Professor Sumon Bhaumik
Management School
Head of Accounting and Financial Management Subject Group
Chair in Finance
+44 114 222 3297
Full contact details
Management School
Room C073
91Ö±²¥ University Management School
Conduit Road
91Ö±²¥
S10 1FL
- Profile
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Sumon Bhaumik received his undergraduate education at Presidency College, Calcutta, and his masters and doctoral degrees in Economics from the University of Southern California. Since then, he has worked both within and outside of academics in Bulgaria, Germany, India and the United Kingdom. He joined the University of 91Ö±²¥ in 2014, and holds a Chair in Finance. He is the Research Development Director for the finance research area of the Accounting and Financial Management division of the management school. He is also an elected member of the university’s Senate, and a member of the Senate’s Research & Innovation Committee. He is associated with research centres within the wider university, namely, the Crick Centre, SIID and SPERI.
Outside of the university, he is a Research Fellow of IZA - Institute of Labor Economics, Bonn and a Fellow of the Global Labor Organization. Earlier, he was also a Research Fellow of the William Davidson Institute at the University of Michigan, Ann Arbor. He is also a member of the peer-review college of ESRC, including for the GCRF Peer Review Group, and was an expert at large for the Executive Agency for Small and Medium-sized Enterprises of the European Commission. Further, he is a member of the Editorial Review Boards of Journal of World Business and Journal of International Business Studies. Until recently, he was a member of the editorial board of Economic Systems, an associate editor of Emerging Markets Finance and Trade, and a senior editor of the International Journal of Emerging Markets.
- Research interests
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His research interests are wide ranging, and include corporate governance and firm performance, banks and credit markets, and impact of economic (including financial sector) reforms. He has published widely, including in high profile journals such as Strategic Management Journal, Journal of International Business Studies, Journal of World Business, Journal of Development Economics, Journal of Banking & Finance, Journal of Corporate Finance, and Journal of Comparative Economics. As of May 2020, his research had over 4500 citations on Google Scholar Citations, and over 1700 citations on Scopus. In the past decade, he has also worked on a number of projects funded by British Academy, DfID, ESRC, NESTA, UKIERI and UKTI. Over the past decade, he has led European and inter-continental research consortiums for DfID-ESRC and Horizon 2020 funding calls.
Sumon’s research has largely focused on the following areas:
- Ownership, corporate governance, and firm performance
- Multinational enterprises and internationalisation of firms
- Banks and credit markets
His more recent research, however, is exploring issues such as role of institutions, and the nature of governance on a larger scale.
Sumon is not taking new PhD students at this time.
- Grants
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Title/Description Awarding body Dates People involved Amount UKIERI Trilateral Research Grant UKIERI 2013-15 Professor Ali Kutan (SIUE), Dr Manisha Chakrabarty (IIMC), Dr Ekta Selarka (MSE) £47,803 Enterprise Research Centre Economic and Social Research Council (ESRC) 2013-15 Professor Stephen Roper (Warwick), Professor Mark Hart (Aston), Professor Jim Love (Aston), Professor Mike Wright (Imperial) et al. £2.9 million Productivity and its drivers in the UK and comparable developed countries ESRC Placement Fellowship with BIS 2009-10 None £33,600
- Teaching activities
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Sumon has taught three modules at the management school.
The MSc module on Risk and Uncertainty focuses on organisations which continually face uncertainty regarding various aspects of the environment in which they operate and a myriad of risks associated with various aspects of their businesses. This module discusses the behavioural aspects of economic agents that shape their attitude towards risk and the weaknesses of risk management processes within corporations. It also discusses the process of managing uncertainty through the creation and management of a portfolio of (real) options and the process of managing different types of risks to which businesses are exposed. In the case of the latter, the emphasis is not only on ways to manage risks but also on limits of risk management strategies. Specific examples and cases are used to add context to the discussion about managing uncertainty and risk. This is, however, not a module about financial derivatives.
