Hi, welcome to my webpage!
I am an Associate Professor of Finance at the Henley Business School, University of Reading. I completed my PhD in Finance at Warwick Business School in 2014 and worked at the University of Bristol Business School from 2014 to 2025. My research lies in the areas of banking and corporate finance, with particular interests in bank competition and the role of regulation.
e-mail: s.biswas (at) henley.ac.uk
WORKING PAPERS:
The dichotomy of concentration and pricing power in banking with Kostas Koufopoulos [pdf]
CICF, SAET*, CAFRAL, Benelux Banking Day, London FIT
Credit market competition and the agency costs of tiered loan guarantees with Min Park and Ziqing Yuan [pdf soon]
Banco Central do Brasil*, Spain Finance Forum*
Optimal equity earnouts under two-sided asymmetric information with Kostas Koufopoulos and Giulio Trigilia [ssrn link]
Bank response to higher capital requirements under anticipated adverse selection with Kostas Koufopoulos and Songshan Li [pdf]
Costly bank capital as a regulatory commitment device with Kostas Koufopoulos [pdf soon]
PUBLICATIONS:
Revisiting 'A theory of debt maturity and innovation' with Kostas Koufopoulos and Mai Nguyen [pdf soon]
Journal of Economic Theory, 2026
Non-bank lending and firm performance: Evidence from the syndicate loan market with Neslihan Ozkan and Junyang Yin [pdf]
Journal of Banking and Finance, 2025
Can information imprecision be valuable? The case of credit ratings with Kostas Koufopoulos and Anjan Thakor [pdf]
Journal of Financial Intermediation, 2024
Collateral and bank screening as complements: A spillover effect [pdf]
Journal of Economic Theory, 2023
Asset trade, real investment and a tilting financial transaction tax with Tobias Dieler, Giacomo Calzolari and Fabio Castiglionesi [pdf]
Management Science, 2023
Eliminating the tax shield through allowance for corporate equity: Cross-border credit supply effects with Balint Horvath and Wei Zhai [pdf]
Journal of Money, Credit and Banking, 2022
Bank capital structure and regulation: Overcoming and embracing adverse selection with Kostas Koufopoulos [pdf]
Journal of Financial Economics, 2022
Economic policy uncertainty and cross-border lending with Wei Zhai [pdf]
Journal of Corporate Finance, 2021
Bank competition and financing efficiency under asymmetric information with Kostas Koufopoulos [pdf]
Journal of Corporate Finance, 2020
Creditor rights and the market power-stability relationship in banking [pdf]
Journal of Financial Stability, 2019
Contagion through common borrowers with Fabiana Gomez [pdf]
Journal of Financial Stability, 2018
Who needs big banks? The real effects of bank size on outcomes of large US borrowers with Fabiana Gomez and Wei Zhai [pdf]
Journal of Corporate Finance, 2017