Atul Gupta

  • Professor Emeritus, Finance
  • Ph.D. University of Texas at Austin
  • MBA University of Texas at Austin
  • MA University of Delhi
  • BA (Honors) University of Delhi
  • Office: Adamian Academic Center - 225 | 781.891.2772 | AGUPTA@BENTLEY.EDU
  • Department Phone: 781.891.2982

Teaching Interests

Corporate Finance;
Mergers & Acquisitions;
Financial Strategy

Research Interests

Social capital;
Mergers & Acquisitions;
International Joint Ventures;
Bank Failures;
Corporate Governance;

Bio

Areas of interest include Corporate Finance and Financial Institutions. Current research interests focus on the influence of social capital on corporate outcomes including financing costs and employee productivity. Published in various journals in Finance, Economics, and Management.

Professional Memberships

  • American Finance Assocoation Present
  • Eastern Finance Association Present
  • Financial Management Association Present
  • Southern Finance Association Present
  • Southwest Finance Association Present
  • Awards and Honors

  • 2002, Best paper in Financial Institutions, Annual meeting of the Southwest Finance Association, 2002
  • 2001, Best paper in Financial Institutions, Annual meeting of the Southwest Finance Association, 2001
  • 1999, Robert & Julia Dorn Professorship
  • 1997, Citation of excellence by ANBAR Electronic Intelligence for an article in the Journal of Banking and Finance
  • 1997, Distinguished paper award, Annual meeting of the Sothwest Finance Association, 1997
  • 1980, Jessamon Dawe scholarship, University of Texas at Austin, 1980
  • 1970, National Merit scholarship, University of Delhi
  • Publications

    Journal Articles


  • Gupta, A., Nemani, A. K., Raman, K. (2023). Ethical issues around share repurchase announcements: The role of social capital. Journal of Business Ethics. Forthcoming.
  • Minnick, K. L., Gupta, A. (2022). Social capital and managerial opportunism: Evidence from option backdating. Journal of Financial Research. Forthcoming.
  • Gupta, A., Raman, K., Shang, C. (2020). Do informal contracts matter for corporate innovation? Evidence from social capital. Journal of Financial and Quantitative Analysis, (55) 5 1657-1684.
  • Gupta, A., Raman, K., Shang, C. (2018). Social capital and the cost of equity. Journal of Banking and Finance, (87) 102-117.
  • Gupta, A., Misra, L., Shi, Y. (2018). Do scandals trigger governance changes? Evidence from option backdating.. Journal of Financial Research, (41) 1 91-111.
  • Gupta, A., Misra, L., Shi, Y. (2017). Product-Market Competitiveness and Investor Reaction to Corporate Governance Failures. International Review of Economics and Finance, (Vol. 48) pp. 134-147.
  • Gupta, A., Raman, K. (2014). Board diversity and CEO selection. Journal of Financial Research, (Vol. 37) 4 495-517.
  • Gupta, A. (2013). '6 and 1' option exchanges and stockholder wealth. Review of Accounting and Finance, (12) 2 148-164.
  • Adams, S. M., Gupta, A., Leeth, J. D. (2010). Maximizing compensation: Organizational level and industry gender composition effects. Gender in Management: An International Journal, (25) 5 366-385.
