Dr Anandadeep Mandal

Dr Anandadeep Mandal

The Department of Finance
Lecturer in Finance

Contact details

University of Birmingham
B15 2TT

Anand is an Assistant Professor (Lecturer) in Finance. His research underpins a desire to learn, understand and explain the complex dynamics of financial markets and their behaviour using applied mathematics.


  • PhD on Probability Distribution Fitting, Cranfield University (2016)
  • MRes in Management Science, Cranfield University (2012)
  • MSc in Finance and Investments, Durham University (2008)


Anand studied Electronics engineering for his undergraduate degree. Later he switched to quantitative finance and gained a PhD from Cranfield University. He was the recipient of ‘Best PhD Thesis Award – 2016’ from Cranfield University. Overall he has more than five years of academic and industry experience in the field of research and consulting. His primary research interest is in the field of quantitative finance.


Undergraduate: Advanced Finance

Postgraduate: Risk Management

Postgraduate supervision

Anand is interested in supervising PhDs in the fields of quantitative finance. His preference is for PhD students who are keen in understanding market dynamics using stochastic processes.


Research Interests include:

  • Asset pricing and Volatility Modelling
  • Markov and Stochastic Processes
  • Non-linear Stochastic filtering
  • Derivatives and Risk Modelling
  • Investment Science


Journal articles: 

Poshakwale S & Mandal A (2016), What drives asymmetric dependence structure of asset return comovements?, International Review of Financial Analysis, 48, 312-330.

Poshakwale S & Mandal A (2016), Sources of time varying return comovements during different economic regimes: evidence from the emerging Indian equity market, Review of Quantitative Finance and Accounting, 48 (4), 859-892.

Poshakwale SS & Mandal A (2016) Determinants of asymmetric return comovements of gold and other financial assets, International Review of Financial Analysis, 47, 229-242.

Poshakwale S & Mandal A (2014) Investor behaviour and herding: evidence from the National Stock Exchange in India, Journal of emerging market finance, 13 (2), 197-216.

Sahoo, B & Mandal A (2011) Examining Performance of Banks in India: Post Transition Period, Journal of Bank Management, 10, 7-31.

Sahoo, B & Mandal A (2007) Efficiency Evaluation of Banking Sector: Assessing India’s Liberalization Policy,  International journal of Operational research, 4 (2), 63-79.


“Performance Evaluation of Banks in India: Post Transition period”, LAP LAMBERT Academic Publishing GmbH & Co. Germany (January 2011)ISBN (978-3-8433-0293-6)

“Pricing of Weather Derivatives” - LAP LAMBERT Academic Publishing GmbH & Co. Germany (January 2011)ISBN (978-3-8433-8341-7)