Neeraj Gupta

Associate Professor of Finance and Director of the William Garrard Reed Finance Center
Koury Business Center 222
2075 Campus Box
Elon, NC 27244 (336) 278-5962

Brief Biography

Neeraj J. Gupta, associate professor of finance and director of the Reed Finance Center at Elon University, has a doctorate in finance from the University of Connecticut, and is an active CFA charterholder.  He received a bachelor’s degree in engineering from the University of Delhi and an MBA from Babson College.  He has over ten years of industry experience in Asia, Europe, North America, and South America, having worked for Nestlé, Xerox, and Claridges Investments (a boutique asset management firm).

Neeraj has taught various finance courses, covering, the principles of finance, corporate finance, and investments, to undergraduate and MBA students at both Elon and UConn.  He has led study abroad business courses to the Pacific Rim (Australia, Cambodia, China, Hong Kong SAR, Indonesia, Macau SAR, Malaysia, Singapore, Thailand, and Vietnam) and to the Indo-Gulf (India and Dubai).

His research interests are in investments, corporate finance, financial planning and international finance with ongoing research in sustainable investing, designing efficient retirement portfolios, valuing intangible investments, fund-flows & returns in emerging markets, and valuing long-dated options.

In the recent past, Neeraj has consulted for The Clearing House, the Business North Carolina magazine, and the NC Special Court for Complex Business Cases.


Degrees Awarded

Ph.D. (Finance)     University of Connecticut (Storrs, CT), 2007

MBA (Finance)       Babson College (Wellesley, MA), 1991

B.E. (Electronics)  University of Delhi (Delhi College of Engineering, India), 1989

Advanced Certifications

CFA Charter           CFA Institute (Charlottesville, VA), 2009

Courses Taught

FIN 343   Principles of Finance

FIN 413   Advanced Managerial Finance

FIN 472   Finance Foundation Course

MBA 551   Financial Management

MBA 581   International Business

MBA 594 Investment Management

ACC/FIN/BUS 277   Business in the Pacific Rim

GST 280   Business & Culture of the Indo-Gulf


Working Papers

  • “Investor Reaction to Simultaneous News Releases: Unemployment vs. Earnings” with Vitaliy Strohush (Elon University) and Reilly White (University of New Mexico).
  •  “Does the Stock Market React Differently to Intangible Asset Investments than to Tangible Asset Investments?” with Joseph Golec (University of Connecticut) and Carmelo Giaccotto (University of Connecticut).

Work in Progress

  • “Should Green Companies’ Shareholders See Red: The Stock Price Impact of Sustainability on Multinational Firms” with Christina Benson (Elon University).
  • “The Impact of Valuations and International Diversification on Post-Retirement Portfolios” with Wonhi Synn (Elon University).


Peer-Reviewed Journal Publications

  • Gupta, Neeraj J., Kurt, Mark, and White, Reilly (2015). The Buffett Critique: Volatility and Long-dated Options. Journal of Economics and Finance. Forthcoming.
  • Golec, Joseph, and Gupta, Neeraj J. (2014). Do Investments in Intangible Customer Assets Affect Firm Value?  The Quarterly Review of Economics and Finance. Vol. 54, 513-520.
  • Gupta, Neeraj J., Pavlik, Robert, and Synn, Wonhi (2012). Adding “Value” to Sustainable Post-Retirement Portfolios. Financial Services Review. Vol. 21(1), 19-33.
  • Gupta, Neeraj J., and Golec, Joseph (2012).  Do Investors Use Customer Metrics to Value High Growth Service Firms? International Journal of Business and Finance Research. Vol. 6(2), 1-19.
  • Gupta, Neeraj J., and Benson, Christina C. (2011). Sustainability and Competitive Advantage: An Empirical Study of Value Creation.  Competition Forum. Vol. 9(1), 121-136.
  • Gupta, Neeraj J. (2011). Financial Valuation Using CLV Metrics: A Study of Online Brokers. The Business Review, Cambridge. Vol. 19(1), 1-7.
  • Benson, Christina C., Gupta, Neeraj J., and Mateti, Ravi S. (2010). Does Risk Reduction Mitigate the Costs of Going Green? An Empirical Study of Sustainable Investing. Southern Journal of Business and Ethics. Vol. 2, 7-25.
  • Gupta, Neeraj J., and Synn, Wonhi (2010). Valuing Investments Decisions: Flotation Costs and Capital Budgeting. Journal of Business & Economics Research. Vol. 8(2), 73-78.

Peer-Reviewed Conference Publications

  • Benson, Christina C. & Gupta, Neeraj J. (2010). Does the Triple Bottom Line Help the Greenest Blue Chips Create Market Value and Gain Competitive Advantage: An Empirical Study. Proceedings of the Annual Meeting of the Southern Academy of Legal Studies in Business.
  • Gupta, Neeraj J., and Synn, Wonhi (2008). Valuing Investments Decisions: Flotation Costs and Capital Budgeting. Proceedings of the Journal of the Academy of Business Education. Vol. 9.

Professional Activities

  • Helped prepare the feature August edition articles ranking the Top 75 North Carolina public companies for premier regional business magazine Business North Carolina (2010, 2011 & 2012).
  • Invited speaker for the Credit Suisse Financial Planning Dinner of the Raleigh 2010-11 TA Classes (2011).
  • Appointed as a business expert by the North Carolina Special Court for Complex Business Cases to value a cable contracting firm (2011).
  • Advised Greensboro-based The Clearing House to better aggregate and analyze their financial transactions clearing data (2009).

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