Raman Kumar

Biography

Dr. Kumar's research is in the areas of investments, derivative securities, market microstructure, and more specifically on the interactions between the stock and options markets. His research has been published in premier peer-reviewed journals such as Journal of Finance, Journal of Financial Economics and Journal of Financial and Quantitative Analysis, and in other high-quality peer-reviewed academic journals such as Journal of Corporate Finance and Journal of Banking and Finance. His research on the corporate practice of repricing of executive stock options highlighting their potential misuse at the expense of shareholders published in the Journal of Financial Economics was soon followed by both NYSE and NASDAQ instituting shareholder approval of repricing’s as a listing requirement. His research on the beneficial impact of the trading of stock options on the quality of the market for the underlying stocks in the stock market was published in the Journal of Finance and has been very widely cited in the academic and practitioner journals for its significant contributions to the important question on whether the derivative markets have a beneficial or a harmful impact on the market for the underlying securities. His paper proposing the use of Real Collar-Options in Public-Private Partnership transportation projects has been widely cited in academic and practitioner journals in construction management. His current research is focused on the motivations and possible explanations for the dramatic increase in corporate payouts using stock buybacks and in developing a new and economically-sound measure for measuring investors returns over multiple-periods with intermediate deposits/withdrawals and varying periodic returns.

Dr. Kumar's teaching experience ranges from undergraduate to PhD courses. He has taught PhD courses in investments and in econometric methods that are used for research in finance. At the MBA and undergraduate levels, he has taught courses in investments, derivative securities and international finance. For excellence in teaching, he has received numerous teaching awards, including the William E. Wine Award for Teaching Excellence, Virginia Tech Teaching Excellence Award, MBA Outstanding Faculty Award (multiple years), Outstanding Faculty in Doctoral Education Award (twice), and the Warren Lloyd Holtzman Outstanding Educator of the Year Award. In recognition of his scholarly achievements and his significant contributions to the university’s tripartite mission of research, teaching and service, he was appointed as an Alumni Distinguished Professor by Virginia Tech in 2024.

Education & Certification

Ph.D., University of Pittsburgh, 1985

P.G.D.M. (M.B.A.), Indian Institute of Management Calcutta, 1977

B.B.M., Banaras Hindu University, 1974

Additional Information

Awards and Honors

• Alumni Distinguished Professor - Appointed in 2024
• William E. Wine Award 2015 
• MBA Outstanding Faculty Award 2006, 2010, 2011, 2014, 2015
• Outstanding Faculty in Doctoral Education Award 2001, 2014

Service Related Contributions

Dr. Kumar was the Interim Department Head of the Department of Finance from 2000 to 2002 and Department Head from 2009 to 2011. He served as a Faculty Advisor for BASIS, a student group managing an investment of $5 million in Bonds for the Virginia Tech Foundation from 2007 to 2009. Dr. Kumar has also served the Finance Department and the Pamplin College of Business in a variety of ways including serving as the Chair of the College Promotion and Tenure Committee, Director of the Finance Department Ph.D. program, and serving on the Department and College Honorifics and Promotion & Tenure Committees.