Dr.

KOUSIK GUHA THAKURTA

Correspondence: Permanent:
Type V, House No 79, IIM Indore 2A, K.K.MAJUMDAR ROAD
Prabandh Shikhar, Rau-Pithampur Road,Indore- 453556 CALCUTTA-7000075
Ph: +91 33 2439 518, 2439 479 Ph. 91 33 24721688, 406 28427
Mobile: +91 8349990885 Mobile: +91 9836991090
website: https://sites.google.com/site/kousikguhathakurta/ email : kousikg@gmail.com; kousikg@iimk.ac.in;

Academics

PhD Jadavpur University 2012

MBA Jadavpur University 1997
B.Prod.E Jadavpur University 1992

PhD Thesis Topic: Indian Stock Market: Examination of validity of the Geometric Brownian Motion
(GBM) model to Stock Price Behaviour with particular emphasis on the Black
Scholes Option Pricing Model
Supervisors: Prof Basabi Bhattacharya, Department of Economics, Jadavpur University
Prof Asesh Roychowdhury, Department of Physics, Jadavpur University

Awards
National Scholarship, 1986 for attaining 96th position (out of over 300, 000 candidates) in merit
list of Secondary Education Examination
National Scholarship, 1988 for attaining 110th position (out of over 200, 000 candidates) in
merit list of Higher Secondary exam

Positions held Academics

Oct 2014- till date Associate Professor, Indian Institute of Management Indore (IIMI)
Nov 2013- Sep 2014 Assistant Professor, Indian Institute of Management Kozhikode (IIMK)
Nov 2011-Nov 2013 Visiting assistant Professor, Indian Institute of Management Kozhikode
Aug 2007-Oct 2011 Assistant Professor, Army Institute of Management, Kolkata (AIMK)
July 2004-July 2007 Senior Lecturer, Army Institute of Management, Kolkata
July 2002-July 2004 Lecturer, Haldia Institute of Technology, Haldia, West Bengal (HIT)

Positions held Industry

Jan 1998- June 2002 Manager, Proposals, Mitsui Babcock Energy (India) Ltd (MBEIL)
Sep1993- Dec 1997 Project Engineer, Metal Engineering & Treatment Co Ltd (METCO)
Aug 1992- Aug 1993 Graduate Engineer Trainee, Thermax Ltd

Experience & expertise

Research
Research interests include quantitative finance and econophysics. Right now one is engaged in
research work related to application of analytical tools from non-linear dynamics in deciphering
financial time series characteristics. Additionally I am also looking into Scientometrics and
Strategic Dimensions of Global Economic Crisis.

Selected Publications (Finance and Econophysics)

Book

1. Guhathakurta, K., Bhattacharya, B., Roychowdhuri, A. (2012). Examining Stock Markets: a

nonlinear dynamics perspective: Examining the Geometric Brownian Motion model with
respect to Stock Price Movement in an Emerging Market. Germany: VDM
Verlagsservicegesellschaft GmbH
Articles in Journals
1. Guhathakurta, K., Bhattacharya, B., & Chowdhury, A. R. (2016).Comparative analysis of
asset pricing models based on log-normal distribution and Tsallis distribution using
recurrence plot in an emerging market. Research in Finance, Vol. 32, 35-74
2. Guhathakurta, K. (2015). Investigating the nonlinear dynamics of emerging and developed
stock markets. Journal of Engineering Science and Technology Review, 8(1), 65-71
3. Guhathakurta, K., Bhattacharya, B., & Chowdhury, A. R. (2010). Using recurrence plot
analysis to distinguish between endogenous and exogenous stock market
crashes. Physica A: Statistical Mechanics and its Applications, 389(9), 1874-1882. (25
citations)
4. Guhathakurta, K., Bhattacharya, B., & Chowdhury, A. R. (2010). Using Empirical Mode
Decomposition to compare Gaussian and Non-Gaussian model of stock price distribution.
Decision Special Issue on Finance, 37(1), 101-122
5. Guhathakurta, K., Mukherjee, I., & Chowdhury, A. R. (2008). Empirical mode
decomposition analysis of two different financial time series and their comparison. Chaos,
Solitons & Fractals, 37(4), 1214-1227. (38 citations)
Edited Chapters
1. Guhathakurta, K. (2015). Nonlinear Dynamics of Stock Markets During Critical Periods.
In Econophysics and Data Driven Modelling of Market Dynamics (pp. 143-165). Springer
International Publishing.
2. Guhathakurta, K., Marwan, N., Bhattacharya, B., & Chowdhury, A. R. (2014).
Understanding the Interrelationship Between Commodity and Stock Indices Daily
Movement Using ACE and Recurrence Analysis. In Translational Recurrences (pp. 211-
230). Springer International Publishing.
 3. Gangopadhyay, K., & Guhathakurta, K. (2014). Agent-Based Modeling of Housing Asset
Bubble: A Simple Utility Function Based Investigation. InEconophysics of Agent-Based
Models (pp. 27-44). Springer International Publishing.

