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Shantanu Dutta (He/Him)

Dutta, Shantanu
Full Professor
Telfer Fellow in Global Finance
Bachelor of Technology (Indian Institute of Technology (IIT)), MEM (Indian Institute of Technology (IIT)), M.B.A. (AIT), Ph.D. (Carleton University)
DMS 5126
613-562-5800 x 4504
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Shantanu Dutta is Full Professor in finance and Telfer Fellow 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, Journal of Multinational Financial Management, Multinational Finance Journal, Quarterly Journal of Finance and Accounting, Global Finance Journal, Canadian Investment Review, Corporate Governance - An International Review (CGIR), International Journal of Theoretical and Applied Finance, International Journal of Managerial Finance, Journal of Applied Finance, International Journal of Technology Transfer and International Journal of Global Energy Issues. Professor Dutta has also participated and presented papers in many scholarly conferences. He is a recipient of a SSHRC grant and Barclays Global Investors Canada Research Award (2006) for the best paper on the Canadian security market. He received the 'Highly Commended Award' at the Literati Network Awards for Excellence 2009 and 2014 for a study published in the International Journal of Managerial Finance. He is also a recipient of the Telfer School of Management Research Excellence Award in 2016.

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.


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.

Publications during the last 7 years

Papers in Refereed Journals

  • Banerjee, P., Dutta, S. and Zhu, P. 2022. The Effect of Political Risk on Investment Decisions. Economics Letters, (Accepted).
  • Dutta, S., Katti, S., Phani, B.V. and Zhu, P. 2021. Corporate social responsibility spending as abuilding block for sustainable corporate ethical identity: Lessons from Indian business groups. Managerial and Decision Economics, 43(3): 696–717.
  • Banerjee, P., Dutta, S. and 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. and Zhu, P. 2021. News media and insider trading profitability: An emerging country perspective. Emerging Markets Review, 49.
  • Sun, F., Dutta, S., Zhu, P. and Ren, W. 2021. Female insiders' ethics and trading profitability. International Review of Financial Analysis, 74: 1-18.
  • Pant, P., Dutta, S. and Sarmah, S.P. 2021. Intangible supply chain complexity, organizational structure and firm performance. International Journal of Logistics Management, 32(4).
  • Chang, M., Chang, B. and Dutta, S. 2020. National Culture, Firm Characteristics, and Dividend Policy. Emerging Markets Finance and Trade, 56(1): 149-163.
  • Zhou, B., Dutta, S. and Zhu, P. 2020. CEO tenure and mergers and acquisitions. Finance Research Letters, 34.
  • Chkir, I., Dutta, S. and Hasan, B.E. 2020. Does target geographical complexity impact acquisition performance? Finance Research Letters, 20: 1-10.
  • Dutta, S., Fuksa, M. and MacAulay, K. 2019. Determinants of MD&A sentiment in Canada. International Review of Economics and Finance, 60: 130-148.
  • Chang, B., Dutta, S., Saadi, S. and Zhu, P. 2018. Corporate Governance and Dividend Payout Policy: Beyond Country-Level Governance. The Journal of Financial Research, 41(4): 445-484.
  • Shareef, M.A., Baabdullah, A., Dutta, S., Kumar, V. and Dwivedi, Y.K. 2018. Consumer adoption of mobile banking services: An empirical examination of factors according to adoption stages. Journal of Retailing and Consumer Services, 43: 54-67.
  • Bowen, R., Dutta, S., Tang, S. and Zhu, P. 2018. Inside the ‘Black Box’ of Private In-House Meetings. Review of Accounting Studies, 23(2): 487-527.
  • Dutta, I., Dutta, S. and Raahemi, B. 2017. Detecting Financial Restatements using Data Mining Techniques. Expert Systems with Applications, 90(C): 374-393.
  • Dutta, S., Essaddam, N., Kumar, K. and Saadi, S. 2017. How does electronic trading affect efficiency of stock market and conditional volatility? Evidence from Toronto Stock Exchange. Research in International Business and Finance, 39(B): 867-877.

Chapters in Books

  • Diao, X., Dutta, S. and Zhu, P. Disclosure regulation in emerging economies and its relevant impact on equity markets. In Filbeck, G., Kiymaz, H. and Baker, H.K.. Equity Markets, Valuation, and Analysis. Toronto, ON, Canada: John Wiley and Sons, 2020.
  • Diao, X., Dutta, S. and Zhu, P. Investing in emerging markets. In Filbeck, G., Kiymaz, H. and 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 * ** Role Amount
2018-2022 SSHRC Board Independence and Corporate Private In-house Meetings R C PI $ 55,000
2016-2017 CPA - Canada Accounting and Governance Research Centre Information Content of Newswire Articles: Evidence from M&A Activities R I PI $ 5,000
2016 National Science Foundation of China Inside the 'Black Box' of Private In-House Meetings: Implications for Fair Disclosure and Insider Trading Regulations R F Co-I $ 85,000
2016 Shastri Indo-Canadian Institute Entrepreneurial Ecosystem: An Indo - Canadian Study of Incubator Best Practices R G PI $ 6,000
2014-2016 Telfer-Sprott Research Fund Does Value Based Management Performance Affect CEO Turnover and Compensation? R I Co-PI $ 10,000
2014-2016 SSHRC Social Media, Investor Sentiment and Initial Public Offerings R C Co-PI $ 74,718


C: Contract (R and D) | E: Equipment Grant | R: Research Grant | S: Support Award | P: Pedagogical Grant | O: Other, U: Unknown

C: Granting Councils | G: Government | F: Foundations | I: UO Internal Funding | O: Other | U: Unknown

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

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