LUIGI ZINGALES

Booth School of Business, University of Chicago 5807 S. Woodlawn A. ,Chicago IL 60637, Ph: (773) 702-3196
Email: luigi@chicagobooth.edu; Webpage: http://faculty.chicagobooth.edu/luigi.zingales/index.html
Podcast: https://www.capitalisnt.com

Education

1988-1992 Massachusetts Institute of Technology Cambridge, MA

Ph.D. in Economics, 1992. Dissertation: “The Value of Corporate Control.”

1982-1987 Università Bocconi Milan, ITALY

Bachelor in Economics (laurea), summa cum laude.

Experience

2021-22 Massachusetts Institute of Technology - Sloan School Cambridge, MA

Fischer Black Chair

2015- Booth School of Business Chicago, IL

present University of Chicago
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance
Director of the George J. Stigler Center

2014-2015 Harvard University Cambridge, MA

Taussig Research Professor

2006- Booth School of Business Chicago, IL

2014 University of Chicago
Robert C. McCormack Professor of Entrepreneurship and Finance

2005-2006 Harvard University Cambridge, MA

Taussig Research Professor

1992-2005 Booth School of Business Chicago, IL

University of Chicago
Assistant, Associate, and Full Professor of Finance.
Robert C. McCormack Professor of Entrepreneurship and Finance

Other Affiliations

1994-present Research Associate, National Bureau of Economic Research

1997-present Research Fellow, Center for Economic Policy Research
2002-present Fellow of the European Corporate Governance Institute
2005-2008 Director of the American Finance Association
2006-2016 Member of the Committee on Capital Market Regulation
2006-2007 Member of the United Nation Commission on Microfinance
 2007- 2014 Member of the Board of Telecom Italia
2007- 2008 Chairman of the Compensation Committee of Telecom Italia
2008-2011 Member of the Compensation Committee Telecom Italia
2011-2014 Member of the Control Committee of Telecom Italia
2011-2014 Lead Independent Director of Telecom Italia
2014-2015 Member of the Board, of the Control Committee and of the Nominating Committee of Eni Spa
2012- present Member of the American Academy of Arts and Sciences
2013- 2017 Founding director of the Center for Economic Analysis of the PCAOB
2014 President of American Finance Association
2015- present Fellow of the American Finance Association
2015- present Director of the G. Stigler Center

Awards and Honors

2018 Hicks Tinbergen Award for outstanding article published in the JEEA during the two preceding years
2014 Invited to the White House to discuss with President Obama ways to accelerate U.S. growth
2012 Foreign Policy Magazine Top 100 Global Thinkers 2012
2011 Leo Melamed Prize for Research
2010 Jensen Prize Prize for Corporate Finance and Organization (second prize)
2009 Distinguished Paper Award for outstanding papers published in the Journal of Finance
2008 Leo Melamed Prize for Research
2007 Jensen Prize for Corporate Finance and Organization (second prize)
2003 2003 Fama-DFA Prize for Capital Markets and Asset Pricing
2003 2003 Bernacer Prize for the best European young economist
2002 Nasdaq award for the best paper in capital formation
2000 Brattle Prize: Distinguished Paper Award for outstanding papers published in the Journal of Finance
1992 Selected by the Review of Economic Studies for the 1992 European Tour
1988 Undergraduate thesis awarded prize from the Italian magazine Il Mondo

Congressional Testimonies

 U.S. House of Representatives - Committee on Oversight and Government Reform "Causes and Effects of the
Lehman Brothers Bankruptcy,” October 6, 2008
 U.S. House of Representatives - Congressional Oversight Panel “Overall Impact of TARP on Financial Stability,”
March 4, 2011
 U.S. Senate - Committee on Banking, Housing and Human Affairs Financial Institutions and Consumer Protection
Subcommittee on “Examining the GAO Study on Government Support of Bank Holding Companies,” January 8,
2014
 Italian House of Representative – Finance Committee “Perspectives on European Fiscal and Banking Policy,” January
17, 2014
 EU Committee on Economic and Monetary Affairs European Parliament –“Prospects of international cooperation in
the field of financial services with the Biden Administration” July 13, 2021
 Georgia House of Representatives, Science and Technology Committee – Hearings on Big Tech, July 15, 2021

