Kakali Kanjilal  

Operations Management & Quantitative Techniques

Kakali Kanjilal  

Academic Qualification 
Degree : Ph.D (Topic “Term Structure of Interest Rates: Indian Macroeconomic issues”) 
from Indira Gandhi Institute of Development Research (IGIDR), Mumbai in the year 2009

M.Sc (Statistics, specialization in Queing Theory) Gauhati University, 1997, 80%, Ranked 1st 
B.Sc (Statistics) Gauhati University, 1994, 80%, Ranked 1st 
Higher Secondary (Stat, Eco & Maths) Cotton College, Gauhati, 1991, 79%, Ranked 5th

Kakali Kanjilal  

Total Work Experience: 23 years

Teaching Experience: 13 years

Industry Experience: 10 years 

Academic Experience

Institution Position 
Professor (Quantitative Techniques and Operations Management) International Management Institute (IMI), Delhi
Associate Professor (Finance) Institute of Management Technology (IMT), Ghaziabad 

Courses Taught
- Business Mathematics 
- Business Statistics
- Financial Econometrics 
- Time Series Modelling and Forecasting 
- Predictive Analytics
- Business Analytics with R 
- Research Method of Management
Business Modelling with SAS 
- Fixed Income Securities 

Guest Faculty in Management Development Institute, Gurgaon since 2011.  Sessions held on Volatility modeling (GARCH), Logistic Modeling, Panel Data Analysis and Importance of Big Data Analytics.


Editor: Global Business Review

Industry Experience 

Company: American Express India (Pvt) Limited, Risk Information Management, CoE Gurgaon
Position: Senior Manager Headed  OPEN Acquisition Risk-Marketing Analytics Founder-head of CCSG Risk Authorization & Customer Management Analytics Team
Major Roles/Responsibilities : Develop business strategies to optimize credit risk for US and non-US markets Provide strategic & technical consultancy to US and non-US OPEN Marketing & Risk team 
Experience:   Jul’02 - Feb’11 
Company: ICRA Advisory Services, New Delhi 
Position: Analyst 
Roles and Responsibilities: Involved in Financial & Macroeconomic modeling. 
Experience: Dec’00 - May’02

Kakali Kanjilal  

Dr. Kakali Kanjilal is currently working as Professor in the area of Operations Management and Quantitative Techniques at International Management Institute (IMI) New Delhi. She has a Ph.D from Indira Gandhi Institute of Development Research (IGIDR), Mumbai in the area of macroeconomics and finance. She has done M.Sc and B.Sc in Statistics from Gauhati University. She has won the award for “best post graduate”. Dr. Kanjilal has 23 years of industry, research and teaching experience with 10 years being spent in the industry. She has worked in ICRA Advisory group, Delhi for one and half year before joining American Express India (pvt) Ltd, (AMEX) Gurgaon. She has been the founder-head of Risk Authorization & Customer Management Analytics Team in India. She has also headed Acquisition Risk-Marketing Analytics at AMEX. Some of her key responsibilities were to build credit risk models, develop business strategies to optimize credit risk and provide strategic & technical consultancy to US and non-US markets. In ICRA she was involved in Financial & Macroeconomic modeling. She has received “Leadership in Action Award” for one of the landmark projects in risk authorization vertical at AMEX.

Her research interests include data analytics, applications of econometrics and time series modelling-forecasting techniques in credit risk management, macroeconomic policy, energy and financial market analysis. She offers application-based courses on analytics like “Business Analytics”, “Predictive Analytics”, which are tailored to the requirements of data analytics firm. She has been instrumental in driving the data analytics specialization at IMI. For the fellow programme, Dr Kanjilal teaches "Advanced research methods", "Financial econometrics", and "Applied time series".  

Dr. Kanjilal has published many research articles in several international refereed journals of reputed publication houses. She has also written articles in leading business newspapers Economic Times and Mint. She is the Editor of one of the highly-rated management journals, Global Business Review. She is a regular reviewer of journals of reputed publication houses. 

