Professor Sarmistha Pal

Chair in Financial Economics

Qualifications: BSc, MSc (Calcutta, India) MPhil (Cambridge), PhD (London School of Economics)

Email:
Phone: Work: 01483 68 6354
Room no: 10 MS 02

Office hours

 

Autumn term: Monday (3.30-4.30 pm) and Thursday (12.30-1.30 pm)

Tel. 01483 686354
Office 10 MS 02

Further information

Biography

Sarmistha Pal is a Professor at the University of Surrey, Guildford (UK). Previously, she had taught Economics at the University of Wales at Aberystwyth and Cardiff and subsequently at the Brunel University in London.
 

She is an applied economist analysing the impact of law, institutions and public policy on various economic agents (firms/banks, household, community, districts/province). As such her research broadly links to public economics, public finance and corporate finance primarily in emerging market economies. Her current and recent  research in Finance focuses on the role of regulations, institutions and networking on capital structure and corporate finance  (using quasi-experimental approach) including foreign direct investment. Within economics, her recent research focuses on the role of formal (politics and governance) and informal (customs and social norms) institutions on public goods provision, especially in decentralised set-up. 

Her research has been funded by the Economic and Social Research Council, Leverhulme Trust, World Bank, European Bank for Reconstruction and Development and also International Finance Corporation. 

She is an IZA Research Fellow and also a research affiliate at CSAE, University of Oxford. She is also a member of the Applied Micro Economics Research Group at the University of Surrey.

She serves on the editorial board of the Journal of Development Studies (ABS 3*).

She is an external examiner for the UG Microeconomics modules for the Economics Department at the City University London.

She is a member of ESRC peer review college and as such regularly referees grant and fellowship applications submitted to ESRC. She has also reviewed applications submitted to Nuffield Foundation, Leverhulme Trust and National Science Foundation (US).

She regularly does research consultancy for various national (Home Office, Department of Foreign and International Development (DFID), Department of Business, Innovations and Skills, UK) and international (World Institute of Development Economics Research (WIDER), World Bank (WB), UNESCO and the International Finance Corporation (IFC)). Currently she is acting as a consultant for a DFID funded project based in the Cambridge University.
 

She has been invited to present her research at numerous UK departments including University of Bristol, University of Cambridge, University of Durham,  London School of Economics, University of Manchester, University of Nottingham,  University of Oxford,  and also in many international organisations (e.g., Asian Bureau of Finance and Economics Research, European Bank for Reconstruction and Development, World Bank and World Institute of Development Economics Research.). 

Research Interests

Public Economics; Public Finance;  Banking and Corporate Finance; Institutions and Political Economy, Emerging Markets.

Recent Research Grants

ESRC small grant RES-000-22-0200 (£43804.00), October 2003- September 2005: ‘CORPORATE CAPITAL STRUCTURE IN EAST ASIA BEFORE AND AFTER THE CRISIS’- Principal applicant.

ESRC standard grant RES-062-23-0986 (April 2008- March 2010): "FDI, Ownership and Corporate Governance in Europe" (joint with Nigel Driffield, Aston and Tomasz Mickiewicz, UCL)

Leverhulme Research Fellowship: September 2008-August 2009. "Rise of Private Schools and Universal Education"
ESRC small grant RES-000-22-0200, October 2003- September 2005: "Corporate Capital Structure in East Asia Before and After the Crisis"

Brunel SSS research grant June 2010: 'Multiculturalism, Minority Representation and Public Policy: Evidence from Local Governments in the UK' (joint with Justin Fisher (Politics) & Sugata Ghosh (E&F))

Research Collaborations

Besides my collaborators in the UK, I have many collaborations with junior and senior researchers in Australia, India, and the USA.

Publications

Recent Publications

Maitra, P. S.Pal and A. Sharma. 2016 "Absence of Altruism? Female Disadvantage in Private School Enrolment in India", World Development (forthcoming)

Pal, S. 2015 "Impact of Hospital Delivery on Child Mortality: An Analysis of Adolescent Mothers in Bangladesh", Social Science and Medicine (online first).

O.Owolabi and S. Pal. 2013. "The Value of Business Networks in Emerging Economies: An Analysis of Firms'  External Financing Opportunities" , Applied Financial Economics, 23(5): 415-432 .
 

F. Corricelli, N. Driffield, S. Pal. and I. Roland. 2012. "Optimal Leverage and Firm Performance: An Endogenous Threshold Analysis"  IZA,CEPR and EBRD working paper. Journal of International Money and Finance 31(6): 1674-94.

