Manju Puri | Scholars@Duke

Manju Puri
J.B. Fuqua Distinguished Professor of Business Administration

Manju Puri is the J. B. Fuqua Professor at the Fuqua School of Business, Duke University. She is a member of the finance faculty and is on the Advisory Board of the Center of Entrepreneurship and Innovation. Professor Puri earned her MBA from the Indian Institute of Management, Ahmedabad, and her Ph.D in Finance from Stern School, New York University, after which she joined the faculty of the Stanford Business School. She moved to Fuqua in 2003.

Professor Puri’s expertise is in the area of empirical corporate finance and financial intermediation, with focus on commercial banks, investment banks, venture capital and entrepreneurship. Her research has won multiple awards including two Western Finance Association best paper awards, and two Fama-DFA best paper awards in Journal of Financial Economics. Professor Puri’s research has appeared in publications such as American Economic Review, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. Professor Puri has served as coeditor of the Journal of Financial Intermediation, as well as on the editorial boards of several journals including the Journal of Finance, Journal of Money, Credit and Banking, Journal of Empirical Finance, Journal of Financial Research and Journal of Financial Services Research. She is a Research Associate with the National Bureau of Economic Research. She has received grants from the FDIC, National Science Foundation, and was selected as an Alfred P. Sloan Foundation Fellow.

Professor Puri’s work is relevant in understanding the role of venture capitalists in startups, entrepreneurial attitudes, bank-firm and bank-depositor relationships, the scope of bank activities, how shocks to banks get transmitted internationally, and factors underlying bank runs. Professor Puri teaches an elective she created on “Raising Capital” for the MBA students at Fuqua. She has also taught a Ph.D class on Empirical Corporate Finance and has taught Advanced Corporate Finance, and Venture Capital Financing at Fuqua and Stanford Business School.

Current Appointments & Affiliations

J.B. Fuqua Distinguished Professor of Business Administration, Fuqua School of Business, Duke University 2008
Professor of Business Administration, Fuqua School of Business, Duke University 2007

