Sonali Hazarika
Assc Professor
Zicklin School of Business
Department: Bert Wasserman Dept Eco & Fin
Areas of expertise: corporate governance, sustainable finance
Email Address: sonali.hazarika@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Sonali Hazarika is an Associate Professor in Finance in the Bert W. Wasserman Department of Economics & Finance. She is also the Executive Director of Zicklin Undergraduate Programs. Previously, she has also been the Academic Director of the Executive MS in Finance program.
Professor Hazarika’s diverse research interests cover areas of corporate governance, earnings management, syndicated bank loans, mutual funds and more recently the integration of ESG issues in executive pay. Her research has been published in leading finance and management journals including Journal of Financial Economics, Management Science and Journal of Financial and Quantitative Analysis. Her paper on governance, debt and investment policy during the Great Depression was published as the lead article by Management Science. Her paper on financial distress in the Great Depression was published as the lead article by Financial Management. Her article on CEO turnover and earnings management won the Best Paper Award at the Annual Conference on Corporate Governance and Fraud Prevention, George Mason University.
Professor Hazarika has presented her papers at numerous conferences. Her research has won several grants; including one recently from UN Principles of Responsible Investment. She has won faculty recognition awards for research excellence, and the Zicklin School’s Teaching Excellence Award.
Education
Ph.D., Finance, Univ. of North Carolina at Chapel Hill
M.A., Economics, Delhi School of Economics
B.A., Economics, Univ. of Delhi, Hansraj College
| Semester | Course Prefix | Course Number | Course Name |
|---|---|---|---|
| Fall 2023 | FIN | 2000 | Principles of Financial Planni |
| Fall 2023 | FIN | 2000 | Principles of Financial Planni |
| Fall 2021 | FIN | 9771 | Corporate Fin Theory |
| Spring 2021 | DCT | 90302 | Dissertation Research - Propos |
| Fall 2019 | FIN | 9771 | Corporate Fin Theory |
| Fall 2019 | FIN | 3000 | Principles of Finance |
| Fall 2019 | FIN | 3000 | Principles of Finance |
| Spring 2019 | FIN | 9893 | Special Topics in Investments |
| Spring 2019 | FIN | 3000 | Principles of Finance |
| Fall 2018 | FIN | 3000 | Principles of Finance |
| Fall 2018 | FIN | 3000 | Principles of Finance |
| Spring 2018 | FIN | 9790 | Seminar in Finance |
| Spring 2018 | FIN | 9897 | Spec Top in Corporate Finance |
| Spring 2018 | FIN | 9792 | Advanced Corporate Finance |
| Spring 2018 | FIN | 3610 | Corporate Finance |
| Spring 2018 | FIN | 3610 | Corporate Finance |
| Fall 2017 | FIN | 3610 | Corporate Finance |
| Spring 2017 | FIN | 3610 | Corporate Finance |
| Spring 2017 | FIN | 9858 | Imp Corp Gov Reg Eth |
| Spring 2017 | FIN | 3610 | Corporate Finance |
| Fall 2016 | FIN | 3610 | Corporate Finance |
| Spring 2016 | FIN | 3610 | Corporate Finance |
| Spring 2016 | FIN | 9895 | Special Topics in Corp Finance |
| Spring 2016 | FIN | 9858 | Imp Corp Gov Reg Eth |
| Spring 2016 | FIN | 3610 | Corporate Finance |
| Fall 2015 | FIN | 3000 | Principles of Finance |
| Summer 2015 | FIN | 9771 | Corporate Fin Theory |
| Summer 2015 | FIN | 9858 | Imp Corp Gov Reg Eth |
| Spring 2015 | FIN | 3000 | Principles of Finance |
| Fall 2014 | FIN | 3610 | Corporate Finance |
| Spring 2013 | FIN | 9770 | Corporate Finance |
| Spring 2013 | FIN | 3610 | Corporate Finance |
| Fall 2012 | FIN | 3610 | Corporate Finance |
| Fall 2012 | FIN | 9771 | Corporate Fin Theory |
| Fall 2012 | FIN | 5000 | Independent Study FIN I |
| Spring 2012 | FIN | 3000 | Principles of Finance |
| Spring 2012 | FIN | 3000 | Principles of Finance |
| Fall 2011 | FIN | 3610 | Corporate Finance |
| Fall 2011 | FIN | 9771 | Corporate Fin Theory |
| Spring 2011 | FIN | 3610 | Corporate Finance |
| Spring 2011 | FIN | 3610 | Corporate Finance |
| Fall 2010 | FIN | 3610 | Corporate Finance |
| Fall 2010 | FIN | 3610 | Corporate Finance |
| Fall 2009 | FIN | 3610 | Corporate Finance |
| Spring 2009 | FIN | 9770 | Corporate Finance |
| Spring 2008 | FIN | 9770 | Corporate Finance |
| Spring 2008 | FIN | 9770 | Corporate Finance |
| Fall 2007 | FIN | 3610 | Corporate Finance |
| Fall 2007 | FIN | 3610H | Honors Corporate Finance |
| Fall 2006 | FIN | 3610 | Corporate Finance |
| Spring 2006 | FIN | 6002 | Honors Courses in Finance |
| Fall 2005 | FIN | 3610 | Corporate Finance |
| Fall 2005 | FIN | 6001 | Honors Courses in Finance |
| Fall 2005 | FIN | 3610 | Corporate Finance |
| Spring 2005 | FIN | 3610 | Corporate Finance |
| Spring 2005 | FIN | 3610 | Corporate Finance |
| Fall 2004 | FIN | 3610 | Corporate Finance |
Journal Articles
Allen, L., Chakraborty, S., Hazarika, S., & Su, C. (2020). Bank Dependence in Emerging Countires: Cross-Border Information Percolation in Mutual Fund Equity Investing. Journal of International Business Studies, 51,(2020). 218–243.
