Marco Pagano

Marco Pagano


Full Professor, University of Naples Federico II
Director, Centre for Studies in Economics and Finance
Fellow, Einaudi Institute for Economics and Finance
Research Fellow, Centre for Financial Studies
Research Fellow, Centre for Economic Policy Research


Massachusetts Institute of Technology (MIT), Ph.D., 1986
University of Cambridge, BA, 1981


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Research Interests

Corporate finance, law and finance, market microstructure, banking, macroeconomics

Selected Publications

"Local Crowding out in China" (with Y. Huang and U. Panizza), 2017 CICF Best Paper Award, Journal of Finance, Vol. 75, Issue 6, pages 2855-2898, 2020.

"Career Risk and Market Discipline in Asset Management" (with A. Ellul and A. Scognamiglio), Review of Financial Studies, Vol. 33, Issue 2, pages 783–828, February 2020.

"Corporate Leverage and Employee Protection in Bankruptcy" (with A. Ellul), Journal of Financial Economics, 2019, Volume 133, Issue 3, pages 685-707.

"Employment and Wage Insurance within Firms: Worldwide Evidence" (with A. Ellul and F. Schivardi), Review of Financial Studies, 2018, Volume 31, Issue 4, pages 1298-1340.

Bank Exposures and Sovereign Stress Transmission” (with C. Altavilla and S. Simonelli), Review of Finance, 2017, Volume 21, Issue 6, pages 2103-2139. Lead article.

“Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent” (with V. Acharya and P. Volpin), Review of Financial Studies, 2016, Volume 29, Issue 10, Pages 2565-2599.

“Short-Selling Bans around the World: Evidence from the 2007-09 Crisis” (with A. Beber), Journal of Finance, 2013, Volume 68, Issue 1, pages 343-381 (winner of the 2011/12 Inquire U.K. Prize for Excellence).

“Securitization, Disclosure and Liquidity” (with P. Volpin),  Review of Financial Studies, 2012, Volume 25, Issue 8, pages 2417-2453 (winner of the LECG Prize for the Best Overall Conference Paper presented at the 36th Annual Meeting of the EFA).

“Inheritance Law and Investment in Family Firms” (with A. Ellul and F. Panunzi), American Economic Review, 2010, Volume 100, Issue 4, pages 2414-2450.

“Where is the Market? Evidence from Cross-Listings in the U.S.” (with M. Halling, O. Randl and J. Zechner), Review of Financial Studies, 2008, Volume 21, Issue 2, pages 725-761.

“Shareholder Protection, Stock Market Development, and Politics” (with P. Volpin), Journal of the European Economic Association, 2006, Volume 4, Issue 2-3 pages 315-341.

“IPO Underpricing and After-market Liquidity” (with A. Ellul), Review of Financial Studies, 2006, Volume 19, Issue 2, pages 381-421.

“The Political Economy of Corporate Governance” (with P. Volpin), American Economic Review, 2005, Volume 95, Issue 4, pages 1005-1030.

“Workers, Managers, and Corporate Control” (with P. Volpin), Journal of Finance, 2005, Volume 60, Issue 2, pages 841-868 (winner of the 2005 Egon Zehnder International Prize for the best paper in the ECGI Finance Working Paper series, and nominated for the 2005 Brattle Prize).

Honors, Awards and Fellowships

Managing Editor of the Review of Finance, 2003-2011

Fellow of the European Economic Association, lifetime award

ERC Advanced Grant 2011-2016 for a research project on “Finance and Labor”

Member of the ERC Starting Grant Evaluation Panel, 2013-2015

Associate Editor, Journal of the European Economic Association, 2003-2004


Phone: +39.06.6790013
Fax: +39.06.4792.4872
E-mail: marco.pagano[at]
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