MARCO PAGANO Papers

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• Publications in international journals

• Publication in Italian journals

• Chapters in volumes

• Recent Working Papers and unpublished manuscripts

Publications in international journals

1. “Relative Price Variability and Inflation: The Italian Evidence,” European Economic Review, Vol. 29, December 1985.

2. “The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility” (with Francesco Giavazzi), European Economic Review, Vol. 32, no. 5, June 1988.

3. “Endogenous Market Thinness and Stock Price Volatility,” The Review of Economic Studies, Vol. 56, 2, April 1989.

4. “Trading Volume and Asset Liquidity,” The Quarterly Journal of Economics, Vol. CIV, 2, May 1989.

5. “Consumption and Capital Market Imperfections: An International Comparison,” (with Tullio Jappelli), The American Economic Review, December 1989.

6. “Imperfect Competition, Underemployment Equilibria and Fiscal Policy,” The Economic Journal, June 1990.

7. “Can Severe Fiscal Contractions be Expansionary?  Tales of Two Small European Countries” (with Francesco Giavazzi), NBER Macroeconomics Annual, 1990.

8. “Trading Systems in European Stock Exchanges: Current Performance and Policy Options” (with Ailsa Röell), Economic Policy, 10, April 1990.

9. “Auction and Dealership Markets: What is the Difference?” (with Ailsa Röell), European Economic Review, Vol. 36, 2/3, April 1992.

10. “Financial Markets and Growth: an Overview,” European Economic Review, Vol. 37, 2/3, April 1993.

11. “The Flotation of Companies on the Stock Market: a Coordination Failure Model,” European Economic Review, Special Issue on Finance, Vol. 37, 5, June 1993.

12. “Information Sharing in Credit Markets” (with Tullio Jappelli), The Journal of Finance, Vol. XLIII, 5, December 1993 (nominated for the 1994 Smith Breeden Prize). 

13. “Saving, Growth and Liquidity Constraints” (with Tullio Jappelli), The Quarterly Journal of Economics, Vol. 109, 1, February 1994.

14. “The Stock Market as a Source of Capital: Some Lessons from Initial Public Offerings in Italy” (with Fabio Panetta and Luigi Zingales), European Economic Review, Vol. 40, 3/4, April 1996.

15. “Transparency and Liquidity: a Comparison of Auction and Dealer Markets with Informed Trading” (with Ailsa Röell), The Journal of Finance, Vol. 51, 2, 1996 (nominated for the 1996 Smith Breeden Prize).

16. “Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience” (with Francesco Giavazzi), Swedish Economic Policy Review, Vol. 3, 1, Spring, 1996.

17. “Endogenous Communication among Lenders and Entrepreneurial Incentives,” (with Jorge Padilla), The Review of Financial Studies, Vol. 10, No. 1, 1997.

18. “Why Do Companies Go Public? An Empirical Analysis” (with Fabio Panetta and Luigi Zingales), The Journal of Finance, Vol. 53, No. 1, February 1998 (nominated for the 1998 Smith Breeden Prize).

19. “The Choice of Stock Ownership Structure: Agency Costs, Monitoring and the Decision to Go Public” (with Ailsa Röell), Quarterly Journal of Economics, Vol. 113, No. 1, February 1998.

20. “The Welfare Effects of Liquidity Constraints” (with Tullio Jappelli), CSEF Working Paper No. 13, published in Oxford Economic Papers, Vol. 51, 1999.

21. “Searching for Non-Linear Effects of Fiscal Policy” (with Francesco Giavazzi and Tullio Jappelli), CSEF Working Paper No. 16, published in the European Economic Review, Vol. 44, June 2000.

22. “Sharing Default Information as a Borrower Discipline Device” (with Jorge Padilla), CSEF Working Paper No. 21, published in the European Economic Review, 44, December 2000.

23. “What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions” (with Ailsa Röell, Otto Randl and Josef Zechner), CSEF Working Paper No. 50, published in the European Economic Review, 45, May 2001.

24. “Collateral vs. Project Screening: A Model of Lazy Banks” (with Michael Manove and Jorge Padilla), CSEF Working Paper no. 10, and CEPR Discussion Paper No. 2439, published in the RAND Journal of Economics, Vol. 32, No. 4, Winter, 2001.

25. “The Political Economy of Finance” (with Paolo Volpin), CSEF Working Paper n. 76, published in the Oxford Review of Economic Policy, Vol. 17, No. 4, 2001, 502-519.

26. “Information Sharing, Lending and Defaults: Cross-Country Evidence” (with Tullio Jappelli), CSEF Working Paper No. 22, and CEPR Discussion Paper No 2184, published in the Journal of Banking and Finance, Vol. 26, No. 10, October 2002.