 Driffield, N. and S. Pal. 2010. "Evolution of Capital Structure in East Asia: Corporate Inertia or Endeavours?" Journal of Royal Statistical Society (series A).

Bhaumik, S., N. Driffield and S. Pal. 2010. "Does Ownership Concentration Impact on MNE Operations? The Case of Indian Automotive and Pharmaceutical Sectors", Journal of International Business Studies.

Publications by Research area

Institutions, Finance and Corporate Governance

O.Owolabi and S. Pal. 2013. "The Value of Business Networks in Emerging Economies: An Analysis of Firms'  External Financing Opportunities" , Applied Financial Economics, 23(5): 415-432 .
 

F. Corricelli, N. Driffield, S. Pal. and I. Roland. 2012. "Optimal Leverage and Firm Performance: An Endogenous Threshold Analysis"  IZA,CEPR and EBRD working paper. Journal of International Money and Finance 31(6): 1674-94.

 Driffield, N. and S. Pal. 2010. "Evolution of Capital Structure in East Asia: Corporate Inertia or Endeavours?" Journal of Royal Statistical Society (series A).

Bhaumik, S., N. Driffield and S. Pal. 2010. "Does Ownership Concentration Impact on MNE Operations? The Case of Indian Automotive and Pharmaceutical Sectors", Journal of International Business Studies.

Driffield, N. S. Pal and V. Mahambare. 2007. "How Does Ownership Structure Affect Capital Structure and Firm Value: Recent Evidence from East Asia", Economics of Transition, 15(3) 535-573.

Berglöf, E and S. Pal, 2007. "Symposium on Corporate Governance," The Economics of Transition, The European Bank for Reconstruction and Development, 15: 429-432.

Driffield, N. and S. Pal. 2006. "Do External Funds Yield Lower Return? Empirical Evidence from East Asian Economies", Journal of Asian Economics, 17(1): 171-188.

Driffield, N. and S. Pal. 2001. ‘The East Asian Crisis and Financing Corporate Investment: Is There a Cause for Concern?’, Journal of Asian Economics  12(4): 507-27.


Public Economics/Political Economy

Pal, S. 2015 "Impact of Hospital Delivery on Child Mortality: An Analysis of Adolescent Mothers in Bangladesh", Social Science and Medicine (forthcoming).

Pal, S. and S. Ghosh. 2012. "Poverty, Heterogeneous Elite and Allocation of Public Spending: Panel Evidence from Indian States", Review of Income and Wealth 58: 51-78.

Pal, S. and R. Palacios. 2011. "Understanding Old Age Poverty in the Indian states: Implications for Social Pension Program", Journal of Development Studies 47(7) 1017-1037.

Pal, S. 2010. "Public Infrastructure, Location of Private Schools and Primary School Attainment in An Emerging Economy", Economics of Education Review.

Maitra, P. and S. Pal. 2008. "Birth-spacing, Fertility Selection and Child Survival: Analysis using a Correlated Hazard Model", Journal of Health Economics 27(3): 690-705.

Makepeace, G. and S. Pal. 2008. "Understanding the Effects of Siblings on Child Mortality: Evidence from India",Journal of Population Economics 21(4): 877-902.

Makepeace, G. and S. Pal. 2006. "Effects of Birth Interval on Child Mortality: Evidence from A Sequential Analysis", World Health and Population January P. 1-14.

McKay, A & S. Pal, 2004. "Relationships between Household Consumption and Inequality in the Indian States," Journal of Development Studies, 40(5): 65-90.

Ghosh, S. and S. Pal. 2004. "The Effect of Inequality on Growth: Theory and Evidence from the Indian States, Review of Development Economics 8(1):166-79.

Pal, S. 2004. "How Much of the Gender Differences in Child School Enrolment Can Be Explained: Evidence from Rural India", Bulletin of Economic Research 56(2), pages 133-158.

Pal, S. 2004. "Child Schooling in Peru: Further Evidence from A Sequential Analysis of School Progression", Journal of Population Economics, 17(4): 657-680.

McNabb, R., S. Pal and P. Sloanne. 2002. "Gender Differences in Student Attainment: The Case of University Students in the UK", Economica, 69, 481-503.

