Dr Ullas Rao

PhD in Finance

Assistant Professor
School of Social Sciences
Ullas Rao


Teaching courses on undergraduate and postgraduate programmes in finance

Publishing papers in finance in high-impact referred journals

Organising training programmes for students and executives on finance, investment Management and Islamic Finance

Coordinator for Year 3 Edinburgh Business School programmes.


Currently serving as Assistant Professor of Finance, School of Social Sciences, Heriot-Watt University, Dubai, Dr Ullas earned his doctorate in finance for his work on 'Posterior Analysis of Mergers & Acquisitions in International Financial Scenario during the Last Decade' from the University of Mysore, India, under the guidance of Dr. M. R. Suryanarayana Murthy (PhD Birmingham, UK).

His research makes significant theoretical and empirical contributions by proposing robust approaches for capturing the impact of M&A activity on the wealth status of shareholders. 

With more than 12 years of teaching, consulting and research experience, Ullas has made significant contributions in disseminating financial education through high-impact educational programmes for a wide audience of undergraduate, postgraduate and management students.

His passion for excellence in teaching is evidenced by the exceptionally high student feedback scores received for his courses over the years. He has also conducted a significant number of training and consulting programmes on finance for some leading Indian and multi-national corporations, which have been rated highly by their participants. Demonstrating strong organisational skills, he has conducted numerous high-impact and influential conferences and seminars on finance in India and UAE. 

Ullas has published extensively in journals of international repute and presented papers at leading International conferences including the 22nd Australasian Conference on Banking & Finance, held in Sydney, Australia in 2009. His current research interests span diverse areas of finance to include market efficiency, investment management, corporate valuation and cryptocurrencies and fintech. 

Being deeply passionate about Islamic finance, Ullas is closely working on developing training programmes and research papers in this field in close partnership with some of the leading Islamic banks in the region and the Dubai Islamic Economy Development Centre (DIEDC). As an associate member of the Chartered Institute of Securities & Investment (CISI, UK), he holds certifications on Islamic Finance Qualification (IFQ) and International Certificate in Wealth & Investment Management (ICWIM). 


Mergers and acquisitions

Investment and portfolio management

Corporate valuation

Market efficiency with special interest in digital assets

Islamic finance, ESG and responsible investment



Rao, Ullas & Murthy, Suryanarayana M R. “A new approach to event-study methodology to evaluate and measure the impact of M&A activity of Indian banks on the wealth status of shareholders”. SDM Journal of Management (ISSN: 0976-0652), Vol. 2 Issue 2, September 2011 Joint Author. 

Rao, Ullas & Murthy, Suryanarayana M R. “Wealth evidence of Indian acquiring banks during the last decade: a case of event-studies econometric approach”. FOCUS – International Journal of Management Digest (ISSN: 0973-9165), Vol. 7 Issue 2, October – March 2011 Joint Author. 

Rao, Ullas & Parasuraman, N R. “Are smaller private sector commercial banks in India a likely target for takeover: an exploratory investigation”. Journal of Emerging Issues in Economics, Finance and Banking (ISSN: 2306-367X), Vol. 3 Issue 6, 2014 Joint Author.

Rao, Ullas. “Efficient Market Hypothesis: The case of India’s foreign exchange market”. FOCUS – International Journal of Management Digest (ISSN: 0973-9165), Vol. 11 Issue 1, October – March 2015.

Rao, Ullas. “A critical evaluation of event-study approach using M&A events in the Indian banking industry”. Corporate Ownership & Control, Vol. 13 Issue 3, 266-272, 2016.

Rao, Ullas & Parasuraman, N R. “On discerning the implications of operating and financial leverage ratios on the systematic risk of enterprises”. ICPE Public Enterprise Half-Yearly Journal, Vol. 22 Issue 1, 79-91, 2016 Joint Author.

Rao, Ullas. “Corporate valuation: theoretical postulates and empirical evidence from SENSEX firms in India”. Investment Management and Financial Innovations, Vol. 13 Issue 3, 35-49, 2016. 

Rao, Ullas & Parasuraman, N R. “Some reflections on private equity: trends, valuation and challenges”. ICPE Public Enterprise Half-Yearly Journal, Vol. 23 Issue 7, 1-11, 2017 Joint Author.

Rao, Ullas. “Wealth evidence of M&A in the GCC region during the last decade”. Journal of Corporate Governance and Sustainability (forthcoming).

Ijeoma, Karen & Rao, Ullas. “Determinants and impact of payment method on performance of cross-border mergers and acquisitions in emerging market economies”. Risk Governance and Control (forthcoming) Joint Author.

Rao, Ullas & Hopkinson, Paul. “Wealth evidence from international M&A in the hospitality sector: 1995 – 2015”. Corporate Board (forthcoming) Joint Author. 

Rao, Ullas & Mishra, Tapas. “Posterior analysis of mergers and acquisitions in the international financial market: A re-appraisal”. Research in International Business and Finance, Vol. 51, January 2020.