The MSc module on Emerging Markets Finance discusses the rationale and process of financial liberalisation in emerging market economies, emphasising the challenges associated with striking the balance between liberalisation of the financial sector to enhance allocational efficiency of financial resources and regulations to mitigate market failure and systemic risk. Lectures focus on the characteristics of underdeveloped financial markets and the political economy of financial reforms/liberalisation. They also focus on issues such as information and transactions costs and market failures, and their implications for the development of banking sectors and capital markets in emerging market economies. The insurance industry is discussed as well. Finally, there are a series of lectures on capital flows and banking-currency crises in emerging market economies
The MBA module on Global Managerial Economics focuses on the analysis of factors that affect strategic decisions and performance of firms from an economic perspective. There is particular emphasis on decision-making under conditions of uncertainty, estimation of actual and latent demand for a product, strategic interactions with competitors, designing of contracts in an environment of imperfect (asymmetric) information, the role of transactions cost in influencing key strategic decisions involving both domestic and international operations of firms, and the nature of dynamic capabilities. Finally, there is discussion about the factors that influence the regulatory and macroeconomic contexts in which firms operate, including the relevance of interconnectedness of economies for domestic macroeconomic and regulatory environments.
The overall satisfaction levels of students with his modules are as follows:
Course/Module Level 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Risk and Uncertainty PG 4.5 4.5 4.6 4.5 4.7 Emerging Markets Finance PG 4.4 4.7 4.6 4.5 4.7 Global Managerial Economics MBA 3.8 4.3 4.5
- Professional activities and memberships
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Editorial work
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Editorial Review Board Member, Journal of World Business (Elsevier)
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Editorial Review Board Member, Journal of International Business Studies (Palgrave)
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Editorial Board Member, Social Sciences and Humanities Open (Elsevier)
Research Fellowships
- Research Fellow, IZA – Institute of Labor Economics, Bonn, Germany
- Fellow, Global Labor Organization
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- Select recent publications
Corporate Governance and MNE Strategies in Emerging Markets (with N., Driffield, A. Gaur, T. Mickiewicz and P. Vaaler). Journal of World Business, 54(4): 234-243, 2019.
Spillovers from FDI in Emerging Market Economies (with N. Driffield, M. Song and P. Vahter). In: R. Grosse and K.E. Meyer (Eds.) The Oxford Handbook of Management in Emerging Markets, Oxford University Press, New York, 2019.
Private Information, Institutional Distance, and the Failure of Cross-border Acquisitions: Evidence in the Banking sector in Central and Eastern Europe (with O. Owolabi and S. Pal). Journal of World Business, 53(4): 504-513, 2018.
Ownership Identity, Strategy and Performance: Business Group Affiliates versus Independent Firms in India (with S. Estrin and T. Mickiewicz). Asia Pacific Journal of Management, 34(2): 281-311, 2017.
A Strategic Perspective of Cross-listing by Emerging Market Firms: Evidence from Indonesia, Mexico, Poland and South Africa (with Y. Temouri and N.L. Driffield). Journal of International Management, 22(3): 265-279, 2016.
How Family Firms Differ: Structure, Strategy, Governance and Performance (with R. Dimova). Palgrave Macmillan, 2014.
Does Ownership Concentration Improve M&A Outcomes in Emerging Markets? Evidence from India (with E. Selarka). Journal of Corporate Finance, 18(4): 717-726, 2012.
A Stochastic Frontier Approach to Modelling Financial Constraints in Firms: An Application to India (with P. Das and S.C. Kumbhakar). Journal of Banking & Finance, 36(5): 1311-1319, 2012.
Implications of Bank Ownership for the Credit Channel of Monetary Policy Transmission: Evidence from India (from V. Dang and A. Kutan). Journal of Banking & Finance, 35(9): 2418-2428, 2011.
Does Ownership Structure of Emerging Market Firms Affect Their Outward FDI? The Case of Indian Automotive and Pharmaceutical Sectors (with N. Driffield and S. Pal). Journal of International Business Studies, 41: 437-450, 2010.
Institutions, Resources, and Entry Strategies in Emerging Economies (with S. Estrin, K.E. Meyer and M. Peng). Strategic Management Journal, 30(1): 61-80, 2009.
How Transition Paths Differ: Enterprise Performance in Russia and China (with S. Estrin). Journal of Development Economics, 82(2): 374-392, 2007.
Please see for a full list of publications.
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