  • Adams, S. M., Gupta, A., Leeth, J. D. (2009). Are Female Executives Overrepresented in Precarious Leadership Positions?. British Journal of Management, (20) 1 1-12.
  • Adams, S. M., Gupta, A., Haughton, D. M., Leeth, J. D. (2008). Data Mining CEO Compensation. Journal of Modern Applied Statistical Methods, (7) 2 561-576.
  • Gupta, A., Misra, L. (2007). Deal size, bid premium and gains in bank mergers: The impact of managerial motivations. The Financial Review, (42) 3 373-400.
  • Adams, S. M., Gupta, A., Haughton, D. M., Leeth, J. D. (2007). Gender differences in CEO compensation: Evidence from the U.S. Women in Management Review, (22) 3 208-224.
  • Gupta, A., Misra, L. (2002). Regulatory learning in failed thrift auctions. Journal of Banking and Finance, (26) 4 651-669.
  • Gupta, A., Misra, L. (2000). The value of experiential learning in organizations: Evidence from international joint ventures. Journal of Financial Research, (23) 1 77-102.
  • Gupta, A., Misra, L. (1999). Failure and failure resolution in the U.S. thrift and banking industries. Financial Management, (28) 4 87-105.
  • Gupta, A., LeCompte, R., Misra, L. (1997). Acquisitions of solvent thrifts: Wealth effects and managerial motivations. Journal of Banking and Finance, (21) 1431-1450.
  • Gupta, A., LeCompte, R., Misra, L. (1997). An examination of gains to acquirers of mutual thrifts in merger conversions. Journal of Financial Services Research, (11) 3 295-318.
  • Gupta, A., LeCompte, R., Misra, L. (1997). Taxpayer subsidies in failed thrift resolution: The impact of FIRREA. Journal of Monetary Economics, (39) 2 327-339.
  • Gupta, A. (1997). The value of a regulatory seal of approval. Journal of Financial Research, (20) 1 111-128.
  • Gupta, A., LeCompte, R., Misra, L. (1994). On the gains to acquiring capital stock S&Ls in merger conversions: A comment. Journal of Banking and Finance. 594-599.
  • Gupta, A., LeCompte, R., Misra, L. (1993). FSLIC assistance and the wealth effects of savings and loan acquisitions. Journal of Monetary Economics, (31) 117-128.
  • Gupta, A., McGowan Jr, C. B., Misra, L., Missirian, A. (1991). Gains from corporate multinationalism: Evidence from the China experience. The Financial Review, (26) 3 387-408.
  • Gupta, A., Rosenthal, L. (1991). Ownership Structure, Leverage, and Corporate Performance: The Case of Leveraged Recapitalizations. Financial Management. 69-93. (Link)
  • Gupta, A., Gupta, K., Iskandar, M. (1991). Societal pressures, involuntary sell-offs, and shareholder wealth. Financial Management. 13.
  • Gupta, A., Scofield, J. (1989). Dividend capture and the ex-dividend price behavior of electric utilities. Journal of Applied Business Research, (5) 1 37-44.
  • Gupta, A., Misra, L. (1989). Public information and pre-announcement trading in takeover stocks. Journal of Economics and Business, (41) 3 225-233.
  • Gupta, A., Misra, L. (1988). Illegal insider trading: Is it rampant before corporate takeovers?. The Financial Review, (23) 4 453-464.

