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Dr Rajesh Tharyan

Associate Professor

Department: Newcastle Business School

Dr Tharyan holds a PhD in Finance from the University of Exeter Business School and an MSc from the London School of Economics. He also holds an MBA in Finance and is a Fellow of the Higher Education Academy. He has extensive teaching experience at undergraduate and postgraduate level including on MBA programs.  He has been a class teacher at the London School of Economics and a resident faculty at the Ecole Nationale des Ponts et Chausees (Now Ecole Paris Tech) India campus.  He has also delivered courses at The Southwestern University of Finance and Economics (SWUFE), China and at the University of Algarve, Portugal.

He has published in leading journals such as the British Journal of Management, The British Accounting Review, Journal of Business Finance and Accounting, European Financial Management and the Journal of Business Ethics. 

His research has been covered by Bloomberg and cited by the MSCI, The Times, The Economist, The Motley Fool, CityWire, BBC Radio4 Money Box among others. His research has also been cited in several regulatory reports of the Competition and Markets Authority (CMA).

His current research covers empirical asset pricing, block ownership, corporate debt – covenant lite contracts, trade credit, directors’ trading, mergers and acquisitions and ESG and corporate social responsibility.

Rajesh Tharyan

  • Asset Pricing and Cost of Capital.
  • Block Ownership/Institutional Ownership
  • Insider/Director’s trading.
  • Green Finance/ESG/ Climate finance/Corporate Social responsibility.
  • Mergers and Acquisitions
  • Top Management Teams
  • Corporate Debt.

  • Please visit the Pure Research Information Portal for further information
  • Environmental and social disclosures: Link with corporate financial performance, Qui, Y., Shaukat, A., Tharyan, R. 1 Mar 2016, In: British Accounting Review
  • Experience Teaches Slowly: Non-linear Effects of Top Management Teams’ International Experience on Post-acquisition Performance, Piaskowska, D., Trojanowski, G., Tharyan, R., Ray, S. 1 Oct 2022, In: British Journal of Management
  • In search of beta, Gregory, A., Hua, S., Tharyan, R. 1 Jun 2018, In: The British Accounting Review
  • Corporate Social Responsibility and Firm Value: Disaggregating the Effects on Cash Flow, Risk and Growth, Gregory, A., Tharyan, R., Whittaker, J. 2014, In: Journal of Business Ethics
  • Constructing and Testing Alternative Versions of the Fama-French and Carhart Models in the UK, Gregory, A., Tharyan, R., Christidis, A. 2013, In: Journal of Business Finance and Accounting

Current Working Papers

  • Towards the Natural Environment Agency Theory (NEAT). (with G. Trojanowski and A. Shaukat)
  • Risk-Return Analysis of Covlite Deals and Covenant flexibility: Evidence from the Pre/Post Covid-19 Pandemic period Analysis (With A. Isin and K. McMeeking) )
  • Covenant-lite Deals, Non-Bank Deal Ownership and Financial Reporting Quality” (With A. Isin and K. McMeeking) 
  • Product Market Shock, Stakeholder Relationship and Trade Credit (With J. Srivastava and B. Gopalakrishnan)

Industry Reports

  • The Evolution of Beta through the Covid Crisis, January 2021 (With A. Gregory and R.D.F Harris)
  • A Response to the CMA’s Provisional Findings on Water and the Estimation of Beta, October 2020. (With A. Gregory and R.D.F Harris)
  • A Report on the Estimation of Beta, April 2020 (With A. Gregory and R.D.F Harris)
  • A Report on the Cost of Equity, February 2019 (With A. Gregory and R.D.F Harris)

Other working papers and projects

  • How does the stock market reward companies with a lower carbon footprint? (With S. Hua, A.Gregory and J. Whittaker)
  • Paying cash? The effect of TMT international experience and national diversity on payment mode in cross-border acquisitions (with Trojanowski, D. Piaskowska and S. Ray)
  • Overvaluation versus Overconfidence in takeovers: Managerial Trading as an Identification Strategy. (with A. Gregory and I. Tonks)
  • Shareholders-vs-Stakeholders - Whose side are the managers on? - Evidence from India on the impact of Covid-19 on CSR activity. (With J. Jacob and B/ Balakrishnan)

