Paolo Pasquariello

Paolo is a Professor of Finance at the Ross School of Business, University of Michigan. 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 Co-Editor of the Journal of Financial Markets (where he previously acted 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.

RESEARCH INTERESTS

• Information Economics, International Finance, Market Microstructure

Education

• MBA, PhD New York University - Leonard N. Stern School of Business (1996 — 2003)
• Laurea Università Bocconi (1989 — 1994)

ARTICLES

• Excess Mortality from COVID-19: A Commentary on the Italian Experience
  Pasquariello, P., & Stranges, S., 06/2020, International Journal of Public Health Volume: 65 Issue: June Pages: 529-531

• Excess Mortality from COVID-19: A Commentary on the Italian Experience
  Paolo Pasquariello, Saverio Stranges, 2020, International Journal of Public Health Volume: 65Issue: June Pages: 529-531

• Government Intervention and Strategic Trading in the U.S. Treasury Market
  Paolo Pasquariello, Jennifer Rousch, and Clara Vega, 2020, Journal of Financial and Quantitative Analysis Volume: 55 Issue: May Pages: 117-157

• India Inc's Rising Cost of External Capital
  Pasquariello, P., Subrahmanyam, M., & Tomio, D., 07/2020, Business Today Volume: 7 Issue: 12 Pages: 1

• Investors show Trump, Xi what they think of their trade war
  Paolo Pasquariello, 05/2019, The Hill

• Government Intervention and Arbitrage
  Pasquariello, P., 2018, The Review of Financial Studies (RFS) Volume: 31 Issue: 9 Pages: 3344-3408

• Strategic Cross-Trading in the U.S. Stock Market
  Paolo Pasquariello (with Clara Vega), 2015, Review of Finance Volume: 19 Issue: 1 Pages: 229-282

• Financial Market Dislocations
  Paolo Pasquariello, 2014, The Review of Financial Studies (RFS) Volume: 27 Issue: 6 Pages: 1868-1914

• On the Price Comovement of U.S. Residential Real Estate Markets
  Jarl Kallberg, Crocker Liu, and Paolo Pasquariello, 2014, The American Real Estate and Urban Economics Association (AREUEA) Journal Volume: 42 Issue: 1 Pages: 71-108

• Prospect Theory and Market Quality
  Paolo Pasquariello, 2014, Journal of Economic Theory Volume: 149 Issue: 1 Pages: 276-310

• Central Bank Intervention and the Intraday Process of Price Formation in Currency Markets
  Paolo Pasquariello, 10/2010, Journal of International Money and Finance Volume: 29 Issue: 8 Pages: 1045-1061

• Does Asymmetric Information Drive Capital Structure Decisions?
  Sreedhar Bharath, Paolo Pasquariello, and Guojun Wu, 2009, 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
  Menachem Brenner, Paolo Pasquariello, and Marti Subrahmanyam, 12/2009, Journal of Financial and Quantitative Analysis Volume: 44 Issue: 6 Pages: 1265-1289

• The On-The-Run Liquidity Phenomenon
  Paolo Pasquariello and Clara Vega, 2009, Journal of Financial Economics Volume: 92 Issue: 1 Pages: 1-24

• The Anatomy of Financial Crises: Evidence from the Emerging ADR Market
  Paolo Pasquariello, 2008, Journal of International Economics Volume: 76 Issue: 1 Pages: 193-207

• Time-Series and Cross-Sectional Excess Comovement in Stock Indexes
  Jarl Kallberg and Paolo Pasquariello, 2008, Journal of Empirical Finance Volume: 15 Issue: 1 Pages: 481-502

• Updating Expectations: An Analysis of Post-9/11 Returns
  Jarl Kallberg, Crocker Liu, and Paolo Pasquariello, 2008, Journal of Financial Markets Volume: 11 Issue: 1 Pages: 400-432

• Imperfect Competition, Information Heterogeneity, and Financial Contagion
  Paolo Pasquariello, 2007, 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
  Paolo Pasquariello, 2007, Journal of Financial Markets Volume: 10 Issue: 1 Pages: 107-143

• Informed and Strategic Order Flow in the Bond Markets
  Paolo Pasquariello and Clara Vega, 2007, 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
  Jarl Kallberg, Crocker Liu, and Paolo Pasquariello, 2005, Journal of Business (JB) Volume: 78 Issue: 1 Pages: 169-211

• Regime Shifts in Asian Equity and Real Estate Markets
  Jarl Kallberg, Crocker Liu, and Paolo Pasquariello, 2002, Real Estate Economics Volume: 30 Issue: 2 Pages: 263-291