Economics and Finance
Dr. Achintya Ray
Professor, Academics and Finance
EXPERTISE
Financial Statement Analysis, Data Science, Econometrics and Statistical Modeling, Economic Implications of Cybersecurity
Office: Avon Williams Building J401
Phone: 615.963.7347
Email: aray4@tnstate.edu
BIO
Achintya Ray, Ph.D., is a Professor of Economics in the AACSB Accredited College of Business in the Tennessee State University. Dr. Ray earned his M.A. and Ph.D. degrees in Economics from Vanderbilt University. He has completed AACSB endorsed Post Doctoral Bridge Program from the University of Florida where he specialized in Accounting and Finance. Dr. Ray also holds professional certificates in the areas of Big Data and Cybersecurity Technology and Policy from the Massachusetts Institute of Technology. Dr. Ray’s research interests are in Financial Statement Analysis, Data Science, Econometric, and Statistical Modeling, Economic Implications of Cybersecurity with a particular reference to banking and financial sector, Financial statement based measurement of efficiency and productivity, Economics of Innovation and R&D, Applied Microeconomics, Healthcare Economics and Policy. Dr. Ray has published his research in many internationally reputed peer-reviewed journals like the Manchester School, Journal of Economics, Economics of Innovation and New Technology, Economics Bulletin etc. Dr. Ray has provided his services as a peer reviewer to many leading international journals including American Journal of Preventive Medicine, American Journal of Public Health, Journal of Epidemiology and Community Health, Manchester School, Applied Economics, Applied Financial Economics, British Medical Journal, Economics and Human Biology, Social Science and Medicine, and Bulletin of the World Health Organization. He is a noted columnist whose op-eds have been published by leading dailies around the world. He has presented invited talks at many internationally reputed institutions including the World Institute of Development Economics Research of the United Nations University, The George Washington University, Wharton School of the University of Pennsylvania, University of Waterloo, Whittier College, and Indian Institute of Management. Dr. Ray has served as expert examiner of doctoral dissertations of many reputed international universities.
EDUCATION
Ph.D. Economics – Vanderbilt University, 2004
M.A. Economics – Vanderbilt University, 2003
M.A. Economics – Delhi School of Economics, University of Delhi, 1997
B.Sc. Economics (Honors) – University of Calcutta, 1995
COURSES TAUGHT
Graduate Courses
Financial Econometrics
Information Systems and Statistics
Advanced Topics in Healthcare
Economics & Management
Economics of Healthcare Organization
Regulation
Legal Issues
Introduction to Health Economics and Management
Foundations of Economics and Finance
Undergraduate Courses
Basic Econometrics
Commercial Bank Management
Quantitative Methods (Mathematical Economics)
Principles of Economics: Microeconomics
Principles of Economics: Macroeconomics
Statistical Analysis I
Statistical Analysis II (Redesignated as Quantitative Methods)
Intermediate Microeconomics
Urban Economics
Urban Land Resource Analysis
PUBLICATIONS AND AWARDS
Book Chapters
A. Ray, (2017), “Economics of Discretionary Accrual, Fair Value Accounting, and
Accounting Fraud: A Simple Introduction”, In Lalit Joshi & Paramita Chakravarty
(ed) “Emerging issues in Accounting, Finance and Taxation.”
A. Ray, (2016), “Effects of Competitive Structure on Loan Pricing and Credit Provisioning in Oligopolistic Banking Industry”, In Kazuhiro Ohnishi (ed) “Firms’ Strategic Decisions: Theoretical and Empirical Findings”, Volume 2:
Academic Papers and Articles
A. Ray, (2020), “Rainwater Harvesting Benchmarks to Address South Asia’s Urban Water Crisis”, Economic and Political Weekly, Vol. 55, Issue No. 7, pp. 14-16.
A. Ray & M. Getz, (2018), “Public Finance Implications of Downward Trend in Urban Public Transit System: An Exploratory Review “, Accounting and Finance Research, Vol. 7, No. 3, pp. 119 137:
A. Ray, (2018), “Are Inventories Accretive? Lessons from Inventory and Earnings Relationship in the U.S. Capital Goods Sector”, Accounting and Finance Research, Vol. 7, No. 1, pp. 40 – 57.
A. Mukherjee & A. Ray, (2014), “Entry, Profit and Welfare Under Asymmetric R&D Costs”, The Manchester School, Vol. 82, Issue 3, pp. 284 – 295.
A. Ray, (2011), “Prevalence Rates and Racial disparities in undiagnosed pre-diabetes in the US population: Evidence from the National Health and Nutrition Examination survey of 2007 – 08”, Economics Bulletin, Vol. 31, No. 4, pp. 3240 – 3252.
A. Ray, (2010), “Strategic Technology Adoption and Optimal R&D Under Asymmetric Information”, International Research Journal of Finance & Economics, Issue 36, pp. 7 – 15.
