Curriculum Vitae Enrico C. Perotti 

Universiteit van Amsterdam, Department of Finance

Roeterstraat 11, 1018 WB Amsterdam 

e.c.perotti@uva.nl
 
 

Education

  • 1985-90   Massachusetts Institute of Technology Cambridge, Mass
    Ph.D. in Finance at the MIT Sloan School of Management.
    Thesis Advisors: Franco Modigliani, Robert Merton, Jean Tirole.
  • 1978-84 Universita' L. Bocconi Milan, Italy
    Laurea in Discipline Economiche e Sociali (DES). 
  • 1973-1978 Liceo Zucchi Monza, Italy

 

Research Interests

Corporate governance and intermediation; banking and financial stability; political economy; innovation and organization theory.


 

Teaching and Academic Activity 

  • 1998-now Finance Group, University of Amsterdam 
    Professor of International Finance; Department Head, 2001-2008;
    Associate Professor in Finance, 1994-97
  • 1989-94 Boston University Graduate School of Management
    Assistant Professor of Finance 
  • 1985-1990 Massachusetts Institute of Technology
    Junior Research Fellow, TA for MBA electives in Finance


 

Visiting appointments

  • 2011 Massachusetts Institute of Technology 
  • 2009 University of Oxford, Said Business School
  • 2004-2007 London Business School  
  • 1992, 1996, 2005 London School of Economics, FMG 


 

Selected Research and Policy Advice Experience

  • De Nederlandsche Bank, Amsterdam
    2010-12 Senior Advisor, MacroPrudential Policy
  • Bank of England, London
    2010-12 Houblon Norman Fellow, Senior Advisor 
  • Duisenberg School of Finance Amsterdam
    2008- Research Director
    Founding Faculty, Program Director Corporate Finance 
  • International Monetary Fund Washington, DC
    Visiting Scholar, Research Dept (1992, 1994, 1996, 2002, 2005).
  • Russian European Center for Economic Policy Moscow
    1997-2000 Senior Expert for Banking. Advisor to the Russian Central Bank, Ministry of Finance and Presidential Administration.
  • New York Stock Exchange New York
    1997 Research on international cross listings.
  • World Bank Washington, DC
    1992- Consultant on transition, banking development and stability. 


 

Selected Publications

“Circulation of Ideas in Firms and in Markets” (with Thomas Hellmann), Management Science, October 2011 vol. 57 no. 10, pp 1813-1826  

“A Pigouvian Approach to Liquidity Regulation” (with Javier Suarez), International Journal of Central Banking, December 2011

“Bank Capital Regulation and Tail Risks” (with L. Ratnovski and R. Vlahu),
International Journal of Central Banking, December 2011

"Confidence Building on Euro Convergence: Evidence from Options" (with J. Driessen); forthcoming, Journal of International Money and Finance

“Depersonalization of Business in Ancient Rome” (with B Abatino and G Dari Mattiacci), Oxford Journal of Legal Studies issue 2 (2011)
 
“The Political Origins of Pension Funding” (with A. Schwienbacher), Journal of Financial Intermediation Volume 18, Issue 3, July 2009, Pages 384-404
 
“Entrepreneurs and New Ideas”(with B. Biais), Rand Journal of Economics, Vol 39 no 4, Winter 2008, pp 1105-1125

“Unlocking value: Equity carve outs as strategic real options” (with S. Rossetto), Journal of Corporate Finance, 13 (5), p.771-792, Dec 2007

 “Finance and Inequality: Channels and Evidence" (with Stijn Claessens), Journal of Comparative Economics, 2007
 
“The Political Economy of Corporate Control”, (with  Ernst-Ludwig von Thadden), Journal of Political Economy, February 2006

"Strategic Transparency and Dominant Investors" (with E. von Thadden), Journal of Law, Economics and Organization, April 1 2005, Vol 21, Issue 1

"Strategic Transparency and Informed Trading: Will Globalization Force Convergence of Corporate Governance? " (with Ernst-Ludwig von Thadden),  Journal of Financial and Quantitative Analysis, 38, (1), (2003), 61-85.

