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Prof. Vandana Bhama

Prof. Vandana Bhama

PhD (Finance), Department of Management Studies, IIT Delhi; MBA (Finance), Regional Institute of Management (RIMT), Mandi, Gobindgarh, Punjab; B.Com (Hons), Mata Gujri College, Sirhind, Punjab


Contact: 011 – 46485507

Total Years of Experience

5 Years

Brief description of Experience

Dr. Vandana is working as an assistant professor in the area of finance & accounting at FORE School of Management. She is an alumni of IIT Delhi. She has published her research work in some leading journals like International Journal of Managerial Finance (Emerald), IIMB Management Review (Elsevier), Journal of Emerging Market Finance (Sage), Asian Journal of Business and Accounting, MDI’s Vision and IUP Journal of Applied Finance. She has also presented her research work in international and national conferences. A few named are Economics and Finance Conference, London, UK and Fourth India Finance Conference, IIM Bangalore. She has attended MDP on ‘Executive Development Program on Applied Financial Risk Management’ from IIM Kashipur and another online program on Equity Valuation and Financial Modelling. She has been awarded scholarships and certificates for securing high positions in her academic background. 

Research Interest Areas

Equity Buy Back, Cost of Capital, Equity Markets

Consulting Interest Areas

Financial Risk Management, Financial Services, Modelling

Selected Publications

1) Bhama, V., Jain P.K. and Yadav, S.S. (2019). Test of pecking order theory at varying debt levels: A comparison of Indian and Chinese firms. Journal of Emerging Market Finance (Accepted for publication).
2) Pandey A., Bhama V. and Singh, M. (2019). Recession impact on capital structure determinants: Evidences from India. Journal of Management Research (Accepted for publication).
3) Bhama, V., Jain P.K. and Yadav, S.S. (2018). Firms’ adherence to the pecking order in deficit and surplus conditions: a comparative study of India and China. Asian Journal of Business and Accounting Vol. 11(2), pp.55 - 84.
4) Bhama, V., Jain P.K. and Yadav, S.S. (2018). Relationship between the pecking order theory and firm’s age: empirical evidences from India. IIMB Management Review, Vol. 30, pp. 104-114.
5) Bhama, V., Jain P.K. and Yadav, S.S. (2018). Firms’ financing decisions in deficit and surplus situations- a survey based evidence from India. The IUP Journal of Applied Finance, Vol. 23(2), pp. 27-45.
6) Bhama, V., Jain P.K. and Yadav, S.S. (2017). Pecking order among select industries from India and China. Vision – The Journal of Business Perspective, Vol. 21 (1), pp. 1-13. 
7) Bhama.V., Jain P.K. and Yadav, S.S. (2017). Debt issues and redemption in deficit and surplus conditions: Evidences from Indian firms, Book Chapter in “Financial System Reforms & Economic Growth: Issues and Challenges” Published by Mc Graw Hill Education, New Delhi.
8) Bhama.V., Jain P.K. and Yadav, S.S. (2016). Testing the pecking order theory of deficit and surplus firms: Indian evidence. International Journal of Managerial Finance, Vol. 12 (3), pp. 335-350.
9) Bhama.V., Jain P.K. and Yadav, S.S. (2015). Does firms’ pecking order vary during large deficits and surpluses? An empirical study on emerging economies. Procedia Economics and Finance, Vol. 30, pp. 155-163 (Elsevier) (This paper was also presented in 4th Economics & Finance Conference, London, UK, August 25-28, 2015).

Executive Education/MDPs

FORE School of Management has been designing, developing and conducting innovative Executive Education (EE)/ Management Development Programmes (MDPs) for working executives in India for over three decades.