Dharani Munusamy
+91431 2505005
dharani@iimtrichy.ac.in
Finance and Accounting
Ph.D. (Finance), M.Phil. (Finance), M.Com. (Business Finance), Pondicherry University
Dr. Dharani Munusamy earned his M.Com. in Business Finance, M.Phil., and Ph.D. in Finance from Pondicherry University. He was awarded the Bharath Rathna Dr. B.R. Ambedkar Gold Medal for his outstanding performance in the M.Phil. programme. Additionally, he has qualified the UGC-NET examination four times.
Dr. Dharani has over twelve years of teaching experience at the Master’s and Doctoral levels, including teaching working executives. Prior to joining IIM Tiruchirappalli, he served at the Indian Institute of Management Kashipur (October 2020 – November 2022), ICFAI Business School (IBS), Hyderabad (June 2015 – September 2020), and Loyola College, Chennai (July 2012 – May 2015).
His teaching expertise includes Financial Reporting and Analysis, Accounting for Managers, Corporate Finance, Asset Pricing, Valuation, Project Finance, and Empirical Research in Accounting and Finance.
His research interests span Shariah investment, corporate social responsibility and earnings management, investor sentiment, asset pricing, financial development, and economic growth. He has published his research in several ABDC- and Scopus-indexed journals, including The World Economy, International Review of Economics and Finance, Global Finance Journal, International Economics and Economic Policy, Research in International Business and Finance, International Journal of Finance and Economics, and Review of Behavioral Finance. He also serves as a reviewer for various academic journals.
He strongly believes in the philosophy expressed in the Thirukkural:
கேடில் விழுச்செல்வம் கல்வி யொருவற்கு மாடல்ல மற்றை யவை. (400)
“Learning is the imperishable wealth of a person; all other forms of wealth are not true wealth.”
Journal Articles
Muruganandan, S., Rakesh, T. S., & Dharani, M. | Year – 2025
Impact of Working Capital on Corporate Performance: Evidence from India. Finance: Theory and Practice, 29(2), 71-82. |
Dharani, M., Kabir Hassan, M., and D Hermawan | Year – 2024
Shariah Risk Factor and Stock Return in the Indonesian Stock Market During Covid-19 And the Russia-Ukraine Conflict. Journal of Islamic Monetary Economics and Finance, 10(1), 177-192. (Scopus) |
Swamy, V., Dharani, M., & Takeda, F. | Year – 2024
Does Twitter Happiness Predict Bullish Markets? A Study of the US Stock Markets. IIMB Management Review. In press. (Elsevier and Scopus & ABDC “B”). |
Dharani, M., Hassan, M. K., Huda, M., & Abedin, M.Z. | Year – 2023
Covid-19 Pandemic and Stock Returns in India. Journal of Economics and Finance, 47, 252-266. (Springer and Scopus & ABDC “B”) |
Dharani, M., Hassan, M. K., Abedin, M. Z., & Ismail, M. A. | Year – 2022
Does a search attention index explain portfolio returns in India? Borsa Istanbul Review, 22(2), 226-239. (Elsevier and Scopus, Impact Factor: 3.348) |
Dharani, M., Hassan, M. K., Rabbani, M. R., & Huq, T. | Year – 2022
Does the Covid-19 pandemic affect faith-based investments? Evidence from global sectoral indices. Research in International Business and Finance, 59, 101537. (Elsevier and Scopus & ABDC “B”, Impact Factor: 4.091) |
Swamy, V and Dharani, M. | Year – 2021
Thresholds in Finance-Growth Nexus: Evidence from G-7 economies. Australian Economic Papers, 60(1), 1-40. (Wiley and Scopus & ABDC “B”). |
Swamy, V and Dharani, M. | Year – 2020
The Tipping Point of Financial Development? Evidence from OECD Countries. International Economics and Economic Policy, 17(1), 125-165. (Springer and Scopus & ABDC “B”). |
Swamy, V and Dharani, M. | Year – 2020
Thresholds of Financial Development in the Euro Area. The World Economy, 43(6), 1730-1774. (Wiley and Scopus & ABDC “A”, Impact Factor: 1.450). |
Dharani, M. | Year – 2019
