Prof. Ronil Barua is an Assistant Professor – Finance at FLAME University. He received his Doctorate Degree in Finance from IIT Roorkee. He holds an M.Com (Finance) and a B.Com (Hons.) from the University of Delhi. 

His doctoral research focused on developing techniques to leverage machine learning for portfolio optimization. His dissertation, titled " Portfolio Optimization with Machine Learning: Relevant Perspectives on Improving the Black-Litterman Model," involved applying machine learning, predictive modeling, and optimization techniques to improve investment strategies. The findings from his research have been published as two research articles in Finance Research Letters. As a PhD student, he served as a teaching assistant in four National Programme on Technology Enhanced Learning (NPTEL) courses on finance and accounting, which were offered by IIT Roorkee.

His teaching interests include Investment Analysis,  Portfolio Management, Corporate  Finance,  Fintech and Behavioral Finance. His research interests involve Portfolio  Management,  Machine  Learning for  Finance,  Neural  Networks for  Financial Applications and  Investor Sentiment

Journal Articles

• Barua, R., & Sharma, A. K. (2022). Dynamic Black Litterman portfolios with views derived via CNN-BiLSTM predictions. Finance Research Letters, 49, 103111. (ABDC: A; Impact Factor: 7.4)


• Barua, R., & Sharma, A. K. (2023). Using fear, greed and machine learning for optimizing global portfolios: A Black-Litterman approach. Finance Research Letters, 58, 104515. (ABDC: A; Impact Factor: 7.4)

Conference Presentations

• Presented a paper titled “Optimal asset allocation of sectoral portfolios: Comparing the mean-variance, conditional value-at-risk and the Black-Litterman approaches” at the India Finance Conference 2019, held at Indian Institute of Management Ahmedabad. (Authors: Barua, R., & Sharma, A. K.)


• Presented a paper titled “Deep learning for index preselection and machine learning for return  prediction  in  a  Black-Litterman  sector  allocation  framework”  at  the  India Finance Conference 2022, held at Indian Institute of Management Calcutta. (Authors: Barua, R., & Sharma, A. K.)