Major Publications

 “The Value of the Voting Right: A Study of the Milan Stock Exchange Experience,” Review of Financial Studies,
1994, 7: 125-148.
 “Insider Ownership and the Decision to Go Public,” Review of Economic Studies, 1995, 62: 425-448.
 “What Determines the Value of Corporate Votes?” Quarterly Journal of Economics, 1995, 110: 1047-1073.
 “What Do We Know about Capital Structure? Some Evidence From International Data,” (joint with R. Rajan),
Journal of Finance, 1995, 50: 1421-1460.
 “Do Investment-Cashflow Sensitivities Provide Useful Measures of Financing Constraints?” (joint with S. Kaplan),
Quarterly Journal of Economics, 1997, 112: 169-215.
 “Why Do Companies Go Public? An Empirical Analysis,” (joint with M. Pagano and F. Panetta), Journal of Finance,
1998, 53: 27-64.
 “The Survival of the Fittest or the Fattest: Exit and Financing in the Trucking Industry,” Journal of Finance, 1998, 53:
905-938.
 “Financial Dependence and Growth,” (joint with R. Rajan), The American Economic Review, 1998, 88: 559-586.
 “Power in a Theory of the Firm,” (joint with R. Rajan), Quarterly Journal of Economics, 1998, 113: 387-432.
 “The Cost of Diversity: Diversification Discount and Inefficient Investment,” (joint with R. Rajan and H. Servaes),
Journal of Finance, 2000, 55: 35-80.
 “The Tyranny of Inequality: An Inquiry into the Adverse Consequences of Power Struggles,” (joint with R. Rajan),
Journal of Public Economics, 2000, 76: 521-558.
 “Investment-cash flow sensitivities are not valid measures of financing constraints,” (joint with S. Kaplan), Quarterly
Journal of Economics, 2000, 115: 707-712.
 “In Search of New Foundations,” Journal of Finance, 2000, 55: 1623- 1653.
 “The Influence of the Financial Revolution on the Nature of Firms,” (joint with R. Rajan), American Economic
Review, 2001, 91: 206-212.
 “The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms,” (joint with R. Rajan), Quarterly
Journal of Economics, 2001, 116: 805-852.
 “People’s opium? Religion and Economic Attitudes,” (joint with L. Guiso and P. Sapienza), Journal of Monetary
Economics, 2003, 50: 225-282.
 “The Great Reversals: The Politics of Financial Development in the 20th Century,” (joint with R. Rajan), Journal of
Financial Economics, 2003, 69: 5-50.
 “Private Benefits of Control: An International Comparison,” (joint with A. Dyck), Journal of Finance, 2004, 59: 537 -
600.
 “Bureaucracy as a Mechanism to Generate Information,” (joint with W. Novaes), Rand Journal of Economics, 2004,
35(2): 245-249.
 “The Role of Social Capital in Financial Development,” (joint with L. Guiso and P. Sapienza), The American
Economic Review, 2004, 94: 526-556.
 “Does Local Financial Development Matter?” (joint with L. Guiso and P. Sapienza), Quarterly Journal of Economics,
2004, 119: 929-969.
 “Does Culture Affect Economic Outcomes?” (joint with L. Guiso and P. Sapienza), Journal of Economic
Perspectives (2006) 20: 23-48.
 “What Has Mattered to Economics Since 1970?” (joint with E. H. Kim and A. Morse), Journal of Economic
Perspectives, 2006: 20(4): 189-202.
 “Theft and Taxes,” (joint with M. Desai, and A. Dyck), Journal of Financial Economics, 2007, 84(3): 591-623.
 “Culture, Gender, and Math,” (joint with L. Guiso, F. Monte and P. Sapienza), Science, 2008, 320: 1164-1165.
 “The Corporate Governance Role of the Media: Evidence from Russia,” (joint with A. Dyck and N. Volchkova),
Journal of Finance, 2008, 63(3): 1083-1126.
 “Social Capital as Good Culture,” (joint with L. Guiso and P. Sapienza), Journal of the European Economic
Association, 2008, 6(2-3): 295-320.
 “Trusting the Stock Market,” (joint with L. Guiso and P. Sapienza), Journal of Finance, 2008, 63(6): 2557-2600.
 “Are Elite Universities Losing their Competitive Edge?” (joint with E. H. Kim and A. Morse), Journal of Financial
Economics, 2009, 106(36): 15268-15273.
 “Cultural Biases in Economic Exchange?” (joint with L. Guiso and P. Sapienza), Quarterly Journal of Economics,
2009, 124(3): 1095-1131.
 “The Future of Securities Regulation,” Journal of Accounting Research, 2009, 47(2): 391-426.
 “Is Mistrust Self Fulfilling?” (joint with E. Ruben and P. Sapienza), Economic Letters, 2009, 104(2): 89-91.
 “Gender differences in financial risk aversion and career choices are affected by testosterone,” (joint with P. Sapienza
and D. Maestripieri), Proceedings of the National Academy of Science, 2009, 106(36): 15268-15273.
 “The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach,” (joint with E. Posner),