"Machiavellian Privatization" (with Bruno Biais), American Economic Review, March 2002, Vol. 92, No. 1, p. 240-258

"Last Bank Standing: What Do I Gain if You Fail ? " (with Javier Suarez), European Economic Review Vol 46 (2002), p. 1599-1622

"Option Pricing under Political Risk" (with J. Cherian), Journal of International Economics, December 2001, (55)2, pp. 359-377

"Red Barons or Robber Barons ? Governance and Financing in Russian FIGs" (with S. Gelfer), European Economic Review, 2001, Vol 45/9, -1617

"Strategic Growth Options " (with Nalin Kulatilaka),  Management Science, Vol. 44, no. 8, August 1998, pp. 1021-1031

"Inertial Credit and Opportunistic Arrears in Transition", European Economic Review, Vol. 42 (1998), pp. 1703-1725

"Credible Privatization", American Economic Review, Vol. 85 no 4 (1995), p. 847-859

"The Governance Structure of the Japanese Keiretsu" (with Erik Berglof), Journal of Financial Economics no. 36 (1994), pp. 259-184

"Capital Structure as a Bargaining Tool" (with Kathy Spier), American Economic Review, Vol. 83 no. 5, December (1993), pp. 1131-1141


 

Papers under Review 

“Standardized Enforcement: Access to Justice vs Legal Innovation”, with Nicola Gennaioli; second submission to the Review of Economic Studies

‘Bank Ownership and Financial Stability (with Paolo Volpin and Marcel Vorage); submitted to Review of Financial Studies

“Resistance to Change” (with J Dow); submitted to Quarterly J of Economics

“Convertible Bank Capital and Risk Incentives” (with Natalya Martynova); submitted to the Journal of Financial Intermediation

 “The Emergence of Legal Personality”, (with Giuseppe Dari Mattiacci, Oscar Gelderblom and Joost Jonkers); submitted to JEEA

“Lobbying on Entry” (with P. Volpin); under revision for the Journal of Financial Intermediation


 

Research in Progress

“Aggregate Risk Monitoring under a Double Externality”(with Viral Acharya)

 “The Political Economy of Financial Fragility” (with Erik Feijen)

“Leadership and Communication” (with Bruno Biais and Wouter Dessein)

 “The Political Economy of Capital Reallocation” (with Mario Bersem and Ernst Ludwig von Thadden) 

“External Effects of Safe Debt”(with Rafael de Matta)


 

Other Academic Publications

Preventive Macroprudential Policy”(with Charles Goodhart), 2013, Journal of Financial Management Markets and Institutions, vol. 1, n. 1, 115-124

  “A formal model of paternal influence on childhood social anxiety"  (with S. Bogels), Journal of Child and Family Studies 2010 

“Targeting the Systemic Effect of Bankruptcy Exceptions”, CEPR Policy Insight no. 52, 2010; forthcoming in Journal of International Banking and Financial Law (2011)

“From Government to Regulatory Governance: Privatization and the Residual Role of the State” (with B Bortolotti), World Bank Research Observer (2007); 22: 53-66

“Finance and inequality: channels and evidence" (with Stijn Claessens), Journal of Comparative Economics 35 (4), 748–773 (2007)

“Corporate Governance and the Distribution of Wealth: A Political Economy Perspective”, (with E von Thadden),  Journal of Institutional and Theoretical Economics, 162(1), March 2006, 204—217

"Enterprise Ownership and Investment Finance in Listed Hungarian Firms" (with L. Vesnaver), Journal of Comparative Economics Vol 32 (1), March 2004, 73-87 

"Lessons from the Russian Meltdown; The Economics of Soft Legal Constraints", International Finance Vol 5 no 3 (2002), pp. 359-399

"Valuation of Internet companies: A Survey of the Evidence" (with Pim Jansen),  Advances in Financial Economics, Vol 7, p. 1-19, 2002

"Privatization, Market Development and Political Risk in Emerging Economies" (with P. van Oijen), Journal of International Money and Finance, 2001, (20)1, 43-69; reprinted in Bekaert, G. and C. Harvey, “Emerging Markets”, Elgar Publishing, 2004

"Security Markets versus Bank Finance: Legal Enforcement and Investor Protection" (with Franco Modigliani), International Review of Finance, vol 1 no 2, p. 81-96, 2000

"Performance of Privatization Stocks in Emerging Capital Markets (with F. Huibers), Advances in Financial Economics Vol 4 p 1-27, 1999

"State-Owned versus Township and Village Enterprises in China" (with L. Sun and L. Zou), Comparative Economic Studies, Vol. 56 p. 151-179, 1999

"Corporate Law Enforcement and the Development of Security Markets" (with F. Modigliani), Managerial and Decision Economics, 1998, no 18, pp. 519-528 

"The Impact of Privatization on Stock Market Development in Emerging Economies" (with P. v Oijen), Journal of International Finance 1996 v2, 31-47

"A Taxonomy of Post-Socialist Financial Systems: Decentralized Enforcement and the Creation of Inside Money", The Economics of Transition Vol. 2-1, 1994, 71-81

"Bank Lending in Transition Economies", Journal of Banking and Finance no. 17 (1993), pp. 1021-1032

"The Structure of Privatization Plans" (with S Guney), Financial Management, April (1993), pp. 84-98 

"Cross-Ownership as a Hostage Exchange to Support Cooperation", Managerial and Decision Economics, Vol. 13, pp. 45-54 (1992)


