Professor Sarmistha Pal

Research Interests

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

Recent Research Grants

UGPN grant (US$20000) 1st August 2016-31 July 2017: Whither youth crime? Impact assessment of the recent public policy interventions in Brazil - Principal Applicant

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.


MSc Quantitative Method (MANM280)

Departmental Duties

Head of PhD (Finance) programme


Research Fellow, IZA, University of Bonn, Germany;
External 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.

I organised the Surrey-IFABS 2016 conference on 'Firm Value Maximisation and Corporate Social Responsibility: Implications for Corporate Finance and Corporate Governance' on 15-16 September 2016

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: 

* 'Whither female disadvantage? An analysis of private school enrolment in India' October 2016 (forthcoming) Ideas for India Column, International Growth Centre LSE & Oxford.

Contact Me

Phone: 01483 68 6354

Find me on campus
Room: 10 MS 02

My office hours


Autumn term: Thursday (10-11 am) and Friday (10-11am)

Tel. 01483 686354
Office 10 MS 02


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" July 2016. Paper presented at the ABFER workshop (Singapore); EFMA (Rome); Asian Meeting of the Econometric Society (Kyoto).

"Regulation and Moonlighting of Public Health Professionals: Evidence from Indonesia" (with Gabriel Montes-Rojas) September 2016. Paper presented at the Health Economics Study Group Meeting (Lancaster), Indian Statistical Institute (Kolkata).


Pal, S. "Coping with Corruption: Networking and FDI in Central and Eastern Europe" September 2016.


Bhaumik, S., S. Pal and O. Owolabi. 'Information Costs, Institutional Distance, and Entry Mode Choice of Financial Intermediaries: Evidence from Central and Eastern Europe' June 2016


Pal, S. and B. Saha. "Enhancing Excellence: Trade-off between Socially Motivated and Profit Motivated Private Schools"  May 2016; also available as IZA and SSRN working papers. Paper presented at MWIEDC at Minneapolis.

Work in progress

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

Impact of Land Reform on Corporate Investment in India (with Zoya Saher and and Tiago Pinheiro)


Pal, S. and J. Roy. "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.


Constitutional Amendment and Youth Crime in Brazil (with Marislei Nishijima)

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

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

Managerial Overconfidence and Industrial Accidents: Impact of Serbane-Oxley Act (with Suman Banerjee)

'Can mandated political representation improve the allocation of government school resources? Panel evidence from Indian districts' (With Dickson Kwaku Twum-Boateng) 

Religion and Local development (with Vegard Iversen and Abhiroop Mukhopadhyay)

'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)

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