Rakesh Gupta

Associate Professor in Accounting and Finance,Faculty of Arts and Society, BusinessCharles Darwin University
ORCID: 0000-0001-6334-3420
Registered to supervise postgraduate research

Academic Education

PhD in International Diversification of Australian Equity Portfolios into Emerging Equity Markets, Central Queensland University (Awarded: 31 March 2009)
Master of Commerce (Accounting & Finance), Macquarie University
Master of Business Administration (Finance)
Bachelor of Science

Research Interests

International investments
Global power
Regulatory quality
Market integration
Environment, Social and Governance (ESG) issues
Stock markets
Environmental economics
Market Efficiency

Research Projects

Assessing the Impact of Public Debt on Economic Sustainability and Financial Resilience in Emerging Economies: A Comparative Study of Bhutan, Nepal, Sri Lanka, Kenya and Bangladesh
Principal Investigators: Rakesh Gupta & K. Lhendup
Type: HDR Project (Masters by Research)
Start Date: 24 March 2025
Incorporating Viva Voce assessments in online accounting examination to mitigate breach of academic integrity from misuse of AI tools
Principal Investigators: Rakesh Gupta & A. Rkein
Type: Research Project
Timeframe: 4 July 2025 – 30 December 2025
Regions: AI innovation centre (Agri, Forestry, Fisheries and New Energy)
Principal Investigators: Rakesh Gupta, S. Selvanathan & S. Selvanathan
Type: Research Project
Timeframe: 28 November 2024 – 15 December 2027
The Impact of Accounting Harmonisation on Stock Market Convergence among G20 Economies
Principal Investigator: Rakesh Gupta; Student Investigator: C. Yu
Type: HDR Project (Masters by Research)
Start Date: 11 March 2025

Research Fingerprint (Core Topics)

Investors (100%)
Volatility (59%)
Emerging Economies (52%)
Price (49%)
Efficient Market Hypothesis (46%)
Capital Market Returns (38%)
Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (32%)
Exchange Rate (27%)(All within Economics, Econometrics and Finance)

Academic Collaborations & Outreach

Established research collaborations with institutions in Australia, the USA, South Africa, Thailand, Vietnam, India, and China
Delivered invited lectures on international finance, corporate finance, and financial planning globally
Research findings featured in 8 media coverages (e.g., on global power’s economic influence, green growth transition, and carbon neutrality)

Contribution to UN Sustainable Development Goals (SDGs)

Research aligns with 16 SDGs:
SDG 1: No Poverty
SDG 2: Zero Hunger
SDG 3: Good Health and Well-being
SDG 4: Quality Education
SDG 5: Gender Equality
SDG 6: Clean Water and Sanitation
SDG 7: Affordable and Clean Energy
SDG 8: Decent Work and Economic Growth
SDG 9: Industry, Innovation and Infrastructure
SDG 10: Reduced Inequalities
SDG 11: Sustainable Cities and Communities
SDG 12: Responsible Consumption and Production
SDG 13: Climate Action
SDG 16: Peace, Justice and Strong Institutions
SDG 17: Partnerships for the Goals

