Sudipto DASGUPTA Chair Professor/Director of Center for Asian Financial Markets 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

PUBLICATIONS

Published/Forthcoming Papers

• "Transparency, Stock Return Synchronicity, and the Informativeness of Stock Prices: Theory and Evidence" (with Jie Gan and Ning Gao), forthcoming, Journal of Financial and Quantitative Analysis.
   
• "The Effect of Auditor Quality on Financing Decisions" (with Xin Chang and Gilles Hilary), forthcoming, Accounting Review, June 2009.
   
• "Target Behavior and Financing: How Conclusive is the Evidence?", (with Xin Chang), forthcoming, Journal of Finance. (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.
   

• “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.

• "When the Tail Wags the Dog: Industry Leaders and Cross-Industry Information Diffusion" (with Ling Cen, Kalok Chan and Ning Gao).
   
• "Managerial Reputation in Financial and Labor Markets" (with Chang Yuk Ying and Gilles Hilary).
   
• "Property Market Overvaluation, Toeholds, and the Winners’ Curse: Evidence from Hong Kong Land Auctions" (with Chang Yuk Ying and Jie Gan).
   
• "Debt Reclassifications under Revolving Facilities: Determinants and Real Impact" (with Chang Xin and Yunling Chen).
   
• "Where did all the Dollars Go? The Effect of Cash Flows on Capital and Asset Structure" (with Tom Noe and Zhen Wang). (Download here)

Recent Conference Presentations

• 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..