Kakali Kanjilal  

Areas of Interests: Business Analytics, Predictive Modelling with the application of Econometrics and Time Series Methods - Fixed Income Security Analysis - Credit Risk Management - Macroeconomics and Monetary Policies - Financial Markets-Energy Economics-Development Economics

Publications (International Refereed Journals)

“Fuel demand, carbon tax and electric vehicle adoption in India’s road transport” (with Yadav, P., Dutta, A., & Ghosh, S.). Transportation Research Part D: Transport and Environment, Elsevier, Vol 127, February, https://doi.org/10.1016/j.trd.2023.104010



“Does investor sentiment influence ESG stock performance? Evidence from India”, (with Samriddhi Dhasmana, Sajal Ghosh)  Journal of Behavioral and Experimental Finance, Elsevier Volume 37, 2023, 100789, ISSN 2214-6350, https://doi.org/10.1016/j.jbef.2023.100789.

"Financial development and business cycle volatility nexus in the UAE: Evidence from non‐linear regime‐shift and asymmetric tests," (with Salah Abosedra, Ali Fakih, Sajal Ghosh) International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2729-2741, July, https://doi.org/10.1002/ijfe.2560

“Strategizing export promotion in Indian telecom sector: empirical evidence using time and frequency analysis”, (with Brajesh Mishra, Sajal Ghosh) Macroeconomics and Finance in Emerging Market Economies (Routledge: Taylor & Francis), 16:3, 545-568, October, https://doi.org/10.1080/17520843.2022.2050091

“Impact of crude oil volatility jumps on sustainable investments: Evidence from India” (with Dutta, A., Ghosh, S., Park, D., & Uddin, G. S.) Journal of Futures Markets, (Wiley) 43(10), 1450-1468. October, https://doi.org/10.1002/fut.22442

"Economic volatility and financial deepening in Sub-Saharan Africa: evidence from panel cointegration with cross-sectional heterogeneity and endogenous structural breaks," (with Vinay Kumar Singh, Salah Abosedra, Ali Fakih & Sajal Ghosh) Empirical Economics, Springer, vol. 65(5), pages 2013-2038, November, DOI: 10.1007/s00181-023-02415-9

“Policies to reduce India's crude oil import dependence amidst clean energy transition”, (with Brajesh Mishra, Sajal Ghosh) Energy Policy, Elsevier, Volume 183,2023,113804, ISSN 0301-4215, December, https://doi.org/10.1016/j.enpol.2023.113804


(Co-authored with M Yahya, K Kanjilal, A Dutta, GS Uddin, S Ghosh): Can clean energy stock price rule oil price? New evidences from a regime-switching model at first and second moments, Energy Economics (Elsevier), Vol 95, March 2021, 105116, https://www.sciencedirect.com/science/article/pii/S0140988321000219

(Co-authored with S Ghosh): Asymmetric and regime switching behaviour of GDP and energy nexus in India: new evidences: Macroeconomics and Finance in Emerging Market Economies (Taylor & Francis),Vol 14, Issue 1, Feb 2021 pages: 45-65 :https://www.tandfonline.com/doi/full/10.1080/17520843.2020.1751670

 (co-authored with Salah Abosedra , Ali FakihSajal Ghosh) Financial development and business cycle volatility nexus in the UAE: Evidence from non‐linear regime‐shift and asymmetric tests: International Journal of Finance & Economics (Taylor &Francis) : February 2021 https://doi.org/10.1002/ijfe.2560


(Co-authored with S Ghosh): Non-fossil fuel energy usage and economic growth in India: A study on non-linear cointegration, asymmetry and causality, Journal of Cleaner Production (Elsevier) Vol 273, November 2020, 123032: https://doi.org/10.1016/j.jclepro.2020.123032

(Co-authored with B Mishra, S Ghosh): Evaluation of import substitution strategy in Indian telecom sector: Empirical evidence of non-linear dynamics: Telecommunications Policy (Elsevier) 44 (7), August 2020, 101998: https://doi.org/10.1016/j.telpol.2020.101998

(Co-authored with M Yahya, S Ghosh, A Dutta, GS Uddin): Evaluation of cross-quantile dependence and causality between non-ferrous metals and clean energy indexes: Energy (Elsevier), July 2020, Vol 202, 117777: https://doi.org/10.1016/j.energy.2020.117777

(Co-authored with V Prakash, S Ghosh): Costs of avoided carbon emission from thermal and renewable sources of power in India and policy implications: Energy (Elsevier), June 2020, Vol 200, 117522 https://doi.org/10.1016/j.energy.2020.117522

(Co-authored with Dinesh Jaisinghani): Non-Linear Impact of Marketing Investments on Firm Performance for Manufacturing Sector in China: Evidence from Threshold Panel Model, Journal of the Asia Pacific Economy (Taylor&Francis), January, 2019 DOI (10.1080/13547860.2018.1554617)


(Co-authored with Sajal Ghosh): Revisiting income and price elasticity of gasoline demand in India: New evidence from cointegration tests, Empirical Economics, Springer, December, 2018. 