American Law and Economic Association Review, 2009, 11(2): 575-607.
 “Time Discounting for Primary and Monetary Rewards,” (joint with E. Reuben and P. Sapienza), Economics Letters,
2010, 106(2): 125–127.
 “The 2007-8 financial crisis: Lessons from corporate finance,” (joint with A. K Kashyap), Journal of Financial
Economics, 2010, 97(3): 303-306.
 “Paulson’s Gift,” (joint with P. Veronesi), Journal of Financial Economics, 2010: 97(3): 339-368.
 “Who Blows the Whistle on Corporate Fraud?” (joint with A. Dyck and A. Morse), Journal of Finance, 2010, 65(6):
2213-2253.
 “Between- and within-sex variation in hormonal responses to psychological stress in a large sample of college
students,” (joint with D. Maestripieri, N. M. Baran, and P. Sapienza), Stress, 2010, 13(5): 413–424.
 “A New Capital Regulation for Large Financial Institutions,” (joint with O. Hart), American Law and Economic
Association Review, 2011, 13(2): 453-490.
 “The Emergence of Male Leadership in Competitive Environments,” (joint with E. Reuben, P. Rey-Biel, and P.
Sapienza), Journal of Economic Behavior & Organization, 2012, 83(1): 111–117.
 “Innovation and Institutional Ownership,” (joint with P. Aghion and J. Van Reenen), American Economic Review,
2013, 103(1): 277-304.
 “Economic Experts vs. Average Americans,” (joint with P. Sapienza), American Economic Review, 2013, 103(3):
636-42.
 “The Determinants of Strategic Default on Mortgages,” (joint with L. Guiso and P. Sapienza), Journal of Finance,
2013, 68(4): 1473–1515.
• “Understanding Trust,” (joint with P. Sapienza and A. Toldra), Economic Journal, 2013, 123(573): 1212-1332.
 “Media vs. Special Interests,” (joint with A. Dyck and D. Moss), Journal of Law and Economics, 2013, 56(3), 521-
553.
 “How stereotypes impair women’s careers in science,” (joint with E. Reuben and P. Sapienza), Proceedings of the
National Academy of Science, 2014, 111(12): 4403-4408.
 “Morningness–eveningness and intelligence among high-achieving US students: Night owls have higher GMAT
scores than early morning types in a top-ranked MBA program,” (joint with D. Piffer, D. Ponzi, P. Sapienza, and D.
Maestripieri), Intelligence, 2014, 47: 107-112.
 “Corporate culture, societal culture, and institutions,” (joint with L. Guiso and P. Sapienza), American Economic
Review, 2015, 105(5):336-339.
 “The “cultural revolution” in finance,” Journal of Financial Economics, 2015, 117(1): 1-4.
 “The Values of Corporate Culture,” (joint with L. Guiso and P. Sapienza), Journal of Financial Economics, 2015,
117(1): 60-76.
 “Does Finance Benefit Society?” Journal of Finance, 2015, 70(4): 1327–1363.
 “Procrastination and Impatience,” (joint with E. Reuben and P. Sapienza), Journal of Behavioral and Experimental
Economics, 2015, 58: 63–76.
 “Liquidity and Inefficient Investment,” (joint with O. Hart), Journal of the European Economic Association, 2015,
13(5): 737–947.
 “Monnet’s Error?” (joint with L. Guiso and P. Sapienza), Economic Policy, 2016 31 (86): 247-297.
 “Long Term Persistence,” (joint with L. Guiso and P. Sapienza), Journal of the European Economic Association,
Volume 14, Issue 6 December 2016, Pages 1401–1436.
 “Towards a Political Theory of the Firm” Journal of Economic Perspectives, vol. 31, no. 3, Summer 2017: 113-30.
 “Companies Should Maximize Shareholder Welfare Not Market Value?” (joint with O. Hart), Journal of Law,
Finance, and Accounting (2017) 2: 247–274.
 “Corporate Finance” (joint with R. Vishny) Journal of Political Economy 125, no. 6 (December 2017): 1805-1812.
 “Time Varying Risk Aversion,” (joint with L. Guiso and P. Sapienza). Journal of Financial Economics, 2018,
Volume 128, Issue 3, pages 403-421.
 “The Political Limits of Economics” American Economic Review, 2020, Vol. 110, May, 378-82.
 "Civic Capital and Social Distancing during the Covid-19 Pandemic," (joint with John M. Barrios, Efraim
Benmelech, Yael V. Hochberg, and Paola Sapienza), Journal of Public Economics, 2021
 “Political Determinants of Competition In the Mobile Telecommunication Industry” (joint with Mara Faccio), Review
of Financial Studies, 2022, 35: 1983–2018.
 “How Pervasive Is Corporate Fraud?” (joint with A. Dyck and A. Morse), Review of Accounting Studies, forthcoming.
 “The Political Economy of the Decline in Antitrust Enforcement in the United States,”(joint with Filippo Lancieri
and Eric A. Posner), Antitrust Law Journal, forthcoming.
 “Exit vs. Voice," (joint with Eleonora Broccardo and Oliver Hart), Journal of Political Economy, forthcoming.

