Contact Information


Dr. Debarati Bhattacharya is an Associate Professor of Finance at the Palumbo-Donahue School of Business.

Her prior banking experience with American Express, Citi, Hongkong And Shanghai Banking Corporation (HSBC) complements her teaching strengths in investment and corporate finance. 

Dr. Bhattacharya's research interests include dividend policy, corporate governance, board structure, mutual funds, financial anomalies, and market efficiency. Her current research focuses on how the role of corporate governance shifts from being a complement to a substitute for payout policy through its interplay with the idiosyncratic risk of the firm and trading behavior of mutual funds.

Dr. Bhattacharya's recently published research evaluates momentum, a stock market anomaly, and also the herding behavior of mutual funds and its effect on fund performance.

Her work on momentum has generated excitement among practitioners and has been cited by several media outlets, such as Moneyweek, Reuters, and CBS MoneyWatch.


  • Ph.D., Finance, Virginia Tech, 2014
  • M.B.A., Finance, Calcutta University, 2002
  • B.S., Economics, Calcutta University, 1999


Profile Information

  • Robert Hansen Corporate Finance Best Paper Award, Dilip K. Shome Conference, Pamplin College of Business, 2019
  • Best Paper Award, Taiwan Finance Association International Conference and Annual Meeting, 2017


Bhattacharya, D. & Li, W. (in press 2020). Wealth Effects and Relative Firm Value in M&A Deals:Reallocation of Physical vs. Intangible Asset. Review of Quantitative Finance and Accounting.

Bhattacharya, D., Chang ,C. , & Li, W. (in press, 2019). Stages of Firm Life Cycle, Transition and Dividend Policy. Finance Research Letters.

Bhattacharya, D., Kao, Y., & Li, W. (in press, 2019). Industry Experience of Board and Acquisition Performance. Review of Pacific Basin Financial Markets and Policies.

Bhattacharya, D., Hsu, S., Li, W., & Liu, C.  A Combined Firm's Decision to Hire the Target's Financial Advisor After Acquisition: Does Service Excellence Pay Off?  Finance Research Letters, 2019, Volume 29, pp 297-302.

Bhattacharya. D. & Sonaer, G. Herding by Mutual Funds: Impact on Performance and Investors' Response. European Journal of Finance, 2018, Volume 24, Issue 4, pp 283-299

Bhattachary, D., Sonaer, G., & Li, W. Has Momentum Lost its Momentum. Review of Quantitative Finance and Accounting, 2017, Volume 48, Issue 1, pp 191-218

Chapters, Cases, Readings, Supplements 

Bhattacharya, D., Chen, T., & Li, W. (2018). Product market threat and corporate investment. In Advances in Pacific Basin Business, Economics, and Finance (pp. 27–50).