Assistant Professor of Finance and Risk Management
Economics, Finance and Information Systems Dept
Daytona College of Business
Daytona Beach campus

Office Hours

By Appointment

Areas of Expertise

Mergers and acquisitions, Corporate governance, aviation finance, risk management

Dr. Adhikari is currently an Assistant Professor of Finance and Risk Management at the College of Business, Embry-Riddle Aeronautical University. He has taught wide range of courses in mathematics and finance in different universities in Nepal and in the US including courses in corporate finance, international financial management, money and banking, engineering economics, life science calculus, and engineering mathematics. He has been recognized for excellence in teaching receiving “Provost Recognition for Outstanding Teaching” in 2008 and “Outstanding Teaching Award” in 2007 while teaching as a primary instructor at the University of South Florida, Tampa.

Adhikari’s research interests are aviation finance, corporate finance, mergers and acquisitions, CEO compensation, corporate governance and behavioral finance. His work has been published or accepted for publication in journals such as Quarterly Review of Economics and Finance, Journal of Economics and Business and Journal of Behavioral Finance.  His research articles have been presented at over a dozen domestic and international conferences. He has also co-authored three books “Engineering Mathematics I”, “Engineering Mathematics II” and “Business Mathematics” which different universities and institutions in Nepal use as text books.

Adhikari earned a Ph.D. in finance and an M.A. in mathematics from the University of South Florida, Tampa and M.Sc.in mathematics and B.Sc. in physics and mathematics from Tribhuvan University, Kathmandu, Nepal.


  • Ph.D. - Doctor of Philosophy in Business Administration, University of South Florida
  • M.A. - Master of Arts in Mathematics, University of South Florida

  • BA 618: Advanced Corporate Finance
  • EC 225: Engineering Economics
  • BA 885: Resrch Sem/Spe Top Adv Avi Fin

 At Embry Riddle Aeronautical University

  Corporate Finance

  Managerial Finance ( Graduate)

  Engineering Economics

 At the University of South Florida

  International Finance

  Money and Banking

  Principles of Finance

  Life Sciences Calculus I

  Pre-calculus Trigonometry

  Ph.D. Boot Camp



 1.  Adhikari, H. P., Ngo A.D., Nguyen,T. T. &  Nguyen, L. (2017).  CEO Optimism and the Credibility of Open-Market Stock Repurchase Announcements. Journal of Behavioral Finance.

2.  Adhikari, H. P., Choi, W., & Sah, N. B. (2016). That is what friends do: employee friendliness and innovation. Journal of Economics and Business.

3. Adhikari, H. P., & Sutton, N. K. (2016). All in the family: The effect of family ownership on acquisition performance. Journal of Economics and Business88, 65-78.

4. Malm, J., Adhikari, H. P., Krolikowski, M. W.,  and Sah, N. B. (2016)  Litigation risk and investment policy. Journal of Economics and Finance.

5. Krolikowski, M. W., Adhikari, H. P., Malm, J., and Sah, N. B. (2016), Inter-Firm  Linkages and M and A Returns. The Quarterly Review of Economics and Finance.  

6. Adhikari, H. P., Bulmash, S. B., Krolikowski, M. W., & Sah, N. B. (2015).  Dynamics of CEO compensation: Old is gold. The Quarterly Review of Economics  and Finance57, 191-206.


Working Papers: 

1. The Power of Control: The Acquisition Decisions of Newly Public Dual-Class Firms (with Ninon K.  Sutton)

2. Working Capital (Mis)management - Impact of CEO Age ( with Nilesh B. Sah and  Marcin W. Krolikowski)

3. Competition and Industry profile in the Passenger Airline sector of the United States” with Jayendra Gokhale and Sundar Raghavan.

4. Corporate Boards, CEO Compensation and Firm Performance: A Study of US Airline Firms 


Ad-hoc Reviewer:

Managerial Finance, Journal of Education and Research, Journal of Business Cases and Applications

1. Financial Management Associations International

2. Southern Finance Association

3. Air Transport Research Society

4. Association of Nepalese Mathematicians in America


1. Fred L. and Helen M. Tharp Scholarship, 2005 ,University of South Florida,Tampa

2. Tharp Award :  2006, 2007, 2008, University of South Florida ,Tampa

3. Provost Recognition for Outstanding Teaching by Teaching Assistants,2008  University of South Florida, Tampa

4. Outstanding Teaching Award for TAs, 2007 , Department of Mathematics and Statistics, University of South Florida, Tampa

5. Travel Awards :  2009, 2011, 2012, 2013, University of South Florida, Tampa

6. Faculty Innovative Research in Science and Technology (FIRST) internal  research grant for 2016-17,  Embry-Riddle Aeronautical University, Daytona Beach, FL

7. IGNITE course redesign grant, 2016-17, Embry-Riddle Aeronautical University, Daytona Beach, FL

8. Travel  Grants : 2014, 2015, 2016, Embry-Riddle Aeronautical University, Daytona Beach, FL