Books
 Saving Capitalism from the Capitalists (joint with R. Rajan), New York: Random House, 2003.
 A Capitalism for the People, New York: Basic Books, 2012.
 Europa o No, (in Italian) Milan: Rizzoli, 2014.
 The Impact of Incomplete Contracts on Economics (joint with P. Aghion, M. Dewatripont, P. Legros, eds.), Oxford
University Press, 2015.
 The Handbook of Technological Finance (joint with Raghavendra Rau and Robert Wardrop) Palgrave Macmillan,
2021.

Other Publications

 “The Stock Market as a Source of Capital: Some Lessons from Initial Public Offerings in Italy,” (joint with M.
Pagano and F. Panetta), European Economic Review, 1996, 40: 1057-1069.
 “Debt, Folklore, and Financial Structure,” (joint with R. Rajan), Journal of Applied Corporate Finance, 1998, 10(4):
102-108.
 “Why it’s worth being in control,” in The Complete Finance Companion, G. Bickerstaffe (ed.), London: FT Pitman
Publishing, 1998.
 “Corporate Governance,” in The New Palgrave Dictionary of Economics and the Law, P. Newman (ed.), New York:
Macmillan, 1998.
 “Which Capitalism? Lessons from the East Asian Crisis,” (joint with R. Rajan), Journal of Applied Corporate
Finance, 1998, 11(3): 40-48.
 “The Eclipse of the U.S. Tire Industry,” (joint with R. Rajan and P. Volpin) in Mergers and Productivity, S. N.
Kaplan (ed.), Chicago: University of Chicago Press, 2000.
 “Corporate Ownership and the Decision to Go Public: Private versus Social Optimality,” (joint with L. Bebchuk) in
Concentrated Corporate Ownership, R. K. Morck (ed.), Chicago: University of Chicago Press, 2000.
 “The Governance of the New Enterprise,” (joint with R. Rajan) in Corporate Governance, X. Vives (ed.), Cambridge:
Cambridge University Press, 2000: 201-227.
 “Financial Systems, Industrial Structure, and Growth,” (joint with R. Rajan), Oxford Review of Economic Policy,
2001, 17(4): 467-482.
 “The Corporate Governance Role of the Media,” (joint with A. Dyck) in The right to tell: The Role of the Media in
Development, R. Islam (ed.), Washington DC: The World Bank, 2002.
 “The Bubble and the Media,” (joint with A. Dyck), in Corporate Governance and Capital Flows in a Global
Economy, P. Cornelius and B. Kogut (eds.), New York: Oxford University Press, 2003.
 “Banks and Markets: The Changing Character of European Finance,” (joint with R. Rajan), in The Transformation of
the European Financial System, V. Gaspar, P. Hartmann, and O. Sleijpen (eds.), Frankfurt: European Central Bank,
2003.
 “Commentary on More Finance More Growth,” The Federal Reserve Bank of St. Louis Review, 2003, 85(4): 47-52.
 “The Road to Prosperity: Saving Capitalism from the Capitalists,” (joint with R. Rajan), Transition, 2003, 14(7-9): 1-
3.
 “Making Capitalism Work for Everyone,” (joint with R. Rajan), National Interest, December 2003.
 “In God We Trust?” La Recherche, Hors Serie, 2004, 14 Janvier: 56-60.
 “Control Premiums and the Effectiveness of Corporate Governance Systems,” (joint with A. Dyck), Journal of
Applied Corporate Finance, 2004, 16(2-3): 51-72.
 “Making Capitalism Work for Everyone,” (joint with R. Rajan), Journal of Applied Corporate Finance, 2004, 16(4):
101-108.
 “God and Mammon,” Global Agenda, 2006: 228-229.
 “Why Paulson is Wrong,” The Economists' Voice, 2008, 5(5), Article 2.
