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Professor of Finance
Ross School of Business, University of Michigan
701 Tappan Street, Suite R4434
Ann Arbor, MI 48109-1234
Tel: 734/ 764-9286
Fax: 760/ 268-3746
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Ross School of Business, University of Michigan
Professor of Finance (with Tenure): 2018-present
Associate Professor of Finance (with Tenure): 2010-2018
Assistant Professor of Finance: 2003-2010
Universita' Ca' Foscari, Department of Economics
Visiting Scholar: Spring 2019
Stockholm School of Economics, Swedish House of Finance (SHOF)
Hans Dalborg Visiting Professor of Finance: Spring 2013
Journal of Financial Markets
Managing Editor: 2022-present
Associate Editor: 2013-2017
Review of Financial Studies
Associate Editor: 2017-2020
Stern School of Business, New York University: MBA (1998), M.Phil. (2002), Ph.D. (2003)
Universita' Commerciale Luigi Bocconi: BA (1994)
RESEARCH INTERESTS (read more):
Information Economics, International Finance, Market Microstructure
MAIN PUBLICATIONS (read more):
Non-Standard Errors, with many coauthors
Journal of Finance (2023), Forthcoming.
Speculation with Information Disclosure, with Yifei Wang
Journal of Financial and Quantitative Analysis (2022), Forthcoming.
Agency Costs and Strategic Speculation in the U.S. Stock Market
Review of Corporate Finance Studies (2022), Forthcoming.
Excess Mortality from COVID-19: A Commentary on the Italian Experience, with Saverio Stranges
International Journal of Public Health (2020), 65, pp. 529-531, https://doi.org/10.1007/s00038-020-01399-y
Government Intervention and Strategic Trading in the U.S. Treasury Market, with Jennifer Roush and Clara Vega
Journal of Financial and Quantitative Analysis (2020), 55, pp. 117-157.
Government Intervention and Arbitrage
Review of Financial Studies (2018), 31, pp. 3344-3408.
Strategic Cross-Trading in the U.S. Stock Market, with Clara Vega
Review of Finance (2015), 19, pp. 229-282.
Financial Market Dislocations
Review of Financial Studies (2014), 27, pp. 1868-1914 (Michael J. Brennan RFS Best Paper Runner-Up Award).
(The MDI series over 1973-2009 is available on request; more detailed
information on and analysis of the ADR subsample are in Pasquariello (2018))
Prospect Theory and Market Quality
Journal of Economic Theory (2014), 149, pp. 276-310.
On the Price Comovement of U.S. Residential Real Estate Markets, with Jarl Kallberg and Crocker Liu
Real Estate Economics (2014), 42, pp. 71-108.
Central Bank Intervention and the Intraday Process of Price Formation in Currency Markets
Journal of International Money and Finance (2010), 29, pp. 1045-1061.
The On-The-Run Liquidity Phenomenon, with Clara Vega
Journal of Financial Economics (2009), 92, pp. 1-24 (Lead Article).
Does Asymmetric Information Drive Capital Structure Decisions?, with Sreedhar Bharath and Guojun Wu
Review of Financial Studies (2009), 22, pp. 3211-3243.
(Further details on the construction of the ASY index can be found
in a previous version available at SSRN)
On the Volatility and Comovement of U.S. Financial Markets
Around Macroeconomic News Announcements, with Menachem Brenner and Marti Subrahmanyam
Journal of Financial and Quantitative Analysis (2009), 44, pp. 1265-1289 (Lead Article).
The Anatomy of Financial Crises: Evidence from the Emerging ADR Market
Journal of International Economics (2008), 76, pp. 193-207.
Updating Expectations: An Analysis of Post-9/11 Returns, with Jarl Kallberg and Crocker Liu
Journal of Financial Markets (2008), 11, pp. 400-432.
Time-Series and Cross-Sectional Excess Comovement in Stock Indexes, with Jarl Kallberg
Journal of Empirical Finance (2008), 15, pp. 481-502.
Informed and Strategic Order Flow in the Bond Markets, with Clara Vega
Review of Financial Studies (2007), 20, pp. 1975-2019.
