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Symposium on Household Finance
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Sudipto DASGUPTA
Department Head/
Chair Professor/Senior Fellow, Institute of Advanced Studies/ Director of Center for Asian Financial Markets/
Co-Editor, International Review of Finance

Email: dasgupta@ust.hk

PhD 1988 University of Southern California, Economics
MA 1980 University of Calcutta, India , Economic Theory, Econometrics
BA 1977  Presidency College, Calcutta, India, Economics, Mathematics


ACADEMIC AND PROFESSIONAL EXPERIENCE
 
  1.   Present: Head, Hong Kong University of Science and Technology, Dept. of Finance.
  2.   Present: Chair Professor, Hong Kong University of Science and Technology, Dept. of Finance.
Senior Fellow, Institute of Advanced Studies, HKUST (First batch of appointees, April, 2012).
  3.   2004-June, 2008 Professor, Hong Kong University of Science and Technology, Dept. of Finance.
  4.   2000-June, 2004 Associate Professor, Hong Kong University of Science and Technology, Dept. of Finance.
  5.   Apr. 1998-Dec. 1999: State Bank of India Chair Professor of Finance, Centre for Studies in Diplomacy, International Law, and Economics, School of International Studies, Jawaharlal Nehru University.
  6.   Sep. 1997-Apr. 1998: Associate Professor, Economic Research Unit, Indian Statistical Institute.
  7.   1995-1997: Assistant Professor, Department of Finance, Hong Kong University of Science and Technology.
  8.   1993-1995: Visiting Assistant Professor, Department of Finance, Hong Kong University of Science and Technology.
  9.   1988-1995: Assistant Professor, Department of Finance and Business Economics, University of Southern California.
  10.   1992 (Sept-Oct): Visiting Professor, Gothenburg University, Sweden.
  11.   1991 (Sept-Oct): Visiting Professor, Gothenburg University, Sweden.
  12.   Fall 1989: Visiting Professor, Gothenburg University, Sweden.
  13.   1987-1988: Visiting Lecturer, Department of Finance, University of Southern California.
 

      OTHER:

Journalism, 1980-1983.


PUBLICATIONS

Published/Forthcoming Papers

  • "Transparency and Financing Choices of Family Firms", (with Tai-Yuan Chen and Yangxin Yu), forthcoming, Journal of Financial and Quantitative Analysis.
     
  • “When the Tail Wags the Dog: Industry Leaders, Limited Attention, and Spurious Cross-Industry Information Diffusion”, (with Ling Cen, Kalok Chan and Ning Gao), forthcoming, Management Science.
     
  • "Where Did All the Dollars Go? The Effect of Cash Flows on Capital and Asset Structure," (with Thomas Noe and Zhen Wang), 2011, Journal of Financial and Quantitative Analysis, 46 (5), 1259-1294.
     
  • “Monte Carlo Simulations and Capital Structure Research” (with Xin Chang), 2011, International Review of Finance, 11 (1), 19-55.
     
  • “Cross-Border Acquisitions and Optimal government Policy” (with Gautam Bose and Arghya Ghosh), 2011, Economic Record 87, 19-55, 2011.
     
  • "CEO Ability, Pay, and Firm Performance," (with Yuk Ying Chang and Gilles Hilary), 2010, Management Science 56 (10), 1633-1652.
     
  • “Transparency, Stock Return Synchronicity, and the Informativeness of Stock Prices: Theory and Evidence” (with Ning Gao and Jie Gan), 2010, Journal of Financial and Quantitative Analysis 45 (5), 1189-1220.
     
  • "The Effect of Auditor Quality on Financing Decisions" (with Xin Chang and Gilles Hilary), 2009, The Accounting Review 84 (4), 1085-1117.
     