Journal Articles

Chen, Y., Shi, Z., Lin, D., & Gupta, R. (2026). Adaptive engagement in smart tourism: a context-sensitive multi-condition model for older adults. Journal of Hospitality and Tourism Technology, 1–20.
https://www.semanticscholar.org/paper/Adaptive-engagement-in-smart-tourism%3A-a-model-for-Chen-Shi/9ee3089e6f11e1497b98365754edfcb7051c935f (E-pub ahead of print)
Le, V.-L.-T., Gupta, R., Pham, K.-D., & Nguyen, L. H. (2025). Financial inclusion, ICT development, and CO₂ emissions: An ARDL approach. Sustainable Development, 33(5), 7791–7806.
https://doi.org/10.1002/sd.2789
Zahra, S., Selvanathan, S., Gupta, R., & Jayasinghe, M. (2025). Green growth transition and carbon neutrality nexus: A comparative study on the top carbon emitters. Journal of Environmental Management, 375, Article 124228.
https://www.sciencedirect.com/science/article/pii/S030147972500204X
Gupta, R., Haddad, S., & Selvanathan, E. A. (2024). Global power and stock market co-movements: A study of G20 markets. Global Finance Journal, 62, Article 101028.
https://doi.org/10.1016/j.gfj.2024.101028
Yan, K., Gupta, R., & Maheshwari, S. (2023). Using carbon tax to reach the U.S.’s 2050 NDCs goals—A CGE model of firms, government, and households. Journal of Risk and Financial Management, 16(7), Article 317.
https://doi.org/10.3390/jrfm16070317
Yan, K., Yan, H., & Gupta, R. (2022). Are GARCH and DCC values of 10 cryptocurrencies affected by COVID-19? Journal of Risk and Financial Management, 15(3), Article 113.
https://doi.org/10.3390/jrfm15030113
Zahra, S., Khan, D., Gupta, R., Popp, J., & Oláh, J. (2022). Assessing the asymmetric impact of physical infrastructure and trade openness on ecological footprint: An empirical evidence from Pakistan. PLOS ONE, 17(5), Article e0262782.
https://doi.org/10.1371/journal.pone.0262782
Yan, H., Yan, K., & Gupta, R. (2022). A survey of the accounting industry on holdings of cryptocurrencies in Xiamen City, China. Journal of Risk and Financial Management, 15(4), Article 175.
https://doi.org/10.3390/jrfm15040175
Yan, K., Gupta, R., & Wong, V. (2022). CO₂ emissions in G20 nations through the three-sector model. Journal of Risk and Financial Management, 15(9), Article 394.
https://doi.org/10.3390/jrfm15090394
Yan, K., Gupta, R., & Haddad, S. (2022). Statistical analysis Dow Jones stock index—Cumulative return gap and finite difference method. Journal of Risk and Financial Management, 15(2), Article 89.
https://doi.org/10.3390/jrfm15020089
Yan, K., & Gupta, R. (2022). Turning points of environmental Kuznets curves for G20 economies: The use of Chebyshev polynomials. In N. T. Ngoc, D. T. Ha, N. D. Trung, & V. Kreinovich (Eds.), Prediction and causality in econometrics and related topics (Vol. 983, pp. 131–141). Springer.
https://link.springer.com/chapter/10.1007/978-3-030-77094-5_13 (Conference paper in proceedings)
Yan, K., Yan, H., & Gupta, R. (2021). The predicted trend of COVID-19 in the United States of America under the policy of “Opening Up America Again”. Infectious Disease Modelling, 6, 766–781.
https://doi.org/10.1016/j.idm.2021.03.005
Gupta, R., Yan, K., Singh, T., & Mo, D. (2020). Domestic and international drivers of the demand for water resources in the context of water scarcity: A cross-country study. Journal of Risk and Financial Management, 13(11), Article 255.
https://doi.org/10.3390/jrfm13110255
Xu, J., Yu, L., & Gupta, R. (2020). Evaluating the performance of the government venture capital guiding fund using the intuitionistic fuzzy analytic hierarchy process. Sustainability, 12(17), Article 6908.
https://doi.org/10.3390/su12176908
An, H., Zou, Q., Zhang, Y., & Gupta, R. (2019). Property prices: How effective is a property-purchasing limitation policy for managing affordability? International Real Estate Review, 22(2), 197–229.
https://doi.org/10.53555/IERv22i2.04
Mo, D., Gupta, R., Li, B., & Singh, T. (2018). The macroeconomic determinants of commodity futures volatility: Evidence from Chinese and Indian markets. Economic Modelling, 70, 543–560.
https://doi.org/10.1016/j.econmod.2017.11.008
Singh, K., & Gupta, R. (2017). A comparative study of implementation of Basel 3 norms - An analysis of select countries. International Journal of Business and Globalisation, 19(3), 433–453.
