Michael Pagano

Michael Pagano

Professor, Finance and 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


  • “Credit, Cronyism, and Control: Evidence from the Americas,” 2006, Journal of International Money and Finance, 2006 (forthcoming)
  • With Elyas Elyasiani and Iqbal Mansur, “Convergence and Risk-Return Linkages across Financial Service Firms,” 2006, Journal of Banking and Finance, 2006 (forthcoming)
  • 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 D. Stout, “Calculating a Firm ‘s Cost of Capital,” Management Accounting Quarterly, 2004
  • 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
  • Pagano, M.S. (2010). An Empirical Investigation of the Rationales for Integrated Risk-Management Behavior. In C.F. Lee (Ed.), Handbook of Qualitative Finance. Springer (forthcoming)
  • With D. Ozenbas, R.A. Schwartz, “Accentuated Intra-Day Stock Price Volatility: What is the Cause,” Journal of Portfolio Management, 2010 (forthcoming)
  • 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 (forthcoming)
  • “Accelerated Wireless Broadband Infrastructure Deployment: The Impact on GDP and Employment,” Media Law & Policy, 2009

Honors and Awards

  • 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

Courses Taught

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

Non-Academic Positions

  • 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 Globe and Mail

Global stock exchange consolidation may just be starting