27. “The Geography of Equity Listing: Why Do Companies List Abroad?” (with Ailsa A. Röell and Josef Zechner), CSEF Working Paper No. 28, and CEPR Discussion Paper no. 2681, published in the Journal of Finance, Vol. 57, No. 6, December 2002, 2651-2694 (nominated for the 2003 Brattle Prize).

28. “Financial Market Integration and Economic Growth in the EU” (with Luigi Guiso, Tullio Jappelli and Mario Padula), CSEF Working Paper No. 118, published in Economic Policy, 40, October 2004.

29. “The European Bond Markets under EMU” (with Ernst-Ludwig von Thadden), CSEF Working Paper No. 126, published in the Oxford Review of Economic Policy, Vol. 20, No. 4, 2004.

30. “Courts and Banks: Effects of Judicial Enforcement on Credit Markets” (with Magda Bianco and  Tullio Jappelli), CSEF Working Paper No. 58, June 2001, and CEPR Discussion Paper no. 3347,  April 2002, published in The Journal of Money, Credit and Banking, Volume 37, No. 2, April 2005, 223-244.

31. “Workers, Managers, and Corporate Control” (with Paolo Volpin), CSEF Working Paper No. 75, December 2001, and CEPR Discussion Paper No. 642, November 2002, published in The Journal of Finance, Vol. 60, No. 2, April 2005, 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).

32. “The Political Economy of Corporate Governance” (with Paolo Volpin), CSEF Working Paper No. 29, and CEPR Discussion Paper No. 2682, published in The American Economic Review, Vol. 95, No. 4, September 2005, 1005-1030.

33. “Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence” (with Francesco Giavazzi, Tullio Jappelli and Marina Benedetti), CSEF Working Paper No. 142, CEPR Discussion Paper no. 5272, and NBER Working paper no. 11593, published in Monetary and Economic Studies, October 2005 (special edition), 197-217, reprinted in Fiscal Policy and the Road to the Euro, National Bank of Poland, Warsaw, 2006.

34. “IPO Underpricing and After-market Liquidity” (with Andrew Ellul), CSEF Working Paper No. 99, June 2003, published in the Review of Financial Studies, Vol. 19, No. 2, Summer 2006, 381-421.

35. “Shareholder Protection, Stock Market Development, and Politics” (with Paolo Volpin), Marshall Lecture at the 20^th Congress of the European Economic Association, CSEF Working Paper No. 149, CEPR Discussion Paper No. 5378, and ECGI Finance Working Paper No. 105/2005, published in the Journal of the European Economic Association, Vol. 4, No. 2-3, April-May 2006, 315-341.

36. “Optimal Regulation of Auditing” (with Giovanni Immordino), CESifo Economic Studies, Vol. 53, No. 3, September 2007, 363–388.

37. “Where is the Market? Evidence from Cross-Listings in the U.S.” (with Michael Halling, Otto Randl, and Josef Zechner), CSEF Working Paper No. 129, April 2006, published in the Review of Financial Studies, Vol. 21, No. 2, March 2008, 724-761.

38. “Information Sharing and Credit: Firm-Level Evidence from Transition Countries” (with Martin Brown and Tullio Jappelli), CSEF Working Paper No. 178, May 2007, published in the Journal of Financial Intermediation, Vol. 18, No. 2, April 2009, 151-172.

39. “How Does Liquidity Affect Government Bond Yields?” (with Carlo Favero and Ernst-Ludwig von Thadden), CSEF Working Paper No. 181, June 2007, published in the Journal of Financial and Quantitative Analysis, Vol. 45, No. 1, February 2010, 107-134.

40. “Legal Standards, Enforcement and Corruption” (with Giovanni Immordino), CSEF Working Paper No. 98, June 2003, and CEPR Discussion Paper No. 7071, December 2008, accepted for publication in the Journal of the European Economic Association, Vol. 8, No. 5, September 2010.

41. “Credit Ratings Failures and Policy Options” (with Paolo Volpin), CSEF Working Paper No. 239, November 2009, published in Economic Policy, 401-431, April 2010.

42. “Inheritance Law and Investment in Family Firms” (with Andrew Ellul and Fausto Panunzi), CSEF Working Paper no. 204, and CEPR Discussion Paper No. 6977, September 2008, accepted for publication in the American Economic Review.
    
     

Publication in Italian journals

1. “The Impact of Fiscal Policy and Inflation on National Saving: The Italian Case” (with Franco Modigliani and Tullio Jappelli), Banca Nazionale del Lavoro Quarterly Review, June 1985.

2. “Consumo, indebitamento delle famiglie e razionamento del credito” (with Tullio Jappelli), Giornale degli Economisti e Annali di Economia, n. 11-12, 1988.