Working Papers

1. Investigating the nonlinear dynamics of emerging and developed stock markets IIMK working
paper 2013
2. Agent Based modelling of Housing Asset Bubble: A Simple Utility Function Based
Investigation (co-authored by Kausik Gangopadhayay), IIMK Working Paper 2013.
3. Exploring Presence of Long Memory in Emerging and Developed Stock Markets (Co-authored
by Sharad Nath Bhattacharya; Mousumi Bhattacharya), IIMK Working Paper 2013
4. "Comparative Analysis of Commodity & Stock Indices Daily Movement using Techniques of
Nonlinear Dynamics."Available at SSRN 1972822 (2011).

Book Review
1. A Colossal Failure of Common Sense: The Incredible Inside Story of the Collapse of
Lehman Brothers, Lawrence McDonald & Patrick Robinson, In IIMB Management Review
24(3), Sep 2012.
2. Econophysics and Companies, Hideaki Aoyama Yoshi Fujiwara Yuichi Ikeda Hiroshi Iyetomi
Wataru Souma, Cambiridge University Press In IIM Kozhikode Society & Management
Review 2(2) 2012

Publications (related areas)

Articles in Journals, Books and edited Chapters
1. Nonlinear dynamics of voltage fluctuation in power plants for strategic decisions (Co authored by,
S.Banerjee and P K Dan) , edited By Santo Banerjee, Chaos and Complexity Theory for
Management: Nonlinear Dynamics (IGI Global), USA, 2012
2. Modelling for Industrial Land Acquisition for SEZ ,(co-authored by P.K. Dan and Satadru Gupta)
Nordicum-Mediterraneum, March 2009 Volume 4, Number 1(2 citations)
3. Modelling for Land Acquisition for SEZ, (co-authored by P.K. Dan and Satadru Gupta) e-Journal
of Science & Technology (e-JST), issue 8, 2008

