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Ajeyo Banerjee | Associate Professor of Finance

Ajeyo Banerjee, Associate Professor; Director, RMI Program


  • PhD Finance & Econometrics, University of Massachusetts, Amherst
  • MBA Finance, University of Massachusetts, Amherst
  • MSc Physics, University of Delhi, India
  • BSc Honours in Physics, St. Stephen's College, University of Delhi, India

Courses Taught

  • Management of Business Capital, FNCE 3500
  • Corporate Financial Decisions, FNCE 4500
  • Financial Decisions & Policies, FNCE 6310
  • Mergers & Acquisitions, FNCE 6420
  • Financial Management, BUSN 6640

Areas of Expertise

  • Mergers and acquisitions
  • Corporate finance
  • Emerging markets
  • Governance structures in organizations

Other Education

  • Certified Management Accountant (CMA)
  • Certified Cost and Management Accountant, India
  • Certified Banker, India

Professional History

Academic Experience:

  • Associate Professor, University of Colorado at Denver
  • Visiting Associate Professor, edhec School of Management, Lille, France
  • Visiting Associate Professor, Indian Institute of Management, Calcutta, India
  • Assistant Professor, University of Colorado at Denver
  • Instructor, School of Management, University of Massachusetts, Amherst
  • Teaching Fellow, Harvard University Summer School, Cambridge


  • Director, J.P. Morgan Center for Commodities
  • Discipline Director/Department Chair, Finance Program
  • Director, 11-Month MBA Program
  • Director, MBA Program
  • Faculty Advisor, Financial Management Association student chapter
  • Credit Analyst, State Bank of India

Selected Publications


  • "Why Regulate Insider Trading? Evidence From the First Great Merger Wave (1897-1903)," American Economic Review, 2001 (with E. Woodrow Eckard)
  • "Are Mega-mergers Anticompetitive? Evidence From the First Great Merger Wave," RAND Journal of Economics, 1998 (with E. Woodrow Eckard)
  • "Impact of the Nature and Sequence of Multiple Bids in Corporate Control Contests of the Eighties," Journal of Corporate Finance, 1996 (with James E. Owers)
  • "Changes in SEC Disclosure Rules for Executive Stock Options: Implications for Valuation," Journal of Accounting, Auditing, and Finance, 1995
  • "Managerial Incentives and Corporate Control Auctions," Managerial and Decision Economics, 1993 (with James E. Owers)
  • "Wealth Reduction in White Knight Bids," Financial Management, 1992 (with James E. Owers)

Current Research

  • Financing patterns of corporations in China and India
  • Voluntary public financial disclosure in an unregulated environment
  • Private Equity: Does it add value in the long run?
  • Bank mergers since the 2007 Great Recession

Achievements and Honors

  • Organizer, first business school International Symposium “New Directions in Commodities Research,” August 10-11, 2017, 80+ participants from 10 countries
  • CME funded two new e-publications, monthly Global Commodity Issues (Editor’s Choice) at, and half-yearly Global Commodities Applied Research Digest (GCARD) at, 2016
  • CME Group Foundation Commodities Research Grant, $175,000, 2015
  • Jim Basey Leadership Award ($30,000), Business School, University of Colorado Denver, 2014
  • South-Western Deans Bizzell Award (awarded by Bloomberg) for Innovative RMI Program – Honorable Mention, 2014
  • Architect and first Director, new Risk Management and Insurance Program funded by Pinnacol Assurance ($5 million), 2010
  • Dave Laube Community Impact Award ($5,000), Business School, University of Colorado Denver, 2007
  • Jim Basey Innovation and Leadership Award ($30,000), Business School, University of Colorado Denver, 2004
  • Faculty Research Grants, Teaching Development Grant, University of Colorado at Denver
  • Outstanding Service Award, Business School at the University of Colorado at Denver, 2002
  • Corporate Finance Best Paper Award, Eastern Finance Association meetings, 1990
  • Sheaffer-Eaton Academic Excellence Award, University of Massachusetts, Amherst, 1987
  • Ranked 2nd in India in cost accounting certification examination, 1981

Academic and Professional Activities

  • Content Expert: American Council on Education, Washington DC
  • Reviewer: National Stock Exchange of India Research Grant Projects
  • Reviewer: Managerial and Decision Economics, California Management Review
  • Chairperson/Discussant/Program Committee: Financial Management Association, Eastern Finance Association past annual meetings
  • Member: Financial Management Association (FMA), Institute of Management Accountants (IMA), Global Association of Risk Professionals (GARP), Institute of Cost and Management Accountants of India (ICMA), Indian Institute of Bankers (IIB)

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