Nahata, R., Hazarika, S., & Tandon, K. (2014). Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter?. Journal of Financial and Quantitative Analysis, 49(4). 1039-1070.
Hazarika, S., Karpoff, J., & Nahata, R. (2012). Internal Corporate Governance, Earnings Management and CEO Turnover. Journal of Financial Economics, 104. 44-69.
Graham, J., Hazarika, S., & Narasimhan, K. (2011). Corporate Governance, Debt and Investment Policy during the Great Depression. Management Science, lead article, 57(12). 2083-2100.
(2011). Financial Distress in the Great Depression. Financial Management, lead article, 40(4). 821-844.
(2008). Equity Market Microstructure: Taking Stock of What We Know. Journal of Portfolio Management, 35. 57-71.
Book Chapters
(2010). Security Market Microstructure: The Analysis of a Non-Frictionless Market. Handbook of Quantitative Finance and Risk Management, C.F. Lee and Alice Lee, Editors, Springer Science +Business, Fall 2010.
Presentations
Hazarika, S., Kashikar, A., Peng, L., Röell, A., & Shen, Y. (2024, January 26). ESG-linked Pay Around the World—Trends, Determinants, and Outcomes. American Finance Association (AFA) Annual Meeting.
Shen, Y., Peng, L., Hazarika, S., Kashikar, A., & Roell, A. Trends, Determinants, and Effects of ESG-linked Pay Around the World. AEA annual meeting.
Shen, Y., Peng, L., Hazarika, S., Kashikar, A., & Roell, A. Trends, Determinants, and Effects of ESG-linked Pay Around the World. CICF.
Hazarika, S., Kashikar, A., Peng, L., Röell, A., & Shen, Y. (2023, January 1). ESG-linked Pay Around the World—Trends, Determinants, and Outcomes. American Finance Association Meetings.
Shen, Y., Peng, L., Hazarika, S., Kashikar, A., & Roell, A. Trends, Determinants and Effects of ESG-linked Pay around the World. 8th Paris Financial Management Conference (PFMC-2022).
Hazarika, S. (2016, March 31). Liquidity Withdrawal and the Strategic Hoarding of Private Information: The Role of Bank Lending in International Mutual Fund Investing. Midwest Finance Assocation.
Hazarika, S. (2015, October 31). Liquidity Withdrawal and the Strategic Hoarding of Private Information: The Role of Bank Lending in International Mutual Fund Investing. Financial Management Association.
Hazarika, S. (2012, January 31). Financial Distress in the Great Depression. American Finance Association Meetings.
Hazarika, S. (2011, June 30). Corporate Governance, Debt and Investment Policy during the Great Depression. Western Finance Association Meetings.
Hazarika, S. (2011, April 30). Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter ?. Triple Crown Conference. New York
Hazarika, S. (2009, November 30). Internal Corporate Governance, CEO Turnover, and Earnings Management. Financial Management Association Meetings. Reno, NV: FMA.
Hazarika, S. (2009, November 30). Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter ?. Financial Economics and Accounting Conference. New Jersey: Rutgers Business School.
Hazarika, S. (2009, November 30). Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter ?. Conference on Entrepreneurship and Growth. Washington D.C.: World Bank.
