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Sonny Biswas

Associate Professor of Finance

Sonny Biswas

Specialisms

  • Banking, 
  • Corporate Finance

Sonny is an Associate Professor of Finance at the ICMA centre.

Sonny joined the ICMA Centre, Henley Business School, in 2025. He completed his PhD in Finance at the Warwick Business School in 2014 and from 2014-2025 he worked at the University of Bristol Business School.

His research interests lie in the areas of banking and corporate finance, with particular focus on bank competition and the role of regulation. He is an applied theorist and uses simple models to understand puzzling empirical observations. E.g., his JFE 2022 article shows that good banks signal their type by restricting leverage but sometimes prefer to pool with bad banks even if this is socially undesirable. In this case, the regulator imposes minimum capital requirements to ensure that the efficient outcome is restored.

Reference: Biswas, S. , Koufopoulos, K. and Thakor, A. V. (2024) Can information imprecision be valuable? the case of credit ratings. Journal of Financial Intermediation, 60. 101114. ISSN 1096-0473 doi: 10.1016/j.jfi.2024.101114
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. (2023) Collateral and bank screening as complements: a spillover effect. Journal of Economic Theory, 212. 105703. ISSN 1095-7235 doi: 10.1016/j.jet.2023.105703
Henley faculty authors:
Sonny Biswas
Reference: Dieler, T., Biswas, S. , Calzolari, G. and Castiglionesi, F. (2023) Asset trade, real investment, and a tilting financial transaction tax. Management Science, 69 (4). pp. 2401-2424. ISSN 1526-5501 doi: 10.1287/mnsc.2022.4417
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. , Horvath, B. L. and Zhai, W. (2022) Eliminating the tax shield through allowance for corporate equity: cross‐border credit supply effects. Journal of Money, Credit and Banking, 54 (6). pp. 1803-1837. ISSN 1538-4616 doi: 10.1111/jmcb.12877
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. and Koufopoulos, K. (2022) Bank capital structure and regulation: overcoming and embracing adverse selection. Journal of Financial Economics, 143 (3). pp. 973-992. ISSN 1879-2774 doi: 10.1016/j.jfineco.2021.12.001
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. and Zhai, W. (2021) Economic policy uncertainty and cross-border lending. Journal of Corporate Finance, 67. 101867. ISSN 1872-6313 doi: 10.1016/j.jcorpfin.2020.101867
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. and Koufopoulos, K. (2020) Bank competition and financing efficiency under asymmetric information. Journal of Corporate Finance, 65. 101504. ISSN 1872-6313 doi: 10.1016/j.jcorpfin.2019.101504
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. (2019) Creditor rights and the market power-stability relationship in banking. Journal of Financial Stability, 40. pp. 53-63. ISSN 1878-0962 doi: 10.1016/j.jfs.2017.10.001
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. S. and Gómez, F. (2018) Contagion through common borrowers. Journal of Financial Stability, 39. pp. 125-132. ISSN 1878-0962 doi: 10.1016/j.jfs.2018.10.001
Henley faculty authors:
Sonny Biswas
Reference: Biswas, S. , Gómez, F. and Zhai, W. (2017) Who needs big banks? The real effects of bank size on outcomes of large US borrowers. Journal of Corporate Finance, 46. pp. 170-185. ISSN 1872-6313 doi: 10.1016/j.jcorpfin.2017.06.012
Henley faculty authors:
Sonny Biswas