Jacopo Ponticelli

About

Jacopo Ponticelli is Merrill Lynch Capital Markets Associate Professor of Finance (with tenure) at the Kellogg School of Management, Northwestern University. He is an applied economist who primarily studies corporate finance, banking, and development economics, with a particular focus on firms in developing countries and the role played by financial markets and institutions in the process of economic development. His research has been published in top economics and finance journals, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Financial Economics, and the Review of Financial Studies. Starting in 2024, he has been serving as Editor at the Review of Finance. Before joining Kellogg, he served as an Assistant Professor of Finance and Cohen and Keenoy Scholar at the University of Chicago Booth School of Business. Professor Ponticelli holds a PhD in Economics from Universitat Pompeu Fabra in Barcelona, where he also earned his MSc in Economics. His research interests include corporate finance, development economics, and applied microeconomics.

Research topics

• Business
• Economics
• Political Science
• Geography
• Macroeconomics
• Economy
• Law
• Market economy
• Finance
• Labour economics

Selected publications

• Revealing corruption: Firm and worker level evidence from Brazil

  Journal of Financial Economics · 2022-01-13 · 33 citations

  article
  PublisherDOI

• Temperature, Adaptation, and Local Industry Concentration

  National Bureau of Economic Research · 2023-08-01 · 30 citations

  reportOpen access1st authorCorresponding

  We use plant-level data from the U.S. Census of Manufacturers to study the short-and long-run effects of temperature on manufacturing activity.We find that high-temperature shocks significantly increase energy costs and lower productivity for small plants, while large plants are mostly unaffected.Commuting zones with higher increases in average temperatures between the 1980s and the 2010s experience a decline in the number of small plants, reallocation of labor from small to large plants, and hi…

  PublisherDOI

• Default and Bankruptcy Resolution in China

  Annual Review of Financial Economics · 2023-11-01 · 22 citations

  articleOpen access

  In this article, we review the literature on the recent growth of corporate debt in China and present stylized facts on the evolution of debt composition, nonperforming loans, defaults, and bankruptcy filings. We then describe the legal and political institutions that characterize the system for restructuring and liquidating financially distressed firms, including recent reforms of China's bankruptcy law. Finally, we discuss the main challenges faced by China in the implementation of these refor…

  PublisherOA PDFDOI

• Revealing Corruption: Firm and Worker Level Evidence from Brazil

  National Bureau of Economic Research · 2022-01-01 · 21 citations

  reportOpen access

  We study how the disclosure of corrupt practices affects the growth of firms involved in illegal interactions with the government using randomized audits of public procurement in Brazil. On average, firms exposed by the anti-corruption program grow larger after the audits, despite experiencing a decrease in procurement contracts. We manually collect new data on the details of thousands of corruption cases, through which we uncover a large heterogeneity in our firm-level effects depending on the…

  PublisherDOI

• The labor effects of judicial bias in bankruptcy

  Journal of Financial Economics · 2023-09-28 · 11 citations

  articleOpen access

  We study the effect of judicial bias favoring firm continuation in bankruptcy on the labor market outcomes of employees by exploiting the random assignment of cases across courts in the State of São Paulo in Brazil. Employees of firms assigned to courts that favor firm continuation are more likely to stay with their employer, but they earn, on average, lower wages three to five years after bankruptcy. We discuss several potential mechanisms that can rationalize this result, and provide evidence…

  PublisherDOI

Frequent coauthors

• Margarita Tsoutsoura

  53 shared

• Spyridon Lagaras

  University of Pittsburgh

  44 shared

• Gabriel Garber

  Central Bank of Brazil

  44 shared

• Emanuele Colonnelli

  40 shared

• Mounu Prem

  Einaudi Institute for Economics and Finance

  39 shared

• Paula Bustos

  38 shared

• Atif Mian

  Princeton University

  37 shared

• Amir Sufi

  34 shared

Awards & honors

• Sidney J. Levy Teaching Award for teaching excellence in ele…
• Italian Financial Economist Association Conference Best Disc…
• Montias Prize for best article published in the Journal of C…
• 2022 Pagano and Zechner Prize for best non-investment paper…
• Central Bank of Brazil - Best Working Paper Award in Banking…

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