Michael Pagano

Michael Pagano

Professor, Finance & Real Estate, The Robert J. and Mary Ellen Darretta Endowed Chair in Finance

Photo of Michael Pagano

Bartley Hall Rm 2041
800 Lancaster Avenue
Villanova, PA 19085

Email: michael.pagano@villanova.edu
Phone: (610) 519-4389


BS, Fordham University, 1984

MBA, Rutgers University, 1997

PhD, Rutgers University, 1999


  • With R. Schwartz, “A Closing Call’s Impact on Market Quality at Euronext Paris,” Journal of Financial Economics, 2003
  • With J. Hughes, W. Lang, L. Mester, and C.G. Moon, “Do Bankers Sacrifice Value to Build Empires? Managerial Incentives, Industry Consolidation, and Financial Performance,” Journal of Banking and Finance, 2003
  • With R. Schwartz, “Nasdaq ‘s Closing Cross: Has its new call auction given Nasdaq better closing prices? Early Findings,” Journal of Portfolio Management, 2005
  • With Elyas Elyasiani and Iqbal Mansur, “Convergence and Risk-Return Linkages across Financial Service Firms,” Journal of Banking and Finance, 2007
  • “Credit, Cronyism, and Control: Evidence from the Americas,” Journal of International Money and Finance, 2008
  • With V. Gasparro, “Sovereign Wealth Funds: An Early Look at Their Impact on Debt and Equity Markets During the 2007-2009 Financial Crisis,” Financial Analysts Journal, 2010
  • With J. Mason and R. Cangemi, “Options-based Structural Modeling of Bond Recovery Rates,” 2012, Journal of Financial Intermediation 21, 473-506.
  • With S.H. Han and Y.S. Shin, “Rating Agency Reputation, the Global Financial Crisis, and the Cost of Debt,” 2012. Financial Management 41, 849-884.
  • With L. Peng and R.A. Schwartz, “The Quality of Market Opening and Closing Prices: Evidence from the Nasdaq Stock Market,” 2013, Journal of Financial Markets 16, 331-361.
  • With J. Sedunov, “A Comprehensive Approach to Measuring the Relation Between Systemic Risk Exposure and Sovereign Debt,” 2016, Journal of Financial Stability 23, 62-78.
  • With P.K. Jain and E. Kuvvet, “Corruption’s Impact on Foreign Portfolio Investment,” 2017, International Business Review 26, 23-35.

Honors and Awards

  • University Outstanding Faculty Research Award, 2018
  • Darretta Endowed Chair in Finance, 2010
  • Southern Finance Association Best Paper Award, 2005
  • Silver Medal for Lybrand Best Paper Competition, 2005
  • Outstanding Scholar Award, Villanova University, 2004-2005
  • U.S. Fulbright Scholarship (for Costa Rica), 2002-03
  • Summer Research Fellowship, Villanova University, 2001
  • Fisher-Long-Whitcomb Teaching Excellence Award, Rutgers University, 1998.


  • Banking
  • Central America
  • Convergence
  • Econometrics
  • Europe
  • International Finance
  • Interest Rates
  • Market Efficiency
  • Mutual Funds
  • Quantitative Analysis
  • Risk Management
  • Stock Trading
  • Valuation


Market microstructure; financial institutions; risk management; cost of capital

Courses Taught

Financial Modeling; Market Structure, Trading, and Liquidity; Corporate Risk Management; Financial Markets, Institutions, and the Trading Environment; Applied Corporate Finance; Financial Institutions; Valuation

Non-Academic Positions

  • Board of Trustees – Alpha Architect ETF Trust (www.alphaarchitect.com/funds)
  • Volunteer to Board – Citadel FCU (www.citadelbanking.com)
  • Member – Finra Market Regulation Committee (www.finra.org)
  • Prior Employment
    • Commercial Banker
    • Investment Analyst
    • Product Specialist
    • General Manager
    • Firms – Citibank, ICM Corporation, Reuters America

Additional Information

At VSB since 1999

In the News Media

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