  • "Target Behavior and Financing: How Conclusive is the Evidence" (with Chang Xin), 2009, Journal of Finance 64 (4), 1767-1796 (30). (Download here)
     
  • "Buyer-Supplier Relationships and the Stakeholder Theory of Capital Structure", (with Shantanu Banerjee and Yungsan Kim), 2008, Journal of Finance 63 (5), 2507-2552. (Download here)
     
  • "Financial Constraints, Competition and Hedging in Industry Equilibrium", (with Tim Adam and Sheridan Titman), 2007, Journal of Finance 62(5), 2445-2473. (Download here)
     
  • "Corporate Liquidity, Investment and Financial Constraints: Implications from a Multi-Period Model", (with Kunal Sengupta), 2007, Journal of Financial Intermediation 16, 151-174 (lead article). (Download here)
     
  • "Beyond Internal Capital Markets: The In-House Transmission of Adverse Sales Shocks and the Collateral Channel", (with Yuk Ying Chang), 2007, Journal of Corporate Finance 13 (5), 743-770. (Download here)
     
  • “Analyst Coverage and Financing Decisions”, (with Chang Xin and Gilles Hilary), Journal of Finance, December 2006, 3009-3048. (Download here)
     
  • "Auctions in Corporate Finance", (with R. Hansen), to appear in B. E. Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance (North-Holland/Elsevier, Handbooks in Finance series), Chapter 3. (Download here)
     
  •  “Auctions with Cross-Shareholding”, (with Kevin Tsui ), Economic Theory 24, 163-194, 2004.
     
  • “A “Matching Auction” for Targets with Heterogeneous Bidders”, (with Kevin Tsui), Journal of Financial Intermediation 12, 331-364, 2003.
     
  • “Managerial Risk-Taking Incentives, Product Market Competition, and Welfare", (with Jhinyoung Shin), European Economic Review 48, 391-401, 2004.
     
  • “Development Financial Institutions, Financial Constraints and Growth: Evidence from the Indian Corporate Sector", (with L. Bhandari and S. Gangopadhyay), Journal of Emerging Market Finance 2, 83-120, 2003.
     
  • "Uncertainty, Arbitrage, and Intra-Industry Trade", (with T. Ray and K. P. Wong), Canadian Journal of Economics 35, 757-785, 2002.
     
  • "What Explains Cross-Country Differences in Industry Growth Rates: Trade, development and Finance”, (with Chang Yuk Ying), International Review of Finance 3, 105-129, 2002.
     
  • “Bargaining, Bonding, and Partial Ownership”, (with Zhigang Tao), International Economic Review 41, 609-635, 2000.
     
  • “Information Sharing, Information Free- Riding and Capital Structure in Oligopolies”,  (with Jhinyoung Shin) International Journal of Industrial Organization 17, 109-135, 1999.
     
  • “Pricing Strategy and Financial Policy”, (with Sheridan Titman), Review of Financial Studies 4, 705-737, 1998.
     
  • “The Relationship Between Ownership, Financing Decisions and Firm Performance: A Signaling Model”, (with Mukesh Bajaj and Yuk-Shee Chan), International Economic Review 39, 723-744, 1998.
     
  • “Incomplete Contracts, Ownership Rights, and the Optimality of Equity Joint Ventures”, (with Zhigang Tao), Journal of Economic Behavior and Organizations 37, 1998, 391-413.
     
  • “Noise-Proof Equilibria in Two-Action Signaling Games”, (with Hans Carlsson), Journal of Economic Theory 77, 432-460, 1997.
     
  • “Tender Offers, Proxy Contests, and Large Shareholder Activism”, (with Vikram Nanda), Journal of Economics and Management Strategy 6, 787-820, 1997.
     
  • “Strategic R&D Success Announcements”, (with Parimal Bag), Economics Letters 47, 17-26, 1995.
     
  • “Optimal Regulation of MNEs and Government Revenues”, (with Kunal Sengupta), Journal of Public Economics 58, 215-234, 1995.
     
  • “Bargaining and Brinkmanship: Capital Structure Choice by Regulated Firms”, (with Vikram Nanda), International Journal of Industrial Organization 11, 475-497, 1993.
     
  • “Sunk Investment, Bargaining, and Choice of Capital Structure”, (with Kunal Sengupta), International Economic Review 34, 203-220, 1993.
     
  • “Competition for Procurement Contracts and Underinvestment”, International Economic Review 31, 841-65, 1990.
     
  • “Managing Procurement Auctions”, (with Daniel F. Spulber), Information Economics and Policy 4, 5-29, 1990.
     
  • “Instability in Rural Urban Migration”, (with Richard H. Day, S. Datta and Jeffrey B. Nugent), Economic Journal 97, 940-950, 1987.
     