Does Ramadan influence the stock market return: Evidence from Shariah Index in India. Journal of Islamic Accounting and Business Research, 10(4), 565-579. (Emerald and Scopus & ABDC “C”). |
Dharani, M., Kabir Hassan, M., and Andrea Paltrinieri. | Year – 2019
Faith-based norms and portfolio performance: Evidence from India. Global Finance Journal, 41(3), 79-89. (Elsevier and Scopus & ABDC “A”). |
Swamy, V and Dharani, M. | Year – 2019
Investor attention using the Google Search Volume Index – Impact on Stock Returns. Review of Behavioral Finance, 11(1), 55-69. (Emerald and Scopus & ABDC “B”). |
Swamy, V and Dharani, M. | Year – 2019
The dynamics of finance-growth nexus in advanced economies. International Review of Economics and Finance, 64, 122-146. (Elsevier and Scopus & ABDC “A”, Impact Factor: 2.522). |
Swamy, V, Dharani, M., & Takeda, F. | Year – 2019
Investor attention and Google Search Volume Index: Evidence from an emerging market using quantile regression analysis. Research in International Business and Finance, 50(4), 1-17. (Elsevier and Scopus & ABDC “B”, Impact Factor: 4.091) |
Yadav, SK., and Dharani, M. | Year – 2019
Prioritizing Banking Firms in India Using Entropy-TOPSIS Method. International Journal of Business Innovation and Research, 20(4), 554-570. (Interscience and Scopus & ABDC “C”). |
Dharani, M. | Year – 2018
Islamic Calendar and Stock Market Behaviour in India. International Journal of Social Economics, 45(11), 1550-1566. (Emerald and Scopus & ABDC “B”). |
Swamy, V and Dharani, M. | Year – 2018
An Alternative Approach in Explaining the Causal Link between Financial Development and Economic Growth – Evidence from Advanced Economies. International Journal of Finance and Economics, 23(1), 55-76. (Wiley and Scopus & ABDC “B”). |
Swamy, V and Dharani, M. | Year – 2016
Analyzing the Agricultural Value Chain Financing: Approaches and Tools in India. Agricultural Finance Review, 76(2), 211-232. (Emerald and Scopus & ABDC “C”). |
Financial Reporting and Analysis
Asset Pricing – (Research papers discussion for Ph.D.)
Valuation
Project Finance
Taught courses in Financial Reporting and Analysis, Project Finance, Valuation, and Management Accounting to the executive program.
Conference Presentations
Indian Econometric Society (TIES) | Year – 2025
Presented a paper on “Does industry peer influence earnings management: With reference to CSR spending in India”, jointly organized by the Department of Economics, Banaras Hindu University, and the Indian Econometric Society (TIES) from 3rd to 5th March 2025. |
India Finance Conference | Year – 2024
Presented a paper on “Does Corporate Social Responsibility Influence the Earnings Management of Shariah and non-Shariah Firms: Evidence from the post-CSR Regulation Period in India” at the India Finance Conference 2024 held on December 19–21, 2024, at the Indian Institute of Management–Raipur (IIM Raipur), Chhattisgarh, India. |
Indian Econometric Society (TIES) | Year – 2023
Presented a paper on “Investor Attention, Shariah Risk Factor, and Stock Returns in India” in the 57th Annual Conference jointly organized by the School of Economics, University of Hyderabad, and the Indian Econometric Society (TIES) from 4–6 January 2023. |
The Indian Econometric Society | Year – 2019
Presented a research paper entitled “Social Norms and Portfolio Performance: Evidence From Emerging Market” in the 55th Annual Conference of the Indian Econometric Society (TIES) organized by the Mumbai School of Economics and Public Policy, University of Mumbai and National Institute of Securities Markets, during January 8-10, 2019 at the NISM Patalganga campus. |
The Indian Econometric Society | Year – 2018
Presented a research paper entitled “Islamic Calendar and Stock Market Behaviour: Evidence from Emerging Market” in the 54th Annual Conference of the Indian Econometric Society (TIES) held at Shi Mata Vaishno Devi University, Katra, Jammu & Kasmir during 7-9 March, 2018. |
