Dr Santosh Koirala

Dr Santosh Koirala

The Department of Finance
Associate Professor of Finance

Contact details

Birmingham Business School
Room G34, University House
116 Edgbaston Park Road
B15 2TY
United Kingdom

Santosh Koirala is an Associate Professor of Finance. He holds a PhD in Finance from the University of Strathclyde. His research interest lies in corporate risk-taking, investment decisions and M&As with a focus on law and regulatory interventions. Santosh was a commercial banker (3 years) and later worked in the public sector (6 years) before joining academia. He also specializes on Emerging Market Finance.

His current research interests include issues in Fintech, Financial Intermediation and Climate Finance.

He welcomes enquiries on research consulting, policy moderation, or PhD supervision.


  • PhD (Finance)
  • MPhil (Finance)
  • MBA (Finance)


  • Financial Markets Regulation
  • Market Microstructure


Research interests: Fintech, financial intermediation, climate finance


Published Papers:

Koirala, S., Rao, S., Farag, H., & Marshall, A. (2022). The Market for Corporate Control and Risk‐taking: Evidence from Global Merger and Acquisition Laws. British Journal of Management.

Rao, S., Koirala, S., Thapa, C., & Neupane, S. (2022). When rain matters! Investments and value relevance. Journal of Corporate Finance73, 101827.

Paudyal, K., Thapa, C., Koirala, S., & Aldhawyan, S. (2021). Economic policy uncertainty and cross-border mergers and acquisitions. Journal of Financial Stability56, 100926.

Koirala, S., Marshall, A., Neupane, S., & Thapa, C. (2020). Corporate governance reform and risk-taking: Evidence from a quasi-natural experiment in an emerging market. Journal of Corporate Finance61, 101396.

Thapa, C., Rao, S., Farag, H., & Koirala, S. (2020). Access to internal capital, creditor rights and corporate borrowing: does group affiliation matter?. Journal of Corporate Finance62, 101585.

Working Papers:

Rao, S., Koirala, S., Kumar, A., & Farag, H. (2022). Does extreme weather induce corporate borrowings? Evidence from excess rain deviations in India. Evidence from Excess Rain Deviations in India (July 15, 2022).

Rao, S., Roy, P. P., & Koirala, S. (2022). Does mandatory CSR expenditure regulation induce corporate risk-taking?. Available at SSRN 4056263.

Luo, D., Farag, H., Koirala, S., & Rao, S. (2022). Do Titans deliver the promise? Societal recognition and responsible corporate decisions. Societal recognition and responsible corporate decisions.(March 1, 2022).

Cumming, D. J., Farag, H., Koirala, S., & McGowan, D. (2019). The Unintended Consequences of Fintech Regulation on Banking. Available at SSRN 3398843.

View all publications in research portal