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

Biography
Research and Creative Activity
Honors and Awards

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

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. (2025, January 28). 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. CICF.

Shen, Y., Peng, L., Hazarika, S., Kashikar, A., & Roell, A. Trends, Determinants, and Effects of ESG-linked Pay Around the World. AEA annual meeting.

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 ?. Conference on Entrepreneurship and Growth. Washington D.C.: World Bank.

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. (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, October 31). What Determines CEO Turnover?. Financial Management Association Meetings. Denver, CO: Financial Management Association (FMA).

Hazarika, S. (2003, December 31). Governance Change in Stock Exchanges. Southern Finance Association Meetings. Mystic, CT: Southern Finance Association (SFA).

Hazarika, S., Kashikar, A., Peng, L., Roell, A., & Shen, Y. ESG-linked Pay Around the World: Trends, Determinants, and Outcomes. 2023 Conference on Empirical Legal Studies.

Other Scholarly Works

Hazarika, S., Kashikar, A., Peng, L., Roell, A., & Shen, Y. ESG-linked Pay Around the World: Trends, Determinants, and Outcomes.

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