Antonio Bernardo

Profile photo of Antonio Bernardo
“I think this is one of the top handful of finance groups in the world. They’re not just the leading researchers in their fields, but many are consulting to some of the most important financial institutions in the world.”
 

Professor of Finance

Areas of Expertise

  • Asset Pricing
  • Corporate Finance
  • Information in Financial Markets
  • Contracts

About

 

Biography

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.

 

Education

Ph.D. Economics, 1994, Stanford University

B.A. Economics, 1989, University of Western Ontario

 

Published Papers

Antonio E. Bernardo, Eric Talley, and Ivo Welch. (2015). Designing Corporate Bailouts. Forthcoming Journal of Law and Economics

Antonio E. Bernardo, Alan Schwartz, and Ivo Welch. (2015). Contracting Externalities and Mandatory Menus in the U.S. Corporate Bankruptcy Code. Forthcoming. Journal of Law, Economics, and Organization

Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2015). Earnings vs. Stock-Price Based Incentives in Managerial Compensation Contracts. Forthcoming. Review of Accounting Studies.

Antonio E. Bernardo and Ivo Welch. (2013). Leverage and Preemptive Selling of Financial Institutions. Journal of Financial Intermediation, 22, 123-151.

Antonio E. Bernardo, Bhagwan Chowdhry, and Amit Goyal. (2012). Assessing Project Risk. Journal of Applied Corporate Finance, 24, 94-100.

Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2009). Motivating Entrepreneurial Activity in a Firm. Review of Financial Studies, 22, 1089-1118.

 

Working Papers

Antonio E. Bernardo, Alex Fabisiak, and Ivo Welch. (2015). Capital Structure with Endogenous Liquidation Values.

Antonio E. Bernardo, Alan Schwartz, and Ivo Welch. (2015). Contracting Externalities and Mandatory Menus in the U.S. Corporate Bankruptcy Code.

Antonio E. Bernardo, Eric Talley, and Ivo Welch. (2015). Designing Corporate Bailouts.