Antonio Bernardo

Professor of Finance; Robert D. Beyer '83 Term Chair in Management

Phone: (310) 825-2198


Antonio Bernardo is a professor of finance at UCLA Anderson where he has held an appointment since 1994. His research interests are in the areas of corporate finance, information in financial markets, and asset pricing. Professor Bernardo has published papers in many leading academic journals including the Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the Journal of Law, Economics, and Organization. He is also an award-winning teacher.


Ph.D. Economics, 1994, Stanford University
B.A. Economics, 1989, University of Western Ontario


Corporate Finance, Information in Financial Markets, Contracts, Asset Pricing
  • 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.
  • Antonio E. Bernardo, Bhagwan Chowdhry, and Amit Goyal. (2007). Growth Options, Beta, and the Cost of Capital. Financial Management, 36, 1-13.
  • Antonio E. Bernardo, Jiang Luo, and James Wang. (2006). A Theory of Socialistic Internal Capital Markets. Journal of Financial Economics, 80, 485-509.
  • Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2004). Capital Budgeting in Multi-Division Firms: Information, Agency, and Incentives. Review of Financial Studies, 17, 739-767.
  • Antonio E. Bernardo and Ivo Welch. (2004). Liquidity and Financial Market Runs. Quarterly Journal of Economics, 119, 135-158.
  • Antonio E. Bernardo, Alex Fabisiak, and Ivo Welch. (2014). Capital Structure with Endogenous Liquidation Values. [ Download ]
  • Antonio E. Bernardo, Alan Schwartz, and Ivo Welch. (2014). Contracting Externalities and Mandatory Menus in the U.S. Corporate Bankruptcy Code. [ Download ]
  • Antonio E. Bernardo, Eric Talley, and Ivo Welch. (2014). Designing Corporate Bailouts. [ Download ]
  • Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2014). Earnings vs. Stock-Price Based Incentives in Managerial Compensation Contracts. [ Download ]