Other Refereed Publications
  • “Product Markets and Firms’ Financing Decisions: A Selective Survey”, in Contemporary Macroeconomics, Amitava Bose, Debraj Ray and Abhirup Sarkar (eds.), Oxford University Press, 2001.
     
  • “Testing Capital Structure Theories: The Evidence from India” (with Yuk Ying Chang), in Effects of Globalization on Industry and Environment, Rajat Acharyya and Bhaswar Moitra (eds.), Lancer’s Books, 2001.
     
  • “Erratic Dynamics in Dual Economies”, (with Anup K. Sinha), in Studies in the Macroeconomics of Developing Countries, Mihir Rakshit (ed.), Oxford University Press, 1989.
Working Papers
  • "Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat", (with Ling Cen and Rik Sen).
     
  • "How Do Firms Allocate Internal Cash Flow? The Effect of Misvaluation and Costly External Financing", (with Xin Chang and George Wong).
     
  • "Shareholder Democracy and its Discontents: Outrage, Captured Boards, and the Veil of Ignorance", (with Thomas Noe).
     
  • "Fit, Style, and the Portability of Managerial Talent", (with Candie Chang and Jie Gan).
     
  • "Bank Lines of Credit, Debt Rollover, and Long-Term Finance: Evidence from Debt Reclassifications", (with Xin Chang and Yunling Chen).
     
  • "Financial constraints, macroeconomic conditions, and financing decisions", (with Xin Chang and Yunling Chen).
     
  • "Search intermediation, Internal labor markets, and CEO pay", (with Fei Ding).
     
  • "Property Market Overvaluation, Toeholds, and the Winners’ Curse: Evidence from Hong Kong Land Auctions", (with Chang Yuk Ying and Jie Gan).

Recent Conference Presentations

  • Invited keynote speaker, Accounting and Finance Research Forum, University of Queensland Business School, June, 2011.
     
  • Shareholder Democracy and its Discontents: Outrage, Captured Boards, and the Veil of Ignorance (with Thomas Noe), to be presented at the American Finance Association Meetings, Denver, January 2011, and CAF conference at the Indian School of Business, August, 2010.
     
  • Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat (with Ling Cen and Rik Sen), to be presented at the Western Finance Association Meetings, Victoria, British Columbia, June 2010.
     
  • Debt Reclassifications under Revolving Facilities: Determinants and Real Impact (with Xin Chang and Yunling Chen), presented at the Financial Intermediation Research Society Meetings, June 2010, Florence, Italy.
     
  • Invited speaker for Special Topic Session, Asian Finance Association Meetings, Brisbane, Australia, 2009.
     
  • When the Tail Wags the Dog: Industry Leaders and Cross-Industry Information Diffusion (with Ling Cen, Kalok Chan and Ning Gao), presented at the Western Finance Association Meetings, Santa Monica, California, 2009.
     
  • Invited Speaker, 7th Oxford Summer Finance Symposium, June 1-6, 2008, Said Business School, Oxford.
     
  • Managerial Reputation in Financial and Labor Markets (with Chang Yuk Ying and Gilles Hilary), Indian School of Business Summer Research Conference, 2007.
     
  • Property Market Overvaluation, Toeholds, and the Winners’ Curse: Evidence from Hong Kong Land Auctions (with Chang Yuk Ying and Jie Gan), ASRES Conference, Macau, 2007.
     
  • Target Behavior and Financing: How Conclusive is the Evidence? (with Chang Xin), presented at the American Finance Association Meetings, Chicago, 2006, and University of New South Wales Research camp, 2006.
     
  • “Lumpy Information Disclosure and Stock Return Synchronicity: Evidence from ADR Listings” (with Jie Gan and Gao Ning), presented at the FIRS Conference, Shanghai, 2006, and the Western Finance Association Meetings, Keystone, Colorado, 2006.
     
  • “Financial Constraints, Competition and Hedging in Industry Equilibrium” (with Tim Adam and Sheridan Titman), at the European Finance Association Meetings, 2004, the American Finance Association Meetings, 2005, the Western Finance Association Meetings, 2005.
     
  • “Analyst Coverage and Financing Decisions” (with Chang Xin and Gilles Hilary), Conference on Contemporary Corporate Governance Issues, organized by Tuck School of Business, Dartmouth College, 2004.
     
