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    Harshal Ranjan Mulay

    Area Of Specialization: Finance and Control

    About Me

    Harshal Mulay is a doctoral candidate in Finance & Control at the Indian Institute of Management Calcutta. In his dissertation titled “Essays in Law, Culture and Finance”, he explores how bankruptcy law reforms can lead to several unintended economic and financial consequences and how national culture moderates their impact. His research interests lie at the periphery of finance, where finance interacts with law, economics and social psychology.

    Prior to his PhD, Harshal attained his B.Tech. and M.Tech. degrees in Civil Engineering from IIT Madras, and MBA (PGDM) from IIM Calcutta. He has also cleared two levels of CFA program. He has worked on multi-billion dollar debt syndication and project finance deals in the thermal power, the renewable energy and the railways sectors at SBI Capital Markets. He has acquired expertise in the areas of financial modelling, infrastructure finance and project advisory. Harshal is also a recipient of NTSE, MTSE, NTPC and Australian Maths Olympiad Scholarships.

    Educational background:-

    B.Tech. (Civil) + M.Tech (Infrastructure): IIT-Madras

    PGDM (MBA): IIM- Calcutta/Neoma Business School (France)

    CFA Level 2

    Research Interests:-

    Banking, Corporate Finance, Law and Finance, Culture and Finance, Machine Learning Applications in Finance

    Invited Seminars:

    Centre for Advance Financial Research and Learning (CAFRAL), Reserve Bank of India, Mumbai, 18 November 2019.


    Mulay, H., Subramanian, K. and Tantri, P. “Bankruptcy Laws and Income Distribution”

    47th Annual Meeting of the Eastern Economic Association, New York/Virtual, 25-28 February 2021.

    56th Annual Meeting of the Eastern Finance Association, Boston, Cancelled due to Covid-19.

    84th Annual Meeting of the Midwest Economics Association, Chicago, Cancelled due to Covid-19.

    11th International Research Meeting in Business and Management, Nice, Cancelled due to Covid-19.

    WB IIMA Conference on Financial Distress, Bankruptcy, and Corporate Finance, Ahmedabad, 9-10 August 2019.

    2018 India Finance Conference, Kolkata, 20-22 December 2018.

    2018 IGIDR CoRe Doctoral Symposium, Mumbai, 13-16 November 2018.

    Mulay, H., Ghosh, A. & Seth, R. “Re-examining the relationship between creditor rights and corporate leverage through a cultural lens.”

    2021 European Financial Management Conference, Virtual, 30 June – 3 July 2021

    2021 Association of International Business (AIB) World Conference, Virtual, 28 June – 2 July 2021

    60th Annual Meeting of the South-western Finance Association, Virtual, 18-19 March 2021.

    27th Multinational Finance Society Virtual, 29-30 June 2020.

    29th European Financial Management Association Conference, Dublin, Cancelled due to Covid-19.

    10th Financial Engineering and Banking Society Conference, Greece, Cancelled due to Covid-19.

    Mulay, H. & Seth, R. “Effect of Creditor Rights on Bank Liquidity Creation”

    WB IIMA Conference on Financial Distress, Bankruptcy, and Corporate Finance, Ahmedabad, 9-10 August 2019.

    Mulay, H. & Seth, R. “Effect of Oil Prices on Credit Growth and Credit Quality: Evidence from India”

    8th RMUTP International Conference, Bangkok, 22-23 June 2017 (Accepted).

    Academic Service:

    Reviewer: AIB Conference (2021), EFA Conference (2020, 2021)

    Session Chair: SWFA Conference (2021)

    Discussant: MFS Conference (2020), SWFA Conference (2021)



    Phone: +91 9007406054