Shashwat Alok

Associate Professor of Finance

Indian School of Business, Hyderabad 

ISB Alumni Endowment Research Fellow

Research Director - Digital Identity Research Initiative (DIRI) 


Ph.D. Business Administration - Finance (2013), Olin Business School, Washington University in St. Louis

B.E. Computer Science and Engineering (2008), Manipal University

Research interests

Political Economy/Law and Finance, Household Finance and Financial Inclusion, Climate Finance and ESG

Awards/Honors/Research Grants:

ISB Alumni Research Award (2020-2021)

SRITNE Research Grant - $8000 (2019)

NSE-ISB Trading Laboratory (Two Research Grants) - $20000 (2019)

NYU-NSE Initiative for Emerging Market Studies (Research Grant) - $7500 (2019)

EY - Institute for Emerging Market Studies (Two Research Grants) - $22000 (2019)

EY - Institute for Emerging Market Studies (Research Grant) - $35000 (2016)

NYU-NSE Initiative for Emerging Market Studies (Research Grant) - $7500 (2016)

Hubert C. Moog Scholar for Academic Excellence, Washington University in St. Louis (2012)

Latest Updates

June 2024: Gave a keynote Lecture titled ""Does Open Banking Expand Credit Access?" at RSFE Conference, Krea University

May 2024: Visiting Research Scholar at NUS Business School.

May 2024: Discussant at ABFER 11th Annual Conference. In their recent working paper, "Diverging Banking Sector: New Facts and Macro
Implications",  Shohini Kundu, Tyler Muir, and Jinyuan Zhang offer novel stylized facts regarding heterogeneity in the US banking sector:

Low-rate Banks: Higher physical branches, low deposit rates, longer maturity assets, Low/No deposit beta, safer assets – lower credit spread, older customers

High-rate banks: Fewer physical branches, deposit rates close to fed fund rates, shorter maturity assets, higher deposit beta, riskier assets – higher credit spread, younger customers

•Implications for Monetary Policy Transmission:

↑ Interest rates ⇒ High-Rate banks ↑ deposit rates ⇒ Attract deposits away from low-rate banks ⇒ ↓ maturity transformation.

April 2024: Presented my recent, co-authored study, "Does Open Banking Expand Credit Access?" at the 1st Workshop on Finance and Markets, organized by the Institute for Economic Growth

March 2024: Discussant at the SGFIN Research Conference on Sustainability organized by the Sustainable and Green Finance Institute. In their recent working paper, "Financial Frictions and Pollution Abatement Over the Life Cycle of Firms," Min Fang, Po-Hsuan Hsu, and Chi-Yang Tsou examine the impact of the interaction between financial friction and environmental regulations on firm investments in pollution abatement.

January 2024: Presented my co-authored study, "Financial Inclusion and Alternate Credit Scoring: Role of Big Data and Machine Learning in Fintech," at the IFC’s 2nd Annual Research Conference on Digitalization and Development.  In this study, we examine the discriminatory ability of individual borrowers' mobile and social footprints in predicting loan defaults. 

December  2023: Discussant at the CAFRAL Annual Conference Financial System and Macroeconomy in Emerging Economies. In her recent working paper, "Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity," Vrinda Mittal examines the impact of Private Equity Buyouts on labor productivity.