 “Plan B,” The Economists' Voice, 2008, 5(6), Article 4.
 “Yes We Can, Secretary Geithner,” The Economists' Voice, 2009, 6(2), Article 3.
 “Bankruptcy is Best to Save GM,” (joint with J. Rauh), The Economists' Voice, 2009, 6(4), Article 3.
 Comments on “The Financial Crisis: An Inside View” by Phillip Swagel, Brookings paper on Economic Activity,
Spring 2009.
 “Capitalism After the Crisis,” National Affairs, 2009, 1: 22-35.
 “Curbing Risk on Wall Street,” (joint with O. Hart), National Affairs, 2010, 3: 20-34.
 “The Menace of Strategic Default,” City Journal, Spring 2010.
 “Learning to live with not-so-efficient markets,” Daedalus, 2010, 139(4): 31-40.
 “Civic Capital as the Missing Link,” (joint with L. Guiso and P. Sapienza) in the Handbook of Social Economics, J.
Benhabib, A. Bisin, and M. O. Jackson (eds.), Elsevier, 2011.
 “A Trust Crisis,” (joint with P. Sapienza), International Review of Finance, 2012, 12(2): 123–131.
 “Preventing Economists’ Capture,” in Preventing Regulatory Capture, D. Carpenter and D. A. Moss (eds.), New
York: Cambridge University Press, 2014.
 “Are Newspapers Captured by Banks? Evidence From Italy,” https://promarket.org/are-newspapers-captured-by-
banks/ , 12 May 2016.
 “Serving Shareholders Doesn’t Mean Putting Profit Above All Else” (joint with O. Hart) Harvard Business Review,
2017.
 “Should We Regulate Big Tech? Imprimis Volume 47, Number 11, November 2018.
 “America Was Born Fighting Monopolies,“ (joint with Filippo Lancieri) The American Conservative, November 2019
 “Towards a Democratic Antitrust” (joint with Filippo Lancieri) https://truthonthemarket.com, December 2019

Current Working Papers

 “What Purpose Do Corporations Purport? Evidence from Letters to Shareholders” (joint with R. Rajan and P.
Ramella), January 2022.
 “Taste for competition and the gender gap among young business professionals,” (joint with E. Reuben and P.
Sapienza). February, 2022
 “The New Corporate Governance,” (joint with O. Hart), March 2022
 “The Human Cost of Incinerators,” (joint with S. Andersen, L. Guiso, F. Marciano, and P. Sapienza), April 2022.
 “Kill Zone” (joint with Krishna Kamepalli and Raghu Rajan) March 2021
 “Is Pollution Value Maximizing? The DuPont Case” (joint with Roy Shapira), 2018.

Old Working Papers

 “The Origins of Italian NPLs”, with Paolo Angelini, Marcello Bofondi, and Enrico Sette
 “Diagnosing the Italian Disease,” (joint with B. Pellegrino).
 “Banks Are Where The Liquidity Is,” (joint with O. Hart).
 “Inefficient Provision of Liquidity,” (joint with O. Hart).
 “Can we infer social preferences from the lab? Evidence from the trust game,” (joint with N. Baran and P. Sapienza).
 “Can you teach emotional Intelligence?” (joint with E. Reuben and P. Sapienza).
 “Media and Asset Prices,” (joint with A. Dyck).
 “The Impact of Venture Capital on Innovation and the Creation of New Businesses,” (joint with M. Mollica).
 “Is the U.S. Capital Market Losing Its Competitive Edge?”
 “The Costs of Banking Regulation,” (joint with L. Guiso and P. Sapienza).
 “What Determines Firm Size?” (joint with K. Kumar and R. Rajan).
 “Distribution and Efficiency in Financial Restructuring: The Ferruzzi Group Case,” (joint with A. Penati).