https://www.researchgate.net/publication/319350376_A_comparative_study_of_implementation_of_Basel_3_norms_-_an_analysis_of_select_countries
Kargbo, M., Hui, A., Li, Z., & Gupta, R. (2017). Determinants of economic growth in the event of sustained war: Case of Sierra Leone. International Journal of Business and Globalisation, 18(4), 429–452.
https://econpapers.repec.org/article/idsijbglo/v_3a18_3ay_3a2017_3ai_3a4_3ap_3a429-452.htm (Review article)
Gupta, R., Yang, J., & Jithendranathan, T. (2017). Diversification into emerging markets – An Australian and the US perspective using a time-varying approach. Australian Economic Papers, 56(2), 134–162.
https://doi.org/10.1111/1467-8454.12090
Gupta, R., Wang, L., Liu, B., Su, J. J., & Li, B. (2017). Return predictability in Australian managed funds. International Journal of Business and Economics, 16(1), 1–19.
https://researchers.cdu.edu.au/en/publications/return-predictability-in-australian-managed-funds/
Paramati, S. R., Mo, D., & Gupta, R. (2017). The effects of stock market growth and renewable energy use on CO₂ emissions: Evidence from G20 countries. Energy Economics, 66, 360–371.
https://doi.org/10.1016/j.eneco.2017.06.005
An, H., Yu, L., & Gupta, R. (2016). Capital inflows and house prices: Aggregate and regional evidence from China. Australian Economic Papers, 55(4), 451–475.
https://doi.org/10.1111/1467-8454.12072
Paramati, S. R., Roca, E., & Gupta, R. (2016). Economic integration and stock market dynamic linkages: evidence in the context of Australia and Asia. Applied Economics, 48(44), 4210–4226.
https://www.tandfonline.com/doi/full/10.1080/00036846.2016.1153794
Gupta, R., Yuan, T., & Roca, E. (2016). Linkages between the ADR market and home country macroeconomic fundamentals: Evidence in the context of the BRICs. International Review of Financial Analysis, 45, 230–239.
https://doi.org/10.1016/j.irfa.2016.02.003
Paramati, S. R., Gupta, R., Maheshwari, S., & Nagar, V. (2016). The empirical relationship between the value of rupee and performance of information technology firms: Evidence from India. International Journal of Business and Globalisation, 16(4), 512–529.
https://www.inderscienceonline.com/doi/abs/10.1504/IJBG.2016.076819
Paramati, S. R., Gupta, R., & Hui, A. (2016). Trade and investment linkages and stock market long-run relationship. Australian Economic Papers, 55(2), 149–169.
https://doi.org/10.1111/1467-8454.12056
Gupta, R., Yuan, T., & Roca, E. (2016). Why not diversify into emerging equity markets via ADRs? Journal of Investing, 25(2), 18–27.
https://doi.org/10.3905/joi.2016.25.2.018
Gupta, R., & Bang, N. P. (2015). Diversification into other emerging nations: Evidence from India. International Journal of Business and Globalisation, 15(1), 1–19.
https://researchers.cdu.edu.au/en/publications/diversification-into-other-emerging-nations-evidence-from-india/
Mo, D., Todorova, N., & Gupta, R. (2015). Implied volatility smirk and future stock returns: evidence from the German market. Managerial Finance, 41(12), 1357–1379.
https://www.emerald.com/mf/article-abstract/41/12/1357/290537/Implied-volatility-smirk-and-future-stock-returns?redirectedFrom=fulltext
Sukumaran, A., Gupta, R., & Jithendranathan, T. (2015). Looking at new markets for international diversification: Frontier markets. International Journal of Managerial Finance, 11(1), 97–116.
https://researchers.cdu.edu.au/en/publications/looking-at-new-markets-for-international-diversification-frontier/
Paramati, S. R., Gupta, R., & Roca, E. (2015). Stock market interdependence between Australia and its trading partners: does trade intensity matter? Applied Economics, 47(49), 5303–5319.
https://www.tandfonline.com/doi/full/10.1080/00036846.2015.1047088
Gupta, R., & Jithendranathan, T. (2015). The impact of superannuation fund choice legislation and the global financial crisis on Australian retail fund flows. Financial Services Review, 24(3), 217–248.
Yuan, T., Gupta, R., & Bianchi, R. J. (2015). The pre-holiday effect in China: Abnormal returns or compensation for risk? Review of Pacific Basin Financial Markets and Policies, 18(3), Article 1550014.
https://ideas.repec.org/a/wsi/rpbfmp/v18y2015i03ns0219091515500149.html
Yuan, T., & Gupta, R. (2014). Chinese Lunar New Year effect in Asian stock markets, 1999–2012. Quarterly Review of Economics and Finance, 54(4), 529–537.