Research Grants

  • £9150-GW4, Starter grant for setting up a Centre for Corporate Governance and Social Responsibility (CGSR). Together with leads from Bristol, Bath and Cardiff universities, 2015.
  • £285,000 -ESRC, “Cost of Capital and Asset Pricing in the UK”, with Gregory, C. Dargenidou, W. Pengguo, 2012-2015.
  • £1,100 University of Exeter internal grant, Firms, Markets and Value (FMV) Cluster Funding for impact case study, 2016 (with A. Gregory)
  • £2580 University of Exeter internal grant., Firms, Markets and Value (FMV) Cluster Funding to organize the cost of capital conference, 2017 (With P. Wang)
  • £3500 University of Exeter internal grant., The Firms, Markets and Value (FMV) Cluster Funding for building a database of US mutual fund holdings by scraping original 13f/NQ etc. filings from SEC website, 2017 (With P.A Garcia)

External Examining

  • External Examiner at University of Bristol for the following UG modules.: EFIM 20041: Quantitative Methods for Finance 1 , EFIM 20043:  Asset Markets , EFIM 20040:  Financial Data  EFIM 20042: Corporate Finance and Valuation

PhD Supervision

  • Jinlin Li: “The impact of uncertainty on asset pricing and corporate finance decisions: evidence from US firms” (with C. Zhang) University of Exeter
  • Suparna Ray: “Director experience implications for performance of mergers and Acquisitions.” (with G. Trojanowski) University of Exeter
  • Huang Yan: “Long-term abnormal stock performance: UK evidence.” (with A. Gregory)
  • Heba Ali: “Long run performance of initial public offerings and seasoned equity offerings in the UK.” (with A. Gregory) University of Exeter
  • Graham Paul Buckingham: “ The Effect of Corporate Social Responsibility on the
  • Financial Performance of Listed Companies in the UK.” (With A. Gregory) University of Exeter
  • Shan Hua: “Relationship between firm valuation and corporate social responsibility initiatives.” (with A. Gregory) University of Exeter

PhD examination

As External Examiner

  •  Heba Ahmed Hamza: The role of earnings and its components in predicting future cash flows: evidence from the MENA region firms, UWE Bristol (2020)
  • John Chessher: Do insider returns vary with stock market conditions, Henley Business School (2019)
  • Jie Tang: “The Financial reporting Quality, choice of Payments and Due Diligence Auditor in M&As: Evidence from China” –Nottingham University Business School, Ningbo, China (2017).
  • Ahmed Al-Omush: “The Association between Accruals, EVA and CVA and the Firm’s Market performance of UK and US firms” – University of West of England (2014)

As internal examiner at University of Exeter

  • Yintong Dai: “Three Essays on Stock Returns and Idiosyncratic Risk” (2022)
  • Xiao Chen: Essays on Merger & Acquisition Press Releases and Firm Performance (2022)
  • Yina Lian: “Essays in Pensions” (2019)
  • Mengyu Wang: “Essays in Empirical Corporate Finance” (2019).
  • Jian Liu: “Essays on Corporate Finance” (2018).
  • Zezeng Li: “Essays on Pension De-risking Strategies” (2017).
  • Xinlin Zhu: “Essays on corporate Diversification” (2016).
  • Liang Liang: “The Impact of Innovation Networks on Service Design” (2016).
  • Ruo Zhang: “Ambiguity Aversion and the Stock Market Participation: Empirical Evidence” (2016).
  • Xingzhou Liu: “Stock return predictability and insider trades” (2013).
  • Felix Haller: “Macro-Economic Forces, Managerial Behaviour and Board Networks as Drivers of M&A Activity” (2013).
  • Kingkan Kestri: “Weather exposure and the market price of weather risk” (2012).

