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Marco Pagano

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Marco Pagano is an Italian financial economist and professor of finance at the University of Naples Federico II, where he directs the Centre for Studies in Economics and Finance (CSEF). His research concerns market microstructure, corporate finance and governance, banking and financial regulation, and the relationship between finance and labour. He served as president of the Einaudi Institute for Economics and Finance from 2011 to 2019 and as managing editor of the Review of Finance from 2003 to 2011. In 2012, he received a European Research Council Advanced Grant, and in 2023 he was elected to the Academia Europaea.

Pagano's work has examined the determinants of market liquidity and price volatility, firms' decisions to go public, information sharing between lenders, the political economy of corporate governance, the sovereign–bank nexus in the euro area, and risk sharing between firms and employees. He co-authored Market Liquidity: Theory, Evidence, and Policy, first published in 2013 and issued in a second edition in 2023.

Education

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Pagano received a law degree from the University of Naples Federico II in 1978. He studied for a Bachelor of Arts degree in economics at Wolfson College, Cambridge, graduating in 1981, and completed a PhD in economics at the Massachusetts Institute of Technology in 1986.[1][2][3]

Academic career

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Pagano joined the University of Naples Federico II as an assistant professor in 1985 and became an associate professor in 1988.[4] He was an associate professor at Bocconi University from 1992 to 1995, returned to Naples for the 1995–1996 academic year, and was a full professor at the University of Salerno from 1996 to 2003.[5] He subsequently returned to the University of Naples Federico II as a full professor. In 2011–2012, he was also a part-time professor at Imperial College Business School.[6]

At Naples, Pagano directed the Centre for Studies in Economics and Finance from 2013 to 2022 and returned to the directorship in 2025.[7] He coordinated the university's PhD programme in economics from 2019 to 2025.[1]

Pagano served as managing editor of the Review of Finance, alongside Josef Zechner, from 2003 to 2011. The journal is the official journal of the European Finance Association,[8] They were the journal's first managing editors under its current title.[9] and awards the annual Pagano and Zechner Prize for its best non-investments paper.[10]

Research

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Market liquidity and security market design

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Much of Pagano's research has focused on market microstructure. His early work analysed how participation and market size affect market liquidity and price volatility. His work on endogenous market thinness showed that low participation and high volatility can reinforce one another, trapping a stock market in a low-volume, high-risk equilibrium, while his research on fragmented markets examined why trading tends to concentrate in already liquid markets.[11][12]

With Ailsa Röell, he compared auction and dealer markets and studied how market transparency affects trading costs when some traders possess private information.[13] His later work in this area addressed liquidity in government-bond markets, disclosure, securitisation, and short-selling restrictions. Together with Thierry Foucault and Röell, he published Market Liquidity, a market microstructure textbook covering theory, empirical evidence, and policy.[14]

Corporate finance, governance, and credit institutions

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Pagano has studied why firms enter public equity markets and how listing and ownership structures affect monitoring, liquidity, and access to capital. With Fabio Panetta and Luigi Zingales, he conducted an empirical study of Italian firms' decisions to go public; with Röell, he developed a model of the trade-off between ownership concentration and dispersed public ownership.[15][16] He also examined international cross-listings and the geography of equity trading.[17]

A related strand of his work treats financial rules and corporate governance as outcomes of political conflict among investors, managers, and workers. Research with Paolo Volpin addressed the political determinants of shareholder protection and stock-market development, as well as the role of employees in corporate control.[18][19]

In banking and credit markets, Pagano's research has focused on information sharing among lenders, borrower incentives, collateral, creditor rights, and judicial enforcement. His work with Tullio Jappelli analysed how credit registries can reduce adverse selection and discipline borrowers, while subsequent research examined communication among multiple lenders and the effect of court enforcement on the availability of credit.[20][21][22]

Honours and awards

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Books

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  • Pagano, Marco (ed.) (2001). Defusing Default: Incentives and Institutions. Washington, D.C.: Johns Hopkins University Press.[34]
  • Biais, Bruno; Pagano, Marco (eds.) (2001). New Research in Financial Markets. Oxford: Oxford University Press.[35]
  • Biais, Bruno; Pagano, Marco (eds.) (2002). New Research in Corporate Finance and Banking. Oxford: Oxford University Press.
  • Mayer, Colin; Micossi, Stefano; Onado, Marco; Pagano, Marco; Polo, Andrea (eds.) (2018). Finance and Investment: The European Case. Oxford: Oxford University Press.
  • Pagano, Marco; Pandolfi, Lorenzo; Puopolo, Giovanni Walter (2020). Economia dei mercati finanziari. Bologna: Il Mulino.
  • Foucault, Thierry; Pagano, Marco; Röell, Ailsa (2023). Market Liquidity: Theory, Evidence, and Policy (2nd ed.; first published 2013). Oxford: Oxford University Press.

