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Paolo Antonio Fulghieri

Curriculum Vitae – April 2024

Macon G. Patton Distinguished Professor of Finance

Kenan-Flagler Business School

  • 4109 McColl Building
  • University of North Carolina
  • Chapel Hill, NC 27599</
  • Phone: (919) 962-3202
  • E-mail: paolo_fulghieri at unc dot edu

AFFILIATIONS:

  • Research Fellow, Centre for Economic Policy Research (CEPR)
  • Research Associate, European Corporate Governance Institute (ECGI)
  • Fellow, Finance Theory Group

EDUCATION:

  • Ph.D. Economics, 1987, University of Pennsylvania, Philadelphia, PA.
  • Laurea, 1981, Universita’ Commerciale “Luigi Bocconi,” Milano, Italy.

RESEARCH INTERESTS:

  • Corporate Finance
  • Initial Public Offering
  • Entrepreneurial Finance and Venture Capital
  • Financial Intermediation
  • Security Design

WORKING PAPERS:

Uncertainty, Contracting, and Beliefs in Organizations, with David Dicks

SELECTED PUBLICATIONS:

Uncertainty, Investor Sentiment, and Innovation, with David Dicks, Review of Financial Studies, Vol. 34, n. 3, 1236–1279 (March 2021).

Asymmetric Information and the Pecking (Dis)Order, with Diego García and Dirk Hackbarth, Review of Finance, Vol. 24, n. 5, 961-996 (September 2020).

Uncertainty Aversion and Systemic Risk, with David Dicks, Journal of Political Economy, Vol. 127, n.3, 1118-1155 (June 2019). Technical Appendix

The Economics of Solicited and Unsolicited Credit Ratings, with Gunter Strobl and Han Xia,Review of Financial Studies, Vol. 27, n.2, 484-518 (February 2014).

Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research, with Thomas Chemmanur, Review of Financial Studies, Vol. 27, n. 1, 1-19 (January 2014), Special Issue introduction.

‘O Sole Mio. An Experimental Analysis of Weather and Risk Attitudes in Financial Decisions, with Anna Bassi and Riccardo Colacito, Review of Financial Studies, Vol. 26, n.7, 1824-52 (July 2013).

Corporate Governance, Finance, and the Real Sector, with Matti Suominen, Journal of Financial and Quantitative Analysis, Vol. 47, n.6, 1187-1214 (December 2012).

Mergers, Spin-offs, and Employee Incentives, with Merih Sevilir, Review of Financial Studies, Vol. 24, n.7, 2207-2241 (July 2011).

The Value of Bank Capital and the Structure of the Banking Industry, with Franklin Allen and Hamid Mehran, Review of Financial Studies, Vol. 24, n.4, 971-982 (April 2011), Special Issue Introduction.

Organization and Financing of Innovation, and the Choice between Corporate and Independent Venture Capital, with Merih Sevilir, Journal of Financial and Quantitative Analysis, Vol. 44, n.6, 1291-1321 (December 2009).

Size and Focus of a Venture Capitalist’s Portfolio, with Merih Sevilir, Review of Financial Studies, Vol 22, n. 11, 4643-4680 (November 2009).

Competition and Co-operation among Exchanges: A Theory of Cross Listing and Endogenous Listing Standards, with Thomas Chemmanur, Journal of Financial Economics, Vol. 82, n. 2, 455-489 (November 2006).

Synergies and Internal Agency Conflicts: The Double-Edged Sword of Mergers, with Laurie Hodrick, Journal of Economics and Management Strategy, Vol. 15, n. 3, 549-576 (Fall 2006).

Information Production, Dilution Costs, and Optimal Security Design, with Dmitry Lukin, Journal of Financial Economics, Vol. 61, n. 1, 3-41 (July 2001).

A Theory of the Going Public Decision, with Thomas Chemmanur, Review of Financial Studies, Vol. 12, n. 2, 249-279 (Summer 1999).

Why Include Warrants in New Equity Issues? A Theory of Unit IPOs, with Thomas Chemmanur, Journal of Financial and Quantitative Analysis, Vol. 32, n. 1, 1-24 (January 1997).

Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt, with Thomas Chemmanur, Review of Financial Studies, Vol. 7, n. 3, 475-506 (Fall 1994).

Investment Bank Reputation, Information Production, and Financial Intermediation, with Thomas Chemmanur, Journal of Finance, Vol. 49, n. 1, 57-79 (March 1994).

Uncertain Liquidity and Interbank Contracting, with Sudipto Bhattacharya, Economics Letters, Vol. 44, n. 3, 287-94 (March 1994).

Incentive Effects of Foreign Tax Credits on Multinational Corporations, with Rosanne Alsthuler, National Tax Journal, Vol. 47, n.2,  (June 1994),

A Theory of the Distribution of Underpriced Initial Public Offers by Investment Banks, with Matthew Spiegel, Journal of Economics and Management Strategy, Vol. 2, n. 4, 509-530 (Winter 1993).

Financial Contracts as Lasting Commitments: The Case of a Leveraged Oligopoly, with S. Nagarajan, Journal of Financial Intermediation, Vol. 2, n. 1, 2-32 (March 1992).

Books, chapters in books, and other publications:

Competition and Cooperation among Exchanges: Effects on Corporate Cross-Listing Decisions and Listing Standards,withThomas Chemmanur and Jie He, Journal of Applied Corporate Finance, Vol. 20, n. 3, 76-90 (Summer 2008).

The Design of Debt Contracts, with Eitan Goldman, in A. Thakor and A. Boot (eds.), Handbook of Corporate Finance, Vol 3: Financial Intermediation and Banking, North-Holland, 2008.

Articles in the popular press:

Benefits of a Better Image, with Thomas Chemmanur, Financial Times, Mastering Financial Management, June 16, 2006