Areas of Expertise
- Asset Pricing
- Corporate Finance
- Information in Financial Markets
During his 20 years at UCLA Anderson, Professor Antonio “Tony” Bernardo estimates he’s taught at least 5,000 students. Bernardo says some of the best moments are when students walk into his office to dig deeper into a business issue — to learn beyond the classroom material. “Everyone on the faculty I know loves meeting with a hard-working, motivated student,” he says.
Bernardo’s research spans various areas of corporate finance. His recent research on bailouts provided a set of policy recommendations to lawmakers looking to design bailouts for distressed firms. His current research looks at optimal capital structures, or how much debt and equity financing a firm should have. It suggests that capital structure decisions are determined, in part, by the debt choices other firms in the industry are making.
Another area Bernardo is exploring involves optimal compensation of doctors, and designing compensation systems for health providers. “I tend to work on topics that are very diverse,” Bernardo says. “I learn a lot that way.”
In addition to having an impressive list of published papers and working papers, as well as receiving numerous teaching awards, Bernardo serves as associate editor of the Critical Finance Review and Financial Management.
Ph.D. Economics, 1994, Stanford University
B.A. Economics, 1989, University of Western Ontario
Antonio Bernardo, Eric Talley, and Ivo Welch. (2016). Designing Corporate Bailouts. Journal of Law and Economics, 59, 75-104.
Antonio Bernardo, Alan Schwartz, and Ivo Welch. (2016). Contracting Externalities and Mandatory Menus in the U.S. Corporate Bankruptcy Code. Journal of Law, Economics, and Organization, 32, 395-432.
Antonio Bernardo, Hongbin Cai, and Jiang Luo. (2016). Earnings vs. Stock-Price Based Incentives in Managerial Compensation Contracts. Review of Accounting Studies, 21, 316-348.
Antonio Bernardo, Alex Fabisiak, and Ivo Welch. (2016). The Value of Financial Flexibility: Equilibrium Liquidation Values and Endogenous Capital Structure Heterogeneity.