Imperfect Competition, Information Heterogeneity, and Financial Contagion
Review of Financial Studies (2007), 20, pp. 391-426.
(Further discussion and analysis of the notion of information heterogeneity
in the paper can be found here)
Informative Trading or Just Costly Noise? An Analysis of Central Bank Interventions
Journal of Financial Markets (2007), 10, pp. 107-143 (Lead Article).
An Examination of the Asian Crisis: Regime Shifts in Currency and Equity Markets, with Jarl Kallberg and Crocker Liu
Journal of Business (2005), 78, pp. 169-211.
Regime Shifts in Asian Equity and Real Estate Markets, with Jarl Kallberg and Crocker Liu
Real Estate Economics (2002), 30, pp. 263-291.
WORKING PAPERS (read more):
Speculation and Liquidity in Stock and Corporate Bond Markets (2023), with Mirela Sandulescu
Quants, Strategic Speculation, and Financial Market Quality (2023), with George Malikov
Excess Mortality from COVID-19: Lessons Learned from the Italian Experience (2020), with Saverio Stranges
Political Uncertainty and Financial Market Quality (2014), with Christina Zafeiridou
Is There Timing Ability in the Currency Market? Evidence from ADR Issuances (2011), with Qiaoqiao Zhu
SELECTED MEDIA MENTIONS & INTERVIEWS:
SVB, Credit Suisse, and contagion: When ignorance isn't bliss
The Hill (Op Ed), March 20, 2023.
Office Hours: Paolo Pasquariello on Inflation
Michigan Alum, Winter 2022-23.
Death, taxes and national income identities: A frightening tale for the British pound
The Hill (Op Ed), October 6, 2022.
Why it's time to start paying with $2 bills
CNN.com, September 17, 2022.
Flat tax “indifendibile”: farebbe esplodere il deficit pubblico
FIRST online (in Italian), September 11, 2022.
Is Biden or Bezos right about gas prices? Economists weigh in
Fortune, July 8, 2022.
Какой могла бы стать российская экономика за 20 лет
Voice of America (video, dubbed in Russian), June 22, 2022.
Como EUA e Brasil enfrentam alta da gasolina
BBC Brasil (in Portuguese), June 22, 2022.
The Treasury Department bars Americans from buying Russian stocks
The New York Times, June 8, 2022.
Se espera que entre los temas presentes esté el aumento en los precios de alimentos y combustibles, así como el cambio climático y los efectos de la pandemia
El Mercurio (in Spanish), May 23, 2022.
Кому на Руси будет жить хорошо?
Voice of America (video, dubbed in Russian), May 23, 2022.
Gas prices rapidly increase as conflict overseas persists longer than expected
ABC 12 News (interview & video), May 18, 2022.
Храните деньги в сберегательной кассе?
Voice of America (video, dubbed in Russian), May 6, 2022.
Russia-Ukraine war: What to know about sanctions—their effects and effectiveness
University of Michigan News, May 3, 2022.
Sanções dos EUA pelo mundo têm impacto limitado, mas exemplo efetivo no Irã
Fohla de Sao Paulo (in Portuguese), April 14, 2022.
Curva de juros dos EUA volta a se inverter e aumenta temor de recessão
Agência Estado (in Portuguese), March 30, 2022.
For Companies Still Selling in Russia, ‘Essential’ Is a Loose Term
The Wall Street Journal, March 22, 2022.
Sanções econômicas funcionam? O que a história diz sobre o sucesso dessas medidas
BBC Brasil (in Portuguese, French, Spanish), March 20, 2022.
Ukraine-Russia crisis: What to know about decisions by global business players as war rages
University of Michigan News, March 14, 2022.
Michigan companies exit Russia, but Kremlin threatens countermeasures
The Detroit News, March 10, 2022.
U-M professors and students discuss economic impacts of Russia invading Ukraine
Michigan Daily, March 10, 2022.
U-M community reacts to invasion of Ukraine, experts weigh in
Michigan Daily, March 9, 2022.
Michigan gas prices are soaring. Who’s to blame, when will it stabilize?
Bridge Michigan, March 8, 2022.