    Book Chapters


  • Gupta, A., Misra, L. (2010). Listing effects and the private company discount in bank acquisitions In C. F. Lee, A. C. Lee, John Lee, (Eds.) Handbook of Quantitative Finance and Risk Management. 1427-1444. New York: Springer Academic Publishers
  • Gupta, A. (2008). Leveraged recapitalizations and leveraged buyouts In R.S. Vishwanath, (Eds.) Advanced corporate finance. 293-321. New Delhi: Prentice-Hall

  • Conference Proceedings


  • Gujarathi, M. R.Gupta, A.Raman, K. (2011). Pension Plan Returns and the Firm's Cost of Debt American Accounting Association, (Annual Meeting)
  • Gujarathi, M. R.Gupta, A.Raman, K. (2010). Pension Plan Returns and the Firm's Cost of Debt Financial Management Association, (FMA Annual Meeting)

  • Presentations

  • Nemani, A. K., Raman, K., Gupta, A. (2022). “Social capital and the credibility of repurchase announcements” Presented at theFinance Management Association Atlanta, Georgia
  • Shang, C., Gupta, A., Raman, K. (2016). “Social Capital and Corporate Innovation” Presented at theFinancial Management Association Annual Meeting Las Vegas, NV
  • Gupta, A., Raman, K. (2015). “Social capital and the cost of equity” Presented at the Financial Management Association Annual conference of the Financial Management Association Orlando, Florida
  • Shang, C., Gupta, A., Raman, K. (2015). “Social Capital and Corporate Innovation” Presented at the7th Boston Area Finance Symposium (BAFS) Boston
  • Shang, C., Gupta, A., Raman, K. (2015). “Social Capital and Corporate Innovation” Presented at the Bentley University Finance Seminar Waltham, MA
  • Gupta, A., Misra, L., Shi, Y. (2014). “Do scandals trigger governance changes? Evidence from option backdating” Presented at the Southern Finance Association Southern Finance Association conference Key West
  • Gupta, A., Raman, K. (2014). “Social capital and the cost of equity” Presented at the University of Massachusetts-Boston UMass-Boston research seminar Boston
  • Gupta, A., Raman, K. (2014). “Social capital and the cost of equity” Presented at the Finance department, Bentley University Research seminar Waltham
  • Gupta, A., Raman, K. (2014). “Board diversity and CEO selection” Presented at the Financial Management Association Financial Management Association Nashville
  • Gupta, A., Raman, K. (2013). “Board diversity and CEO selection” Presented at theSouthern Finance Association Conference Puerto Rico
  • Gupta, A., Raman, K. (2013). “Female CEOs” Presented at theSouthwest Finance Association Albuquerque, New Mexico
  • Gupta, A., Raman, K. (2013). “Board diversity and CEO selection” Presented at theNortheastern University Seminar Boston
  • Gupta, A., Raman, K. (2012). “Female CEOs” Presented at theBentley Finance Seminar Series Bentley University
  • Gupta, A., Raman, K. (2012). “Female CEOs” Presented at theConcordia University Seminar Series Montreal
  • Gujarathi, M. R., Gupta, A., Raman, K. (2011). “Pension Plan Returns and the Firm's Cost of Debt” Presented at the American Accounting Association Annual Meeting San Francisco
  • Gujarathi, M. R., Gupta, A., Raman, K. (2011). “Assumed returns on pension plans and the firm's cost of debt” Presented at the Indian Institute of Management, Bangalore IIM Bangalore Research Seminar Series Bangalore, India
  • Gujarathi, M. R., Gupta, A., Raman, K. (2010). “Pension Plan Returns and the Firm's Cost of Debt” Presented at the Financial Management Association FMA Annual Meeting New York,NY
  • Bayar, T., Gupta, A., Erhemjamts, O. (2010). “CFO Compensation” Presented at theMultinational Finance Association Conference Barcelona, Spain
  • Bayar, T., Gupta, A., Erhemjamts, O. (2010). “CFO Compensation” Presented at theEastern Finance Annual Meeting Miami Beach, FL
  • Gujarathi, M. R., Gupta, A., Raman, K. (2010). “Assumed return on pension plans and the firm's cost of debt” Presented at the Binghamton University (SUNY) Binghamton University Research Seminar Binghamton, NY
  • Erhemjamts, O., Gupta, A., Bayar, T. (2009). “The Effect of Sarbanes-Oxley Act on CFO Compensation and Rank” Presented at theFinancial Management Association Reno, NV
  • Erhemjamts, O., Gupta, A., Bayar, T. (2009). “The Effect of Sarbanes-Oxley Act on CFO Compensation and Rank” Presented at theEuropean Financial Management Association Milan, Italy
  • Adams, S. M., Gupta, A., Haughton, D. M., Leeth, J. D. (2005). “An analysis of gender differences in CEO compensation” Presented at the21st EGOS Colloquium Berlin
  • Service

    Department Service


  • Committee Member for Faculty Senate 2017 - Present
  • Reviewed an article for Journal of Banking and Finance 2019 - 2019
  • Task Force Chair for Task force to review CFA major 2018 - 2019
  • Committee Member for Recruiting committee 2018 - 2018
  • University Service


  • Committee Member for Salary & Benefits committee 2019 - 2020
  • Committee Member for Salary & Benefits committee 2018 - 2020
  • Committee Member for Academic affairs committee of the Board of Trustees 2017 - 2018
  • Graduate academic performance committee 2012 - 2017
  • Committee Member for ELMBA review committee 2016 - 2017
  • Committee Member for Faculty evaluation procedures committee 2016 - 2017
  • Professional Service


  • Reviewer, Conference Paper for European Financial Management Association - 2016
  • External review of research for promotion for Fordham University - 2016
  • Reviewer, Journal Article for Review of Accounting and Finance - 2016
  • Reviewer, Conference Paper for Southwest Finance Association - 2016
  • Reviewer, Conference Paper for European Financial Management Association - 2015
  • Reviewer, Journal Article for Journal of Banking and Finance - 2015
  • Application for promotion and tenure, Dr. Pengfei Ye for Rensselaer Polytechnic Institute - 2015
  • Reviewer, Conference Paper for Southwest Finance Association - 2015
  • Reviewer, Conference Paper for European Financial Management Association - 2014
  • Application for promotion and tenure for Fordham University - 2014
  • Reviewer, Journal Article for Journal of Banking and Finance - 2014
  • Reviewer, Conference Paper for Southwest Finance Association - 2014
  • Reviewer, Journal Article for The Financial Review - 2014