Dr. Supriya Kapoor

Assistant Professor, School Office Trinity Business School

SUPRIYA.KAPOOR@tcd.ie 3531896 4016 https://sites.google.com/tcd.ie/supriya-kapoor/home?authuser=0

Biography

Dr. Supriya Kapoor is an Assistant Professor in Finance at Trinity Business School, Trinity College Dublin, and a Research Affiliate at the Central Bank of Ireland. She holds a PhD in Financial Economics from University College Dublin, an MSc in Economics from Trinity College Dublin, and a B.A. (Hons) in Economics from the University of Delhi, India. Her research sits at the intersection of macro-finance, corporate finance, and climate finance, with a primary focus on monetary policy, banking, financial intermediation, and firm behaviour. She examines how large-scale economic and regulatory policies transmit through financial institutions to affect corporate financing, investment decisions, credit allocation, and financial stability. Her corporate finance work explores firm financing structures, earnings-based versus collateral-based lending, and investment responses to monetary shocks. In climate finance, she studies how climate-related risks and policy uncertainty influence bank lending, credit pricing, and systemic resilience. Her research has been published in leading international journals, including Journal of Financial Stability, Journal of Banking & Finance, Small Business Economics, and International Journal of Central Banking. Her work is predominantly empirical, grounded in strong theoretical foundations, and carries clear implications for monetary, regulatory, and macroprudential policy. She has contributed to understanding the real effects of conventional and unconventional monetary policy, including asset purchase programmes, and their transmission to firms and credit markets. Dr. Kapoor has collaborated on research projects with scholars at the Central Bank of Ireland, European Central Bank, Banque de France, Sveriges Riksbank, Queen Mary University of London, and the University of Essex. She has been a funded Visiting Scholar at the Banque de France and Sveriges Riksbank. In March 2024, she was appointed Research Affiliate at the Macro-Finance Division of the Central Bank of Ireland. In recognition of the societal and policy impact of her research, she received the Research Impact Award (Best Societal Impact Award) 2025 from Trinity Business School. At Trinity Business School, she teaches Introduction to Finance, Financial Markets and Institutions, and Financial Management at undergraduate level; Applications in Risk Management and Financial Markets and Institutions on the MSc in Financial Risk Management; and Entrepreneurial Finance on the Flexible Executive MBA. In 2024, she designed and launched the undergraduate module BUU33760 Financial Markets and Institutions. She previously taught at University College Dublin, Maynooth University, and Dublin City University Business School, bringing over six years of teaching experience across leading Irish institutions. Her excellence in teaching was recognised with the Trinity College Dublin Inspiring Educator Award 2024/25. Out of more than 120 nominations across the College, she was selected as one of just 12 awardees, reflecting her commitment to student engagement and experiential learning. Dr. Kapoor currently serves as Programme Director for the MSc in Financial Risk Management. She has strengthened the programme's practical orientation by embedding company visits, practitioner-led guest lectures, applied case-based learning, and industry engagement into the curriculum. Under her leadership, the programme integrates macro-financial frameworks with real-world risk management challenges, enhancing professional readiness for careers in banking, central banking, asset management, and regulation. Beyond academia, she contributes to public discourse through articles and interviews for Euronews, The Conversation, and MeJudice, and has appeared on the podcast The Why Curve, discussing central banking and inflation.

Publications and Further Research Outputs

Peer-Reviewed Publications
Non-Peer-Reviewed Publications

Supriya Kapoor, Oana Peia, The impact of quantitative easing on liquidity creation, Journal of Banking and Finance, 2021Journal Article, 2021, URL , TARA - Full Text
Supriya Kapoor, Adnan Velic, QE: Implications for Bank Risk-Taking, Profitability, and Systemic Risk, 2022Working Paper, 2022, URL
Marie Finnegan, Supriya Kapoor, ECB unconventional monetary policy and SME access to finance, Small Business Economics, 2023Journal Article, 2023, URL , TARA - Full Text
Guillaume Horny, Supriya Kapoor, Investment Response to Monetary Policy in a Low Interest Rate Environment: Evidence from the ECB's Corporate QE, 2021Working Paper, 2021
Supriya Kapoor, Anuj Pratap Singh, Balance sheet strength and the bank-lending channel: evidence from an emerging market, 2019Working Paper, 2019, URL
Supriya Kapoor and Marianna Blix Grimaldi, Fed QE and lending behaviour: a heterogeneity analysis of asset purchases, Working Paper Series 428, Sveriges Riksbank (Central Bank of Sweden), 2023Working Paper, 2023, URL , TARA - Full Text
Supriya Kapoor, Adnan Velic, QE: Implications for Bank Risk-Taking, Profitability, and Systemic Risk, International Journal of Central Banking (forthcoming), 2026Journal Article, 2026
Supriya Kapoor, Inflation: why it's happening and why interest rates are going up to combat it, The Conversation, UK, August, 2022Report, 2022, URL
Supriya Kapoor, Autumn statement 2022: experts react, The Conversation, UK, November, 2022Report, 2022, URL
Supriya Kapoor, Are interest rates really going to keep rising sharply?, The Conversation, UK, March, 2023Report, 2023, URL
Supriya Kapoor, Proper Pricing, The Telgraph, October, 2024Report, 2024, TARA - Full Text
Supriya Kapoor and Marie Finnegan, Impact of unconventional ECB policy on lending to SMEs, 2023, -Miscellaneous, 2023, URL
Marianna Blix Grimaldi and Supriya Kapoor, Different strokes for different banks: A heterogeneity analysis of Fed QE on bank lending, Journal of Financial Stability, 82, (101493), 2026Journal Article, 2026, DOI , URL , TARA - Full Text
Guillaume Horny and Supriya Kapoor, Corporate investment response to an easing in bond funding cost, Journal of Banking and Finance, (107668), 2026Journal Article, 2026, URL , TARA - Full Text

