Shashwat Alok

Associate Professor, Finance
Research Director, Digital Identity Research Initiative (DIRI)




Professor Alok is an Associate Professor of Finance.  He joined ISB in 2013 after receiving his Ph.D. in Finance from Olin Business School, Washington University in St Louis. He is currently the Research Director at the Digital Identity Research Initiative.

His primary research interests are in the areas of Corporate finance. In particular, his research focuses on understanding the impact of the law, government policy, and institutions on firms and individual behavior with a greater focus on emerging markets. His recent work seeks to examine the role of alternative data and Fintech in expanding financial inclusion and the impact of climate change on firms and capital allocation.

He is the recipient of multiple prestigious grants, and his work has been accepted at leading international conferences such as those hosted by the American Finance Association, the Asian Bureau of Finance and Economic Research, the European Finance Association, and the Financial Intermediation Research Society. His research is published or accepted at top academic journals such as the Review of Financial Studies, the Management Science, and the Journal of Financial and Quantitative Analysis. Prof Alok's research has been cited by the Indian Economic Survey (2018-2019) and the Reserve Bank of India's Household Finance Committee Report (2017). His research has also featured in major Indian media outlets, including the Economic Times and the Times of India.

Before joining the Ph.D. program, Alok graduated from the Manipal University in Computer Science and Engineering amongst the top of the graduating class. He was the recipient of Hubert C. Moog Scholar for academic excellence while pursuing his Ph.D. at the Washington University in St Louis.



  • 2023 - Present: Associate Professor, Indian School of Business
  • 2020 - Present: Research Director, DIRI
  • 2013 - 2023: Assistant Professor, Indian School of Business
  • 2016 - 2016: Visiting Scholar, Georgetown University
  • 2014 - 2014: Visiting Scholar, Washington University in St. Louis

In the Media

April 22, 2022: “Effective and Efficient: The Insolvency and Bankruptcy Code", Indian Express.

January 25, 2021: Sell-Off those Doddering PSUs, The Economic Times.

July 10, 2020: Panel Discussion on Covid-19 and Indian Economy, CNN-News18.

July 2, 2020: Covid vs lockdowns: Question of costs, The Hindu -- BusinessLine.

June 30, 2020: Free trade with China is neither free nor trade, Livemint.

June 3, 2020: Moody's Swing Has its own Bias, The Economic Times.

May 1, 2020: “Covid-19 lockdown: It's not the economy vs lives, it's lives vs lives", Fortune India.

September , 2020: Doing Good by Being Profitable, The Economic Times.

April 10, 2017: Banking the unbanked: Measuring the success of JDY, World Bank Blog.

March 30, 2017: Is the World’s Largest Public Workfare Programme Crowding Out Private Employment, ISB Insight.

January , 2017: MGNREGA-IndiaTV Paisa, .

September , 2017: The Admirable Success of Jan Dhan Yojana, Livemint.

March 11, 2017: Banking the unbanked: Is the NDA govt's Flagship initiative Jan Dhan Yojana bearing fruit on the ground?", Times of India.

January 3, 2017: Is MGNREGA destroying factory jobs? Disquieting data shows it discourages skill development., Economic Times.

March , 2017: Is the NDA government's flagship initiative Jan Dhan Yojana bearing fruit on the ground?", The Economic Times.

January 7, 2017: Lok Manch: An Examination of MNREGA, Lok Sabha TV, January 9, 2017.

January 6, 2017: MGNREGAs easy jobs may have harmed Indias manufacturing sector by luring away skilled factory workers, Quartz India.

October 3, 2014: Drop in Trade deficit: Much ado about something?, IBN Live.

April 27, 2014: PSUs: Prudent Investors or Political Pawns?, The Times of India.

April 27, 2014: PSUs: Prudent Investors or Political Pawns?, The Economic Times.

Research & Publications