Contact Information

Background
Education, Training, & Certifications
- Ph.D., New York University 1995
- M.B.A., Indian Institute of Management (India) 1982
- B.A., University of Delhi (India) 1980
Previous Appointments & Affiliations
- Associate Professor of Business Administration, Fuqua School of Business, Duke University 2003 - 2007
Recognition
Awards & Honors
- Sloan Research Fellowship-Economics. Alfred P. Sloan Foundation. 2002
- Researcher (NBER Family Members). National Bureau of Economic Research. 2001
Research
External Relationships
- Coinbase
- Federal Deposit Insurance Corporation (FDIC)
Publications & Artistic Works
Selected Publications
- Academic Articles
  - Berg, T., A. Fuster, and M. Puri. “FinTech Lending.” Annual Review of Financial Economics 14 (November 1, 2022): 187–207. https://doi.org/10.1146/annurev-financial-101521-112042.
    Full Text
  - Barber, B. M., W. Jiang, A. Morse, M. Puri, H. Tookes, and I. M. Werner. “What Explains Differences in Finance Research Productivity during the Pandemic?” Journal of Finance 76, no. 4 (August 1, 2021): 1655–97. https://doi.org/10.1111/jofi.13028.
    Full Text
  - Berg, T., V. Burg, A. Gombović, and M. Puri. “On the Rise of FinTechs: Credit Scoring Using Digital Footprints.” Review of Financial Studies 33, no. 7 (July 1, 2020): 2845–97. https://doi.org/10.1093/rfs/hhz099.
    Full Text
  - Berg, T., M. Puri, and J. Rocholl. “Loan Officer Incentives, Internal Rating Models, and Default Rates.” Review of Finance 24, no. 3 (May 1, 2020): 529–78. https://doi.org/10.1093/rof/rfz018.
    Full Text
  - Puri, M., J. Rocholl, and S. Steffen. “What do a million observations have to say about loan defaults? Opening the black box of relationships.” Journal of Financial Intermediation 31 (July 1, 2017): 1–15. https://doi.org/10.1016/j.jfi.2017.02.001.
    Full Text
  - Hildebrand, T., M. Puri, and J. Rocholl. “Adverse incentives in crowdfunding.” Management Science 63, no. 3 (March 1, 2017): 587–608. https://doi.org/10.1287/mnsc.2015.2339.
    Full Text
  - Iyer, R., M. Puri, and N. Ryan. “A Tale of Two Runs: Depositor Responses to Bank Solvency Risk.” Journal of Finance 71, no. 6 (December 1, 2016): 2687–2726. https://doi.org/10.1111/jofi.12424.
    Full Text
  - Krishnan, Karthik, Debarshi K. Nandy, and Manju Puri. “Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment.” Duke I&E Research Paper, no. 15 (May 2014).
  - Graham, J. R., C. R. Harvey, and M. Puri. “Managerial attitudes and corporate actions.” Journal of Financial Economics 109, no. 1 (July 1, 2013): 103–21. https://doi.org/10.1016/j.jfineco.2013.01.010.
    Full Text
  - Puri, M., and D. T. Robinson. “The economic psychology of entrepreneurship and family business.” Journal of Economics and Management Strategy 22, no. 2 (June 1, 2013): 423–44. https://doi.org/10.1111/jems.12013.
    Full Text
  - Graham, J. R., C. R. Harvey, and M. Puri. “Managerial attitudes and corporate actions.” Journal of Financial Economics, 2013.
  - Puri, M., and R. Zarutskie. “On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms.” Journal of Finance 67, no. 6 (December 1, 2012): 2247–93. https://doi.org/10.1111/j.1540-6261.2012.01786.x.
    Full Text
  - Iyer, R., and M. Puri. “Understanding bank runs: The importance of depositor-bank relationships and networks.” American Economic Review 102, no. 4 (June 1, 2012): 1414–45. https://doi.org/10.1257/aer.102.4.1414.
    Full Text
  - Graham, John R., Campbell R. Harvey, and Manju Puri. “Capital Allocation and Delegation of Decision-Making Authority within Firms,” August 2011.
  - Puri, M., J. Rocholl, and S. Steffen. “Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects.” Journal of Financial Economics 100, no. 3 (June 1, 2011): 556–78. https://doi.org/10.1016/j.jfineco.2010.12.001.
    Full Text
  - Iyer, Rajkamal, and Manju Puri. “Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks,” June 2010.
  - Drucker, S., and M. Puri. “On loan sales, loan contracting, and lending relationships.” Review of Financial Studies 22, no. 7 (2009): 2635–72. https://doi.org/10.1093/rfs/hhn067.
    Full Text
  - Puri, M., and J. Rocholl. “On the importance of retail banking relationships.” Journal of Financial Economics 89, no. 2 (August 1, 2008): 253–67. https://doi.org/10.1016/j.jfineco.2007.07.005.
    Full Text
  - Hellmann, T., L. Lindsey, and M. Puri. “Building relationships early: Banks in venture capital.” Review of Financial Studies 21, no. 2 (April 1, 2008): 513–41. https://doi.org/10.1093/rfs/hhm080.
    Full Text
  - Hellmann, Thomas F., Laura Anne Lindsey, and Manju Puri. “Building Relationships Early: Banks in Venture Capital.” Review of Financial Studies 21, no. 2 (April 2008): 513–41.
  - Drucker, S., and M. Puri. “Banks in Capital Markets” 2 (December 1, 2007): 189–232. https://doi.org/10.1016/B978-0-444-53265-7.50019-6.
    Full Text
  - Puri, M., and D. T. Robinson. “Optimism and economic choice.” Journal of Financial Economics 86, no. 1 (October 1, 2007): 71–99. https://doi.org/10.1016/j.jfineco.2006.09.003.