3. “Banche commerciali e banche cooperative: qual è la differenza?” (with Fausto Panunzi), in Cooperazione di Credito, n. 156-157, April 1997.

4. “Osservazioni sulla riforma della disciplina dell’OPA, degli obblighi di comunicazione del possesso azionario e dei limiti agli incroci azionari” (with Fausto Panunzi and Luigi Zingales), Rivista delle Società, No. 1, 1998.

5. “Consolidation in the Banking Industry: Causes and Consequences,” Rassegna Economica, LXIII, No. 1, 1999.

6. “Households’ Portfolio Diversification” (with Christian Julliard and Tullio Jappelli), CSEF Working Paper No. 180, published in Italian under the title “La diversificazione del portafoglio delle famiglie italiane”, in Il risparmiatore cerca fiducia: XIX Rapporto sul rispamio e i risparmiatori in Italia. Milano: Guerini e Associati, 2001.

7. “The Modigliani-Miller Theorems: A Cornerstone of Finance,” CSEF Working Paper No. 139, published in Banca Nazionale del Lavoro Quarterly Review, vol. 58, No. 233-234, June-September 2005, 237-247.

Chapters in volumes

1. “Capital Controls and The European Monetary System” (with Francesco Giavazzi), in International Monetary and Financial Integration - The European Dimension, edited by D.E. Fair and C. de Boisseu, Martinus Nijhoff Publishers, Dordrecht, The Netherlands, 1988.

2. “The Management of Public Debt and Financial Markets,” in High Public Debt: the Italian Experience, edited by L. Spaventa and F. Giavazzi, Cambridge University Press, Cambridge, 1988.

3. “Monetary Policy, Capital Controls, and Seignorage in an Open Economy: Discussion,” in A European Central Bank?, edited by M. De Cecco and A. Giovannini, Cambridge University Press, Cambridge, 1989.

4. “Confidence Crises and Public Debt Management” (with Francesco Giavazzi), in Capital Markets and Debt Management, edited by R. Dornbusch and M. Draghi, Cambridge University Press, Cambridge, 1990.

5. “Dually-traded Italian Equities: London vs. Milan” (with Ailsa Röell), LSE Financial Markets Group Discussion Paper No. 116, April 1991, published in Italian with the title: “Il mercato delle azioni italiane a Londra,” in Il rischio azionario e la Borsa: un'analisi del funzionamento del mercato italiano, edited by A. Penati, EGEA, Milan, 1991.

6. “Trading Volume” (with Ailsa Röell), in The New Palgrave Dictionary of Money and Finance, edited by P. Newman, M. Milgate and J. Eatwell, Macmillan, 1992.

7. “Failure of Financial Markets” (with Ailsa Röell), ibidem.

8. “Self-regulation in Financial Markets” (with Ailsa Röell), ibidem.

9. “Auction Markets, Dealership Markets and Execution Risk” (with Ailsa Röell), in Financial Market Liberalization and the Role of Banks, edited by V. Conti and R. Hamaui, Cambridge University Press, 1993.

10. “Shifting Gears: An Economic Evaluation of the Reform of the Paris Bourse” (with Ailsa Röell), ibidem.

11. “Front Running, Stock Market Liquidity and Traders' Welfare” (with Ailsa Röell), ibidem.

12. “Government Incentives and Household Saving in Italy” (with Tullio Jappelli), in Public Policies and Household Saving, edited by J. M. Poterba, Chicago University Press, 1994.

13. “Personal Saving in Italy” (with Tullio Jappelli), in International Comparisons of Household Saving, edited by J. M. Poterba, Chicago University Press, 1994.

14. “Equity Trading I: the Evolution of European Trading Systems” (with Benn Steil), chapter 1 in The European Equity Markets, edited by B. Steil, The Royal Institute of International Affairs, London, 1996.

15. “Market Size, the Informational Content of Stock Prices and Risk: a Multi-asset Model and Some Evidence”, in Decisions, Games and Markets, edited by Pierpaolo Battigalli, Aldo Montesano and Fausto Panunzi, Kluwer Academic Publishers, 1997.

16. “The Changing Microstructure of European Equity Markets,” in European Securities Markets: the Investment Services Directive and Beyond, edited by Guido Ferrarini, Kluwer Law International, 1998.

17. “The Determinants of Saving: Lessons from Italy” (with Tullio Jappelli), in Accounting for Saving: Financial Liberalization, Capital Flows and Growth in Latin America and Europe, edited by Carmen Reinhart, Inter-American Development Bank, Latin American Research Network, 1999.

18. “Banche e distretti industriali: una relazione speciale?”, in Lo sviluppo locale: un’indagine della Banca d’Italia sui distretti industriali, edited by L. Federico Signorini, Meridiana Libri, 2000.

