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)


Undergraduate: Advanced Finance

Postgraduate: Risk Management

Postgraduate supervision

Themes: Asset Pricing, Risk Analytics, Derivatives Market, Investment Science

Applied Techniques: Stochastic Processes, Econometrics, PDEs, Stochastic Calculus, DGSE processes


Recent publications


Mandal, A, Poshakwale, S & J. Power, G 2020, 'Do investors gain from forecasting the asymmetric return comovements of financial and real assets?', International Journal of Finance and Economics, pp. 1-46.

Mandal, A, Moreira Barreto de Oliveira, A & J. Power, G 2019, 'A primer on the pricing of electric energy options in Brazil via mean-reverting stochastic processes', Energy Reports, vol. 5, 206, pp. 594-601. https://doi.org/10.1016/j.egyr.2019.03.010

Poshakwale, S, W. Taunson, J, Mandal, A & Theobald, M 2018, 'Lower tick sizes and futures pricing efficiency: evidence from the emerging Malaysian market', Review of Quantitative Finance and Accounting. https://doi.org/10.1007/s11156-018-0777-7

Mandal, A & Poshakwale, S 2017, 'Sources of time varying return comovements during different economic regimes: evidence from the emerging Indian equity market', Review of Quantitative Finance and Accounting, vol. 48, no. 4, pp. 859-892. https://doi.org/10.1007/s11156-016-0580-2

Mandal, A & Poshakwale, S 2016, 'Determinants of asymmetric return comovements of gold and other financial assets', International Review of Financial Analysis, vol. 47, pp. 229-242. <https://dspace.lib.cranfield.ac.uk/handle/1826/10582>

Mandal, A & Poshakwale, S 2016, 'What drives asymmetric dependence structure of asset return comovements?', International Review of Financial Analysis, vol. 48, pp. 312-330. https://doi.org/10.1016/j.irfa.2015.07.001

Mandal, A & Poshakwale, S 2014, 'Investor behaviour and herding: evidence from the National Stock Exchange in India', Journal of Emerging Markets Finance, vol. 13, no. 2, pp. 197-216.

Mandal, A & Sahoo, B 2007, 'Efficiency Evaluation of Banking Sector: Assessing India’s Liberalization Policy', International Journal of Operational Research, vol. 4, no. 2, pp. 63-79.

View all publications in research portal