What exactly is the SWIFT banking system?
APR-Marketplace, March 3, 2022.
When risk and uncertainty abound, investors move to government bonds in a “flight to safety”
APR-Marketplace, March 3, 2022.
(click to listen)
Here's how Russia's invasion of Ukraine could impact Michigan's economy
ABC-WXYZ Detroit, March 1, 2022.
(click to watch)
Expect High Prices, Slowed Down Recovery If Ukraine Conflict Continues
MIRS News, March 1, 2022.
Michigan gas prices are climbing. Experts are now keeping an eye on Russia
MLive.com, February 25, 2022.
Automakers, Michigan businesses brace for supply chain impacts from Russia sanctions
The Detroit News, February 25, 2022.
Ukraine-Russia crisis: What to know about the potential fallout for global financial markets
University of Michigan News, February 22, 2022.
Why the state lottery stayed successful during the pandemic, while other entertainment businesses struggled
Michigan Advance, June 1, 2021.
Il caso Archegos: perché non è come LTCM
Class CNBC (video, in Italian), March 30, 2021.
Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally
Detroit Free Press, March 2, 2021.
GameStop et Reddit: révolution à Wall Street
Pour l'Eco (in French), February 16, 2021.
GameStop gamers battle risk in fight against Wall Street
Detroit Free Press, January 29, 2021.
How to Invest Money: Make Your Money for You
CreditDonkey.com, September 30, 2020.
Con i mercati sotto pressione non sempre il prezzo e' giusto
IlSole24Ore (Op Ed, in Italian, with Marti Subrahmanyan and Davide Tomio), July 26, 2020.
India Inc's Rising Cost of External Capital
Business Today (Featured Article, with Marti Subrahmanyan and Davide Tomio), July 12, 2020.
Money Moves for Recent Grads
InvestorPlace, June 16, 2020.
Remessas de brasileiros nos EUA caem até 90%, mas podem aliviar auge da crise no Brasil
BBC Brasil (in Portuguese), May 4, 2020.
U-M experts imagine aspects of life, lessons learned after coronavirus
University of Michigan News, April 24, 2020.
Nos EUA, pagamento de auxílio emergencial será feito com crédito em conta ou pelo correio
O Globo (in Portuguese), March 31, 2020.
Financial, economic actions during crisis may be rational, if not ethical
University of Michigan News (interview & video), March 26, 2020.
Flexibilização é ameaça ao sistema, dizem especialistas
Valor Economico (in Portuguese), March 26, 2020.
Are U.S. consumers especially suspicious of internationally based banks?
WalletHub.com, March 9, 2020.
China’s Coronavirus Highlights the Risks of a Changing Oil Industry
Investorplace.com, February 11, 2020.
Investors show Trump, Xi what they think of their trade war
The Hill (Op Ed), May 14, 2019.
Will Political Uncertainty Trump Financial Markets?
CFO Magazine (Op Ed), September 14, 2016.
Brexit Vote Stokes Middle-Market Concern
Middle Market Growth, June 22, 2016.
Hillary Clinton vs. Donald Trump: here’s how Wall Street sees it
U.S. News & World Report, May 2, 2016.
Greece's financial crisis won't deter travels, but could impact local biz
Crain's Detroit, July 12, 2015.
Why the Greek Crisis is Unlike Anything You Saw with Lehman Brothers
TheStreet.com, July 10, 2015.
Euro-Free Greece: Hyper-Inflation, Shrinking Real Wages and Demand, and Unemployment
Newswise.com (Op Ed), July 7, 2015.
Can You Still Trust These Economic Indicators?
CNBC, January 23, 2015.
La saggezza (dubbia) dei mercati finanziari
Corriere della Sera (Op Ed, in Italian), September 5, 2011.
Perche' tutti vanno all'assalto del keynesismo monetario di Ben Bernanke
Il Foglio (in Italian), November 24, 2010.
Warren: New Consumer Bureau Will Help Students
Michigan Daily, October 27, 2010.
'Flash Crash' Poses Further Uncertainty for Stocks
Business Week, May 10, 2010.
L'inflazione ai minimi
Il Riformista (in Italian), January 6, 2010.
