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Nandini Gupta - Indiana University, Kelley School of Business. Bloomington, IN, US

Nandini Gupta Nandini Gupta

Associate Professor of Finance | Indiana University, Kelley School of Business

Bloomington, IN, UNITED STATES

Professor Nandini Gupta researches empirical corporate finance with a focus on politics, privatization, financial market reforms, and labor.

Secondary Titles (1)

  • Cathy and James Anderson Faculty Fellow



Nandini Gupta Publication Nandini Gupta Publication



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My research focuses on the political economy of finance, financial development, labor, and emerging markets. My papers have been published in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Rand Journal of Economics, and European Economic Review.

Industry Expertise (6)


Financial Services

Capital Markets

Corporate Leadership



Areas of Expertise (5)

Financial Market Reforms


Political Economy


Media Bias

Education (2)

University of Pittsburgh: Ph.D., Economics

Presidency University, Calcutta: B.S., Economics

Research Grants (3)

NSE-NYU Stern Initiative on the Study of Indian Capital Markets

National Stock Exchange of India and NYU Stern School of Business 

The NSE-NYU Stern Initiative on the Study of Indian Financial Markets is a joint venture of the National Stock Exchange of India (NSE) and the Salomon Center for the Study of Financial Institutions at NYU Stern School of Business. The Initiative invites academics and scholars to submit research proposals for projects, including early-stage projects that are relevant for understanding the Indian financial sector and macro-economy.

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Program on Indian Economic Policies: Free Trade, Democracy, and Entrepreneurial Development

John Templeton Foundation and Columbia Business School 

This grant establishes a research program on Indian economic policy at the Columbia Business School. Led by renowned Indian economists Jagdish Bhagwati and Arvind Panagariya, the program will examine India’s remarkable economic transformation through field research and analysis. The program will also provide advice to economic policy makers in India.

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Centre for International Business Education & Research Grant

Kelley School of Business, University of Indiana 

U CIBER will develop and implement a range of activities to achieve broad reach and impact through value-added activities in teaching, research, faculty development, and outreach. A central emphasis is the outreach and training focus on internationalizing curricula at MSI and community colleges across the US to further develop global competence among underserved student and faculty populations. Target constituencies include students, faculty, and professional staff at IU and other institutions of higher education, as well as high school students and business professionals throughout the US.

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Articles (6)

Political Polarization in Financial News


2020 Political news is known to be polarized, but standard explanations for polarization do not apply to financial news. Nevertheless, we find strong evidence of political polarization in the tone and coverage of corporate financial news. In particular, we find that the tone of corporate financial news coverage is more positive, and the likelihood that good (bad) news is reported is higher (lower), if the firm is politically aligned with the news source.

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Financial Development and Micro-Entrepreneurship

NYU Wagner Research Paper No. 2494551

2019 Does financial development facilitate micro-entrepreneurship? Using randomized surveys of over 1 million Indian households and district-level bank branch location pre-determined by government policy, we find instead that financial access shifts workers from informal entrepreneurship into formal employment.

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Early Career Choices of Superstar Entrepreneurs

Kelley School of Business Research Paper No. 18-18

2019 Using a dataset on career paths of elite U.S. engineers, including superstar entrepreneurs, we examine the effect of early career choices on long-run entrepreneurial outcomes. Exploiting exogenous variation in entry labor market conditions, driven by local financial sector growth, and comparing classmates in the same school-major-year, we find that talented engineers are more likely to switch from engineering jobs to finance in high finance growth areas.

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The Corporate Value of (Corrupt) Lobbying


2018 Using an event study, we examine whether the stock market considers corporate lobbying to be a value-enhancing activity. On January 3, 2006, lobbyist Jack Abramoff pleaded guilty to bribing politicians, which generated intense scrutiny of lobbyists, limiting their political influence.

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Quiet Life No More? Corporate Bankruptcy and Bank Competition

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming

2016 Pursuing delinquent borrowers requires considerable effort, and creditors may lack the incentive to exert this costly effort in uncompetitive banking sectors. To examine this, we use a uniquely large dataset of public and private corporate bankruptcy filings spanning a banking-sector reform that deregulated bank entry across different regions of India.

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The Decision to Privatize: Finance and Politics

Journal of Finance, Forthcoming

2014 We investigate the influence of political and financial factors on the decision to privatize government-owned firms using firm-level data from India. We find that the government significantly delays privatization in regions where the governing party faces more competition from opposition parties.

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