microstructure
Dr. Manoj Kulchania is Professor of Finance at the Mike Ilitch School of Business, Wayne State University in Detroit, Michigan. He teaches corporate finance, mergers and acquisitions, and investments related courses at the undergraduate and graduate level. His primary research is in areas of corporate finance, cash holdings, capital structure, payout policy, and market microstructure. He has published in top academic finance and journals, including Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Accounting Review, Journal of Corporate Finance, Journal of Financial Intermediation, Journal of Empirical Finance, and Financial Management. He has presented his work in national and international conferences. Professor Kulchania is a member of the American Finance Association, Western Finance Association and the Financial Management Association. He is also an Associate Editor for the European Journal of Finance. He was a Visiting Associate Professor of Finance at the Michigan State University in 2021.
Before joining Wayne State University in 2014, he was at Marquette University. Before that, he has taught at University of Pittsburgh and Indiana University. In his previous life, prior to joining academia, he was a computer programmer. In his spare time, he enjoys jogging, hiking, playing tennis with his daughter, and travelling with family.
- 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, 2018 (with Ranjan D’Mello and Mark Gruskin), Journal of Corporate Finance 48, 352–374.
- On Accounting's 21st Century Challenge: Evidence on the Relation between Intangible Assets and Audit Fees, 2020 (with Anand Jha and Sudip Datta), Review of Quantitative Finance and Accounting 55, 123–162.
- U.S. Political Corruption and Audit Fees, 2021 (with Anand Jha and Jared Smith), The Accounting Review 96, 299–324.
- Hedge Funds and Their Prime Broker Analysts, 2021 (with Sung Gon Chung and Melvyn Teo), Journal of Empirical Finance 62, 141–158.
- Stock Repurchasing and Corporate Social Responsibility, 2022, (with Anand Jha and Min-Jeong Kwon). Journal of Financial Stability 62, 101071. DOI: https://doi.org/10.1016/j.jfs.2022.101071
- Flexibility in Share Repurchases – Evidence from UK, 2023, (with Rohit Sonika). European Financial Management 29(1), 196–246.
- Productivity and Payout Policy, 2023. European Financial Management 29(2), 588–633.
- Book Chapter: "Suppliers, Customers, and Firms’ Financial Decisions," 2019 (with Thomas Boulton), Supply Chain Finance: Solutions for Financial Stability, Risk Management, and Resilience in the Supply Chain, Kogan Page, edited by Wendy L. Tate, Lydia Bals, and Lisa M. Elram, 39–62.
• Payout Policy Research
- Indian Institute of Management Calcutta Research Summer School for Doctoral Students and Research Faculty, May, 2021, 2022
• Productivity and Payout Policy
- Financial Management Association 2019
• Earnings Management in Politically Corrupt US Districts. Cloak or Shield?*
- American Accounting Association Meetings, Financial Management Association 2018
•How (and why) do Firms Repurchase Stock?*
- Wayne State University, Young Scholars’ Nordic Finance Workshop 2017
- Eastern Finance Association Meeting, 2019
• On Accounting's 21st Century Challenge: Evidence on the Relation between Intangible Assets and Audit Fees*
- Wayne State University 2017
• U.S. Political Corruption and Audit Fees
- University of Exeter 2017
- Indian Institute of Management Calcutta 2019
• Value of Long-Term Debt and the Decline in Leverage Ratio*
-Wayne State University 2016
- Midwest Finance Association meetings, Eastern Finance Association meetings 2018
• 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, 2009, 2010
• 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
• Sue-Garr Innovative Teaching Award, for the most innovative teacher in the Mike Ilitch School of Business, 2021
• Global Learning Faculty Fellow, Wayne State University, 2021
• Semi-Finalist and Alternate, US Fulbright Scholar Program, 2021
• 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