    Full Text
  - Hellmann, Thomas F., Laura Anne Lindsey, and Manju Puri. “Building Relationships Early: Banks in Venture Capital,” May 2007.
  - Drucker, S., and M. Puri. “On the benefits of concurrent lending and underwriting.” Journal of Finance 60, no. 6 (December 1, 2005): 2763–99. https://doi.org/10.1111/j.1540-6261.2005.00816.x.
    Full Text
  - Gande, A., and M. Puri. “Enhancing security value by ownership restrictions: Evidence from a natural experiment.” Financial Management 34, no. 4 (December 1, 2005): 35–64. https://doi.org/10.1111/j.1755-053X.2005.tb00117.x.
    Full Text
  - Dahiya, S., M. Puri, and A. Saunders. “Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans.” Journal of Business 76, no. 4 (October 1, 2003): 563–82. https://doi.org/10.1086/377031.
    Full Text
  - Dahiya, S., K. John, M. Puri, and G. Raḿrez. “Debtor-in-possession financing and bankruptcy resolution: Empirical evidence.” Journal of Financial Economics 69, no. 1 (July 1, 2003): 259–80. https://doi.org/10.1016/S0304-405X(03)00113-2.
    Full Text
  - John, K., A. W. Lynch, and M. Puri. “Credit Ratings, Collateral, and Loan Characteristics: Implications for Yield.” Journal of Business 76, no. 3 (July 1, 2003): 371–409. https://doi.org/10.1086/375252.
    Full Text
  - Aggarwal, R., N. R. Prabhala, and M. Puri. “Institutional allocation in initial public offerings: Empirical evidence.” Journal of Finance 57, no. 3 (January 1, 2002): 1421–42. https://doi.org/10.1111/1540-6261.00465.
    Full Text
  - Hellmann, T., and M. Puri. “Venture capital and the professionalization of start-up firms: Empirical evidence.” Journal of Finance 57, no. 1 (January 1, 2002): 169–97. https://doi.org/10.1111/1540-6261.00419.
    Full Text
  - Puri, M., and T. Hellmann. “On the Fundamental Role of Venture Capital.” Economic Review 87, no. 4 (2002): 19–23.
  - Hellmann, T., and M. Puri. “The interaction between product market and financing strategy: The role of venture capital.” Review of Financial Studies 13, no. 4 (January 1, 2000): 959–84. https://doi.org/10.1093/rfs/13.4.959.
    Full Text
  - Gande, A., M. Puri, and A. Saunders. “Bank entry, competition, and the market for corporate securities underwriting.” Journal of Financial Economics 54, no. 2 (January 1, 1999): 165–95. https://doi.org/10.1016/s0304-405x(99)00035-5.
    Full Text
  - Puri, M. “Commercial banks as underwriters: Implications for the going public process.” Journal of Financial Economics 54, no. 2 (January 1, 1999): 133–63. https://doi.org/10.1016/s0304-405x(99)00034-3.
    Full Text
  - Gande, A., M. Puri, A. Saunders, and I. Walter. “Bank underwriting of debt securities: Modern evidence.” Review of Financial Studies 10, no. 4 (January 1, 1997): 1175–1202. https://doi.org/10.1093/rfs/10.4.1175.
    Full Text
  - Puri, M. “Commercial banks in investment banking: Conflict of interest or certification role?” Journal of Financial Economics 40, no. 3 (January 1, 1996): 373–401. https://doi.org/10.1016/0304-405X(95)00855-9.
    Full Text
  - Puri, M. “The long-term default performance of bank underwritten security issues.” Journal of Banking and Finance 18, no. 2 (January 1, 1994): 397–418. https://doi.org/10.1016/0378-4266(94)00040-9.
    Full Text
- Book Sections
  - Puri, M., and S. Drucker. “Banks in Capital Markets.” In Empirical Corporate Finance, edited by E. Eckbo, 189–232. North Holland, 2007.
    Link to Item
  - Puri, M., M. Da Rin, and T. Hellmann. “A survey of venture capital research.” In Handbook of the Economics of Finance, edited by G. Constanides, M. Harris, and R. Stulz, Vol. 2. North Holland, n.d.
    Link to Item
- Scholarly Editions
  - Graham, J. R., C. R. Harvey, and M. Puria. “A corporate beauty contest,” September 1, 2017. https://doi.org/10.1287/mnsc.2016.2484.
    Full Text
  - Krishnan, K., D. K. Nandy, and M. Puri. “Does financing spur small business productivity? Evidence from a natural experiment,” June 1, 2015. https://doi.org/10.1093/rfs/hhu087.
    Full Text
  - Graham, J. R., C. R. Harvey, and M. Puri. “Capital allocation and delegation of decision-making authority within firms,” March 1, 2015. https://doi.org/10.1016/j.jfineco.2014.10.011.
    Full Text
  - Rin, M. D., T. Hellmann, and M. Puri. “A Survey of Venture Capital Research,” January 1, 2013. https://doi.org/10.1016/B978-0-44-453594-8.00008-2.
    Full Text
Teaching & Mentoring
Recent Courses
- FINANCE 661: Raising Capital and Financial Technologies 2021
- FINANCE 899: Independent Study 2021

Some information on this profile has been compiled automatically from Duke databases and external sources. (Our About page explains how this works.) If you see a problem with the information, please write to Scholars@Duke and let us know. We will reply promptly.

Education, Training, & Certifications

Previous Appointments & Affiliations

Awards & Honors

External Relationships

Selected Publications

Academic Articles

Book Sections

Scholarly Editions

Recent Courses