Manoj Kulchania

Manoj Kulchania


Associate Professor of Finance





Mike Ilitch School of Business
2771 Woodward Avenue
Room 381
Detroit, MI 48201

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


Manoj Kulchania is an Associate Professor of Finance in the Department of Finance at the Mike Ilitch School of Business, Wayne State University in Detroit, Michigan. He teaches corporate finance and investments at the undergraduate and graduate level. His primary research is in areas of cash holdings, capital structure, payout policy, and market microstructure. He has published in top journals, including Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Financial Intermediation, 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.


  • 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.
  • Book Chapter: "Suppliers, Customers, and Firms’ Financial Decisions," 2018 (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.



How (and why) do Firms Repurchase Stock?*
 Wayne State University, Young Scholars’ Nordic Finance Workshop 2017
• 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
• 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


• 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