Supriya Kapoor, Corporate Investment Response to an Easing in Funding Cost, Seminar Series, California, United States, May 2023, 2023, Department of Economics, UC Santa CruzInvited Talk
Supriya Kapoor, QE: Implications for Bank Risk-Taking, Profitability, and Systemic Risk, DNB Research Seminars, The Netherlands, 14 June 2022, 2022, De Nederlandsche BankInvited Talk
Supriya Kapoor, QE: Implications for Bank Risk-Taking, Profitability, and Systemic Risk, Economics Research Seminar, Ireland, 14 October 2022, 2022, Department of Economics, National University of Ireland, MaynoothInvited Talk
Supriya Kapoor, QE: Implications for Bank Risk-Taking, Profitability, and Systemic Risk, 12th International Conference of the Financial Engineering and Banking Society, Chania, Greece, 1-4 June, 2023, 2023Conference Paper
Supriya Kapoor, QE: implications for bank risk-taking, profitability and systemic risk, European Central Bank Research Workshop 2023, Frankfurt, Germany, 16 October 2023, 2023Conference Paper, URL
Supriya Kapoor, Different strokes for different banks: a heterogeneity analysis of Fed QE on bank lending, 13th International Conference of the Financial Engineering and Banking Society, Paris, France, 20-22 June 2024Conference Paper

My research lies at the intersection of macro-finance, corporate finance, banking, and climate finance, with a central focus on how monetary policy, macro-financial shocks, and structural transformations transmit through financial institutions to shape firm behaviour, credit allocation, and financial stability. I examine how banks and non-financial corporations respond to changing economic conditions, regulatory frameworks, and policy interventions, combining rigorous econometric methods with rich micro-level datasets. A core pillar of my work investigates the transmission of monetary policy through banks to firms, with particular emphasis on credit supply, credit demand substitution, investment responses, and financial stability implications. This research has gained renewed relevance in the context of the post-Global Financial Crisis environment, the COVID-19 policy response, and the recent inflationary and monetary tightening cycle. My recent publications in Journal of Banking & Finance (2026), Journal of Financial Stability (2025), International Journal of Central Banking (forthcoming) reflect this sustained research agenda. These contributions advance our understanding of how conventional and unconventional monetary policy, including asset purchase programmes and tightening cycles, affect bank balance sheets, firm financing structures, and real economic outcomes. Beyond monetary transmission, my research has increasingly deepened its engagement with corporate finance questions, particularly the distinction between earnings-based and collateral-based lending, firm borrowing constraints, investment under financial frictions, and knowledge spillovers. By linking firm-level behaviour to macro-financial conditions, my work contributes to a more integrated understanding of how financing structures influence resilience, productivity, and long-run growth. In parallel, I have expanded my research into climate finance and sustainable banking, examining how climate-policy uncertainty and transition risks affect banks' lending decisions, credit pricing, and systemic risk. This strand of research speaks directly to emerging regulatory priorities in Europe and aligns with broader societal concerns regarding sustainable growth and financial stability. It reflects my commitment to addressing structural transformations such as climate transition and digitalisation, that are reshaping financial intermediation. A distinctive feature of my research is its close engagement with central banks and policymakers. As a Research Affiliate at the Central Bank of Ireland since 2024, I collaborate on projects analyzing monetary tightening, credit demand substitution, systemic risk, and bank-firm linkages, using confidential micro-data to generate policy-relevant evidence. My work has also been shaped by competitive visiting appointments at the Banque de France and Sveriges Riksbank, where I studied the effects of unconventional monetary policy in the euro area. This collaborative model enables my research to bridge academic rigour and real-world policy design. Overall, my research seeks to contribute to a coherent macro-financial framework that integrates banking, corporate finance, and sustainability considerations. By combining high-quality empirical analysis with strong theoretical grounding and policy engagement, I aim to advance evidence-based policymaking while strengthening Trinity Business School's position as a leading centre for research on financial stability, monetary economics, and sustainable finance.

