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

Bartley Hall Rm 2041
Finance
800 Lancaster Avenue
Villanova, PA 19085
Email: michael.pagano@villanova.edu
Phone: (610) 519-4389
Education
BS, Fordham University, 1984
MBA, Rutgers University, 1997
PhD, Rutgers University, 1999
Publications
- 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.
Specialties
- Banking
- Central America
- Convergence
- Econometrics
- Europe
- International Finance
- Interest Rates
- Market Efficiency
- Mutual Funds
- Quantitative Analysis
- Risk Management
- Stock Trading
- Valuation
Research
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
- The Wall Street Journal Analysts Ask: What Now, Nasdaq?
- The Post and Courier NYSE may merge with German company
- The Globe and Mail Global stock exchange consolidation may just be starting
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