Shantanu Dutta

Full Professor

Ian Telfer Fellowship in Global Finance

Accounting and Finance

Bachelor of Technology (Indian Institute of Technology (IIT)), MEM (Indian Institute of Technology (IIT)), M.B.A. (AIT), Ph.D. (Carleton University)

Location: DMS 5126
Telephone: 613-562-5800 x 4504

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Biography

Shantanu Dutta is Full Professor in finance and holder of the Ian Telfer Fellowship in Global Finance. He previously taught at University of Ontario Institute of Technology, St. Francis Xavier University, Nova Scotia and Assumption University, Bangkok as a full-time faculty member. Before his career in academe, he served as a Finance Manager and Project Controller at Lafarge - a world leader in construction materials. He has published in Financial Management, Review of Accounting Studies, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Business Finance & Accounting, International Review of Financial Analysis, International Review of Economics and Finance, Economic Letters, Finance Research Letters, Journal of Multinational Financial Management, Multinational Finance Journal, Information Systems Frontiers, Global Finance Journal, Corporate Governance - An International Review (CGIR), International Journal of Theoretical and Applied Finance, Journal of Applied Finance, and International Journal of Technology Transfer. Professor Dutta has also participated and presented papers in many scholarly conferences. He is a recipient of SSHRC grants and Barclays Global Investors Canada Research Award (2006) for the best paper on the Canadian security market. He is also a recipient of the Telfer School of Management Research Excellence Award in 2016 and Award of Excellence in 2021.

Research interests

Shantanu Dutta's research focuses on the application of machine learning and natural language processing in financial decisions, mergers and acquisitions, financial irregularities, media coverage and financial decisions, corporate governance, market efficiency, dividend policy and technology management. He is a principal and co-investigator on a number of SSHRC grants and Telfer research grants, which focus on private meetings, financial irregularities and impact of print media and social media on financial decisions.

Teaching

Professor Dutta teaches finance courses at undergraduate and graduate levels (MBA, PhD) at Telfer. He has taught courses in financial management at the MBA level as well as courses in corporate governance, entrepreneurial finance, mergers & acquisitions, international financial management, and advanced corporate finance applications at other schools before joining Telfer.

Research areas

Corporate Governance Dividend Policy Machine learning, NLP and Finance Mergers & Acquisitions