(Co-authored with Sajal Ghosh): Dynamics of crude oil and gold price post 2008 global financial crisis – New evidence from threshold vector error-correction model, Resources Policy (Elsevier): Vol 52, June 2017, page: 358-365

(Co-authored with Dinesh Jaisinghani) Non-linear dynamics of size, capital structure and profitability: Empirical evidence from Indian manufacturing Sector; Asia Pacific Management Review (Elsevier): December (2016):DOI: 10.1016/j.apmrv.2016.12.003

(Co-authored with Manika Jain) Non linear dynamics of hot and cold cycles in Indian IPO markets evidence from Markov Regime Switching Vector Autoregressive Model. Macroeconomics and Finance in Emerging Market Economies (Routledge: Taylor and Francis)· November (2016): DOI: 10.1080/17520843.2016.1244093

(Co-authored with Sajal Ghosh and Ripsy Bondia) International crude oil prices and the stock prices of clean energy and technology companies: Evidence from non-linear Cointegration tests with unknown structural breaks: Energy Journal (Elsevier), 101 February (2016) 558-565

(Co-authored with Anuj Verma and Kunwar Abhay Pratap Singh): Knowledge Discovery and Twitter Sentiment Analysis: Mining Public Opinion and Studying its Correlation with Popularity of Indian Movies: International Journal of Management (IAEME), Volume 6, Issue 1, January (2015), pp. 697-705 

(Co-authored with Sajal Ghosh): Comovement of International Crude Oil Price and Indian Stock Market: Evidences from nonlinear Cointegration Tests: Energy Economics (Elsevier) Avaliable online 8 November (2014) 

(Co-authored with Sajal Ghosh): Income and Price Elasticity of Gold Import Demand in India: Empirical Evidence from Threshold and ARDL Bounds Test Cointegration: Resources Policy (Elsevier), 41( 2014) 135-142 

Rational expectation hypothesis: empirical evidence from government debt market in India, Int. J. Indian Culture and Business Management , Vol. 9, No. 3, (2014)  

(Co-authored with Sajal Ghosh): Long-Term Equilibrium Relationship between Urbanization, Energy Consumption and Economic Activity: Empirical Evidence from India: Energy: The International Journal (Elsevier); 66 (2014); 324-331; DOI: http://dx.doi.org/10.1016/j.energy.2013.12.052  

(Co-authored with Sajal Ghosh): Oil price shocks on Indian economy: evidence from Toda Yamamoto and Markov regime-switching VAR: Macroeconomics and Finance in Emerging Market Economies, (Routlege, Taylor & Francis) 7(1), (2014): 122-139: DOI:10.1080/17520843.2013.85633  

(Co-authored with Sajal Ghosh): Modelling and Forecasting day ahead electricity price in Indian Energy Exchange: Evidence from MSARIMA-EGARCH model: Int. J. Indian Culture and Business Management (Inderscience), Vol. 8, No. 3, (2014): 413-423  


(Co-authored with Sajal Ghosh): Environmental Kuznet's Curve for India: Evidence from Tests for Cointegration with unknown structural breaks: Energy Policy (Elsevier), (2013) vol. 56, issue C, pages 509-515  

Factors Causing Movements of Yield Curve in India: Economic Modelling (Elsevier), 31 (2013); pages 739-751  

Evolution of India’s government debt market: challenges and opportunities: Int. J. Indian Culture and Management (Inderscience), Vol 7, No. 4, (2013) pages 572-588  

Macroeconomic Factors and Yield Curve for Emerging Indian Economy: Macroeconomics and Finance in Emerging Market Economies (Routlege, Taylor & Francis), 1752-0851, Volume 4, Issue 1, (2011), Pages 57-83 