ICFMCF | Year – 2016
Presented a research paper entitled “Impact of Holiday effect on the Returns and Volatility of Shariah index in India” in the International Conference on Financial Markets and Corporate Finance (ICFMCF) held at Indian Institute of Technology Madras during 12-13 August 2016. |
The Indian Econometric Society | Year – 2016
Presented a research paper entitled “Calendar Effects and Returns, Volatility & Volumes: Evidence from Shariah index in India” at the 52nd Annual Conference of the Indian Econometric Society (TIES) held at the Indian Institute of Management, Kozhikode during 4 to 6 January 2016. |
AIMS Annual Management Convention | Year – 2015
Presented a paper entitled “Does Crisis Influence the Stock Market? A Study on the Shariah Index and Common Index in India” in the 27th AIMS Annual Management Convention 2015 held at Shri Vaishnav Vidyapeeth Vishwavidyalaya, Indore from August 25-27, 2015. |
Indian Institute of Capital Market | Year – 2014
Presented a research paper entitled “Impact of Weather on Return and Volatility: Evidence From Indian Stock Market” in the XIII Capital Market Conference of the Indian Institute of Capital Market, Mumbai during 18 & 19 December 2014. |
Indian Institute of Capital Market | Year – 2013
Presented a research paper entitled “Impact of Ramzan Fasting on Return and Volatility of the S&P CNX Nifty Shariah index in India” at the XII Capital Market Conference of the Indian Institute of Capital Market, Mumbai on 19 & 20 December 2013. |
The Indian Econometric Society and IGIDR | Year – 2013
Presented a research paper entitled “Impact of the crisis on Return and Volatility of the Shariah index and Common index in India” at the 50th Annual Conference of the Indian Econometric Society held at Indira Gandhi Institute of Development Research (IGIDR), Mumbai during 22 to 24 December 2013. |
The Indian Econometric Society | Year – 2011
Presented a paper entitled “Nexus between Price and Net Asset Value (NAV) of the Exchange Traded Funds (ETFs) in India” at the 47th Annual Conference of The Indian Econometric Society (TIES) organized by the School of Future Studies and Planning, Devi Ahalya University from 6–8 January 2011 in Indore, Madhya Pradesh. |
The Indian Econometric Society | Year – 2010
Presented a paper entitled “A Study on the Performance of Islamic Index and the Common Index” at the 46th Annual Conference of The Indian Econometric Society (TIES) organized by the Department of Economics, the University of Jammu from 4–6 March 2010 in Jammu, Jammu & Kashmir. |
The Indian Institute of Capital Market and ICFAI Business School | Year – 2010
Presented a paper entitled “A Study on the Performance of Islamic Index in India” in the International Conference of Business and Finance organized by the Indian Institute of Capital Market and ICFAI Business School in Hyderabad, from 12–13 March 2010. |
I have been serving as the Chairperson of the Post Graduate Programme in Management at IIM Trichy since June 2025. Across the various institutions where I have worked, I have held multiple academic and administrative responsibilities. These include serving as the Area Chair (Finance & Accounting) from July 2021 to October 2022, and as a member of several key committees such as the Research Committee, Investment Committee, Design Innovation Centre (DIC), and the Anti-Ragging Committee.
I have been serving as the Chairperson of the Post Graduate Programme in Management at IIM Trichy since June 2025. Across the various institutions where I have worked, I have held multiple academic and administrative responsibilities. These include serving as the Area Chair (Finance & Accounting) from July 2021 to October 2022, and as a member of several key committees such as the Research Committee, Investment Committee, Design Innovation Centre (DIC), and the Anti-Ragging Committee.