  • Financing the Deficit: Debt Capacity, Adverse Selection, and the Debt-Equity Choice (with Chang Xin), presented at the European Finance Association Meetings, Glasgow, Scotland, 2003.

RECENT PROFESSIONAL SERVICE

Boards and Committees

  • Member, Board of Directors, Financial Intermediation Research Society
     
  • Member, Research Grants Council of the Hong Kong SAR, Business Sub-Panel (since 2010)
     
  • Panel Member, Midterm Evaluation of the Vienna Graduate School of Finance, 2007 and 2010, on behalf of the Austrian Science Fund.
     
  • Member, External Advisory Board of the Gothenberg Centre for Finance, University of Gothenberg, Sweden.
     
  • Session Chair and program committee member, American Finance association Meetings, to be held in Chicago, January 2012.
     
  • Member, Program Committee, Western Finance Association Meetings, Las Vegas, 2012.
     
  • Member, Nomination Committee, American Finance Association, Chicago, 2011.
     
  • Member, Program Committee, European Finance Association Meetings, 2006-2008.
     
  • Member, Program Committee and Session Chair, Western Finance Association Meetings, 2006.
     
  • Member, Program Committee, Utah Winter Finance Conference, 2008-2010, 2012.
     
  • Member, Program Committee, Indian School of Business Summer Symposium, 2007-2011. .

Editorial Boards

  • Managing Editor (one of the three managing editors) for the International Review of Finance, published by Wiley-Blackwell.
     
  • Associate Editor, Journal of Emerging Market Finance, Sage Publications.
     
  • Associate Editor, Journal of Economic Research, Hanyang Economic Research Institute and Asia Pacific Economic Association.
     
  • Associate Editor, Macroeconomics and Finance in Emerging Economies, Taylor and Francis (published by Routledge).

TEACHING

  • Seminar in Corporate Finance (Ph.D. level Corporate Finance course, Finance 790B, taught at HKUST from 1993-2011).
     
  • Financial Management (M.B.A level Corporate Finance, Finance 512)
     
  • HKUST-New York University M.Sc. in Global Finance Program, 2008-2011.
     
  • Kellogg-HKUST EMBA Program, 2008.
     
  • HKUST’s Executive Diploma in Management
     
  • Intermediate Financial Management (Second course in Corporate Finance at Undergraduate Level, Finance 321, taught from 2001-2006).

Ph.D. SUPERVISION

Completed

  • Chang Yuk Ying (thesis completed in 2003). First appointment: Department of Accounting and Finance at Monash University, Australia, as Lecturer in Finance. Now at Department of Economics and Finance, Massey University, New Zealand, as Senior Lecturer.
     
  • Chang Xin (thesis completed in 2004). First appointment as Lecturer, Department of Finance, Faculty of Commerce and Economics, University of Melbourne. Tenured as Senior Lecturer in 2006. Now tenured at Nanyang Technological University, Singapore.
     
  • Shantanu Banerjee (thesis completed in 2005). Lecturer at Department of Accounting and Finance, Lancaster University, United Kingdom.
     
  • Gao Ning ((thesis completed in 2005). Lecturer at Department of Finance, University of Manchester Business School, United Kingdom.
     
  • Cen Ling, (thesis completed in 2008), Assistant Professor at the University of Toronto.
     
  • Yunling Chen (thesis completed in 2010), Assistant Professor, Tsinghua University, Beijing, China.
     
  • Wang Zheng (thesis completed in 2010), Assiatant Professor, Shahghai University of Finance and Economics.

RECENT UNIVERSITY SERVICE

  • Director of M.Phil/Ph.D. Programs, School of Business and Management.
     
  • Member, Search Committee for Dean of School of Business and Management.
     
  • Chair, Search Committee for Head of Marketing Department, School of Business and Management.
     
  • Member, School Appointment and Substantiation Committee.
     
  • School Representative, University Senate.
     
  • Acting Head, Department of Finance, 2006.
     
  • Member, School Administrative Committee, SBM.
     
  • School Representative, University Senate.
     
  • School Representative, University Committee on Post-Graduate Studies.
     
  • Member, School Appointment and Substantiation Committee.

Other Service

  • Member, Board of Governors (Nominated Independent Member of the Board), the English School Foundation of Hong Kong, 2009-2010.