Social sciences, Economics and Business Administration,

Recognition

Visiting Researcher - Central Bank of Ireland March 2023
Visiting Researcher - Banque de France April 2022
France Excellence Research Residency Result Awaited
Visiting Scholar Program - Sveriges Riksbank September 2022
Research Excellence Award, Best Societal Impact 2025
Arts and Social Sciences Benefactions Fund 2025
UCD overseas Scholarship for graduate students University College Dublin 2015-2017
Top 10 downloads of Small Business Economics Journal for 2023 2024
Researcher Award, Technological University Dublin 2021
Trinity Business School Teaching Excellence Award June 2024
Department of Economics scholarship for PhD., University College Dublin 2018-2019
Inspiring Educator Award, Trinity College Dublin June 2025
Gold Medalist, CBSE, India 2010
Research Affiliate at Macro-Finance Division, Central Bank of Ireland March 2024 - till date

European Economic Association till date
Irish Society of Women in Economics (ISWE) till date
American Economic Association till date
Artificial Intelligence Task Force at Trinity Business School till date
Athena Swan Self-Assessment Team at Trinity Business School till date

I actively serve as a referee for several international journals, including Small Business Economics, Journal of Financial Services Research, International Review of Economics and Finance, Journal of International Money and Finance, and Applied Economics. Through peer review, I contribute to maintaining the quality and rigour of academic research within the fields of finance, banking, and macroeconomics. This service also allows me to remain engaged with emerging research developments in the discipline. 2022
I am serving as an external examiner for Technological University of Shannon: Midlands Midwest starting 2024 for a period of three years. May 2024
As a Research Affiliate with the Macro-Finance Division of the Central Bank of Ireland, I collaborate with policymakers and researchers on projects related to monetary policy transmission, financial stability, and firm financing. This role enables me to contribute to policy-relevant research using confidential and granular datasets while engaging directly with central bank economists on issues affecting the euro-area financial system. The affiliation strengthens the policy impact and relevance of my academic research. March 2024
I serve on the Athena SWAN Self-Assessment Team, contributing to survey evaluation, action planning, and the promotion of equity, diversity, and inclusion within the School. 2024
My service to the College includes my role as a College Tutor, supporting a pool of 60 students across academic, personal, and pastoral matters. I take this responsibility seriously and have undertaken extensive training in student wellbeing, mental health, and professional communication to ensure appropriate and timely support. 2022
I have served on the internal PhD viva committee for doctoral students in the Trinity Business School, Cillian Doyle (Co-Supervisor: Louis Brennan), Yang Su (Supervisor: Brian Lucey and Ashish Kumar Jha), Emmett Oliver (Supervisor: Frank Barry) and Suwan Long (Supervisor: Brian Lucey). 2025
I am a member of the Trinity Business School AI Taskforce, where I contribute to discussions on the ethical integration of AI in education, with a particular focus on authentic assessment design. 2024
In my role as External Examiner at the Technological University of Shannon, I contribute to maintaining academic standards and quality assurance in finance-related programmes. This involves reviewing assessments, examining course content, and ensuring that grading and learning outcomes are aligned with international academic standards. The role supports transparency and continuous improvement in programme delivery. 2024
I have held visiting research appointments at leading policy institutions including Sveriges Riksbank, Banque de France, and SKEMA Business School. These visits involve presenting research, collaborating with international scholars, and contributing to discussions on monetary policy, banking behaviour, and financial stability. Such engagements strengthen international research networks and foster collaboration between academia and policy institutions. 2019
I had started as the course director for MSc. in Financial Risk Management in academic year 2023/24 (Ongoing). This opportunity has given me immense exposure to leadership role in my second year at TBS and I have successfully contributed to the programme's development in the many ways including introducing modules, bringing in guest speakers, career fairs, company visits, among others. June 2023
As an Academic Mentor for the CFA Institute Research Challenge at Trinity College Dublin, I guide students in conducting professional equity research and preparing investment reports and presentations. The role involves advising students on financial analysis, valuation techniques, and presentation strategies while supporting their engagement with industry professionals. This initiative helps bridge academic learning with professional practice in finance. February 2024