Faculty & Research

Balagopal Gopalakrishnan


Primary Area : Finance and Accounting


Email : balagopalg@iima.ac.in

Phone : +91-79-7152 7508

Secretary : Pritesh Parmar

Phone : +91-79-7152 7973



BE, ECE, NIT Surathkal

MBA, Finance, SP Jain Singapore/Dubai

PhD , (Finance & Accounting), IIMA



  • Foundations of Finance
  • Empirical Methods in Corporate Finance 


  • Financial Reporting and Analysis 
  • Valuation of New Economy Firms (along with Joshy Jacob) 
  • Corporate Governance (along with Anish Sugathan)


  • Corporate Finance 
  • Banking and Financial Services (elective)

Research Area

Corporate Finance

Banking and financial intermediation

Gold consumption/investment of households and central banks

Academic Experience

Faculty (F&A), IIM Ahmedabad , Feb 2022 – present

Faculty (F&A), IIM Kozhikode, July 2019 – Feb 2022

Professional Experience

Commercial Bank International, UAE , (Apr 2013 – May 2015)

Fullerton Financial Holdings/Dunia Finance, UAE , (Dec 2009 – Apr 2013)

Infineon Technologies, Bangalore/Munich , (Jun 2006 – Dec 2008)


Pandemic panic? Effects of health system capacity on firm confidence during COVID-19. European Journal of Political Economy, 102422, 2023. (with Jamus Lim and Sanket Mohapatra)

Connecting the right knots: The impact of board committee interlocks on the performance of Indian firms. Corporate Governance: An International Review, 1–21, 2023. (with Saneesh Edacherian, Ansgar Richter, and Amit Karna)

Mutual fund asset allocation during COVID-19: Evidence from an emerging market. Applied Economics, 1-19, 2023. (with Joshy Jacob and Nilesh Gupta)

Is ESG the key to unlock debt financing during the COVID-19 pandemic? International evidence. Finance Research Letters, 49, 103125, 2022. (with Jagriti Srivastava and Aravind Sampath)

COVID-19 pandemic and debt financing by firms: Unravelling the channels, Economic Modelling, 2022: 105929 (with Joshy Jacob, and Sanket Mohapatra)

Work from home amenability and venture capital financing during COVID-19. Applied Economics, 1-26, 2022. (with Jagriti Srivastava)

Impact of operational fragility on stock returns: Lessons from COVID-19 crisis, International Review of Finance, February 2022 (with Avijit Bansal, Joshy Jacob and Pranjal Srivastava).

Risk-sensitive Basel regulations and firms' access to credit: Direct and indirect effects, Journal of Banking and Finance 126 (2021): 106101 (with Joshy Jacob and Sanket Mohapatra).

Gopalakrishnan, B., & Mohapatra, S. (2020). Insolvency regimes and firms' default risk under economic uncertainty and shocks. Economic Modelling, 91, 180-197, 2020. (with Sanket Mohapatra)

Understanding the government's attempt to transform attitudes towards a critical resource: Gold monetization in India. Resources Policy, 66, 101600, 2020. (with Priya Narayanan and Aravind Sahay)

The effects of reporting standards and information sharing on loan contracting: Cross-country evidence. Cogent Economics & Finance, 8(1), 1716920, 2020. (with Sanket Mohapatra)

Turning over a golden leaf? Global liquidity and emerging market central banks’ demand for gold after the financial crisis. Journal of International Financial Markets, Institutions and Money, 57, 94-109, 2018. (with Sanket Mohapatra)

Global risk and demand for gold by central banks. Applied Economics Letters, 25(12), 835-839, 2018. (with Sanket Mohapatra)

Financial fluctuations anchored to economic fundamentals: A mesoscopic network approach. Scientific reports, 7(1), 1-11, 2017. (with Kiran Sharma, Anindya Chakrabarti, and Anirban Chakraborti)

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Consulting projects


  1. Insolvency and Bankruptcy Board of India (IBBI): Effectiveness of the resolution process: Firm outcomes in the post-IBC period (with Ram Mohan M P, Jan- Aug 2023)

  2. Multi Commodity Exchange (MCX): Study on Suspension of Commodity Derivative Contracts and Impact on Price Discovery (with Joshy Jacob, Dec’22-Apr’23)

  3. National Stock Exchange (NSE): Developing a framework for capital adequacy requirements of market intermediaries (2020 - 2021).

Awards & Honors

2023 - SRK distinguished PGPX faculty award at IIM Ahmedabad

2019 - Industrial Finance Corporation of India Award for Thesis Proposal at IIM Ahmedabad, 2018-19

2018 - Best paper award at the Asia-pacific Applied Economics Association Doctoral Conference in Changsha, China, January 2018, (jointly with Joshy Jacob and Ajay Pandey for paper titled “Lender moral hazard in state-owned banks: Evidence from an emerging economy”)

2018 - CFA Best Paper Award, India Finance Association Conference, December, 2018 (jointly with Joshy Jacob and Ajay Pandey for paper titled “Lender moral hazard in state-owned banks: Evidence from an emerging economy”).