Pal, S. 1999. An analysis of childhood malnutrition in rural India: Role of gender, income and other household characteristics. World Development 27 (7): 1151-1171

Working Papers 

Available from IZA and SSRN

Banerjee, S., R. Masulis and S. Pal. 2016. "Regulation and Firm Value: Curious Case of Transparency and Disclosure Laws in Russia" April 2016. Paper presented at the ABFER workshop (Singapore) and EFMA (Rome).

Pal, S. 2015 "Impact of Hospital Delivery on Child Mortality: An Analysis of Adolescent Mothers in Bangladesh" August 2015.

"Public Pain Private Gain: Impact of private practice on public health provision" (with Gabriel Montes-Rojas) August 2015. Paper presented at the Health Economics Study Group Meeting in Lancaster University.

"When Political Change Signals Community Resolve? Fiscal Decentralisation, Grassroots Democracy and Local Development in Indonesia" (with Jaideep Roy) July 2015; earlier version available as IZA Discussion papers; Paper presented at the CMPO workshop on Public Service Delivery in Developing Countries, University of Bristol and the European Public Choice Society Groningen."Misogyny or rational preferences of households: An Analysis of Gender Gap in Private School Enrollment in India" (with Pushkar Maitra and Anuag Sharma) April 2015. Paper presented at the World Bank Growth workshop at the Indian Statistical Institute Kolkata and IZA-World Bank Conference on Employment and Development in Bonn.

"Fiscal Decentralisation, Local Institutions and Public Goods Provision: Evidence from Indoesia" (with Zaki Wahhaj) April 2016.  Earlier version available as IZA working paper. Paper presented at the European Public Choice Society Zurich and Royal Economic Society Manchester. 

"Corruption and Cross-Border Investment: New Evidence from New Europe" December 2014. Available as SSRN and IZA working papers

"In Trusts We Trust: Socially Motivated Private Schools in Nepal" (with Bibhas Saha) June 2014; also available as IZA and SSRN working papers. Paper presented at MWIEDC at Minneapolis.'Can mandated political representation improve the allocation of government school resources? Panel evidence from Indian districts' (With Dickson Kwaku Twum-Boateng) November 2014


Work in progress

"Corruption and Mode of Foreign Bank Entry: Recent Evidence from Central and Eastern Europe' (joint with Sumon Bhaumik and Oluwarotimi Owolabi) 

'Immigration, Ethnic Diversity and Public Goods Provision: Evidence from Local Governments in the UK' (with Justin Fisher and Sugata Ghosh)

"Impact of private school growth on 'education for all': District-level evidence from India" (with Geeta Kingdon and Bibhas Saha)

Split shares Reform, Capital Structure and Performance (with Chen Zhao)

Impact of Clause 49 on Capital Structure (with Zoya Saher and Tiago Pinheiro)

Land Reform and Corporate Investment (with Zoya Saher)

Law, Institutions and Executive Compensation (with Suman Banerjee)

Anti-poverty Programmes, Schooling and Crime in Brazil (with Marislei Nishijima)

National Old Age Pension Program and Elderly Coresidency with Children (Viola Asri)

Fiscal Decentralisation and Financial Management of Panchayati Raj Institutions (with Vegard Iversen and Sandip Mitra)

Teaching

MSc Quantitative Method

Departmental Duties

Head of PhD (Finance) programme

Affiliations

Research Fellow, IZA, University of Bonn, Germany;
Research affiliate, CSAE, University of Oxford

Member American Economic Association

Member Royal Economic Society

Organisation of conferences/symposia

I organised ESRC funded (grant RES-000-22-0200) workshop on "Corporate Governance, Corporate Restructuring and Corporate Finance in Transition Economies" on 9-10 September 2005, Brunel University.

I organised Leverhulme Trust funded symposium on "School Privatisation and Universal Education in Asia" for the Oxford Conference on Education and Development, September 2009.

I organised ESRC funded special session on Globalisation and FDI at the Royal Economic Society Annual Conference March 2010.

I organised a symyposium on Institutions and Globalisation for the Association of the the Comparative Economic Studies as part of the ASSA meeting in Chicago, January 2012.

Other academic activities

My research on Private schools in developing countries funded by the Leverhulme Research Fellowship 2008-09 has received a lot of attention since the publication of the DFID Rigorous Review and a follow-up article on the Guardian 16 March 2015. You can find some academic discourse in this respect on the following link:

http://www.ukfiet.org/2015/what-we-know-and-dont-know-about-the-impact-of-private-schooling-in-developing-countries/ 

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