References

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  1. 1 2 "Premio De Sanctis per le Scienze Economiche a Marco Pagano". University of Naples Federico II (in Italian). 27 November 2023.
  2. ↑ "Marco Pagano". Einaudi Institute for Economics and Finance.
  3. ↑ "University Results Service". The Times. 2 July 1981. p. 14.
  4. ↑ "Marco Pagano". University of Naples Federico II.
  5. 1 2 "Marco Pagano". Academia Europaea.
  6. 1 2 "Professor Marco Pagano". European Corporate Governance Institute.
  7. ↑ Activity Report 2025 (PDF) (Report). Centre for Studies in Economics and Finance. p. 3.
  8. ↑ "Past Editorial Boards". Review of Finance. European Finance Association.
  9. ↑ "History of the Review of Finance". European Finance Association.
  10. ↑ "Review of Finance Best Paper Prizes". Oxford Academic. Oxford University Press.
  11. ↑ Pagano, Marco (1989). "Endogenous Market Thinness and Stock Price Volatility". The Review of Economic Studies. 56 (2): 269–287. doi:10.2307/2297461.
  12. ↑ Pagano, Marco (1989). "Trading Volume and Asset Liquidity". The Quarterly Journal of Economics. 104 (2): 255–274. doi:10.2307/2937847.
  13. ↑ Pagano, Marco; Röell, Ailsa (1996). "Transparency and Liquidity: A Comparison of Auction and Dealer Markets with Informed Trading". The Journal of Finance. 51 (2): 579–611. doi:10.1111/j.1540-6261.1996.tb02695.x.
  14. ↑ Foucault, Thierry; Pagano, Marco; Röell, Ailsa (2023). Market Liquidity: Theory, Evidence, and Policy (2nd ed.). Oxford University Press. doi:10.1093/oso/9780197542064.001.0001. ISBN 978-0-19-754206-4.
  15. ↑ Pagano, Marco; Panetta, Fabio; Zingales, Luigi (1998). "Why Do Companies Go Public? An Empirical Analysis". The Journal of Finance. 53 (1): 27–64. doi:10.1111/0022-1082.25448.
  16. ↑ Pagano, Marco; Röell, Ailsa (1998). "The Choice of Stock Ownership Structure: Agency Costs, Monitoring, and the Decision to Go Public". The Quarterly Journal of Economics. 113 (1): 187–225. doi:10.1162/003355398555568.
  17. ↑ Pagano, Marco; Röell, Ailsa A.; Zechner, Josef (2002). "The Geography of Equity Listing: Why Do Companies List Abroad?". The Journal of Finance. 57 (6): 2651–2694. doi:10.1111/1540-6261.00509.
  18. ↑ Pagano, Marco; Volpin, Paolo F. (2005). "The Political Economy of Corporate Governance". American Economic Review. 95 (4): 1005–1030. doi:10.1257/0002828054825646.
  19. ↑ Pagano, Marco; Volpin, Paolo F. (2006). "Shareholder Protection, Stock Market Development, and Politics". Journal of the European Economic Association. 4 (2–3): 315–341. doi:10.1162/jeea.2006.4.2-3.315.
  20. ↑ Jappelli, Tullio; Pagano, Marco (1993). "Information Sharing in Credit Markets". The Journal of Finance. 48 (5): 1693–1718. doi:10.1111/j.1540-6261.1993.tb05125.x.
  21. ↑ Bianco, Magda; Jappelli, Tullio; Pagano, Marco (2005). "Courts and Banks: Effects of Judicial Enforcement on Credit Markets". Journal of Money, Credit and Banking. 37 (2): 223–244.
  22. ↑ Bennardo, Alberto; Pagano, Marco; Piccolo, Salvatore (2015). "Multiple-Bank Lending, Creditor Rights and Information Sharing". Review of Finance. 19 (2): 519–570. doi:10.1093/rof/rfu001.
  23. ↑ "Marco Pagano". Italian Academy for Advanced Studies in America, Columbia University.
  24. ↑ "Fellows". European Economic Association.
  25. ↑ "2005 Working Paper Prizes". European Corporate Governance Institute.
  26. ↑ "Pagano Prof. Marco". Presidenza della Repubblica Italiana (in Italian). Quirinale.
  27. ↑ "Cinque docenti dell'Ateneo diventano commendatori della Repubblica". University of Naples Federico II (in Italian). 2 March 2007.
  28. ↑ "ERC Advanced Grant 2011: List of Principal Investigators" (PDF). European Research Council. 24 January 2012.
  29. ↑ "Engelbert Dockner Fellow". Vienna University of Economics and Business.
  30. ↑ "Wim Duisenberg Fellowship". European Central Bank.
  31. ↑ "Scienze economiche". Premio De Sanctis. 27 November 2023.
  32. ↑ "ACCADEMIA PONTANIANA 2026" (PDF). Accademia Pontaniana.
  33. ↑ "Meet Our Distinguished Visiting Fellows". Rice Business. 14 April 2025.
  34. ↑ Montero, Alfred P. (2005). "From Democracy to Development: The Political Economy of Post-Neoliberal Reform in Latin America". Latin American Research Review. 40 (2): 253–267. ISSN 0023-8791.
  35. ↑ Brunnermeier, Markus K. (2003). "Review of New Research in Financial Markets". The Economic Journal. 113 (491): F665–F666. ISSN 0013-0133.
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