Pillars

Greener Healthier Wealthier

Publications during the last 7 years

Papers in Refereed Journals

Li, C., Dutta, M., Duo, J., Dutta, S. 2025. Delay, deny, and defend: Public outrage at health insurance companies and stock market debacle. PLOS ONE, 20(10): e0334399.
Dutta, S., Officer, M.S., Wang, R., Zhu, P. 2025. Do “say-on-pay” votes affect M&A decisions? Journal of Corporate Finance, 91: 102733.
Pushpesh, P., Dutta, S., Sarmah, S.P. 2025. Structural supply chain complexity index and construct validity: A data-driven empirical approach. International Journal of Emerging Markets, 20(6): 2455–2490.
Abukari, K., Dutta, S., Li, C., Tang, S., Zhu, P. 2024. Corporate communication and likelihood of data breaches. International Review of Economics and Finance, 94(July): 103433.
Li, C., Islam, M., Dutta, S. 2024. Insider trading profitability in geographically diversified firms: does managerial ability matter? Applied Economics Letters, 1-10.
Menezes, S.M., Kumar, A., Dutta, S. 2024. Navigating in turbulent times: Using social media to examine small and family-owned business topics and sentiments during the COVID-19 crisis. Information Systems Frontiers, 1-21.
Pant, P., Dutta, S., Sarmah, S.P. 2024. Supply chain relational capital and firm performance: an empirical enquiry from India. International Journal of Emerging Markets, 19(1): 76-105.
Dutta, S., Kumar, A., Pant, P., Walsh, C., Dutta, M. 2024. Using 10-K text to gauge COVID-related corporate disclosure. PLOS ONE, 18(3): e0283138.
Bowen, R.M., Dutta, S., Tang, S., Zhu, P. 2023. Blockholder mutual fund participation in private in-house meetings. Journal of Financial Research, 46(3): 631-679.
Bowen, R.M., Dutta, S., Tang, S., Zhu, P. 2023. Does corporate governance quality influence insider trading around private meetings between managers and investors? Accounting Horizons, 37(3): 27-57.
Baker, H.K., Dutta, S., Saadi, S., Zhong, L. 2022. Does Media Coverage Affect Credit Rating Change Decisions? Journal of Banking and Finance, 145(December): 106667.
Banerjee, P., Dutta, S., Zhu, P. 2022. The Effect of Political Risk on Investment Decisions. Economics Letters, 212: 110301.
Dutta, S., Katti, S., Phani, B.V., Zhu, P. 2021. Corporate social responsibility spending as a building block for sustainable corporate ethical identity: Lessons from Indian business groups. Managerial and Decision Economics, 43(3): 696–717.
Sun, F., Dutta, S., Zhu, P., Ren, W. 2021. Female insiders' ethics and trading profitability. International Review of Financial Analysis, 74: 1-18.
Pant, P., Dutta, S., Sarmah, S.P. 2021. Intangible supply chain complexity, organizational structure and firm performance. International Journal of Logistics Management, 32(4).
Banerjee, P., Dutta, S., Zhu, P. 2021. Multidimensionality of text based financial constraints and working capital management. International Review of Financial Analysis, 77: 1-18.
Sun, F., Dutta, S., Huang, H., Zhu, P. 2021. News media and insider trading profitability: An emerging country perspective. Emerging Markets Review, 49.
Zhou, B., Dutta, S., Zhu, P. 2020. CEO tenure and mergers and acquisitions. Finance Research Letters, 34.
Chkir, I., Dutta, S., Hasan, B.E. 2020. Does target geographical complexity impact acquisition performance? Finance Research Letters, 20: 1-10.
Chang, M., Chang, B., Dutta, S. 2020. National Culture, Firm Characteristics, and Dividend Policy. Emerging Markets Finance and Trade, 56(1): 149-163.
Dutta, S., Fuksa, M., Macaulay, K. 2019. Determinants of MD&A sentiment in Canada. International Review of Economics and Finance, 60: 130-148.

Chapters in Books

Banerjee, P., Dutta, S. Determinants of Working Capital Management. In Kent Baker, H., Barkley, T., Filbeck, G. Working Capital Management: Concepts and Strategies. Singapore: World Scientific Publishing, 2023.
Diao, X., Dutta, S., Zhu, P. Disclosure regulation in emerging economies and its relevant impact on equity markets. In Filbeck, G., Kiymaz, H., Baker, H.K. Equity Markets, Valuation, and Analysis. Toronto, ON, Canada: John Wiley and Sons, 2020.
Diao, X., Dutta, S., Zhu, P. Investing in emerging markets. In Filbeck, G., Kiymaz, H., Baker, H.K. Equity Markets, Valuation, and Analysis. Toronto, ON, Canada: John Wiley and Sons, 2020.

Funded Research during the last 7 years

Funded Research during the last 7 years
From-To	Source	Title	Purpose	Type	Role	Amount
2024-2026	SPARC Indian Government Grant	A System-wide Model of Start- up Facilitation using Encrypted Networking in an Entrepreneurial Ecosystem (EE)	R	G	Co-PI	$126,500
2024-2025	SSHRC Partnership Engage Grant	Green vehicles: Evolution of public perception on social media	R	C	PI	$24,992
2018-2022	SSHRC	Board Independence and Corporate Private In-house Meetings	R	C	PI	$55,000

LEGEND:

Role
PI = Principal Investigator | Co-I = Co-Investigator | Co-PI = Co-Principal Investigator