(Co-authored with Sajal Ghosh): Future Industrial CO2 Emission and Consequences of CO2 abatement strategies on Indian Economy: Pacific Asian Journal of Energy, (2003), 12(2): 123-128

Newspaper Articles

2023:        “Decoding Clean Energy Transitions: Some Bitter Truths (with Sajal Ghosh): Financial  Express, October 2023 https://www.financialexpress.com/business/sustainability-decoding-clean-energy-transitions-some-bitter-truths-3272742/

2019:      “India in the spotlight: A complex clean energy revolution ET” (with Sajal Ghosh): Energy World, February 2019

2014:      “India’s trouble with gold demand” (with Sajal Ghosh) (DEC 08 2014), MINT

2013       “India’s sham fuel pricing regime boosts subsidies” (with Sajal Ghosh) (Oct 8, 2013) Economic Times


Online Blog

2024:       “Harsh Realities of Global Dependency on Rare Earth Elements Amidst China’s Dominance”, January 8, 2024: https://imiinsights.wordpress.com/2024/01/08/harsh-realities-of-global-dependency-on-rare-earth-elements-amidst-chinas-dominance/

2022:       “The repercussions of Type-I error beyond Statistics”, October 23, 2022, https://imiinsights.wordpress.com/2022/10/23/the-repercussions-of-type-i-error-beyond-statistics/

2022:         “Nuances of Software”, January 9, 2022,


2020:         “Lesser known truths about Machine Learning (ML)”, October 4, 2020, https://imiinsights.wordpress.com/2020/10/04/lesser-known-truths-about-machine-learning-ml/

Book Review

How Some Small Businesses Get Their Ducks in a Row and Grow—While Others Remain Undistinguished: Article in Global Business Review 14(3):563-565 · September 2013: DOI: 10.1177/0972150913496889

Guest Editor
Key Features of Capital Markets and Banks through the Lens of Emerging Economies: Article in Global Business Review 16(5 Suppl):viii-viii · October 2015: DOI: 10.1177/0972150915601232  

Journal Refereeing

Energy Journal
 Economic Modelling
 Energy Economics
 Resources Policy
 Macroeconomics and Finance in Emerging Market Economies 
 International Journal of Forecasting 
 Global Business Review
 Vision: The Journal of Business Perspectives
 Emerging Economic Studies
 Management Journal  

Kakali Kanjilal  


- Presented research paper titled Revisiting hedging strategies between oil and clean energy stock prices amid the Russia-Ukraine conflict in World Finance Conference, August 2nd-4th 2023, Kristiansand, Norway: Online proceedings:  https://www.world-finance-conference.com/conference.php?id=25  

- Presented research paper titled International Crude Oil Price And Clean Energy Stock Price: A Study On Asymmetric Relationship in 2018 International Academic Conference on Business Spain, Barcelona” held from 3rd June, 2018 to 7th June, 2018 : https://www.cluteinstitute.com/conference-proceedings/BC18Proceedings.pdf

- Presented research paper titled ‘Cointegration and causality between clean energy usage and economic growth in India’ in 2017 International Academic Conference on Business Stockholm, Sweden” held from 4th June, 2017 to 8th June, 2017 at the Scandic Continental-Stockholm, Sweden. https://www.cluteinstitute.com/conference-proceedings/sh17proceedings.pdf

- Sponsored Invitee in the workshop hosted by the Council on Foreign Relations' Center for Geoeconomic Studies in New York on 5-6 May, 2016. The workshop entitled " Oil Price Volatility: Causes, Effects, and Policy Implications, is funded by the Alfred Sloan Foundation.


- Invitee in National Conference on Decarbonising the Indian Railways
Scaling Ambitions to 5 GW of Solar, organized by CEEW (Council of Energy, Environment & Water) and UNDP, 5th April, 2017, IHC, Silver Owks, New Delhi.

- Invitee in the World Coal Association Conference held on 18th October, 2016 at IHC, New Delhi. The conference topic was "Sustainable Energy Development: Opportunities and Innovation for India.

Kakali Kanjilal  

Editor of Global Business Review
Thesis Supervisor in FPM programme : 4
Thesis Committee member in FPM programme: 3
Supervised Dissertations: 10