Financial Crisis Panel
Ross School of Business, October 10, 2008.
Crisis has hit home, University of Michigan experts say
Ann Arbor News, October 10, 2008.
Stock Market Crash: Understanding the Panic
Business Week, October 10, 2008.
Il "pacchetto Paulson" e la democrazia alle corde
NewsItaliaPress (in Italian), September 24, 2008.
Tremonti: Speculazione finanziaria? "La peste del secolo"
NewsItaliaPress (in Italian), July 15, 2008.
Stocks: A Place Called Vertigo
Business Week, March 18, 2008.
Remembering Black Monday
CIO Magazine, October 18, 2007.
Lessons from the ’87 Crash
Business Week, October 11, 2007.
Markets: Keeping the Bears at Bay
Business Week, August 10, 2007.
MY INTERNATIONAL FINANCE COURSE BLOG:
Lecture 1: Globalization is here to stay
Lectures 2 to 24 on LinkedIn
MY FORECASTS & COMMENTS ON THE CORONAVIRUS CRISIS:
Facebook: My daily COVID-19 model-based forecasts & commentary for Italy, United States, Sweden, & United Kingdom
LinkedIn: The revenge of pandemic zombies?
LinkedIn: Pandemic zombie ideas are out in force, again
LinkedIn: The (measurable) cost of (pandemic) stupidity
LinkedIn: Italy wins the Euros ... & the vaccination race
LinkedIn: One-liners to the unvaccinated
LinkedIn: (Pandemic) politics can kill you
LinkedIn: All that glitters is not pandemic gold
LinkedIn: What does Juventus have to do with Covid-19 vaccines? Nothing, and that's the point
LinkedIn: Excess mortality in Italy in 2020
LinkedIn: Are there moral victories in pandemic fights?
LinkedIn: Mr. Draghi, the time to act on the pandemic is now
LinkedIn: The U.S. is entering a dark coronavirus winter
LinkedIn: A simple model to predict when Italy will enter a national lockdown
LinkedIn: Johnson & Trump, brothers in pandemic failure
LinkedIn: Teaching in a pandemic
LinkedIn: The EU pandemic failure
LinkedIn: The U.S. pandemic failure
LinkedIn: Poverty, race, violence, and hypocrisy in coronavirus times
LinkedIn: The coronavirus-David versus modern society-Goliath
LinkedIn: Debt hawks as false prophets in coronavirus times
LinkedIn: Deadly zombie ideas in coronavirus times
LinkedIn: Short-termism and the coronavirus
LinkedIn: The dubious economics of reopening the economy too early
LinkedIn: The tragic power of simple narratives and stereotypes
LinkedIn: Being ethical or being good against the coronavirus?
LinkedIn: Germany's (latest) leadership failure
LinkedIn: Governments as deus ex machina dropping money
LinkedIn: Some thoughts on the number of COVID-19 deaths in Italy
LinkedIn: A (bank) run on toilet paper?
LinkedIn: The ECB comes up short (again)
LinkedIn: Should governments manipulate stock prices?
LinkedIn: Managing (or ignoring) risk in times of coronavirus
LinkedIn: Are there winners (and losers) in times of coronavirus?
Ross Commentary on Finance: Trying to make (economic) sense of the coronavirus crisis
MY MUSINGS ON THE 2011 FINANCIAL CRISIS IN EUROPE:
Eyes on Europe
MY OTHER WEBPAGES:
Third Conference on Sovereign Bond Markets
Fireside Chat between Marti Subrahmanyam and Chairman Paul Volcker
Co-Organizers: Paolo Pasquariello and Marti Subrahmanyam, NYU-Stern School of Business, April 2016.
MORE (OR LESS) SERIOUS INFORMATION ABOUT ME:
Paolo Pasquariello parla del mondo della finanza, del sistema accademico italiano e americano
e delle crisi economiche e finanziarie globali (in Italian)
+39 Podcast, The Italian Consulate in Detroit, Winter 2021.
Dividend, Ross School of Business, Fall 2009.
HOME | BIO | RESEARCH WORK | TEACHING | NAPLES | SOCCER