Shyam Bhandari


Baker Hall 229
(309) 677-2269

Ph.D., Finance and Applied Econometrics, University of Iowa
M.B.A, Financial Management, Miami of Ohio
M.S., Statistics, Rajasthan University, Jaipur, India
B.S., Mathematics and Chemistry, Jaswant College, Jodhpur, India


Dr. Shyam B. Bhandari joined Bradley University in 1976. He has taught a variety of courses in finance, quantitative methods and international business. He has been the recipient of numerous awards and grants. He is a past president and Program Chair of the Academy of Finance. He has regularly presented research papers at national and regional professional meetings and published articles in scholarly journals. Shyam was involved in curriculum development in business at Samara State Aerospace University, Samara, Russia. He is listed in Who’s Who in American Education (Third edition) and Who’s Who in The Midwest (22nd edition).  His hobbies and interests include gardening, music, contract bridge, cricket, and current issues.


Shyam has taught a variety of courses at both the graduate and undergraduate levels and in the Honors program. He emphasizes problem solving and decision-making. His classroom activity is a blend of lectures, projects, and cases.

Courses currently teaching:

  • FIN 322 Business Finance
  • FIN 424 Capital Budgeting


Shyam’s research interests are in agency theory, capital budgeting techniques, bond rating, multivariate financial and temporal valuation models. His research has appeared in American Business Review, American Journal of Small Business, Financial Management, Financial Practice and education, Journal of the Academy of Finance, Journal of Business Research, Journal of Business Ethics, Journal of Business and Behavioral Sciences, Journal of Contemporary Business, Journal of Cost Analysis, Journal of Financial Education, Journal of Small Business Management. A few noteworthy publications are:

  • Bhandari, Shyam, (2012). "A Discriminant Analysis Model for Predicting Business Failure Using Cash Flow Statement Based Measures," Proceedings of Academy of Finance Meeting in Chicago, March 2012.
  • Bhandari, Shyam, (2011). “Ethical Dilemma of Nonprofits in the Agency Theory Framework,” Journal of Leadership, Accountability and Ethics, March, 33-40.
  • Bhandari, Shyam, (2009). “Discounted Payback Period-Some Extensions,” Journal of Business and Behavioral Sciences, Fall, 28-39.
  • Bhandari, Shyam, (2009). “Business Ethics and Nonprofit Businesses in Agency Theory Framework,” in Dr. Willard Broucek, Jennifer Wegleitner and Kacie Richard (Ed.), vol. 16, pp. 112-121). Aberdeen, South Dakota: Proceedings of the Sixteenth Annual North Dakota International Business Conference.
  • Bhandari, Shyam, (2006). “Mogiliani and Miller’s Propositions are Tautology,” Proceedings of Annual Conference of International Academy of Business and Economics in Las Vegas.
  • Bhandari, Shyam, (2005). “Financing of Terrorism,” Journal of the Academy of Finance, 42-54.
  • Bhandari, Shyam, (2003). “Pedagogical Issues Concerning Analysis of Cash Flow Statement,” Journal of Financial education, Spring, 1-11.
  • Bhandari, Shyam, (1997). “Some Ethical Issues in Computation and disclosure of Interest Rate and Cost of Credit,” Journal of Business Ethics, April, 531-535.
  • Bhandari,  Shyam, (1994). "Some Issues in Compounding and Discounting of Intra-Year Cash Flows," Journal of Contemporary Business Issues, (Spring 1994), 1-10.
  • Bhandari, Shyam,  (1989). "Discounted Payback Period - A Viable Complement to Net Present Value for Projects with Conventional Cash Flows," Journal of Cost Analysis, Summer, 43-53.
  • Bhandari, Shyam, Robert. M. Soldofsky and Warren. J. Boe. (1983). "What's in a Change in an Industrial Bond Rating?"  Journal of Business Research, March, 91-106.
  • Bhandari, Shyam,  Robert. M. Soldofsky and Warren J. Boe, (1979). "Bond Quality Rating Changes for Electric Utilities:  A Multivariate Analysis," Financial Management, Spring , 74-81.  (Winner in the competition)

Research in Progress

  • “Multivariate Business Failure Prediction Model”  This purpose of this research project is to build a business failure prediction model using cash flow statement-based financial ratios.
  • "A Critical Review of Three Finance Theories: WACC, CAPM and APT, This paper explores redundancy of Modigliani and Miller's propositions, inadequacy of Sharpe's Capital Asset Pricing Model and the ad-hoc nature of Ross's Arbitrage Pricing Theory.
  • "Concise Financial Management A concise but comprehensive booklet for introductory course in financial management


College & University

  • General Education Subcommittee on Implementation (2012-2014)
  • Member Foster College of Business's Dean Search Committee (2011)
  • Chairperson, Renewal, Promotion and Tenure Committee of the Department (1990 - 2010)
  • Member of:  Contractual Arrangement Committee. (2007 - 2010), Retirement Advisory Committee, (2008-2011), University Senate (2007 - 2011), University Resource Committee (1995-2004)
    and (2011-2014)
  • Faculty Advisor of Bradley Vegetarian Club (since 1996), Hindu Youth Society (since 1997), India Student Association (since 1980), Financial Management Association Student Chapter (1992-94)
  • Member, Board of Directors, Academy of Finance (2012-2015)
  • Faculty Advisor: Vegetarian Society, India Student Association, Hindu Youth Society


  • Board Member, Spartan Health Sciences University, St Lucia. (July 2009 - Present)
  • Board of Directors of Peoria Area Friends of International Students (PAFIS). (1992 - July 2011)
  • Chairperson, Scholarship Committee of PAFIS. (1993 -2011). Founding member of Hindu Heritage Center (HHC); Past President of India Association of Peoria (IAP)