Ajay Shah and Syed Abuzar Moonis. Testing for time variation in beta in India. Journal of Emerging Markets Finance, 2(2):163–180, May–August 2003 [pdf]
Mandira Sarma, Susan Thomas, and Ajay Shah. Selection of Value at Risk models. Journal of Forecasting, 22(4):337–358, 2003 [pdf]
Ajay Shah. Investment risk in the Indian pension sector and the role for pension guarantees. Economic and Political Weekly, XXXVIII(8):719–728, 22 February 2003 [pdf]
Ajay Shah. Comment on ‘Governance, supervision and market discipline: Lessons from Enron’, by Jayanth R. Varma. Journal of Indian School of Political Economy, XIV(4):637–640, October–December 2002
Susan Thomas and Ajay Shah. The stock market response to the Union Budget. Economic and Political Weekly, XXXVII(5):455–458, February 2–8 2002 [pdf]
Ajay Shah and Sivaprakasam Sivakumar. Changing liquidity in the Indian equity market. Emerging Markets Quarterly, 4(2):62–71, Summer 2000
Ajay Shah and Susan Thomas. David and Goliath: Displacing a primary market. Journal of Global Financial Markets, 1(1):14–21, Spring 2000 [pdf]
Ajay Shah. Institutional change on India’s capital markets. Economic and Political Weekly, XXXIV(3–4):183–194, January 1999 [pdf]
Ajay Shah and Susan Thomas. Market microstructure considerations in index construction. In CBOT Research Symposium Proceedings, pages 173–193. Chicago Board of Trade, Summer 1998 [pdf]
Ajay Shah and Susan Thomas. Improving the quality of India’s foreign exchange market. Prajnan, XXVI(3), 1997–1998
Ajay Shah and Shuvam Misra. Building India’s National Information Infrastructure. Economic and Political Weekly, XXXII(44–45):2880–2884, November 1997
Ajay Shah. Minimum asset-based tax: A critique. Economic and Political Weekly, XXI(30):2046–2048, 27 July 1996 [pdf]