Paolo Pasquariello

Professor of Finance
Area Chair of Finance

Education
PhD New York University 2003
MPhil New York University 2002
MBA New York University 1998
LAUREA Universita' Commerciale Luigi Bocconi 1994
Biography

Paolo is a Professor of Finance at the Ross School of Business, University of Michigan, and the current chair of its Finance Area. Paolo's research interests are in the areas of information economics, international finance, and market microstructure. His research analyzes the impact of important features of trading (e.g., price manipulation, information asymmetry and heterogeneity, and imperfect competition among agents) and of human behavior (e.g., agency, short-termism, loss aversion, and risk seeking in losses) on the process of price formation in domestic and international equity, government and corporate bond, currency, and real estate markets. In recent studies, Paolo has examined strategic trading in stock and bond markets, government intervention in currency and bond markets, financial crises and contagion, financial market dislocations, and the relation between firm-level adverse selection and firms' capital structure decisions. His work has received numerous professional awards and has been published in several leading Finance, Economics, and Real Estate journals. Paolo is the Managing Editor of the Journal of Financial Markets (where he previously acted as Co-Editor and as an Associate Editor), and was one of the Associate Editors of the Review of Financial Studies. Paolo has professional experience as a portfolio manager in Italy, as a fixed income analyst for Goldman Sachs, and as a foreign exchange analyst for J.P. Morgan. Paolo holds a PhD and an MBA in Financial Economics from the Stern School of Business, New York University, and a BA in Monetary Economics from Bocconi University.

Latest Faculty News & Research
Agency Costs and Strategic Speculation in the U.S. Stock Market
Authors
Pasquariello, P.
Published Date
02/2024
Authors
Pasquariello, P.
Source
Review of Corporate Finance Studies
Volume
13
Issue
1
Pages
147-190
Death, taxes and national income identities: A frightening tale for the British pound
Authors
Pasquariello, P.
Published Date
10/2022
Authors
Pasquariello, P.
Source
The Hill
Office Hours: Paolo Pasquariello on Inflation
Authors
Pasquariello, P.
Published Date
12/2022
Authors
Pasquariello, P.
Source
Michigan Alum
Excess Mortality from COVID-19: A Commentary on the Italian Experience
Authors
Pasquariello, P., & Stranges, S.
Published Date
06/2020
Authors
Pasquariello, P., & Stranges, S.
Source
International Journal of Public Health
Volume
65
Issue
June
Pages
529-531
Government Intervention and Strategic Trading in the U.S. Treasury Market
Authors
Paolo Pasquariello, Jennifer Rousch, and Clara Vega
Published Date
2020
Authors
Paolo Pasquariello, Jennifer Rousch, and Clara Vega
Source
Journal of Financial and Quantitative Analysis
Volume
55
Issue
May
Pages
117-157
Government Intervention and Arbitrage
Authors
Pasquariello, P.
Published Date
2018
Authors
Pasquariello, P.
Source
The Review of Financial Studies (RFS)
Volume
31
Issue
9
Pages
3344-3408
Strategic Cross-Trading in the U.S. Stock Market
Authors
Paolo Pasquariello (with Clara Vega)
Published Date
2015
Authors
Paolo Pasquariello (with Clara Vega)
Source
Review of Finance
Volume
19
Issue
1
Pages
229-282
Financial Market Dislocations
Authors
Paolo Pasquariello
Published Date
2014
Authors
Paolo Pasquariello
Source
The Review of Financial Studies (RFS)
Volume
27
Issue
6
Pages
1868-1914
On the Price Comovement of U.S. Residential Real Estate Markets
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Published Date
2014
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Source
The American Real Estate and Urban Economics Association (AREUEA) Journal
Volume
42
Issue
1
Pages
71-108
Prospect Theory and Market Quality
Authors
Paolo Pasquariello
Published Date
2014
Authors
Paolo Pasquariello
Source
Journal of Economic Theory
Volume
149
Issue
1
Pages
276-310
Central Bank Intervention and the Intraday Process of Price Formation in Currency Markets
Authors
Paolo Pasquariello
Published Date
10/2010
Authors
Paolo Pasquariello
Source
Journal of International Money and Finance
Volume
29
Issue
8
Pages
1045-1061
Does Asymmetric Information Drive Capital Structure Decisions?
Authors
Sreedhar Bharath, Paolo Pasquariello, and Guojun Wu
Published Date
2009
Authors
Sreedhar Bharath, Paolo Pasquariello, and Guojun Wu
Source
The Review of Financial Studies (RFS)
Volume
22
Issue
8
Pages
3211-3243
On the Volatility and Comovement of U.S. Financial markets Around Macroeconomic News Announcements
Authors
Menachem Brenner, Paolo Pasquariello, and Marti Subrahmanyam
Published Date
12/2009
Authors
Menachem Brenner, Paolo Pasquariello, and Marti Subrahmanyam
Source
Journal of Financial and Quantitative Analysis
Volume
44
Issue
6
Pages
1265-1289
The On-The-Run Liquidity Phenomenon
Authors
Paolo Pasquariello and Clara Vega
Published Date
2009
Authors
Paolo Pasquariello and Clara Vega
Source
Journal of Financial Economics
Volume
92
Issue
1
Pages
1-24
The Anatomy of Financial Crises: Evidence from the Emerging ADR Market
Authors
Paolo Pasquariello
Published Date
2008
Authors
Paolo Pasquariello
Source
Journal of International Economics
Volume
76
Issue
1
Pages
193-207
Time-Series and Cross-Sectional Excess Comovement in Stock Indexes
Authors
Jarl Kallberg and Paolo Pasquariello
Published Date
2008
Authors
Jarl Kallberg and Paolo Pasquariello
Source
Journal of Empirical Finance
Volume
15
Issue
1
Pages
481-502
Updating Expectations: An Analysis of Post-9/11 Returns
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Published Date
2008
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Source
Journal of Financial Markets
Volume
11
Issue
1
Pages
400-432
Imperfect Competition, Information Heterogeneity, and Financial Contagion
Authors
Paolo Pasquariello
Published Date
2007
Authors
Paolo Pasquariello
Source
The Review of Financial Studies (RFS)
Volume
20
Issue
2
Pages
391-426
Informative Trading or Just Costly Noise? An Analysis of Central Bank Interventions
Authors
Paolo Pasquariello
Published Date
2007
Authors
Paolo Pasquariello
Source
Journal of Financial Markets
Volume
10
Issue
1
Pages
107-143
Informed and Strategic Order Flow in the Bond Markets
Authors
Paolo Pasquariello and Clara Vega
Published Date
2007
Authors
Paolo Pasquariello and Clara Vega
Source
The Review of Financial Studies (RFS)
Volume
20
Issue
5
Pages
1975-2019
An Examination of the Asian Crisis: Regime Shifts in Currency and Equity Markets
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Published Date
2005
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Source
Journal of Business (JB)
Volume
78
Issue
1
Pages
169-211
Regime Shifts in Asian Equity and Real Estate Markets
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Published Date
2002
Authors
Jarl Kallberg, Crocker Liu, and Paolo Pasquariello
Source
Real Estate Economics
Volume
30
Issue
2
Pages
263-291