Jose Maria Liberti

About

José María Liberti is the Joseph Jr. and Carole Levy Chair in Entrepreneurship and a Clinical Professor of Finance at the Kellogg School of Management, Northwestern University. He is also a senior research fellow at The George J. Stigler Center for the Study of the Economy and the State at The University of Chicago Booth School of Business and a research fellow at the European Banking Center at Tilburg University. His academic affiliations include the Heizer Center for Private Equity and Venture Capital and the John L. Ward Center for Family Enterprises. Liberti has previously held positions such as the William M. Scholl Professor of Finance at DePaul University and has taught at London Business School, The University of Chicago Booth School of Business, Tilburg University, and other institutions. His professional experience includes work at Citibank N.A. in risk management and investment banking, with a focus on private enterprises, family firms, and corporate restructuring. His research interests encompass corporate finance, financial intermediation, and organizational economics, with particular attention to incentives, authority, and information in decision-making processes. Liberti's work has been published in leading finance journals, and he has received awards such as the Brattle Award for best paper in corporate finance. He holds a bachelor's and master's degree in economics from Universidad de San Andres and earned his Master's and PhD in Economics from The…

Research topics

• Finance
• Business
• Accounting
• Industrial organization
• Marketing
• Financial system
• Economics
• Actuarial science
• Management

Selected publications

• How collateral laws shape lending and sectoral activity

  Journal of Financial Economics · 2016-09-13 · 162 citations

  article
  PublisherDOI

• Initiative, Incentives, and Soft Information

  Management Science · 2017-06-16 · 90 citations

  article1st authorCorresponding

  This paper examines how organizational form affects incentives inside a financial institution. Using unique organization-level data, I exploit a change to the hierarchical organization to test whether delegation of authority and reduction of oversight improve the provision of effort by loan officers. I find that empowering loan officers increases their effort in producing and using soft information in their lending decisions. Consistent with the incentive view of delegation, loan officers who re…

  PublisherDOI

• Information Sharing and Spillovers: Evidence from Financial Analysts

  Management Science · 2018-05-31 · 62 citations

  articleOpen access

  We study how information sharing within an organization affects individual performance. We look at situations in which the same analyst, while working at the same broker, covers multiple mergers and acquisitions (M&As), in particular the acquirer prior to the M&A and the merged firm thereafter. We find that earnings forecasts for the merged firm are significantly more accurate when the analyst has a colleague (working at the same broker) covering the target prior to the M&A. This hol…

  PublisherOA PDFDOI

• How Collateral Laws Shape Lending and Sectoral Activity

  National Bureau of Economic Research · 2016-01-01 · 40 citations

  preprintOpen access

  We demonstrate the central importance of creditors' ability to use "movable" assets as collateral (as distinct from "immovable" real estate) when borrowing from banks. Using a unique cross-country micro-level loan dataset containing loan-to-value ratios for different assets, we find that loan-to-values of loans collateralized with movable assets are lower in countries with weak collateral laws, relative to immovable assets, and that lending is biased towards the use of immovable assets. Using se…

  PublisherDOI

• How voluntary information sharing systems form: Evidence from a U.S. commercial credit bureau

  Journal of Financial Economics · 2021 · 38 citations

  1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Jason Sturgess

  165 shared

• Byoung‐Hyoun Hwang

  Nanyang Technological University

  112 shared

• Mariassunta Giannetti

  13 shared

• Mitchell A. Petersen

  National Bureau of Economic Research

  12 shared

• Atif Mian

  Princeton University

  11 shared

• Charles W. Calomiris

  Utah State University

  10 shared

• Vasso Ioannidou

  9 shared

• Mauricio Larraín

  8 shared

Awards & honors

• Brattle Award (First Prize) for the best paper in corporate…
• Brattle Distinguished Paper Award twice

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