Nottingham University Business School
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Professor Sanjay Banerji

BA (Hons) (University of Calcutta), MA (University of Calcutta), PhD (State University of New York at Buffalo)
Professor of Finance

Division: Finance, Risk and Banking
Centre/Institute: China Research Group
Tel: +44 (0) 115 9515276
Location: C20 (South Building, Jubilee Campus)

Have done PhD from the State University of New York at Buffalo in Economics and been a senior Fulbright Fellow at Boston University.

Administrative Roles
Division Head (Finance, Risk and Banking)
Research Series Co-ordinator (Finance)
I am module convenor of the following modules:


Risk, Information & Insurance (N13408)


Corporate Finance (N14M25)


Contemporary Topics in Finance (N15F16)
Corporate Finance (N14206)

Details of all modules can be found on MyNottingham

I am currently supervising the following Research Students:

Hend Abdulhadi S Attuwaijri

Publications prior to 2005

Publications prior to 2005

Journal Articles

Banerji, S.; Bhattachyarya, J.; Van Long, N. (2004), "Can Financial Intermediaries generate Business Cycles?", Journal of Economic Dynamics and Control, Vol.28 (11), pp. 2215-2238.

Banerji, S.; Chen, A.H.; Mazumdarm, S.C. (2002), "Universal Banking Under Bilateral Information Asymmetry", Journal of Financial Services Research, Vol.22 (3), pp. 169-187.

Banerji, S.; Gupta M, R. (1997), "Efficiency Wage Given Long Run Employment and Concave Labor Constraints", Journal of Development Economics, Vol.53 (1), pp. 185-195.

Banerji, S.; Rashid, S. (1996), "Tournaments and Share Cropping", Economica, Vol.63, pp. 343-352.


Banerji, S. 1999, "Limited Liability and Forgiveness of Debt and Optimal Loan Contract", at Conference volume organized in Indian Statistical Institute in the honour of PC Mahalanbish.

Publications from 2005 to the present day

Journal Articles

Madhav Aney, Elie Appelbaum and Sanjay Banerji, (2019), "Firm boundaries and financing with opportunistic stakeholder behaviour", Journal of Corporate Finance, forthcoming 2019.

Banerji, S; Duygun, M; Noe, Thomas, Shaban, M, (2018), "Institutions, Governance and Finance in a Globally Connected Environment", Journal of Corporate Finance, pp. 1-9.

Banerji,S,; Duygun, M,; Shaban, M. (2017), "Political Connections, Bailout in Financial Markets and Firm Value", Journal of Corporate Finance, Vol.50, pp. 388-401.

Banerji,S; Basu, P. (2017), "Universal banking, asymmetric information and the stock market", Economic Modelling, Vol.60, pp. 180-193.

Amess, K.; Banerji, S.; Lampousis, A. (2015), "Corporate cash holdings causes and consequences", International Review of Financial Analysis, Vol.42, pp. 421-433.

Banerji, S.; Basu, P. (2015), "Borrower's moral hazard, risk premium, and welfare: A comparison of universal and stand-alone banking systems", The Journal of Economic Asymmetries, Vol.12 (1), pp. 61-72.

Banerji, S.; Rajesh, S.; Raj, N.; Sen, K. (2015), "Monitoring Costs, Credit Constraints and Entrepreneurship", The Manchester School, DOI: 10.1111/manc.12122.

Banerji, S.; Ventouri, A.; Wang, Z. (2014), "The sovereign spread in Asian emerging economies: The significance of external versus internal factors.", Economic Modelling, Vol.36, pp. 566-576.

Almazan, A.; Motta, A.; Banerji, S. (2008), "Attracting Attention: Cheap Managerial Talks and Costly Market Monitoring", Journal of Finance, Vol.63 (3), pp. 1399-1436.

Banerji, S. (2008), "Asset Sales, Debt Equity Swap in Bankruptcy and Reorganization", Economics Letters, Vol.89 (1), pp. 189-191.

Banerji, S.; Van, N. (2007), "Moral Hazards, Bankruptcy Costs and Financial Capital Mobility", Review of Development Economics, Vol.11 (2), pp.pp 369-384.

Banerji, S.; Errunza, V. (2005), "Privatization Under Incomplete Information and Bankruptcy Risk", Journal of Banking and Finance, Vol.29 (3), pp. 735-757.

Chapters in Books

Banerji, S.; Gangopadhyay, K.; Gupta , P. (2014), "Financial intermediation and economic development; Evidence from Bihar", in Ashima Goyal (ed) Handbook for the Indian Economy in the 21st Century: Understanding the inherent dynamism, Oxford University Press.

Sarker, A.; Banerji, S. (2010), "Anatomy of the recent financial crisis and the consequent economic recession", in Sarker, A (ed) India Macroeconomics Annual 2009, pp.67-80.



Nottingham University Business School

Jubilee Campus

telephone: +44 (0) 115 846 6602
fax: +44 (0) 115 846 6667