Faculty and ResearchExpert Guide

Arun Upadhyay

Arun Upadhyay

Knight Ridder Eminent Scholar

Eminent Scholar
Department of Finance

College of Business
Florida International University

Modesto A. Maidique Campus
11200 S.W. 8th St, RB 210
Miami, FL 33199

(305) 348-5427
(305) 348-2680

Curriculum Vitae


  • Ph.D. in Finance
    Temple University, Philadelphia, Pennsylvania

Areas of Expertise

  • Corporate Governance
  • Board Structure
  • CEO Compensation
  • Risk Management
  • Economic Consequences of Regulation
  • Gender and Diversity in Organizations

Professional Activities

Dr. Arun Upadhyay teaches finance courses in the College of Business at Florida International University. His primary teaching area is corporate finance. Before moving to academic world, Dr. Upadhyay worked for several years with a commercial bank in the area of credit analysis and international banking. He received Ph.D. in finance from Temple University. Prior to moving to FIU, he taught at University of Nevada, Reno where he received the College of Business Best Researcher award twice.  He also taught at University of Alaska Anchorage where he was awarded College of Business and Public Policy Best Teacher award.  Dr. Upadhyay served on the Investment Advisory Commission of Municipality of Anchorage. He has also served as expert witness on issues related to valuation of financial securities, responsibilities of board of directors and corporate governance.

Dr. Upadhyay's research focuses on corporate governance issues. He studies corporate leadership structure, board structure, financial reporting and executive compensation. He has published articles on these topics in journals such as The Accounting Review, Strategic Management Journal, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Corporate Finance, Journal of Risk and Insurance and Journal of Business Finance and Accounting. His work has been presented at various national and international conferences.

Courses Taught

  • Commercial Banking
  • Corporate Finance
  • Credit Analysis
  • Finance Dissertation Preparation
  • Finance Doctoral¬†Independent Study
  • Financial Futures and Fixed Income Investments
  • Financial Management
  • Financial Markets and Institutions
  • Foundations of Financial Models
  • Ph.D. Dissertation
  • Professional Development Seminar I
  • Securities Analysis

Refereed Journal Articles

Upadhyay, A. D. (2021). Are REITs More Resilient Than non-REITs? Evidence from Natural Experiments. Japan and the World Economy.

Upadhyay, A. D. (2021). Target Governance Provisions and Acquisition Types. Journal of Business Research, 110.

Upadhyay, A. D. (2020). Drivers of Diversity on Board: The Effects of Sarbanes-Oxley Act. Human Resource Management.

Upadhyay, A. D., Mishra, S., & Talukdar, B. (2019). CFO Appointment and Debt-Equity Choice. Managerial Finance. (In Press)

Upadhyay, A. (2018). The Economics of Corporate Lobbying. Journal of Corporate Finance, 49.

Upadhyay, A., Chuluun, T., & Prevost, A. (2017). Firm network structure and innovation. Journal of Corporate Finance, 44. View Article

Upadhyay, A., & Zeng, H. (2016). Cash holdings and the bargaining power of R&D-intensive targets. Review of Quantitative Finance & Accounting. View Article

Upadhyay, A., Balsam, S., & Puthenpurackal, J. (2016). Determinants and Impact of Outside Chair on Firm Value. Journal of Financial and Quantitative Analysis, 51(4). View Article

Upadhyay, A., Bhargava, R., Faircloth, S., & Zeng, H. (2016). Inside Directors, Risk Aversion and Firm Performance. Review of Financial Economics, 32. View Article

Upadhyay, A. (2015). Board Structure, Firm Risk and Equity Discount. Journal of Risk and Insurance, 82(3).

Upadhyay, A., Choi, J. J., & Mao, C. (2015). Earnings Management and Derivative Use with Fair Valuation: Evidence from the Effects of FAS 133. The Accounting Review, 90(4).

Upadhyay, A., Hill, A., & Beekun, R. (2015). Are Female and Ethnically Diverse CEOs Discriminated Against or do They Benefit from Their Minority Status? An Empirical Examination. Strategic Management Journal, 36(8).

Upadhyay, A., Bhargava, R., & Faircloth, S. (2014). Board Structure and Role of Monitoring Committees. Journal of Business Research, 67(7).

Upadhyay, A., Choi, J. J., & Mao, C. (2013). Corporate Risk Management under Information Asymmetry. Journal of Business Finance and Accounting, 40.

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