Conferences

1. Which is the right option for the Indian market: Gaussian, Normal Inverse Gaussian or Tsallis?
K. Guhathakurta and Prasenjit Chakrabarti, India Finance conference at IIM Calcutta, from
December 17-19,2015, jointly organized by IIMC, IIMB & IIMA.
2. Comparing the complexity of emerging and developed stock markets using recurrence network
analysis at Econophys-2015 Conference at Jawaharlal Nehru University, New Delhi and
University of Delhi, New Delhi during November 27-December 1, 2015, organized jointly by the
cole Centrale Paris, Kyoto University, Saha Institute of Nuclear Physics, Jawaharlal Nehru
University, University of Delhi and Boston University.
3. "Investigating chaos in emerging and developed stock markets using recurrence network analysis
at the 4th India Finance Conference 2014, jointly organised by IIMC, IIMB and IIMA during
December 17-19, 2014 at IIMB.
4. "Delineated momentum returns & firm specific risk at the 4th India Finance Conference 2014,
jointly organised by IIMC, IIMB and IIMA during December 17-19 at IIMB.
5. Nonlinear dynamics of stock markets during critical periods at Econophysics-Kolkata VIII, Saha
Institute of nuclear Physics Kolkata, 14-17 March, 2014
6. Using Recurrence Analysis to identify bubbles and endogenous crashes , The 3rd India Finance
Conference, jointly organised by IIMC, IIMB and IIMA during December 18-20, 2013 at IIMA
7. Investigating the nonlinear dynamics of emerging and developed stock markets, The 2nd
International Conference on Econophysics held at Lucy Hotel, Kavala, Greece during 13--14
September 2013
8. "Comparing nonlinear dynamics of emerging and developed stock markets using Empirical Mode
Decomposition", 3rd IIMA Conference on Advanced Data Analysis, Business Analytics and
Intelligence, IIM Ahmedabad 13-14 April 2013
9. Agent Based Modelling of Housing Asset Bubble, Econophys-Kolkata VII, Saha Institute of
nuclear Physics Kolkata, 8-12 November, 2012
10. Using Recurrence Analysis to compare Gaussian and Non-Gaussian Models of Stock Price
movement in an emerging market , 4th International Symposium on Recurrence Plots at The
Hong Kong Polytechnic University, China during 5-7 December, 2011
11. "Investigating presence of Nonlinearity in Indian Stock Markets", the International Finance
Conference 2011 at Indian Institute of Management, Calcutta during January 10-12, 2011
12. Investigating presence of Nonlinearity in Indian Commodity Markets, the 2nd IIMA
International Conference on Advanced Data Analysis, Business Analytics and Intelligence at
Indian Institute of Management Ahmedabad during 8-9 January, 2011
13. Using Techniques of Nonlinear Dynamics to compare stock price return distribution based on
Gaussian and Tsallis Distribution, Shanghai International Symposium on Nonlinear Science and
 Applications - 2010 (Shanghai NSA 2010), held on June 29 July 4, 2010, at Xuzhou Normal
University, Xuzhou, and Fudan University, Shanghai, China.
14. Using Empirical Mode Decomposition to compare Stock and Commodity Return Distribution,
International Conference on Infrastructure Finance (ICIF 2010) during June 03-05, 2010 at the
Indian Institute of Technology, Kharagpur
15. An Empirical Investigation of Beta Stability in the Indian Stock Market, International Conference
on Infrastructure Finance (ICIF 2010) during June 03-05, 2010 at the Indian Institute of
Technology, Kharagpur
16. Using Empirical Mode Decomposition to compare Gaussian and Non-Gaussian model of stock
price distribution presented at International Finance Conference during December 3-5, 2009
at Indian Institute of Management, Calcutta. The same article has been selected for a special
edition of Decision, April 2010. (Only 5 out of 80 have been selected)
17. Stock Price Return distribution: Non-Gaussian vs. Gaussian- an empirical examination
presented at 1st IIMA International Conference on Advanced Data Analysis, Business Analytics
and Intelligence on June 6-7, 2009 held at Indian Institute of Management, Ahmedabad
18. Comparative Analysis of Commodity & Stock Indices Daily Movement using Techniques of
Nonlinear Dynamics, at the 11th Annual Conference on Money and Finance in the Indian
Economy presented at Indira Gandhi Institute of Development Research, Mumbai, during 23-
24 January 2009
19. Analysing Financial Crashes Using Recurrence Plot- A Comparative Study on Selected Financial
Markets at National Conference on Forecasting Financial Markets in India (FFMI 2008), held
during December 29-31, 2008 presented at the Indian Institute of Technology, Kharagpur.
20. An Examination of Critical Periods of Stock Price Movements Using Recurrence Plot,
International conference Issues in Finance: Theory and Empirics organized by the Centre for
advanced Studies, Department of Economics, Jadavpur University, January 2006

Teaching

Courses Offered
Course
Fixed income securities (PG Programme)
Corporate finance(FM 2) (PG Programme)
Econophysics of Businesses ( FPM)
Theory of Finance (FPM)
Fixed income securities (Executive PGP)
 Corporate finance(FM 2) (Executive PGP)

Academic administration

At IIMI
As Chair, Finance & Accounting area, one is responsible for managing the academic activities
of the area. Has been the member of the workload compensation committee and is chairing
the 5-year Integrated Programme of Management Review committee,

At IIMK
Has been a member of the Placement committee as well as the Student affairs committee.
One is also the joint Managing Editor of the peer reviewed journal IIMK Society and
Management.

At AIMK
As the Academic Coordinator, was responsible for running the two-year full time MBA
programme offered by the Institute. Was also member of the Governing body of the institute.
Previously as Faculty coordinator, Placements one was involved in planning and supervising
the placement process with the Placement Officer reporting directly to him. During ones
tenure the average salary increased by over 70% and highest salary jumped by 90% in a single
year.

At HIT
As Teacher-in-Charge, one was responsible for running the entire department. Additional
responsibilities included setting up the library and information systems of the department

Corporate training
Organised and implemented Management Development Programmes on Finance for
No-Finance Executives and Financial Management of Projects.
Designed and conducted an eighteen hour module for Reliance Industries senior
managers on Business & Project Finance.
Designed and conducted an eighteen hour module for incumbent officers of Indian
Railways Accounting Services on Project Finance.
Conducted sessions on Project finance in Open Management Development Programmes.
Conducted sessions on Fixed Income securities in satellite based Management
Development Programmes.
Conducted training on finance basics for GMR executives.

