Portrait image for Antonio Bernardo

Antonio Bernardo

Dean and John E. Anderson Chair in Management
“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, many are consulting to some of the most important financial institutions in the world.”
(310) 825-7982
Areas of Expertise:
  • Asset Pricing
  • Contracts
  • Corporate Finance
  • Information in Financial Markets


During his 25 years at UCLA Anderson, Dean Antonio “Tony” Bernardo estimates he’s taught more than 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.

In 2019, Bernardo was appointed UCLA Anderson’s ninth dean, effective July 1.

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


Published Papers

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.


Working Papers