A. Mukherjee & A. Ray, (2009), “Unsuccessful patent application and cooperative R&D”, Journal of Economics, Vol. 97, pp. 251 – 263.
A. Ray & I. Ray, (2009), “Stability of Housing Prices in Major US Cities: A Time Series Analysis of S&P/Case-Shiller Housing Price Indices”, Journal of Money, Investment, and Banking, Issue 7, January, pp. 43 – 49.
A. Ray, (2008), “An Analysis of Corporate Social Responsibility through the Lens of Corporate Finance”, Money Manager, Vol. 2, pp. 61 – 64.
A. Ray, (2008), “Development Planning In A Liberalized Economy: The Case of India”, Indian Economy Review, Vol. V, September, pp. 150 – 161.
A. Ray & I. Ray, (2008), “Measuring Immigration Related Diversity in the US”, European Journal of Scientific Research, Vol. 23, No. 4, pp. 513 – 517.
A. Ray & I. Ray, (2008), “Intra-Household Allocation, Household Public Good, and Labor Force Participation of Women”, International Research Journal of Finance & Economics, Issue 21, pp. 135 – 141.
A. Ray, (2008), “The Nature of Healthcare: A Cross-National Time Series Perspective”, Available at SSRN: http://ssrn.com/abstract=1319645
A. Mukherjee & A. Ray, (2007), “Strategic Outsourcing and R&D in a Vertical Structure”, The Manchester School, Vol. 75, Issue 3, pp. 297 – 310.
A. Mukherjee & A. Ray, (2007), “Patents, Imitation and Welfare”, Economics of Innovation and New Technology, Vol. 16, No. 3, pp. 227 – 236.
A. Ray & S.N. Ghosh, (2007), “City-Size and Health Outcomes: Lessons from the USA”, Economics Bulletin, Vol. 9, No. 5, pp. 1 – 7.
A. Ray, (2007), “Are Racial Disparities in Diabetes in the USA Driven by Education Distribution?”, Economics Bulletin, Vol. 9 No. 2, pp. 1 – 18.
A. Ray, (2007), “A Time Series Analysis of Long Term Capital Formation in India”, Vidyasagar University Journal of Commerce, Vol. 12, March, pp. 21 – 31.
A. Mukherjee & A. Ray, (2006), “The Welfare Implications of Product Patent: A Simple Model”, Journal of Financial Transformation, August, Vol. 17, pp.: 36 – 38.
A. Ray, (2006), “A Class of Decomposable Poverty Measures With Public Transfers”, Economics Bulletin, November, Vol. 9 No. 3 pp. 1 – 8.
Honors, Grants and Awards
Keynote Address, International Conference on ‘Strategies for Revival of Indian Business in the Post-Pandemic Economic Scenario’, Indian Accounting Association. (2020)
Special Lecture, Vidyasagar University, Medinipur, India. (2018)
Keynote Address, International Conference on Financial Sector: Issues, Challenges, and Strategies, Kolkata, India. (2018)
Keynote Address, Golden Jubilee Commemorative International Conference on Emerging Issues in Accounting, Finance, and Taxation, Bhawanipore Educational Society College, India. (2017)
George Mason University, Law & Economics Center Program on Economics & Privacy, Travel Bursary to Attend PEP Workshop for Economists on Consumer Protection Law & Economics, Arlington, VA. (2016)
Distinguished Keynote Address, International Conference on Financial Inclusiveness, University of Calcutta – Calcutta Stock Exchange Center of Excellence in Financial Markets, India, (2016)
Keynote Address, International Conference on Economic Liberalization and Capital Market Development: Indian Perspective, University of Calcutta – Calcutta Stock Exchange Center of Excellence in Financial Markets, India (2013)
Keynote Address, International Conference on Contemporary Issues Financial Institutions and Markets (Sponsored by the University Grants Commission and Indian Council for Social Science Research), Vidyasagar University, India (2013)
Asian Development Bank and The George Washington University, Washington, D.C., Travel Bursary (Special invitation to Workshop on Inclusive Growth) (2012)
Keynote Address, International Conference on Indian Financial System and the Global Scenario (Sponsored by the Indian Council for Social Science Research), Vidyasagar University, India (2010)
Dean’s Faculty Research Grant, College of Business, Tennessee State University. (Summer, 2009; Summer, 2007; Summer, 2006; Summer, 2005)
United Nations University, World Institute of Development Economics Research, Helsinki, Finland, Travel Bursary. (Special invitation to present research on the occasion of launching of a new global initiative “Advancing Health Equity”) (2006)
Faculty Research Grant, Office of Business and Economic Research, College of Business, Tennessee State University. (2005)
Vanderbilt University Graduate Tuition Fellowship. (1999 – 2003)
Vanderbilt University Graduate Summer Research Grant. (2001)