https://doi.org/10.1016/j.qref.2014.07.002
Gupta, R., & West, J. M. (2014). Efficient generation portfolio construction using time-varying correlations. Natural Resources Research, 23(2), 267–283.
https://researchers.cdu.edu.au/en/publications/efficient-generation-portfolio-construction-using-time-varying-co/
Gupta, R., Yang, J., & Basu, P. K. (2014). Market efficiency in emerging economies - Case of Vietnam. International Journal of Business and Globalisation, 13(1), 25–40.
https://www.researchgate.net/publication/263891091_Market_Efficiency_in_Emerging_Economies_-_Case_of_Vietnam
Paramati, S. R., & Gupta, R. (2013). An empirical relationship between exchange rates, interest rates and stock returns. European Journal of Economics, Finance and Administrative Sciences, 56, 168–181.
Gupta, R., & Sukumaran, A. (2013). Ethics and morality in finance. Prabandhan: Indian Journal of Management, 6(2), 15–22.
Guidi, F., & Gupta, R. (2013). Market efficiency in the ASEAN region: evidence from multivariate and cointegration tests. Applied Financial Economics, 23(4), 265–274.
https://www.tandfonline.com/doi/full/10.1080/09603107.2012.718064
Gupta, R., Hicks, J., Sappey, R., Basu, P. K., & Keogh, D. (2013). Succession planning in Australian farming. Australasian Accounting, Business and Finance Journal, 6(4), 94–110.
https://researchers.cdu.edu.au/en/publications/succession-planning-in-australian-farming/
Gupta, R., & Guidi, F. (2012). Cointegration relationship and time varying co-movements among Indian and Asian developed stock markets. International Review of Financial Analysis, 21, 10–22.
https://doi.org/10.1016/j.irfa.2011.10.002
Gupta, R., & Jithendranathan, T. (2012). Fund flows and past performance in Australian managed funds. Accounting Research Journal, 25(2), 131–157.
https://researchers.cdu.edu.au/en/publications/fund-flows-and-past-performance-in-australian-managed-funds/
Paramati, S. R., & Gupta, R. (2011). An empirical analysis of stock market performance and economic growth: Evidence from India. International Research Journal of Finance and Economics, 73, 144–160.
Gupta, R., & Bruce, K. (2011). Global financial planning education standards. Journal of Modern Accounting and Auditing, 7(11), 3–14.
Gupta, R., & Basu, P. K. (2011). Sector diversification benefits – Comparative analysis of Australian and Indian markets. Asia Pacific Journal of Economics and Business, 15(1), 32–47.
Gupta, R., & Yang, J. (2011). Testing weak form efficiency in the indian capital market. International Research Journal of Finance and Economics, 75, 108–119.
Gupta, R., & Bruce, K. (2011). The financial planning education and training agenda in Australia. Financial Services Review, 20(1), 61–74.
Gupta, R., & Jithendranathan, T. (2011). Transmission of volatility across markets: A study of co-movement between Australian and emerging equity markets. In S. R. Viswanathan (Ed.), Advances in Financial Planning and Forecasting (Vol. 4, pp. 99–122). Business Experts Press.
Guidi, F., Gupta, R., & Maheshwari, S. (2011). Weak-form market efficiency and calendar anomalies for Eastern Europe equity markets. Journal of Emerging Market Finance, 10(3), 337–389.
https://doi.org/10.1177/097265271101000302
Gupta, R., & Jithendranathan, T. (2010). Short-sales restrictions and efficiency of emerging option market: A study of indian stock index options. International Research Journal of Finance and Economics, 46, 99–109.
Gupta, R., & Donleavy, G. D. (2009). Benefits of diversifying investments into emerging markets with time-varying correlations: An Australian perspective. Journal of Multinational Financial Management, 19(2), 160–177.
https://www.sciencedirect.com/science/article/abs/pii/S1042444X08000534
Gupta, R., & Mollik, A. T. (2008). Volatility, time varying correlation and international portfolio diversification: An empirical study of Australia and emerging stock markets. International Research Journal of Finance and Economics, 18, 18–37.
Gupta, R., & Basu, P. K. (2007). Weak form efficiency in Indian stock markets. International Business and Economics Research Journal, 6(3), 57–64.
https://www.researchgate.net/publication/236165355_Weak_Form_Efficiency_In_Indian_Stock_Markets