Newcastle University Business School

Staff Profile

Dr Rama Kanungo

Lecturer in Finance, Degree Programme Director of MSc Banking & Finance Programme, Senior Tutor


Dr. Kanungo is a Lecturer in Finance at Newcastle University London and Degree Programme Director of MSc Banking and Finance Programme. Rama also carries the responsibility of Senior Tutor for all the programmes at London campus. He is a member of Finance, Accounting, Control & Evaluation (FACE) and Applied Econometrics (AE) group at Newcastle University Business School. Prior to joining Newcastle University London, he worked as was a Senior Lecturer at Portsmouth Business School. He has several years of experience in financial consulting and M&As advisory role. 


BSc (Distinction), MSc (Maths), MA, LLB, MBA, MPhil, PhD, FHEA

Rama holds several memberships in scholarly forums and professional agencies:

  • Member: Euro Working Group of Financial Modelling (EWGCFM)
  • Fellow: HEA (Higher Education Academy).
  • Member: CMI (Chartered Management Institute)
  • Member: Institute for Learning (IFL)
  • Life Member: International Honour Society-Beta Gamma Sigma
  • Registered Consultant: Asian Development Bank (ADB)
  • Member: The British Accounting Association Corporate Governance Special Interest Group
  • Member: State Bar Council, Orissa, India

Dr. Kanungo has published a number of professional articles and features in national and international media:



Rama's core research mainly focuses on Empirical Finance, Merger & Acquisitions, Corporate Finance, Financial Modelling, Financial Theory and Management, Financial Derivatives, Investment, Risk & Portfolio Analysis. In addition, he also studies and takes interest in Financial Econometrics, Logit/Probit Model, Time Series Analysis, GARCH and GJR-GARCH model, Behavioural Finance, Transition Model and Hidden Markov Model (HMM). He has widely published in several peer reviewed journals and taken other research related responsibilities. One of his papers has received outstanding paper award from the Emerald Literati Network. He has also attended and chaired sessions at national and international conferences held at Cambridge, Oxford and Surrey University.

Member of Editorial Team

  • Journal of Frontiers of Finance
  • Journal of International Business & Management.


  • European Journal of Operational Research
  • Management Research News
  • Journal of Business Research

Currently Rama is preparing five working papers.


Rama has taught modules in Financial Control and Resource Management, Accounting and Financial Strategy, Exploiting Capital and Managing Risk, Corporate Finance, Financial Markets & Institutions in various academic institutions.

He currently teaches Derivative Markets, International Financial Management and International Money & Banking modules for the BSc Accounting & Finance; and MSc Banking & Finance Programme.


  • Kanungo RP. Ex-ante and Ex-post Differences in Firm-level Characteristics of U.K. M&As. In: 6th International Conference on Applied Theory, Macro and Empirical Finance. 2020, Greece. In Preparation.
  • Gupta S, Kanungo RP. Financial Inclusion and Digitalization: Serving the Bottom of the Pyramid (BOP) Segmen. In: Financial Inclusion and FinTech, SOAS. 2019, London. In Preparation.
  • Kanungo RP, Rowley C, Banerjee A, ed. Changing the Indian Economy: Renewal, Reform, and Revival. Elsevier, 2018.
  • Kanungo RP. Civil Society Matters: India in Continuity. In: Changing the Indian Economy: Renewal, Reform, and Revival. London: Elsevier, 2018. In Preparation.
  • Al-Shawabkeh A, Kanungo RP. Credit Risk Estimate using Internal Explicit Knowledge. Investment Management and Financial Innovations 2017, 14(1), 55-66.
  • Kanungo RP. Payment Methods of Acquirers during recent Financial Crisis. In: World Finance Conference, Italy. 2017, Sardinia. In Preparation.
  • Kanungo RP. Financial Characteristics of U.K. Merger and Acquisitions: Ownership Concentration, Risk and Liquidity Constraints. 2016. In Preparation.
  • Zhao Y, Kanungo RP, Karbhari Y. Do acquirers’ gain? Evidence from the Chinese and UK consumer product and services market. Investment Management and Financial Innovations 2015, 12(3), 64-72.
  • Kanungo RP. Learning Success Factors of Strategic Alliances and Estimating Under An Alternate Specification. Investment Management and Financial Innovations 2015, 12(3), 120-131.
  • Kanungo RP. Is Cash Option better than Stock Option: The UK M&As during the Financial Crisis. In: 14th FRAP Finance, Risk and Accounting Perspectives Conference. 2014, Oxford, UK.
  • Kanungo RP. Neural Network and Audit Fees: A Heuristic Onset. International Journal of Empirical Finance 2014, 3(2), 55-60.
  • Kanungo RP. Revisiting UK Crowdfunding: An Alternate Sourced Financing. In: Symposium on the Economics and Financing of Education. 2014, Oxford, UK.
  • Kanungo RP. Pseudo Market Timing of Premium and Standard Listed IPO. In: 13th FRAP Finance, Risk and Accounting Perspectives conference. 2013, Cambridge University.
  • Kanungo RP. Pseudo Market Timing of Premium and Standard Listed IPOs. Journal of Finance and Risk Perspectives 2013, 2(1), 25-37.
  • Al-Shawabkeh A, Kanungo RP. Risk of Default Loans in Jordanian Banks under Credit Risk Classification Models. In: Banking, Finance, Money and Institutions: The Post Crisis Era, The Centre for Money, Banking & Institutions of the University of Surrey and the Centre for Research in Contemporary Finance of Fordham University. 2013, Surrey University.
  • Kanungo RP, Joseph NL. Examining UK M&As under the Logit and Heteroskedastic Probit Parameterisation. In: CGIR 20th Anniversary Conference on National Governance Bundles. 2012, Cambridge University.
  • Kanungo RP. Genetic Algorithm: Genesis of Stock Evaluation. Journal of Research in Economics and International Finance 2012, 1(6), 159-165.
  • Kanungo RP. Cross Culture and Business Practices: Are They Coterminous or Cross-verging?. Cross Culture Management: An International Journal 2006, 13(1), 23-31.
  • Kanungo RP, Karbhari Y. Are managers Myopic? Evidence from Take-overs. Accountants Today 2004, 18(4), 20-22.
  • Karbhari YK, Kanungo RP. Corporate Restructuring, Firm Performance and Value: An Agency Perspective. Accountants Today 2004, 17(3), 18-21.