 

Book Chapters and Other Publications
 

“Liquidity Risk Insurance” (with J Suarez), Financial Times, February 2009; published as CEPR Policy Insight no. 31, October 2009

“How to Gain Support for Reforms”, in Structural Reforms without Prejudices, by Tito Boeri et al. (eds.), Oxford University Press 2007

"The Russian Meltdown", in "The Wild East: Negotiating the Russian Financial Frontier" (ed. Peter Westin),  Prentice Hall, 2002

“Lessons From the Russian Meltdown: The Economics of Soft Legal Constraints”, CEPR Policy Paper 9, September 2002

"Internet Portals as Portfolios of Entry Options" (with Silvia Rossetto), in L. Renneboog and J. McCahery (eds.), 'Venture Capital Contracting and the Valuation of High Tech Firms', Oxford University Press, 2002 

"Investor Dominance and Transparency: On the Role of Corporate Governance for Product Market Competition" with E. von Thadden, in  'Convergence and diversity in corporate governance regimes', L. Renneboog, et al. Oxford University Press, 2002 

"Financial Reallocation in Russian Groups" (with Stas Gelfer), in A. Meyendorff and A. Thakor (eds.), "Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe", p. 283-306, MIT Press, 2002

"Pricing IPOs in Premature Capital Markets: the Case of Hungary" (with Ibolya Schindele), Hungarian Statistical Review, no. 6, 2001 

"Valuation of Strategic Growth Options " (with Nalin Kulatilaka), in E. Schwartz and L. Trigeorgis (eds.) “Real Options and Investment Under Uncertainty: Classical Readings and Recent Contributions”, 2001, MIT Press

"Time-to-Market Capability as Stackelberg Growth Option" (with N. Kulatilaka), in L. Trigeorgis (ed) 

"Innovation and Strategy: New Developments and Applications in Real Options", Oxford University Press, 2001

"Is there a Need for a Baltic Investment Bank ?" (with E. Berglof), Transition Newsletter 11 no. 5, October 2000, World Bank, Washington DC

"Bank Restructuring in Russia: A Transparent Strategy of Sustainable Development" (with J. Shvets), Money and Credit Journal, Central Bank of Russia, vol #11 (1999).

"Collusive Trade Credit and Stabilization Policy in Transition", in Helmenstein, C. (ed.) Capital Markets in Emerging Economies, Central and Eastern Europe, vol. 1, Edward Elgar Publishing, 1999, pp. 210-225

"Financial-Industrial Groups and Financial Crisis: Lessons for Russia", Stockholm Report on Transition, February 1999 Vol. 10 no. 1

"Crosslisting and Shareholder Value Creation: Theory and Evidence from Dutch Foreign Listings" (with E. Cordfunkel), MAB, 1998/11, 570-578

"The Evolution of Bank Credit Quality in Romania since 1991" in Zecchini, S. (ed.) Lessons from Transition, Kluwer Books, 1997, 301-314

"The Rules of the Games and the Development of Security Markets" (with Franco Modigliani), in Pacific Basin Capital Markets, Vol. II (1990), pp. 49-63

"Corporate Governance in Mass Privatization", in Saul Estrin (ed.) Privatization in Central and Eastern Europe, Longman Publishing, London, England (1994), 54-68

"Reforms are overdue" (with Franco Modigliani), Financial Times, Nov 19, 1990


 

Editorial activity

Associate Editor:  J of Corporate Finance, Review of Finance, Pacific-Basin Finance J, J Emerging Market Finance, International Review of Finance, Financial Letter Research

Referee for Econometrica, AER, JF, QJE, JPE, RFS, JFE, JFQA, JFI, EER, JB, EJ etc 

Western Finance Association Program Committee (since 2003)

EFA Program Committee, 2003-2005, 2009-2010 

Econometric Society Program Committee, 2003

 

Fellowships

European Economic Association Council Member, 2007-2012

European Economic Association Fellow

European Central Bank Research Network, Steering Committee 

NETSPAR Research Fellow

CEPR Fellow Financial Economics Program and IEP Program since 1996

Senior Research Fellow, Tinbergen Institute Amsterdam, since 1996

Member of NBER Entrepreneurship Research Group, 2003


 

Prizes 

Houblon-Normal Fellowship, Bank of England, 2011-12

Lopez de la Vega Prize Best Paper on European Stock Exchanges, 2002

MIT Sloan School Doctoral Fellowship, 1985-1989

Fellow, IRIS Center, University of Maryland, 1992-1994


 

Web Publications

http://www.voxeu.org/person/enrico-perotti

(120 000 downloads)


 

Personal Information

Italian citizen, born in Asti on May 16, 1959, two daughters.