Nicholas Lash

Title/s:  Professor Emeritus, Finance

Email: nlash@luc.edu


Professor Lash has been at Loyola University Chicago since 1980 where he has served as Chair of the Finance Department for 11 years and two years as Acting Chair. He has taught a variety of finance courses but he concentrates primarily on Management of Financial Institutions and Corporate Financial Management. He has won teaching awards at Loyola at the graduate level twice and three times at the undergraduate level.  

Before coming to Loyola he taught at DePaul University (1974 to 1980), Bogazici University (Istanbul, Turkey:  1973 to 1974) and worked as a Research Economist at the Federal Reserve Bank of Chicago (1971 to 1973). As a John F. Kennedy - Fulbright Award Recipient, he taught in Thailand at the National Institute of Development Administration (1988). Upon receiving his BA, he served as a Peace Corps Volunteer in Thailand teaching English.

He has published articles in the following areas: banking, savings & loans failures, African-American banking, monetary and fiscal policy, economic development, and international trade. Most recently, his published research has concentrated primarily in the areas of corruption and microfinance.  His work has appeared in numerous journals including: Review of Economics and Statistics; Journal of Developing Areas, Journal of Money, Credit & Banking; Land Economics; and Decision Sciences. 


  • PhD, Economics, Wayne State University, 1971
  • MA, Economics, Wayne State University, 1967
  • BA, Economics, Wayne State University, 1962

Research Interests

  • Corruption and Economic and Financial Development
  • Minority Banking
  • Financial intermediation and economic development
  • Microfinance

Professional & Community Affiliations

Professional Associations

  •  Midwest Finance Association
  •  Western Economic Association
  •  Heartland Institution
  •  Returned Peace Corps Volunteers
  •  Fulbright Association
  •  Member of Advisory Board, Journal of Economic Asymmetries (2003- present)
  •  Member of the Editorial Board of Aestimatio, the IEB International Journal of Finance (2010 –present)
  •  Member Policy Board of Advisors, Heartland Institute (February 1992 -present)
  •  Member of the Editorial Board of Spoudai (2013-present)
  •  Member of the Editorial Board of European Research Studies (2013- present)
  •  Member of the Editorial Board of the International Journal of Economics & Business Administration (2013-present)

Professional Activities

Referee for:

  • Empirical Economics
  • Review of Financial Economics
  • Journal of Economic Asymmetries
  • Journal of Developing Areas
  • Journal of Money, Credit and Banking
  • Journal of Economics and Business
  • Quarterly Journal of Business Economics
  • Accounting and Business Research
  • Journal of Economics
  • Journal of Developmental Entrepreneurship
  • Journal of Business Research

Courses Taught

  • FINC 347. Financial Institutions
  • FINC 332. Business Finance
  • FINC 450. Financial Management
  • FINC 456. Management of Financial Institutions
  • FINC 552. Financial Institutions (Bangkok)


  • John F. Kennedy - William Fulbright Scholar in Economics and Finance, National Institute of Development Administration, Bangkok, Thailand (June to October 1988)

  • Undergraduate Business Faculty of the Year Awards: (teaching excellence), Loyola University Chicago (April 1981, April 1992, and April 1998)

  • MBA outstanding Faculty (teaching excellence), Loyola University (May 2001 and May 1982)

  • Fulbright-Hays Research Aboard Award (Summer 1980)

Selected Publications

Most Recent Publications:

"Government Policies and Micro Lending in Emerging Markets,”​(with Bala Batavia), Review of Economic and Business Studies, Volume 9, no.1, June, 2016, pp. 9-32.       

“Microfinance: the Thai Paradox,” International Journal of Applied Economics and Econometrics, Volume 23, no.4, October – December 2015, 27-44.

“Regulation and Corruption: An International Perspective,” (with Bala Batavia), International Journal of Applied Economics and Econometrics, Volume 23, no.1, January – March 2015, 1 -16.

“Alliance for Social Enterprise:  A Framework to Develop Social Entrepreneurship in Emerging Economies,” (with Dawn Harris, Linda Tuncay Zayer, Michael Welch, Thomas Derdak and Ugur Uygur) Journal of Strategic Management Education, Volume 9, Issue 4, 2013, 113-132.

"Government Economic Intervention and Corruption," (with B. Batavia), Journal of Developing Areas, Vol 5, No. 2, Fall 2013.

"Corruption in Thailand: An International Perspective." International Journal of Applied Economics and Econometrics, 18.2 (2010). 166-182.

Selected Professional Presentations:

Presentation: “Corruption and Doing Business in Emerging Market Countries,” (with Bala Batavia), Athenian Policy Forum, University of Piraeus, Piraeus, Greece, July 7, 2018

Presentation:  “Microfinance: Doing Business in Emerging Markets”, (with Bala Batavia), Western Economic Association International, Santiago, Chile, Santiago, Chile, January 4, 2017.

Presentation:  “Microfinance Lending in Emerging Market Countries: The Impact of Regulation”, (with Bala Batavia), Institute of Humane Studies / Mercatus Center; Policy Research Seminar on Financial Markets Regulation, San Francisco, California, January 6, 2016

Presentation:  “Doing Business in a Corrupt World:  The Impact of Corruption”, (with Bala Batavia), 90th Annual Conference of Western Economics Association, Honolulu, Hawaii, July 2, 2015.

Presentation: “Too Much of a Good Thing?  Government and Microcredit in Emerging Markets” (with Bala Batavia), 64th Annual Midwest Finance Association Conference, Chicago, Illinois, March 7, 2015.

Presentation: “Government Influences on Microcredit in Emerging Markets” (with Bala Batavia) at the 39th Annual Conference of Western Economic Association International, Denver, Colorado, June 28, 2014.

Presentation: “Regulation and Microfinance: Friend or Foe,” (with Bala Batavia) at the International Conference on Applied Business and Economics, New York City, October 2nd 2013.

Presentation: “The Impact of Regulation on Microfinance Market Penetration” (with Bala Batavia) at the Joint International Conference of the Athenian Policy Forum and Korea Institute of Finance, Seoul, S. Korea.  June 17, 2013.

Presentation: “Social Entrepreneurship in Subsistence Marketplaces:  A Strategic Alliance Framework” at, the 17th International Association of Jesuit Business Schools World Forum, Lima, Peru, July 2011. With D. Harris, L. Tuncay Zayer, M., Welch and T. Derdak,

Presentation:  “Government Economic Intervention and Corruption,” Illinois Economics Association, October 15, 2010, DePaul University, Chicago.  With Bala Batavia.

Presentation: “A Strategic Alliance to Harness Entrepreneurial Skills in Developing Countries” at the Third Subsistence Marketplaces Conference, July 9-11, 2010, Chicago.  With D. Harris, L. Tuncay, and M. Welch.

Presentation:  “Microfinance: the Thai Experience,” Conference on Thai Studies, Northern Illinois University, DeKalb, IL, October 24, 2009.