Industrial Experience

At MBEIL
Job involved interface between Chief Financial Officer and Projects and Proposals team. Was
the main estimation engineer of a ` 1475 crore worth project- the largest handled by the firm.
At METCO
Job profile involved project management and project finance. Was responsible for starting a
new business division for the company. Improved productivity of a plant by 25%

Significant achievement in academics other than publication and teaching

Was a guest editor, along with one my collaborators and colleagues, of a special issue of IIMK Society
& Management (http://ksm.sagepub.com/content/current) which had contributions on econophysics
from eminent scientists from places like Harvard University, University of California, Santa Cruz,
Universit de Lige, International Christian University, Japan, Cornell University and Nanyang
Technological University.
Organised a special talk by an eminent Chaos scientist Prof Ralph Abraham of University of California,
Santa Cruz ( Formerly associated with Universities of Princeton, Columbia and Barley)

LINKAGE WITH OTHER INSTITUTES:

External Examiner of PhD thesis at IIM Bangalore
Chaired a session at the 2nd International Conference on Econophysics held at Lucy Hotel, Kavala,
Greece during 13--14 September 2013
Chaired a session at The India Finance Conference, jointly organised by IIM-A, IIM-B and IIM-C during
December 18-20, 2013 at IIMA
Referee for 1st , 2nd and 3rd IIMA International Conference on Advanced Data Analysis, Business
Analytics and Intelligence
Organised a session at 3rd IIMA International Conference on Advanced Data Analysis, Business
Analytics and Intelligence
Chaired a session each at 1st and 3rd IIMA International Conference on Advanced Data Analysis,
Business Analytics and Intelligence
Chaired a session at Econophys-Kolkata VII, Saha Institute of nuclear Physics Kolkata
Chaired a session at International Conference on Infrastructure Finance at IIT Kharagpur
Delivered an invited talk on Non-linear dynamics in Financial Time series through Recurrence Plot
at Saha Institute of Nuclear Physics (SINP), Kolkata.
CII invited Faculty at Rajiv Gandhi University, Arunachal Pradesh
Formerly Visiting faculty at West Bengal University of Technology M Tech Programme
Formerly Visiting Faculty at Icfai Business School, Kolkata
Formerly Visiting Faculty at Eastern Institute of Management, Kolkata
Formerly Visiting Faculty at IMT Ghaziabad Kolkata Centre
Research collaboration with faculty at Economics and Physics department, Jadavpur University

RESEARCH COLLABORATORS/ADVISORS OTHER THAN PhD THESIS

GUIDES:
Norbert Marwan, Sr. Research Scientist, Potsdam Institute for Climate Impact Research
 Santo Banerjee, Laboratory of Cryptography, Analysis & Structure, Institute for Mathematical
Research, University Putra Malaysia, Malaysia and International Scientific Research Institute,
ISCASS, Ankara, Turkey
Lykourgos Magafas, Professor of Electronics and Signal Processing in Electrical Engineering, TEI of
Kavala.
Kausik Gangpopadhyay, Associate Professor, Economics, Indian Institute of Management
Kozhikode
Sumit Mitra, Associate Professor, Strategy, Indian Institute of Management Kozhikode

MISCELLANEOUS ACTIVITIES:
Reviewer, Physica A, Chaos, Solitons & Fractals, Journal of Computation and Statistics, Electronic
Journal of Mathematical Analysis and Applications , Journal of quantitative Economics, Vikalpa,
IIMB Management review and Global Business Review
Member, organising committee, PRMIA Kolkata chapter, for seminar on global event series on
operational risk management in collaboration with CII
Member, Organizing Committee, Complex System 2008, an international workshop on complex
systems, jointly organized by West Bengal University of Technology and Indian Statistical Institute,
Kolkata during March 2008
Joint Co-ordinator, International Winter School on Chaos, Nonlinear Dynamics and Complexity,
held at West Bengal University of Technology during December 2005.
Invited Author, SciTopics-Research summaries by experts (www.scitopics.com), a scientific
community maintained by Elsevier.(Editorial Policy mentions: A SciTopics page can be started by
invitation only. An author is invited based on the merit of his/her published research and will always
be a scholar who is known and respected in the field)
Member, Steering Committee, Professional Risk Mangers International Association (PRMIA),
Kolkata Chapter
Member, Apex Committee, Finance, syllabus review committee, West Bengal University of
Technology
Moderator and Head Examiner, Finance Elective papers, End semester examination, West Bengal
University of Technology
Advisor, Cerulean Consulting Private Ltd

PERSONAL INFORMATION
Date of Birth: 18.10.1969
Marital Status: Married
Children: One Daughter