Hazarika, S. (2008, September 30). Earnings Management and Forced CEO Turnover: Empirical Evidence. Third Annual Conference on Empirical Legal Studies. Ithaca, New York: Cornell Law School.
Hazarika, S. (2007, October 31). Corporate Governance, Debt and Investment Policy during the Great Depression. Fourth Annual Conference on Corporate Finance. : Olin School of Business, Washington University in St. Louis.
Hazarika, S. (2005, October 31). Governance Change in Stock Exchanges. Financial Management Association Meetings. Chicago, IL: Financial Management Association (FMA).
Hazarika, S. (2003, October 31). Governance Change in Stock Exchanges. Invited to the Doctoral Students Seminar at FMA. Denver, CO: FMA.
Hazarika, S. (2003, December 31). Governance Change in Stock Exchanges. Southern Finance Association Meetings. Mystic, CT: Southern Finance Association (SFA).
Hazarika, S. (2003, October 31). What Determines CEO Turnover?. Financial Management Association Meetings. Denver, CO: Financial Management Association (FMA).
| Title | Funding Agency Sponsor | Start Date | End Date | Awarded Date | Total Funding | Status |
|---|---|---|---|---|---|---|
| ESG-linked Loans: International Evidence | PSC CUNY 52 | 07/01/2021 | 06/30/2023 | 04/15/2021 | 3499.97 | Completed |
| How can executive pay drive and deliver corporate sustainability in the long term | PSC-CUNY 51 | 07/01/2020 | 12/31/2022 | 04/17/2020 | 3499.38 | Completed |
| Do CFOs add Value? Evidence from the Syndicated Loan Market | PSC-CUNY 49 | 07/01/2018 | 12/31/2019 | 04/15/2018 | 3498.88 | Completed |
| Do Bank-Affiliated Mutual Funds gain from Earnings Announcement Surprises? Evidence from Internation | PSC-CUNY 48 | 07/01/2017 | 06/30/2018 | 04/14/2017 | 3500 | Completed |
| Do CFOs matter to Institutional Investors? Evidence from Forced CFO Turnover | PSC-CUNY 46 | 07/01/2015 | 06/30/2016 | 04/17/2015 | 3501 | Completed |
| Managerial Experiences | PSC-CUNY 43 | 07/01/2012 | 12/31/2013 | 03/15/2012 | 3500 | Completed |
| Understanding 'Golden Handshakes' | PSC-CUNY 41 | 07/01/2010 | 06/30/2011 | 5997 | Completed | |
| Governance Change in Stock Exchanges | PSC-CUNY 39 | 07/01/2008 | 12/31/2009 | 2500 | Completed | |
| ‘Real Effects’ of Boards as Monitors - Debt and Investment Policy during the Great Depression | PSC-CUNY 38 | 07/01/2007 | 06/30/2008 | 4000 | Completed | |
| Center for Inclusive Computing | North Eastern University | 07/01/2021 | 06/30/2023 | 07/14/2021 | 60000 | Funded - In Progress |
| Honor / Award | Organization Sponsor | Date Received | Description |
|---|---|---|---|
| Best Paper Award for “Internal Corporate Governance, CEO Turnover, and Earnings Management” | 2nd Annual Conference on Corporate Governance and Fraud Prevention, George Mason University | 2009 |
College
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| 41st, 42nd, 44th, 46th, 47th Commencement exercises | Graduate Marshal | Present | |
| Working Group on BBA Redesign | Committee Member | 12/31/2019 | |
| Collegee Academic Review Committee | Committee Member | 12/31/2019 | |
| Department Recruiting Committee | Committee Member | 3/31/2018 | |
| PhD Admission Committee | Committee Member | 3/31/2017 | |
| PhD Admission Committee | Committee Member | 3/31/2016 | |
| Creation of Hybrid for FIN 3000 | 12/31/2015 | ||
| Department Recruiting Committee | Committee Member | 3/31/2015 | |
| WSAS Undergraduate Curriculum Committee | Committee Member | 12/31/2012 | |
| Quantitative Literacy and Excel Proficiency Group | Committee Member | 12/31/2010 | |
| Implementation Committee on Quantitative Literacy | Committee Member | 12/31/2009 | |
| Provost's task force on quantitative pedagogy | Committee Member | 12/31/2008 | |
| Teaching Initiatives Seminar | Participant | 7/31/2007 |
Professional
| Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
|---|---|---|---|---|---|---|
| Managerial Finance | Reviewer, Ad Hoc Reviewer | Present | ||||
| Western Finance Association | Member | Present | ||||
| The Financial Review | Reviewer, Ad Hoc Reviewer | Present |