19. “Introduction”, in Defusing Default: Incentives and Institutions, edited by Marco Pagano, Johns Hopkins University Press, 2001.

20. “Information Sharing in Credit Markets: Theory and Evidence” (with Tullio Jappelli), forthcoming in Defusing Default: Incentives and Institutions, edited by Marco Pagano, Johns Hopkins University Press, 2001.

21. “La diversificazione del portafoglio delle famiglie italiane” (with Tullio Jappelli and Christian Julliard), Il risparmiatore cerca fiducia - XIX Rapporto sul rispamio e sui risparmiatori in Italia. Milano: Guerini e Associati, 2001.

22. “Law and Equity Markets: A Simple Model” (with Davide Lombardo), CSEF Working Paper No. 25,  and CEPR Discussion Paper No. 2276, published in Corporate Governance Regimes: Convergence and Diversity, edited by Joe McCahery, Pieter Moerland, Theo Raaijmakers and Luc Renneboog, Oxford University Press, 2002, pp. 343-362.

23. “The Performance of European Stock Exchanges: Evidence from Listing Decisions”, in Capital Markets in the Age of the Euro: Cross-Border Transaction, Listed Companies and Regulation, edited by Guido Ferrarini, Klaus Hopt e Eddy Wymeersch,  Kluwer Law International, 2002.

24. “Public Credit Information: A European Perspective” (with Tullio Jappelli), CSEF Working Paper No. 35, published in Credit Reporting Systems and the International Economy, edited by Margaret Miller, MIT Press, 2003, pp. 81-114.

25. “Role and Effects of Credit Information Sharing” (with Tullio Jappelli), CSEF Working Paper No. 36, published in The Economics of Consumer Credit: European Experience and Lessons from the US, Giuseppe Bertola, Richard Disney and Charles Grant, editors. Cambridge: MIT Press, 2006.

26. “Legal Determinants of the Return on Equity” (with Davide Lombardo), CSEF Working Paper No. 24, October 1999 and CEPR Discussion Paper No. 2275, November 1999, published in Corporate and Institutional Transparency for Economic Growth in Europe, edited by Lars Oxelheim, Oxford: Elsevier, 2006.

27.  “Financial  market  integration  under  EMU”  (with  Tullio  Jappelli),  CSEF Working  Paper  No.  197,  April  2008,  forthcoming in Euro - The First Decade, edited by Marco Buti et al., Cambridge University Press.

28. “Financial Integration” (with  Tullio  Jappelli), published in EMU at Ten: Should Denmark and Sweden and the UK join?, edited by Harry Flam et al., SNS Förlag, Stockholm, 2008.

29.  “Market Transparency” (with Ailsa Röell and Thierry Foucault), published in Encyclopedia of Quantitative Finance, edited by Rama Cont, Wiley, 2010.

30. “Financial Integration in Europe” (with Tullio Jappelli), forthcoming in Encyclopedia of Financial Globalization, edited by Gerard Caprio, Thorsten Beck, Charles Calomiris, Takeo Hoshi, Peter Montiel and Garry Schinasi, Elsevier.

Recent Working Papers and unpublished manuscripts

1. “Norm Flexibility and Private Initiative” (with Giovanni Immordino and Michele Polo), CSEF Working Paper No. 163, September 2006.

2. “Corporate Fraud, Governance and Auditing” (with Giovanni Immordino), CSEF Working Paper n. 203, September 2008, and CEPR Discussion Paper No. 7104, December 2008.

3.  “Households’ Indebtedness and Financial Fragility” (with Tullio Jappelli and Marco Di Maggio), CSEF Working Paper n. 208, October 2008, and CEPR Discussion Paper No. 7091, December 2008.

4.  “Securitization, Disclosure and Liquidity” (with Paolo Volpin), CSEF Working Paper n. 210, and CEPR Discussion Paper No. 7105, December 2008 (winner of the LECG Prize for the Best Overall Conference Paper presented at the 36th Annual Meeting of the European Finance Association, Bergen, 19-22 August 2009).

5.  “Multiple-Bank Lending, Creditor Rights and Information Sharing” (with Alberto Bennardo and Salvatore Piccolo), December 2008, and CEPR Discussion Paper No. 7105, February 2009.

6. “Incentives to Innovate and Social Harm: Laissez-Faire, Authorization or Penalties?” (with Giovanni Immordino and Michele Polo), CSEF Working Paper No. 220, www.csef.it/WP/wp211.pdf, March 2009.

7. “Short-Selling Bans around the World: Evidence from the 2007-09 Crisis” (with Alessandro Beber), CSEF Working Paper No. 241, CEPR Discussion Paper No. 7557, www.cepr.org/pubs/dps/DP7557.asp, and  SSRN Working Paper papers.ssrn.com/sol3/papers.cfm?abstract_id=1502184, November 2009