Prof. Ray has a focused concentration on research and publications. While at IBS, he created the IBS Research Centre Kolkata where dedicated researchers and authors worked passionately towards developing management case studies and books, so far, more than 300 case studies developed by the centre have been uploaded to European Case Clearing House. The centre has also come out with more than 100 books.
‘Human Capital Accounting & Valuation’, published by ICFAI University Press.
‘Strategic Cost Management – Concepts and Applications’, published by ICFAI University Press.
‘Brand Management – Financial Perspectives’, published by ICFAI University Press.
‘Towards a culture of creativity and innovation’, under print at the ICFAI University Press.
Research Papers:
In Search Of Measuring Corporate Success- EVA as a choice, not a panacea, Journal of Social Science Research Network, Jan ‘05
Alternative investment opportunities ASAF conference at SEOUL Korea, November 2006 – Research papers “Received Plaque of appreciation for “outstanding contribution”.


Case Study:
Sustainability Initiative at Roche: Targeting Tomorrows, European Case Clearing House (ECCH), Sep ‘05
Corporate Role in Sustainability Development: A Case of Novertis, European Case Clearing House (ECCH), March ‘06
From NBFC to Integrated Financial Service provider-transformation of Peerless, Amity Journal of Management January 2009.
Research Article:
Corporate Governance – the evolving scenario, Global CEO, Mar ‘03
Brand Valuation – An Applied Finance Perspective, Accounting World, April ‘03
Corporate Governance – the evolving paradigm, JETWINGS, Feb ‘05
Understanding Investors and Marketing in the Financial Services Sector, Marketing Mastermind, Aug ‘05
Management Education in India – The Shifting Paradigms, Indian Express, April ‘06
Zero Based Budgeting – A step towards competitive strategy, The Accounting World, ICFAI – June 2006
Creativity and Innovation in Management, Effective Executive, ICFAI – August 2006.
Risk and Risk Mitigation in infrastructure finance – Management and change – August 2007.
Infrastructure Finance Strategies and Controls – ICFAI Journal of Infrastructure – March 2008.
