Lakshmi Balasubramanyan

Associate Professor
Department of Banking & Finance
Weatherhead School of Management

Lakshmi Bala, PhD, associate professor of Banking and Finance joined Weatherhead School of Management in 2017. She earned her PhD and MS from Penn State University. She teaches graduate-level courses in Credit Risk Analytics, Capital Markets and Banking. Her undergraduate teaching areas include Financial Modeling, Advanced Analytics and Corporate Finance.

Prior to joining Case, Lakshmi was a Research Economist and Senior Quantitative Specialist in Banking Supervision and Regulation of the Federal Reserve Bank of Cleveland.

Lakshmi is a co-founder of FinTechnova, LLC. She is an ardent supporter of female entrepreneurship and the representation of women in the field of Finance and Financial Analytics. Currently, she is a faculty advisor for Weatherhead Women in Business. She believes all women should strive to INSPIRE fellow women by Innovating, Networking, Supporting, Promoting, Informing, Reaching out, and encouraging Entrepreneurship among women. She is a frequent media contributor to Cleveland Channel News 5 on topics of financial literacy, access, and inclusivity of finance through better education and technology.

Initially Appointed: 2011

LinkedIn Profile

Teaching Information

Courses Taught

Financial Analytics and Banking
Financial Modeling, Analysis and Decision Making
Advanced Financial Analytics
Global Banking and Capital Markets
RegTech and Banking

Office Hours

By Appointment Only

Awards and Honors

Undergraduate Teaching Award Nomination
Weatherhead School of Management
Carl F. Wittke Award Nomination for Excellence in Undergraduate Teaching
Case Western Reserve University
Undergraduate Teaching Award Nomination
Weatherhead School of Management
J.Bruce Jackson, M.D., Award for Excellence in Undergraduate Mentoring
Case Western Reserve University
Intramural Grant
Weatherhead School of Management
Carl F. Wittke Award Nomination for Excellence in Undergraduate Teaching
Case Western Reserve University
NORD Grant

External Appointments

  • Faculty Senate Committee on Undergraduate Education, 2022 - present
  • Faculty Advisor, Women in Finance, 2020 - present
  • Faculty Advisor, Weatherhead Women in Business, 2020
  • Committee Member, UGIS: Undergraduate Curriculum Committee, 2019 - 2021


  • Balasubramanyan, L., Daniel, N., Haubrich, J., & Naveen, L. Causal Impact of Risk Oversight Functions on Bank Risk: Evidence from the Dodd-Frank Act. Journal of Banking and Finance 158 (2024).
  • Balasubramanyan, L., Berger, A., & Koepke, M. (2019). How Do Banks Use Their Private Information in the Syndicated Loan Market? Journal of Financial Stability, 43(2019), pp 53-78.
  • Balasubramanyan, L., Thomson, J.B., & Zaman, S. (2017). Evidence of Forward-Looking Loan Loss Provisioning with Credit Market Information. Journal of Financial Services Research, 52(2017), pp 191-223.
  • Balasubramanyan, L., Thomson, J.B., Craig, B. & Zaman, S. (2016). Credit Market Information Feedback. Atlantic Economic Journal, Volume 44(3), pp 405-407.
  • Balasubramanyan, L., and VanHoose, D. (2013). Bank Balance Sheet Dynamics under a Regulatory Liquidity-Coverage Ratio (LCR) Constraint. Journal of Macroeconomics, Volume 37, No. 1, pp 53-67.
  • Balasubramanyan, L., and Coulson, E. (2013). Do House Prices Impact Business Starts? Journal of Housing Economics, Volume 22, No. 1, pp 36-44.
  • Balasubramanyan, L., Stefanou, S., & Stokes, J. (2012). Generalized Maximum Entropy Approach to Commercial Bank Size and Variance Heterogeneity in Risk. Journal of Economics and Finance, Vol 36, No.3, pp 728-749.
  • Balasubramanyan, L., Stefanou, S., & Stokes, J. (2010). Declining Cost Efficiency as a Signal of Increasing Bank Vulnerability: An Entropy-Based Approach. Applied Economics Letters, Volume 17(18), pp 1769-1778.
  • Balasubramanyan, L. and Ramesh, M. (2010). How well is Productivity Being Priced? Journal of Economics and Finance, Volume 34, No. 4, pp 415-429.
  • Balasubramanyan, L., Stokes, J., & Dressler, J. (2008). Credit Risk Rating Migration and Unobserved Borrower Heterogeneity. Agricultural Finance Review, Volume 68, Issue 2, pp 237-253.


  • Balasubramanyan, L. (Panelist/Discussant)  AIRA- Annual Conference on Credit Risk and Loan Portfolio Quality Issues, "State of Banking Industry: where are we post-COVID?", Association of Insolvency and Restructuring Advisors (AIRA), Cleveland OH . (2022).
  • Balasubramanyan, L. (Presenter & Author)  NBER Summer Institute : Risks of Financial Institutions, "Causal Impact of Risk Oversight Functions on Bank Risk: Evidence from a Natural Experiment", National Bureau of Economic Research, Boston, MA. (2019).


Penn State University
Master of Science
Penn State University
Master of Arts
The National University of Singapore
Bachelor of Arts
The National University of Singapore