Leadership and Management Roles

  • Exeter Business School Director of Post Graduate Research. 2017 – 2019
  • Pathway lead for Business and Management, Exeter Business School -SWDTP 2017 – 2019
  • Discipline Director of Post Graduate Research (Finance), Exeter Business School 2016 – 2017
  • Academic Advisory Board member - ESRC SWDTP 2017 – 2020
  • Placements Sub Panel Member - ESRC SWDTP 2017 – 2020

 Awards and honourable mentions

  • Environmental and social disclosures: Link with corporate financial performance (with Y. Qiu and A. Shaukat), The British Accounting Review, vol. 48, no. 1, pp. 102–116, 2016 (Most cited BAR paper 2016-2019 and second most cited paper of all time in the BAR in 2022)
  • Above and Beyond Award (Impact), University of Exeter 2020
  • Above and Beyond Award (Community), University of Exeter 2019
  • Above and Beyond Award (Impact), University of Exeter 2019
  • Above and Beyond Award, University of Exeter 2018
  • Above and Beyond Award, University of Exeter 2017
  • Above and Beyond Award, University of Exeter 2017
  • Rewarding Excellence Incremental Award, University of Exeter 2016
  • Above and Beyond-Award (Collaboration), University of Exeter 2016
  • Above and Beyond-Gold Award (Exceptional performance at a University level), University of Exeter 2016
  • Nominated – Students’ Guild teaching awards – best lecturer, University of Exeter 2016
  • Nominated – The Business School awards, University of Exeter 2016
  • Nominated – Students’ Guild teaching awards – best lecturer, University of Exeter 2015
  • Nominated – Students’ Guild teaching awards – best lecturer, University of Exeter 2014
  • Nominated – Students’ Guild teaching awards – best lecturer, University of Exeter 2012
  • Full Departmental Scholarship for the Doctoral Program, University of Exeter 2004 – 2008
  • Graduate Teaching Assistantship, University of Exeter 2004 – 2008

Media and other coverage of research

  • Foundation of ESG investing, MSCI, Part 1- How ESG Affects Equity Valuation, Risk And Performance, MSCI (2019)
  • Reports of the Competition and Markets Authority, (Various years)
  • Wright, S., Burns, P., Mason, R. and Pickford, D., Estimating the cost of capital for implementation of price controls by UK Regulators, report for the UK Regulators Network .(UKRN). 2018.
  • Is the stock market sexist? Pacific Standard Magazine, 25/1/2016.
  • Cited in Great Debates in Company Law, by Lorraine Talbot, Palgrave Macmillan,
  • NASDAQ - “For Better Returns, Invest Like a Woman”, 13/8/2013
  • The 30 percent club suggested reading on the gender diversity on corporate
  • London Economics Consultation Response Document to
  • The Economist – Investing; Men: they just don’t listen, 6/6/2013
  • The Times - Why banks like to say yes when women ask to borrow money, 8/6/2013
  • The Herald (Glasgow) – Female stock trades valued less, 7/6/2013
  • The Daily Record–Women best at share deal, 6/6/2013
  • The Daily Mirror – Women best at share deal, 6/6/2013
  • Daily Express – Morning meeting, 6/6/2013
  • Annexes to the impact assessment on costs and benefits of improving the gender balance of companies listed on stock exchanges. Accompanying the initiative to improve gender balance in company boards, European Commision staff working document, Brussels, 14/11/2012.
  • Gender diversity on company boards– VOX-CEPR policy portal, March 2012
  • How female directors move the market, Business Spectator, 29/3/
  • Stock market stereotypes undervalue female directors in the short-term: Phys.org, 24/2/2012.
  • Following directors trades can make you money: Bloomberg , 5/01/2010
  • Follow these canny share buyers: The Motley Fool, 19/12/2009.
  • Tracking director share buying can make you money: CityWire, 15/12/2009.
  • Insider trading in value and glamour stocks: BBC Radio4 Money BOX, 2/12/2009


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